To most of the cryptocurrency investors the centralized exchanges are one of the most important ways for transacting.
While few of them find the “centralized” exchanges to be misleading, as the cryptocurrencies themselves are decentralized. Basically, centralized exchanges use middleman or third party to conduct transactions. While decentralized exchanges work without any central authority.
John McAfee in his recent tweet mentioned that the Centralized exchanges are the Gods of crypto who take your information regardless of qualifying you or not. He also feels that centralized exchanges control the market in which you are buying into or selling into. Eventually, it seems that the entire market is using your money.
Henceforth, John McAfee says,
“Distributed exchanges are what all coins are waiting for and what is here right now.”
According to him, distributed exchange don’t take you money. In this system, you have a wallet and you can also exchange one on one with another person. Eventually no one controls this system of exchange. All of the information remains between you and the person transactions with.
John McAfee also claims that,
“They’re here. Decentralized exchanges are here now. We need to start using them.”