When I first encountered Bitcoin, I was impressed by the concept proposed by Satoshi:
"What is needed is an electronic payment system based on cryptographic proof instead of trust,
allowing any two willing parties to transact directly with each other without the need for a trusted
third party."
However, when people try to acquire Bitcoin, such as through on-ramp processes, most tend to use centralized exchanges (CEX), which are, in fact, still trusted third parties. And, the KYC process can lead to regional financial exclusion. Doesn’t this deviate from Satoshi’s principle? Isn’t cryptocurrency supposed to be decentralized and encrypted?
Or should I consider this merely a transition phase before the world Satoshi envisioned can be fully realized?
Topic: Does Centralized Exchanges Degrade the Core Principle of Cryptocurrency? (Read 25 times)
July 24, 2024, 03:07:44 AM
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