Warning: Centralized exchanges can hold your bitcoin hostage or even lose it before you are able to withdraw. They also require extensive KYC to comply with encroaching government regulations.

P2P marketplaces on the other hand mitigate these risks. They are no silver bullets but strictly better for plebs with low time-preference:

They never hold your fiat and implement bitcoin-native escrow mechanisms on the bitcoin side of the deal which has a much better trade-off balance than using centralized custodians kowtowing to governments.

These fiat custodians use fireblocks to hold all kinds of shitcoins with one general solution. It's way inferior to bitcoin multisig escrows.

Don't trust centralized exchanges. They already failed to provide a service that bitcoiners really need. They will eventually turn outright evil. Not because evil people run it. Rather because goverment compliance corrupts all institutions within its reach.

You were warned.

Learn more [here](https://bitcoinplebs.org/pleb-lessons/#p2p-markets-and-nokyc-bitcoin) about NoKYC bitcoin and P2P bitcoin exchanges.