A trusted third party, not so trusted.

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2 years ago
Topics: Cryptocurrency

Cryptocurrencies were born by and to not need a trusted third party, where users own their assets where only the blockchain is necessary, we do not need customer service, refunded payments, or consumer protection.

The spread in Venezuela and Latin America of payments through Binance/Reserve or other means of custody of Cryptocurrencies is a fully respectable option, but this option is centralized and reprehensible.

Using the pretext that the adoption of cryptocurrencies through custody platforms is the best way to create trust in users is blasphemous, when the majority of users to whom the use of cryptos is directed are aware of the disadvantages of centralized systems and coercive systems such as PayPal, Neteller, Skrill or the traditional banking system, in addition, the mandatory KYC goes against free access, when in many countries low-income populations do not have identity documents

To all this we have to add that many governments, not understanding cryptos, want to regulate them as conventional financial instruments are regulated, without taking into account factors such as their volatility.

Solving 21st century problems with 15th century measures is archaic and unproductive for an ecosystem that is just being born and taking its first steps.

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