Mass adoption may take crypto toward centralization

With mass adoption comes the risk that cryptocurrency may lose one of its core value propositions: decentralization.6260 From Elon Musk and Tesla investing in and accepting Bitcoin (BTC) to the recent nonfungible token craze, the days of blockchain tech being the domain of cypherpunks and coders are behind us.

The challenge comes in the precedent and direction this sets for the ecosystem. This approach makes an increasing number of users reliant on a shrinking number of large LSPs to move their Bitcoin around with ease, resembling the legacy financial system where transaction processing coalesces around a small number of major payments companies.

Then there are the forays into crypto that payment giants like PayPal and Visa have made. If we’re not careful, in the future we could be spending our cryptocurrency through the exact same companies and services we used for our fiat currency, still at the mercy of the same players we sought freedom from in the first place.

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Author: Priyanka

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