Do you still believe in Cryptocurrency?

Over the past few months, the flaws and shortcomings of cryptocurrency on the blockchain continued to be exposed to a broader audience. The promise of transparency is starting to be a fallacy that everyone can see through, and this has, in a way, reduced adoption, which, in turn, continues to make the investment in this sector withdrawn daily. Everyone is now well vast in the manipulation and theft that goes on in the crypto space.

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The fall of Luna was an event that still hurt people, but people found a way to move on and trust the process. Luna was just one project, and millions of people lost everything within a space of a day, However, people moved past the crash. However, I am still confused about how people will recover from the FTX exchange crash, as this was a supposed significant exchange in the league with Binance and top exchanges. This breach of trust further intensified the concept of why a centralised exchange system is a fraud.

One of the critical reasons why cryptocurrency has grown widely is due to the promise of decentralization and transparency. However, the collapse of top crypto exchanges shows the manipulation that still thrives even with blockchain technology. These centralised exchanges work like traditional banks; in truth, they work similarly to how the government works by sometimes issuing policies on what and what you can not do while on their system. They sometimes even go as far as letting you know what can be withdrawn from your account and what you can not.

The considerable power given to these big exchanges makes it more challenging by the day to assess them properly, making it difficult for adopters to believe in this system. Big exchanges do not account for their activities, and the dealings on their network are pretty hard to track as it is kind of, in a way, an enclosed blockchain with which only they have a critical extensive insight.