Decentralized vs. Centralized Cryptocurrency Exchanges
Vitalik Buterin a founder of Ethereum, has stated his immense dislike for centralized digital assets. He has stated that he believes that centralized cryptocurrencies work too much like kingmakers.
The problem that Buterin and others point from their perspective underscores and warns that central exchanges have the ability to limit the number of coins they ‘mint’ and control their distribution processes, not to mention the fact that centralized exchanges hold their own cryptocurrencies closely to the vest.
Ripple, however, which controls the XRP coin, and others, rightfully say that large miners can effectively take control of certain decentralized cryptocurrencies by forming large mining pools, and this has been an accusation and criticism leveled at Bitcoin and other digital assets.
The future of decentralized versus centralized exchanges remains dynamic, and the advent of potential hybrid exchanges emerging for cryptocurrencies as blockchain technology is developed and is distributed may gain enthusiasts.
And the debate will continue to burn within cryptocurrency communities, and will certainly evolve as ‘big players’ vie for market share and the masses embrace the freedom to trade and use digital assets.
Broad Market Oversight
Bitcoin enjoyed a rather solid week of trading. After falling to fresh lows the week before near 5800.00 USD per coin, the cryptocurrency has gained and as of today is near 6800.00 USD.
Ether, XRP, and EOS have also found an undercurrent of stability in the broad market and have advanced the past few days without major stumbles.
While many of the major digital assets have found buyers sustaining their short-term trends, a look at mid-term charts and longer views show the broad cryptocurrency market is still hovering near important support levels.
Market sentiment has improved on the surface the past week, but another surge of buying will be needed to take the major cryptocurrencies out of a range which still has serious question markets about near-term direction and psychology.
Ripple vs. Swift
The growing battle between Ripple and Swift has escalated the past couple of weeks in the global banking payments sector. Swift announced recently that its global payment service known as GPI has been upgraded significantly and can allow some banks to now make transactions formally within 30 minutes and less.
Swift says it is able to perform these transactions in nearly 100 different types of currencies and that fifty percent of its banking clients can use the service now. And Swift has said that nearly all of its clients will be able to use this service by 2020.
Ripple, on the other hand, maintains that the upgraded version doesn’t offer cutting-edge technology and it is still limited in scope and speed, and that’s Swift’s transaction architecture is essentially very old. Swift dismisses Ripple’s claims openly by not answering or acknowledging their competitor’s opinions publically.