Would Crypto Survive Without Centralised Exchanges?
The FUD is still on and it does feels like a large crowd out there want to see more centralised exchanges go down. Binance still seems to be getting all the blows and I raised a conversation in a group about what would happen to crypto if Binance went down and what could potentially happen if there were no centralised exchanges.
The fact is that centralised exchanges have played a huge role on the adoption of cryptocurrencies. They've made buying and selling of cryptos super easy and also make the conversion to fiat a reality. I personally don't think cryptos will be where it is today without centralised exchanges. If Binance was to go down, hell would let lose out here on everyone either they had funds on exchanges or not like we saw with FTX and this mostly because Binance seems to be the most trusted of all CEXs and if it goes down, no other CEX would survive its ripple effect.
The issue however is some CEXs like FTX have been way too comfortable with the space and began doing things their way without considering the effect of their actions on their users and the entire crypto market. Binance may perhaps have some skeletons in their cupboards but I do hope nothing serious happens because crypto could suffer massively if that's the case. I also realised many people spreading the FUD about Binance aren't even actively crypto persons, They don't care about the space and only write to get paid. Binance however has been holding up pretty fine amidst FUD and I really hope this wind blows away fast.
We need centralised exchanges, crypto particularly depends on them in these early stages of adoption. What happened to FTX is simply an example of what happens when no one watches and monitors the actions of CEXs and I believe this should be the focus henceforth so we don't have such events repeating itself.