It is true, you cannot conquer time as W.H Auden once wrote. Modern life moves fast and finding the time to buy and sell cryptocurrencies is not always easy. While you cannot conjure more hours in the day out of thin air, the time spent trading crypto can be vastly improved and streamlined.
Unfortunately, three major barriers to better time management exist on centralized exchanges:
1. The requirement to set up and verify your account;
2. The amount of security that needs to be navigated to log into an exchange;
3. The amount of time spent waiting for your deposit to be confirmed so you can actually trade.
The majority of crypto exchanges require lengthy registration and KYC procedures to begin using their services. This process can be very long winded and open ended, with large amounts of people waiting for weeks to have their verifications confirmed. By which time, the market will probably have shifted and they would have missed their ideal opportunity to trade their chosen asset at a price they were comfortable with. The amount of time to have your verification accepted varies between exchanges but can be anywhere from hours up to a whole day on some exchange and up to weeks on others!
In addition to verification, there are often numerous additional security procedures to deal with.
While 2FA (2 factor authentication) only takes a few seconds, many exchanges now have additional security checks to pass that are becoming increasingly bizarre and intrusive.
Once you have navigated all the verification and login procedures, you must now contend with the frustration of waiting for the confirmation time to pass that the exchange has set out before you can trade. Confirmation times often takes over an hour. The amount of time and opportunity that is lost from sign-up and verification through to finally being able to trade is simply not acceptable to many.
On Block DX, none of the above is required. Block DX requires zero KYC, funds are in your possession at all times, your private keys always remain under your control and you trade directly from your own wallet with no limitations on trading pairs or withdrawals. You do not need permission and there is no sign up required. On Block DX, all 4 core functions are fully decentralized:
- Capital deposits
- Order broadcast
- Order matching
- The exchange of tokens
All of this results in a great deal of time saved. Block DX can be set up in less than 5 minutes with the automated setup and there is zero waiting time for your funds to transfer as you do not need to transfer them anywhere because you are trading directly from your own wallet via instant atomic swaps. This is much faster than the often laborious registration set up and verification methods used by centralized exchanges and can save hours of time that can now instead be spent trading. On Block DX there is the added bonus of both privacy and security. Custody of your tokens always remains with the user, unlike centralized exchanges that have to use IOU derivative proxy/colored coins. Block DX is completely trustless and thus registration, verification, log-ins, deposits and withdrawals are simply not required. Trades on Block DX are fast, taking less than 10 seconds and usually no more than 30 seconds.
See how easy and quick the set up and trading process is by checking out this short Block DX tutorial.
Here are some other benefits to Block DX:
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