this post was submitted on 08 Feb 2024
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I'm a big believer in fungible digital money. But even I must use central exchanges from time to time. Especially when onboarding and offboarding. When introducing new people to the economy.
They have a role. And that is Fiat to digital bridging. Yes they're are alternatives, but they add friction.
Not to mention atomic swaps add friction, take a small commission as well. I'll be at probably less than the central exchange does. But every step adds friction. And makes the economy slower
You are right, but on some centralized exchanges, the KYC process can be more time-consuming and carry more risks than spending 5-10 minutes to buy cryptocurrency through alternative methods.