Yes, you read it correctly. Due to recent events, there is a high chance that all of crypto might just get decentralised. And that goes against what cryptocurrencies stand for.
Bitcoin has rapidly been decentralising. Mining is an expensive investment and the payouts haven't been much as well. And with the ascent of big companies into the world of mining, the profits of individual mining have gone down quite a bit. Still, a lot of individuals are still mining. But maybe not for long.
The CEO of the Binance crypto exchange Changpeng Zhao tweeted a few days ago that the company is working on introducing a new Binance mining pool for users very soon. He revealed the plans on 1st April and this new addition to the Binance suite will provide users with a new way to start in the crypto world.
So, why is this a game changer? Binance is a huge company in the crypto world. And with its name it has a high chance of attracting a lot of users into its mining pool. This will put a lot of power into the hand of one company. And that puts decentralisation under threat. The main difference before was that most of the companies running mining pools weren't as big as Binance. But with Binance thrown into the fray, there is going to be a lot of power in their hands.
With this announcement, one of the safest options for miners to turn to is Bitcoin Cash, which is going to have a halving in a few days. Yes, just like Bitcoin, there is going to be a halving in Bitcoin Cash as well.
All we can do now, as users, is to wait and watch how this whole thing plays out. Let's hope that cryptocurrencies stay decentralised.