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02 December 2020

Who watches the watchmen? Crypto may not be as trustless as it seems

Who watches the watchmen? Crypto may not be as trustless as it seems

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Ilya Abugov, lead analyst at DappRadar, told Cointelegraph: “There are still a lot of centralized elements, where users need to trust a particular entity or a group of entities.

However, they are reminiscent of banking, where one must trust the exchange operators to hold their funds while trading.

Moreover, users also need to trust the exchange with their personal documents and information after the Know Your Customer verification process is completed.

While people need to trust exchanges, this trust has become spread thin as the community constantly monitors exchange wallets to keep an eye on suspicious activity.

While the majority of exchange representatives believe decentralized exchanges will not overtake centralized exchanges in the near future,“Uniswap already has more daily volume than most centralized exchanges,” according to Gustave.

While this is one of the main issues when it comes to crypto centralization, it is also one that has been heavily tackled.

Decentralized exchanges allow users to trade cryptocurrencies freely without the need to trust a centralized party to hold their funds and also keep their privacy intact.

However, when it comes to converting cryptocurrencies to fiat and vice versa, users must always trust a centralized party to receive or pay out fiat currencies.

However, crypto users must also be aware of regulation and how it can affect their experience with cryptocurrencies.

While in theory crypto can be used by anyone, anywhere, there are multiple restrictions in different countries that can prevent users from using crypto freely.

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