How decentralized are cryptocurrencies?Are Cryptocurrency hub?
As you know, BTC is the first successful decentralized coin.The purpose of BTC is to prevent banks from exploiting people, to fight inflation, etc.BTC may be decentralized, but we need a centralized exchange to buy BTC. (Binance, Ftx, Coinbase) Or there are hot wallets that seem like we have control but the wallet app knows everything (cold wallets have been the solution to this).
The fact that we need a central brokerage to buy on decentralized exchanges may be proof that cryptocurrencies are not yet 100% decentralized.
For example, Binance has imposed restrictions on Russia, even non-criminal users are subject to this restriction. Can't another centralized exchange do the same? Of course it can!
Binance, ftx, coinbase, etc. Centralized exchange and brokerage houses prevent Cryptocurrencies from being decentralized and see it as an investment tool!
For exchange owners, their own exchange is decentralized and they do not need to kyc themselves.
Let me explain, for example, John from America is tired of banks' interest rates and inflation, so she wants to buy BTC, she finds exchanges such as Binance, Ftx, Coinbase and sees that they want KYC.John does KYC and starts trading cryptocurrencies. Every transaction he makes is known to Binance, if Binance is hacked, his information may go away.or Binance will ban John!
Control of cryptocurrencies should not be in centralized exchanges!
Central exchanges' problem!
1-They are not protected against hack attacks (kyc information and coins can be stolen)
2-They can escape with our coins
3-They can sell their KYC information to the Government or intermediary institutions!
4-They can close our account under sanctions etc. without any voting or question!
5-They follow our everything.
6- They may ban or not list any cryptocurrencies!
-PLEASE LET ME KNOW OF YOU KNOW HOW CAN WE BUY CRYPTO WITHOUT KYC? LIKE B2B-SEE YOU LATER!
