JAKARTA - There are several reasons the trend towards centralization in the cryptocurrency industry is very important, and one of the biggest reasons is customer protection.
Like other financial entities, the crypto industry is also a target of cyber fraud and illicit activities. Therefore, governments around the world are slowly starting to regulate this industry and most companies based on the geographical location of their operations must follow these rules to legally run their businesses.
Blockonomics, as one of the leading Bitcoin payment service providers, revealed some of the crypto benefits if they are decentralized:
Financial inclusion: decentralized crypto can help provide financial inclusion to people who are currently exempt from traditional financial systems. This can be used by people in developing countries who do not have access to traditional banks.
Lower Costs: Blockchain can help lower costs for financial transactions, making it an ideal choice for global payments.
Transparency improvement: This can help increase transparency in the financial system. Blockchain transactions are recorded on public blockchain, which makes them transparent to anyone who wants to see them.
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Along with the benefits, Blockonomics has not forgotten the fact that there will also be some challenges it faces, among others:
Security: Blockchain is still a relatively new technology, and although it's one of the safest technologies, the companies that use it aren't that much. There are several high-profile hacks from decentralized exchanges and other crypto platforms.
Regulations: Governments around the world are still trying to find ways to regulate blockchain and cryptocurrencies. This uncertainty could complicate businesses to adopt it.
Mass Adoption: Blockchain has not been widely adopted by the general public. Making it difficult to reach its full potential.
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