Should Crypto Exchanges Censor Transactions…?
Questions arise after last week’s Twitter hack…should exchanges censor transactions? As with everything, it is a double edged sword…
Freedom vs Protection: Should Crypto Exchanges Censor Transactions?
“The rapid appreciation of Bitcoin and other cryptos has made some people incredibly wealthy in a very short space of time. The industry has thus attracted many desperate individuals hoping to “get rich quick” with minimal effort.
Many newcomers are therefore not aware of the historical proliferation of such scams. Others may well be but were nevertheless blinded by the verified Twitter accounts.
A Bitcoin purist might well argue that some individuals need to learn monetary responsibility the hard way. This will inevitably mean that they lose funds to scammers. However, this “tough love” may also hinder the wider adoption of the technology.
Many victims may decide to turn their backs forever on the decentralized financial revolution. On the flip side, centralized censorship arguably removes the most revolutionary quality that crypto has to offer.
Again, the ultimate responsibility of cryptocurrency use lies with the end-user.”