TOP 5 BITCOIN DECENTRALIZED EXCHANGES (DEX) IN 2020

by birtanpublished on August 15, 2020

What's a purple gang welcome back to another episode of hot crypto where we hacked our cryptocurrency education and if you guys are brand new here we do a giveaway at the beginning of every single episode today's winner is crypto dealer thanks so much for commenting on

The previous video crypto dealer it just sent you some crypto on this episode I go through the top 5 Bitcoin decentralized exchanges and if that sounds like a foreign language to you definitely stick around to the end so

You gets a chance to see all five of these pretty incredible projects the past on the channel I've mentioned a phrase called if it's not your keys it's not your coins and this is kind of a meme in the Bitcoin community basic idea

Is that if you do not hold your private keys somewhere if it's not on like a treasure wallet or a ledger wallet of some kind you do not fully own that currency now that's one of the amazing things in the attributes of

Cryptocurrency in general and Bitcoin specifically that I wanted to talk about today where you can fully own that asset you can fully control that asset using your private keys more often than not what's happening now is with platforms

Like coin base that are centralized exchanges there is a place for those where you can sync your bank account I did a video last week about spending your stimulus 12 on a dollar check on Bitcoin using something like coin base

Or Gemini exchange these are great on this concept of a Dex or a decentralized exchange allows you to seamlessly exchange with different currencies while holding those private keys you are not forfeiting those keys to a centralized

Authority what the criticisms of Dex is in the past has been speed because if you were exchanging in an entirely peer-to-peer fashion there is a pretty big lag time compared to a centralized exchange like by Nance where they're

Doing millions of orders every minute and they're moving extremely quickly because they have the ability to host on their servers and they're holding everything up and propping that up and getting in a fee in exchange for doing

So but with a Dex something like a McAfee Dex for example you know you are doing this entirely peer-to-peer you're swapping currencies directly with someone and there is a little bit of a time

Delay there so you're sacrificing some time currently for you know that actual sovereignty through the entire process with atomic swamps that you have your cost savings you have your privacy you

Have your security and above all you know you'd know that there's not a middleman sitting between you guys taking a cut it is completely a peer-to-peer fully secure transaction that's taking place where no one is

Letting go of control this video I want to go over the top five Bitcoin decentralized exchanges where you can go on and seamlessly swap and a peer-to-peer fashion and I'm really excited about these projects I've been

Following them for quite some time there's quite a few interviews out there with the founders of these projects and I find it fascinating that they're working on this and this is under the umbrella of defy or decentralized

Finance which a lot of people claim to be the kind of killer app for cryptocurrency where it allows people all over the world to exchange different currencies without a central bank they are doing it peer-to-peer and they're

Doing it quickly and seamlessly and on these Dex's that are kind of like non-existent entities that's that's the way that their phrasing these things they're not incorporated in a specific area it's like contributors only almost

Like a dhow function where they're deploying code as contributor time of filming at this video in April 2020 there's about 25 Bitcoin D 5 projects right now that ranges from lending to wallets to tools to all these different

Types of things that are being developed and what I wanted to talk about today is the exchanges specifically because I think that that is the center point where all of these meet and you know there's a lot of interesting

Infrastructure things going on but overall I'm really interested in where all of this meets in the center with these exchanges where people are able to transact back and forth seamlessly so with things like lightning Network as a

Layer that sits on top of Bitcoin there are some really really cool innovations happening right now in these decentralized swap concepts so without further ado let's dive into my top five list of these decentralized exchange

So the first one is Adam X and this one actually supports quite a few currencies it's supported by tezo's which is a project that we can talk about another time doing this swap in a very clever way where you're downloading the desktop

Client on to your computer and you are exchanging directly with another individual that has it on their own desktop as well so this is a true peer-to-peer two laptops or two computers transacting anonymously and

Securely with Bitcoin aetherium tether tezo's so it's a really interesting concept a lot of innovation has been going on there and there's quite a few interviews out there with the Adam X founder which I like having some

Visibility there next up we have bisque now this one is a little bit more well-known mainly because it requires absolutely no identification it is completely decentralized obviously as we're talking about this in a defy

Series here it's safe it holds none of your funds because you hold it your private key and one of the really interesting parts here is that you're able to exchange all these different cryptocurrencies with national

Currencies so you know going on there and not registering an identity and being able to off-ramp into national currencies I find really fascinating and it is a really really cool concept so this is another one where you download

The client on to your computer and you can go from there they have a Dao that is helping people that contribute to the project which i think is the future of how these Dex's are going to operate where it's all contributor driven people

Are deploying code and putting proposals into a Dao that are getting funded by the community it's almost as like the Napster in a way where it has kind of a similar feel to a Napster early days but really great community really great

Design and it is on you know they have mobile applications now so overall you're going to be downloading that client and you're going to be able to see the sellers and the buyers like with little icons on the ability to swap with

Your national currency and it's a really pretty seamless experience I've enjoyed it I've played around with it quite a bit besides it being open source this actually allows you to not even

Register to get started you can download it and just begin right away which is pretty fantastic and really remarkable with their low barrier to entry and that's something you're gonna see is a common theme here because the defy

Approach is the unbanked people want their keys they want to control their keys and they want to provide that a seamless easy and well designed way to the unbanked and allowing it to be peer-to-peer allowing it to be virtually

Anonymous and not even the signup required is a pretty incredible feat by bisk the next one is called jelly swap I actually really like this branding on this one so I'm definitely gonna be

Linking all of these in the description below but this one utilizes atomic swap technology and similarly to atom X and bisk that I mentioned before this is peer-to-peer trades but at the same time it's leveraging this atomic swap

Technology that's super super cool and this is cross chain also which is really something that jellies swap emphasizes so you can go on there and swap between these different block chains you can go with your dye which is stable coin you

Can go with aetherium you can go with Bitcoin and you can go with wrapped Bitcoin which is something for another episode but this one is vast from what I hear it is extremely fast and it's secure obviously you control your assets

Entirely which hence this entire episode is about is about controlling your private keys easy-to-use interface very similarly to bisk and for more of a balance they actually have a rating system so that's something that pops out

To me here as a value proposition for people is similarly to like an uber and lyft experience where you rate the driver they rate you and it is a communal consensus effort where everybody is saying like alright this is

A good seller this is a good buyer and I think that they took a page out of local bitcoins book here and I really like that because it is a community driven concept of rating each other and making sure that other people feel safe when

You're rated well and they bubble to the top the best of the best whether it's buyers and seller jelly swamp breaks it down in to four different pieces you connect you choose at the currency and

Then you swap and then you can withdraw so pretty seamless this is relatively the same across the board but they do a good job of describing you know that things are going into a locked contract they have observers that are viewing

That contract and then the liquidity providers coming up behind that so really really cool idea concept using atomic swap technology so I'm super bullish on this project jelly swap next up we have lik quality

And this one is also a cross chain experience we're able to seamlessly transact with Bitcoin and aetherium and aetherium based tokens like your dye and the u.s. DC so the concept of atomic swaps that I mentioned before with jelly

Swap is also being used here in lit quality and this is something where you know you have a risk-free way it's trust lists one really cool thing that the quality is emphasizing is that they have cross chain OTC swaps

So essentially you can you know trade your Bitcoin directly for aetherium based coins and that happens on chain without any trading fees which is a pretty big statement I'm locked contracts or something that jelly swap

Was emphasizing and the quality is also emphasizing so I wanted to read just briefly what hash time locked contracts are HT LCS or what it's abbreviated as so H DLCs have borne the foundation of primitives for applications such as

Atomic swaps lightning Network and more their role as time-bound conditional escrows for transactions simplify reduce counterparty risk for trade IRS's so it is cool to see them using HT l C's I have heard of this before

Last one that I wanted to mention is not so much focused on Bitcoin but it is a Dex that is extremely active right now and I've interviewed the founder John McAfee on the show here before and I'm actually

Nominated for winning the best collaboration by the blockchain influencer Awards so I'll be linking to that below so you guys can definitely check out that video and also the nominations I'm super proud to have

That nomination and thank you guys so much for your support but the McAfee Dex is super cool it is a little bit more advanced for people that are using meta masks to go on there and seamlessly swap different tokens so I recommend doing

Some research on that first definitely watch the interview with John and myself so you can get a chance to understand a little bit more about what he built there and it is a very cool decentralized exchange not so much

Focused on Bitcoin like the previous ones that I just went over but it is a very cool Dex and I love the mission of it so I wanted to make sure to mention that one is the final so that is it for this episode of hack crypto going over

The top five a Bitcoin decentralized exchanges to review we have atom X we have bisque we have jelly swap and we have beetle equality and then the McAfee Dex so that is it for this episode it slap a like it

Really helps the video gives YouTube a signal that I'm doing a good job and definitely it's max subscribe if you guys are brand new here for more videos like this and I will see you guys on the next episode hacker bill

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