Currency Exchange - 24 hour ATMs
There are 2 types of exchanges you need to know about.
- Centralized Exchanges: Binance and Coinbase are a middle-man with financial interests in mind to exchange your crypto for cash or crypto for crypto.
- Decentralized Exchanges (DEX): Uniswap and Sushiswap are exchanges where software is the middle-man, instead of humans. No ID verification is required either. Everything goes from and to your wallet, so you maintain custody of your crypto at all times.
☑️ Benefits of decentralized exchanges:
- Your crypto goes in and out of your wallet, not a third party. You possess your crypto at all times, no third party is holding it for you, so it can't be lost, taken away, seized.
- Way more tokens available to swap between.
- No limitations, restrictions, access your funds right away & do what you want with them.
- Nobody can 'freeze' your wallet.
☑️ Benefits of centralized exchanges:
- Buy crypto with physical currency (USD, GBP, EURO...)
- Some are insured if funds lost.
- Customer support (although not great)