Ninjastic
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Board Altcoin Discussion
Re: Binance as the third largest coin
by
posi
on 02/03/2021, 02:28:55 UTC
Quote from: South Park on February 28, 2021, 06:14:58 AM
Quote from: posi on February 24, 2021, 08:23:51 AM
Quote from: South Park on February 24, 2021, 03:37:10 AM
Quote from: mk4 on February 20, 2021, 02:57:19 PM
The pretty obvious reason in my opinion: Ethereum's fees have been quite high for a while, and Binance Smart Chain(BSC)'s fees are drastically lower. And yes, BSC is like magnitudes more centralized than Ethereum, but it comes to show how a lot of people don't care that much if a certain project is decentralization or not as long as they can make their bets on certain tokens.
The explanation is really that simple, a great deal of people do not care about decentralization and over the years I have seen people arguing that it is in fact a disadvantage, it is as if they do not seem to realize that if bitcoin was centralized then it would have been eliminated by governments long ago, and since people have that kind of thinking then there is no surprise that a coin that is heavily centralized like binance is now third in terms of market cap and soon enough it could become the second behind bitcoin only.
The last time I check decentralization of cryptocurrency is only the number one priority within the crypto community because we know the importance of it and the majority of people that sees centralization as a blessing instead of a curse are those that only study trading and other means of crypto investment just to make a profit but they barely study the concept of Bitcoin and the vision Satoshi had when/after he creates Bitcoin.
Decentralization is key and yet many people like to argue otherwise, not only that but they do not seem to understand that we need to decentralize everything otherwise the governments will use that as a vector to attack this market, we just have to take a look at centralized exchanges, every year their KYC policies are getting more and more invasive because governments can go against those exchanges, which is why the future of this market are decentralized exchanges that cannot be regulated like their centralized counterparts.
Its understandable that we need to keep alive the decentralization of cryptocurrency investment cause it the foundation of the Bitcoin and our own weapons to gain liberation but both we need both decentralized and centralized are the key to the future of crypto. However, this issue have been discussed and crypto enthusiasts later understand that to make crypto mainstream some sacrifice is needed in terms of centralization but issue is centralized exchange abusing the KYC/AML which Binance is a perfect example.