What is Better - Centralized Exchange vs Decentralized Exchange

What is Better - Centralized Exchange vs Decentralized Exchange

This week, decentralized exchange Bancor has announcement on twitter, they was hacked and hacker can stole US$23.5 M of ETH, NPXS and BNTC. Most people of cryptocurrency world still have question, why this hacked can happened. With this fact, tell Decentralized Exchange still can hacked and other question is what better of both Centralized Exchange or Decentralized Exchange.


Digital asset exchange is platform that provided to user for saving, trade, buy and sell “digital asset” i.e; BTC, ETH, EOS, TRX and USDT.  There are many more digital asset exchange, but not all exchange which have high trading volume, easy user experience and high liquidity. Digital asset exchange is a part of centralized exchange if that exchange controlled and founded by a company from an country. This company should followed goverment regulations for oparate trading activity and serve their user. To be trusted for user, centralized digital asset exchange must have experience to given their user for convinient trade and other data from user its requirements to completed KYC (Know Your Costumer). KYC is needed for user of Centralized Digital Asset Exchange, this for exchange data and controlled by regulations AML (Anti Money Laundry). 

Trustworthy, safe, secure and stable system, easy user experience, expert development team and good serving support user is needed to be good centralized digital asset exchange. Huobi Pro have all point of that, and Huobi Pro has been operate since 2013 and have offices in Singapore, the United States, Japan, Korea, Hong Kong, and is prevalent in over 130 countries across the globe. You Can Register New Huobi Pro Account Here .

Centralized exchange have better liquidity. We can see how much volume trading on all exchange from site coinmarketcap com and in fact, centralized exchange like as Huobi Pro have high volume trading.  More higher volume trading is better liquidity, because there are on centralized exchange have large user who has used that exchange. Centralized exchange can selected quality development asset for listed on exchange, but on decentralized exchange its not selected by quality, its selected by user who want to trade asset.

For beginner who want to try trading activity, centralized exchange provide easier to use just than decentralized exchange. This because on centralized exchange market trading of digital asset followed traditional trading (buy and sell) and user can trade from their smartphone app, exchange website and exchange desktop app.

Centralized exchange operate with adherence to regulations. Few of this regulations is centralized exchange should know identity of user who have trade on exchange, its doing by KYC (Know Your Costumer) with proof of document id card or passport of user. From KYC, centralized exchange can control their user  account i.g; if some time user want to process withdraw fund, change account password or if user forgot or lost password. 

Transaction speed on centralized exchange is better, because token or asset when user active trading, transanction on trading market is on blockchain centralized exchange. Process transaction on asset trading market it still on exchange, so  that will be more fastest transaction every user account in centralized exchange. Every second, token or asset who right buy and sell received their asset instantly on their exchange account.

Decentralized exchange work without controlled company, trading engine on decentralized exchange work straight with blockchain network of asset on trading market and only user who can controlled their asset. There are popular Decentralized exchange is DEX, Ether Delta, and Bancor Dex. 

Most provide of Decentralized exchange is anonymous, because user no need to applied document identity for KYC, and this exchange running by user. User can create order in every market if support with blockchain and smart contract asset on decentralized exchange. You can see this how trading work in Decentralized exchange.

Source: https://hackernoon.com

For security section Decentralized Exchange secured fund only by user who used them and on trading transaction its secured by smartcontract when order executed by user.

Bancor is Decentralized Exchange and most recently, hackers were able to hack Bancor, and stole US$23.5M of ETH, NPXS and BNTC. On Twitter, Bancor said “This morning (CEST) Bancor experienced a security breach. No user wallets were compromised. To complete the investigation, we have moved to maintenance and will be releasing a more detailed report shortly. We look forward to being back online as soon as possible.” 

Source: https://twitter.com/@Bancor

The decentralized exchange platform said that they froze the stolen BNT token because of the Bancor protocol, built to recover from a security breach. However, they were unable to freeze ETH and other tokens.

 

 

Bitpico Trying to 51% Attack Bitcoin Cash - Difference Bitcoin cash and Bitcoin

Bitpico Trying to 51% Attack Bitcoin Cash - Difference Bitcoin cash and Bitcoin

Bitcoin Cash is a Bitcoin fork which was created on August 1, 2017 by a minority group of influential miners, developers, investors, and users who were against the agreed consensus of SegWit implementation to scale Bitcoin. Bitcoin holders as of block 478558 (August 1st, 2017 about 13:16 UTC) have the same amount of Bitcoin Cash as they had Bitcoin at that time.  Bitcoin Cash community have three figure he is – Roger Ver, Jihan Wu, and Deadal Nix. They decided to fork the original Bitcoin blockchain and create a new version called “Bitcoin Cash” (BCH) with an adjustable block size up to 8 MB blocks.

Bitcoin group developers – Bitpico announced they will trying to make stress test to Bitcoin Cash Network with 51% attack to node of Bitcoin Cash Network (BCH). Purpose of Bitpico for this 51 Percent attack is to show that BCH is not is not decentralized enough.  The members of Bitpico are strong supporters of Segwit 2x and Bitcoin Lightning Network. 

Source; Twitter @bitpico

Following by tweet of @bitpico, on June 22, they claimed attack of BCH has been started and expected to have 5000 Bcash attack nodes in roughly 6 weeks and then will multi fork  the chain.

Difference of Node Bitcoin cash and Node Bitcoin

Overall from this 51 Percent Attack to BCH network will make test to Bitcoin Cash Network, how strong Node of BCH to secured chain network from attack.  For implemented 51 Percent Attack, Bitpico need to attack more than 1000 node of Bitcoin Cash Network from all around the world. Its not easy to attack node of Bitcoin Cash Network, because full active node of Bitcoin Cash is decentralized, its mean so many more place network host of node Bitcoin Cash secured Network BCH and all of them connected with node of Bitcoin Cash. This difference of Bitcoin and Bitcoin cash on how much active node;

Source; blockchair.com

To have decentralized network and strong from attack a network need to have so much node for secured peer to peer transaction on chain network. Bitcoin cash have 2150 total node, you can see at blockchair.com. If we compared BCH node with Bitcoin node that’s Bictoin full Node is much more than BCH full Node with over 10 000 node, you can see this;

Source; blockchair.com

Huobi Pro Exchange Support Bitcoin Fork

Bitcoin Cash (BCH) can fix size limit block of Bitcoin. That’s Bitcoin only have 1 MB block size limit and Bitcoin Cash have upgrade to 8MB block size limit for handle peer to peer transaction network. However after Bitcoin Cash created by fork of Bitcoin on August 1, 2017 every Bitcoin holder at that time have BCH 1:1, and for trader who has trade and hold their Bitcoin on Huobi Pro market, they received Bitcoin Cash too.

Huobi Pro Exchange support and handle Bitcoin fork and has been distributed BCH to their user. Two month ago, EOS developer make decision to launch EOS maiinet and Tron TRX developer Swap token TRX. When EOS Mainnet launched and TRX Swap ERC 20 token, Huobi Pro user still can trade on huobi market and this really helped user because Huobi Pro support fork and support swap mainnet of digital asset. You Can Register New Huobi Pro Account Here.

Difference of Transaction fee Bitcoin (BTC) and Bitcoin Cash (BCH)

Today Bitcoin  and Bitcoin Cash have low transaction fee for send money.

Source; blockchair.com

Transaction fee on Bitcoin cash today have average 0.01 USD for output transaction more than 1000 USD and for Bitcoin transaction fee today, have average 0.01 to 0.06 USD. Key of difference of Bitcoin and Bitcoin cash on transaction, its on output transaction with big amount e.g 177.600 USD, people used Bitcoin for make their transaction. With this case, we can said; for big amount transaction we can used Bitcoin and for small amount transaction we can used Bitcoin Cash. Both of fee transaction it same, low transaction fee. That’s difference of Bitcoin and Bitcoin cash, overall both of that it same and many more exchange cryptocurrency accepted BTC and BCH for transaction; withdraw and deposit

Difference of Trading Market Bitcoin (BTC) and Bitcoin Cash (BCH)

Fo trading digital asset and trading altcoin, market pair of Bitcoin (BTC) is much more than Bitcoin Cash (BCH) market pair. For beginner and expert trader, its need secured exchange, secured wallet for stored for convenient trade digital asset. We suggested Huobi Pro exchange; have 4 years of safe, stable infrastructure operations and giving customers 100% confidence with mobile and desktop application for trade and stored digital asset.

Source; Huobi.com

Huobi pro system architecture built to protect against DDoS and other potential threats. More than 98% of digital assets stored in multi-signature, cold wallets. Security protocols are fully aligned and compliant with industry best practices. You can started trading on Huobi Pro and instantly buy or sell BCH and BTC with much more trading pair. For Bitcoin cash market, you can trade with pair BCH - USDT, BCH – BTCand Huobi Token market HT – BCH. For trade, you need to have Huobi Pro account, You Can Register New Huobi Pro Account Here.

Another Bitpico Attack – History

For your information, not long ago on April 2, 2018 Bitpico was trying to attack and make stress test to Bitcoin Lighting Network with TCP/IP based DDoS attacks and we can see when and after Bitpico attack to Bitcoin, Bitcoin Transaction still save and secured chain and secured fund and all of transaction of Bitcoin Network still secured. So don’t worry with 51 Percent Attack to Bitcoin Cash Network, with this test it will make sure that’s Bitcoin Cash Network is secured from Attack. 

Source; Twitter @bitpico

You can Trade and Buy Bitcoin and Bitcoin Cash on Houbi Pro exchange, You Can Register New Huobi Pro Account Here. Houbi Pro exchange will more secured and better than other exchange, because Huobi Pro implemented multi chain with SMART-Chain Evaluation Model on their exchange and network. SMART-Chain Evaluation Model providing analysis for the entire blockchain asset ecosystem. Strategic insights based on research, trends, and 50+ unique indicators to properly evaluate investment potential and risk. One-stop source for in-depth and comprehensive information on 190+ cryptocurrencies.