DECENTRALIZATION IS A KEY Factor IN CRYPTOCURRENCY
It is evident from past occurrences and circumstances that centralization has somehow damaged many people's assets. Bitcoin, the cryptocurrency with true decentralization, has been very robust, nonetheless. The CEOs and owners of these centralized crypto exchanges are exactly like the banks and other financial institutions from which we're trying to flee, as I've stated multiple times in my post. Similar to what is happening in the cryptocurrency sector, where many people have lost faith in FTX and have been unable to withdraw money due to a lack of liquidity.
Did you think CZ's actions toward FTX were just a way to eliminate their one and only competitor from the market, or were they fair? Even though, from a commercial perspective, Binance invested in FTX when it was still in its infancy, the firm eventually flourished significantly and, as a result, became one of their primary competitors and, as a result, a threat to them. Now, Binance may have used its influence to show the world what it is capable of, or more precisely, used it as a lesson to teach the cryptocurrency business. Because the cryptocurrency industry is still growing, unstable, and full of novel ideas, people are recommended to proceed with caution. When you look at FTX, you can tell that the organization is incredibly centralized and that all business decisions are made at the
Through the use of the company's own token as security, the CEO over leveraged the company's assets. The CEO is now in difficulty as a result, and the business and its investors are following. This is a sobering reminder that decentralization is still an option and should be the final outcome. Looking at bitcoin, it doesn't have a CEO, and this has been its strength because it has always recovered no matter how far it has dropped because of one crypto crackdown or scandal. This means that you run the risk of having someone in complete control of your finances. This is done so that the community, not a CEO, decides how to proceed with Bitcoin.
We still have a long way to go, and the crackdown has affected many people, including me. If you are a spot trader, I advise you to hold onto your positions because the market will always recover. Also, keep in mind that we are all in this together, and my thoughts are with those who have suffered financial losses during this period. I have faith that cryptocurrencies will prevail in the end. Stay with us and enjoy the fruits of your tenacity and labor.