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There are two forms of cryptocurrency exchanges; centralised and decentralised.As you can imagine, decentralized exchanges exist without the need of a middleman. This means the user controls his/her funds. Allowing buyers and sellers to transact with one another directly.
By handling transactions on your own, you can conduct transactions with more confidence as you are not sharing your personal or financial data with any 3rd party organisation. Additionally, decentralized exchanges increase security as your data is not stored within one system, but through a variety of nodes, making decentralized exchanges more resistant to hacking.
Centralized exchanges operate with a middle man, meaning exchanges are controlled by a 3rd party organisation. These large organisations can provide a sense of security in terms of “insurance” as their profits far exceed their losses. Additionally, continuous customer service is available for those who have any complications a dilemma or inquiries.
Decentralized exchanges have gained extreme popularity in recent years as more users seek control of their personal and financial data. We at Blockbasis are committed to putting the power back in the hands of users and out of the hands of money-hungry organisations prying off the fears of unsuspecting consumers.