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Centralized cryptocurrency exchanges are ruling the industry since the introduction of crypto in the market. Now, the crypto industry is moving toward peer-to-peer exchanges that offer privacy, authority, security by reducing costs.
Centralized and P2P cryptocurrency exchanges follow entirely different working models; first uses order books while other utilizes smart contracts to match trading requests. In the case of centralized, seller and buyer hand over funds to a third party while P2P gives authority to both parties. Implementation of blockchain technologies speeds up the transaction process between parties with a zero-scam ratio.