How to Swap Bitcoin Without Using a Centralized Exchange (Updated 2025)

Swapping Bitcoin used to mean using centralized exchanges (CEXs) like Binance, Coinbase, or Kraken. They gave users a simple interface—but at a cost. You had to trust the platform, verify your identity, and give up control of your funds. Plus, CEXs are subject to downtime, regional bans, and hacks.