Peer to Peer. It’s self explanatory. If you go to a shop and tell the cashier you wanna buy the next person a drink, it’s not from you to them. You give the cashier the money, the cashier gives the next guy a drink.

pooya’s term is closest to this. P2C2P, although do we need it really? It’s much easier to say centralized exchanges aren’t peer to peer because, well, they’re quite.. centralized??