We have been talking about Decentralized in the past few years, in face there’s more and more financial institute like crypto.com, wirex, Nexo issued their own crypto asset VISA card which providing direct services to us to cash out our crypto to fiat on the daily purchase.
Basically such institutes should have attracted lot of user in the crypto, but I hardly see people on Hive or other flatforms using such instrument for their daily life.
image source: https://zipmex.com/glossary/decentralized/
Personally can’t judge is it related to the Luna and FTX incident back in 2022, maybe such incidents brough certain damage on people’s confidence on these kind of financial institute as they technically are centralized organization, right?
After the continuous of storm on the crypto industry in the past 12 months, it’s normal to seeing people not willing to keep their asset in the decentralized wallet, exchange, etc.
We have BUSD issue recently fortunately it doesn’t give a massive hit on the crypto market but it has come to more and more people attention that never keeping too many asset in the centralized place.
“Not your key, not your money” , I think most of people on Hive won’t be strange to this saying especially for the experienced people on here Hive.
It’s hard to say if the bullish market back in short time, there’s one thing for sure that I won’t keep any token in any exchange or centralized wallet like crypto.com and wirex for just in case.
I will only transfer my token to the exchange, swapping for the USDT then sell for fiat currency, well, mainly sell in HK Dollar of course as I am living in Hong Kong.
Some of my friend said it’s inconvenience to trade the token without exchange, bullshit, we don’t have million in USD for daily trade, we don’t have to buy or sell too often, usually I only buy or sell once or twice in every 2 months.
I can absolutely get it done on the chain, say, if I want to buy hive at low and sell at high, I can do that in the internal market, why I still have to keep my token in the exchange or other’s people wallet?
Maybe you are going to say exchange offer high interest for staking your token there, well, we can do that on the token chain itself either. HBD offer 20% APY in the saving account !
At the moment most of the people in the crypto world I know prefer keeping their asset in the exchange still, when I ask them to transfer their hive back to hive wallet, they are struggling to do so because they just worry they are missing chance to trade!
Sound’s there is still a long way to make all people accept the real decentralized, but I will make myself living in the highly decentralized world, therefore I am going to cut my CRO and Wirex card, oh yeah I mean, physically cut the card and cancel the account there.