One of the biggest news for the day is that of Canada’s largest crypto exchange inability to access client funds after the founder died. Quadriga is unable to access over $140 million in funding, since only the owner had access to the security keys. The founder’s wife claims that she is unable to trace any kind of documentation about the access keys.
This incident puts a huge dent on centralized crypto exchanges, as a means for trading and storing cryptos. That’s because, they have suffered numerous hacks in the past. In fact, centralized exchanges could be hindering the adoption of cryptos by the masses. That’s because, they create the impression that crypto is insecure, which is a blow for a market that is already known for its extreme volatility.
The solution lies in decentralized exchanges where there is no need to trust a third party. DEXs may be slow to peak up, but ultimately they will be the future of crypto. That’s why the increased number of DEXs listing Digibyte (DGB) are a plus to its long-term growth, since it places it at the center of the next wave of crypto growth.
The latest DEX to list Digibyte (DGB) is DynX. On the 2nd of this month, DynX announced that they were listing Digibyte (DGB) as a base pair on their DEX. In a high volumes market, this could see the liquidity of Digibyte (DGB) increase by a huge margin. It’s a long term game in terms of driving adoption. Sure, these DEXs may not in any way impact on Digibyte’s value in the short-term, but as investors understand the risks that come with centralized exchanges, the scenario will change, and DGB will benefit.
Besides, this crypto is not just reliant on exchange listings for its value to grow. Digibyte’s core fundamentals place it in a very unique position to grow going into the future. For instance, its decentralized nature ensures that it will be around no matter how long current market conditions sustain.
On top of that, its key features are already being used in important markets. For instance, AntumID, a European authentication company, is already using DigiID in place of traditional email and password logins. This is a feature that has the potential to be adopted in other areas as well, driven by necessity. For instance, banks would find it quite useful in their online banking services. Such potential use cases place Digibyte (DGB) in a good position for growth.
Therefore, its current position and price is more of an opportunity to buy, and not to panic. Digibyte (DGB) may go lower, if Bitcoin (BTC) breaches $3000 support. While this would cause market panic, those who brave it are likely to be wealthy in the long-run. That’s because, chances of Digibyte (DGB) rising to over $0.50 on the basis of its use cases, and potentially high trading volumes due to DEXs are high. The future is bright for Digibyte (DGB) and the strong hands that can brave this market.