What could be the main reason behind the sudden change of cryptocurrency exchanges from centralized to decentralized?
– Even the largest cryptocurrency exchanges in the global market are hackable.
– There are ways to boost security and avoid intrusion or online theft.
– The main difference between centralized and decentralized crypto exchange.
When security systems are not so good, any online platform can be vulnerable to intruders. Even Bithumb has experienced large-scale hacking attacks in the past.
Both vendors and big-time scale traders should never rely on crypto exchanges that are centralized especially since their passwords are saved in one place – the centralized servers. In the event of hacking, users lose not only their funds but also their pass codes.
With this in mind, many big-time digital trading platforms are considering the safety huge amounts of funds.
Joseph Young writes the purpose and effect of shifting to crypto exchanges that are decentralized: https://finance.yahoo.com/news/