Post
Topic
Board Bitcoin Discussion
Re: Why does Bitcoiner still support the use of centralized exchanges?
by
John Abraham
on 27/04/2023, 01:29:36 UTC
why do some Bitcoiners act contrary to them? Why do they continue to support centralized exchanges, use them, and retain their Bitcoin there?

I don't know if Bitcoiner supports Centralized exchanges. But yeah, Bitcoiners still use centralized exchanges like Binance and Coinbase. Some of them offer some excellent features and facilities. For example, Coinbase users can send Bitcoin to another Coinbase user for free without paying transaction fees. Binance users can do the same. This is one of the reasons, but the main reason is the unavailability of decentralized exchanges. I wouldn't say I like centralized exchanges. Still, I am using Binance and have compromised my privacy. I don't have other options to trade with my locals. There are a few numbers of platforms where I can find my locals and deal with them.

Of course, I don't want to trade with an unknown person who can run away with my money. I can also use this forum to trade, but I don't see any of my locals providing the service I am looking for. So, it's kind of I am forced to use their platform.

This is part of the risk you take when using closed source software like Trust wallet. It can be filled with all kinds of bugs and vulnerabilities, and no one would be any the wiser until it is too late.

Well, I didn't know that. Trust Wallet claims they are open-source wallet software. I don't know how to verify it. I should stop using Trust Wallet.