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RE: Steemit Crypto Academy Contest / S1W2 – Reviewing Centralized Exchanges by @nancygbemi
Good work so far in your explanation of centralized exchanges. I appreciate the part in which you mentioned as shortcomings. You are right.
1: Monopoly:
when a system become centralized it enjoys monopoly and can act as it wishes. High possibility of disappointment by such systems since ones fate are relied on their integrity. What if the opposite becomes the case?
You equally mentioned governmental control, and that is another important area since this undermines the very essence of cryptocurrency in the first place.
You made good points and I appreciate your presentation.
Exactly sir, it really enjoys great privilege because it been controlled by them, since they are incharge of the private keys.
Yes government has really work against the feature of cryptocurrencies because they have the authority.
Thanks for taking your time to read my post and also for the compliment am grateful sir🙏