John McAfee, the security expert turn cryptocurrency enthusiast, who is believed to have the crystal ball for his right predictions in the cryptocurrency market in his opinion says that decentralized exchanges (DEX) will soon gain the heart of the cryptocurrency community with lots ditching centralized exchanges. This he says will force them to close down.
Decentralization Over Centralization
His latest opinion is joining that of Ethereum’s co-founder, Vitalik Buterin who commented about two months back, saying he “definitely hopes centralized exchanges go burn in hell as much as possible.”
Though McAfee’s reasons are slightly different from that of Vitalik’s, McAfee believes the next five years would bring decentralized exchanges to the limelight, chasing centralized exchanges to extinction.
In his view, the world will embrace cryptocurrencies and blockchain because of its “permissionless qualities.” Citing an example between two parties in a financial transaction, he says in the present financial system, the authorities could put a stop to such transaction. Same goes for centralized exchanges as he says they could become dishonest, using customers funds at will, freezing individuals funds, or shutting down entirely without being traced.
With blockchain, he says holds “proof of actuality”; record of truth. And even when something happens, it’s easy to spot if it’s true or not which presently cannot be done with centralized exchanges.
Advising the crypto community, he says all everyone needs is “common sense,” which will make everyone realize that centralized exchanges cause more harm than good to the vision of cryptocurrency and decentralization.
Bitcoin Value To Hit $1m
McAfee strongly believes that the price per Bitcoin by the year 2020 will hit a million dollars. To bolster his conviction, McAfee promises to “eat his dick” if that doesn’t happen.
Nevertheless, the value of Bitcoin has been on a steady growth amid good news surrounding the cryptocurrency industry and the expectation of Bitcoin ETF approval at the end of the month.
The post Decentralized Exchanges To Send Centralized Exchanges To Extinction – John McAfee appeared first on ZyCrypto.