RATE Group | Dogecoin creator blasts the institutionalization of cryptocurrency
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Dogecoin creator blasts the institutionalization of cryptocurrency

07 Nov Dogecoin creator blasts the institutionalization of cryptocurrency

Posted at 07:28h in Cryptocurrency News by

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In his article, Palmer describes how there has been a lot of enthusiasm for the entrance of large companies into the crypto field, such as Intercontinental Exchange’s (ICE) Bakkt cryptocurrency platform or Fidelity Investments opening a crypto trading desk. In order to compete with the entrance of these large institutions, startups which were born in the cryptocurrency field are steering their businesses in the way of institutional investors.

Palmer criticizes this direction and urges people to take a step back and view this move in the grand scheme of things.

He discusses the three core benefits traditional cryptocurrency brought. He claims these are:

  1. Censorship Resistance
  2. Trustless Transactions
  3. Verifiable history

Censorship resistance refers to a user’s ability to interact with a currency without relying on a single point which could possibly fail. The blockchain technology inherent to cryptocurrency ensures this censorship resistance. Due to its decentralized nature, no single…

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