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Bitcoin
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Everything you need to know about crypto exchanges

Smart contracts, which are made on the blockchain, are like a contract that’s encrypted and coded so that it can’t be tampered with. What happens here is: you go to buy 1eth, for example, and the contract says: OK. Then I need to send over (at the time of writing) £1,378.52 to the DEX.” If that comes out of your account, fine, and ends up in the other account, great. If anything dodgy seems to be going on, the transaction won’t go through.

A DEX also won’t make you give up any personal information while making an account (ID, a mobile number, an email address, etc.) whereas you’ll have to provide quite a bit of personal information for a centralized exchange. For many blockchain fans, anonymity is a huge part of the reason they use crypto, so that’s a big concern for them. There’s no support if something does go wrong, though.

These features mean everything is secure and basically impossible to tamper with on a DEX. It also means that you avoid issues with the company running a centralized exchange.

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