DEXs Set to Drive Crypto as Exchanges Disappear
John McAfee is a well-known social media influence, cryptocurrency commentator, proponent, and decentralist. Recently, he took it upon himself to comment on the current state of the crypto market, as well as what the future holds for blockchain and the crypto assets in the near future in an interview he had with BoxMining.
Long-Term Prospects for the Cryptocurrency Industry
BoxMining started by questioning the cybersecurity expert on what the future holds for the cryptocurrency industry (20-30 years from now). John started by stating that it was not possible to make an accurate prediction for such a time frame. He was, however, quick to note that it would be much easier to provide a forecast for the period between three and five years.
Adoption and DEXs
McAfee has in the past gone on record to state that he would be willing to eat his family jewels if Bitcoin’s value does not reach one million dollars by the year 2020. Here, he brought attention to the fact that although the value of Bitcoin has been dropping steadily in the past few months, its adoption has continued to increase.
He pointed out that the number of people using and accepting Bitcoin as a form of payment has been skyrocketing. Another factor that he touched on was decentralized exchanges. Decentralized Exchange are popularly known as DEXs among crypto enthusiasts. McAfee noted that DEXs will be a ground-breaker and game-changer for the entire crypto community.
This implies that as soon as centralized exchanges are no longer available, they will start to disappear one-by-one. It is estimated that the centralized exchanges will be gone within five years—making it impossible to stop the growth and popularity of distributed exchanges.
According to John, nothing will be able to stop their spread; not the bank, financial institutions, or even governments will be able to shut them down. He points out that if, for instance, you have exchanges that have been distributed across twenty million wallets on pads, laptops, and smartphones, it will be impossible to shut DEXs down, regardless of how many police you have at your disposal.
For those not in the know, DEXs have for a while now been seen as the future of the cryptocurrency industry. Many people in the cryptocurrency community share John’s sentiments and believe that the DEXs will put an end to the use and popularity of the centralized systems.
It is something that will lead to a global society that solely depends on decentralization. Considering the fact that McAfee has long been known to speak out against governments, it comes as no surprise that he has placed so much faith in the DEXs, just like he did with blockchain technology.
In a bid to back up his claims, he pointed out that it is possible that there are centralized exchanges that are and could be acting in a malicious manner. It is a fact that has also been reported by Ethereum World News on a number of times, especially when it comes to HitBTC and the way it responds to customer inquiries.