The cryptocurrency market has rapidly grown to become a disruptive alternative to the fiat currency market. In a relatively short span of 10 years, this space has seen quite a handsome appreciation in value. But with that said, the digital asset also attracted centralized manipulation practices of the highest order.
Things move fast when it comes to technology, and the decade-old cryptocurrency market is no exception. Unfortunately, the trajectory, in this case, is unhealthy and not by any means leading to progress.
The rapid proliferation of highly centralized cryptocurrency exchanges is one such situation where a slowdown might is crucially required. Power and control over investors’ digital assets have quickly landed in the laps of large exchanges. Hence, there is a crying need for flexible, user-friendly trading platforms.
Many established crypto exchanges are dedicated to securing regulatory compliance with governments and existing fiat financial systems. While this is purely a self-protective mechanism, it flies in the face of the spirit of Bitcoin.
As a result, cryptophiles are turning to new options. With literally hundreds of exchanges in today’s digital asset market, the problem is somewhat alleviated through sheer numbers.
The appreciation in the number of decentralized cryptocurrency exchanges is intended to bring about transparency and decentralization in the market.
According to Alex Altgauzen, COO of cryptocurrency exchange XCOEX:
“The importance of decentralizing this market is massive. The market is still in its infancy. A small number of exchanges controlling the market could eventually result in a centralized catastrophe that we were all trying to avoid in the first place.”
XCOEX is currently running a daily contest till June 30, in an effort to attract new investors.