Elon Musk Says YES to Ditching Crypto Exchanges! Will Digital Coins Soon Be Independent From CEXs?

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Elon Musk’s new tweet reply shows that he agrees to the idea of ditching crypto exchange services (CEXs). As of the moment, people can’t without or make any transaction using their digital coins if they don’t have Binance and other giant CEXs.

(Photo : Photo by Hannibal Hanschke-Pool/Getty Images)

BERLIN, GERMANY DECEMBER 01: SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany.

Because of this, crypto fans are not able to get the full value of their investment since CEXs deduct some fees on your transactions. Since cryptocurrency exchanges are centralized services, this means that they act like middlemen.

Because of this, various developers are trying their efforts to make digital coins independent from CEXs. However, you still need to remember that this is far from reality right now.

Elon Musk Says YES to Ditching Crypto Exchanges

According to Futurism’s latest report, the Twitter user MyDoge CTO explained that the main goal of the so-called Dogecoin Wallet is to make cryptocurrencies independent from Binance, Robinhood, and other crypto exchanges.

(Photo : Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)

Elon Musk, founder of SpaceX, speaks during the Satellite 2020 at the Washington Convention CenterMarch 9, 2020, in Washington, DC. (Photo by Brendan Smialowski / AFP)

Also Read: ‘Lord of the Rings’ Crypto Project Ended by J.R.R. Tolkien’s Estate and WIPO

“The core focus of the @MyDogeOfficial vision is to break the dependence on CEXs like Binance and Robinhood and let #shibes take custody of their own coins!,” said Twitter account.

The core focus of the @MyDogeOfficial vision is to break the dependence on CEXs like binance and robinhood and let #shibes take custody of their own coins!

— MyDoge CTO (@MyDogeCTO) November 23, 2021

On the other hand, another Twitter user, @westcoastbill, retweeted the post, saying that the situation should be if it is not your keys, then you can’t benefit from the cryptocurrencies.

Exactly

— Elon Musk (@elonmusk) November 24, 2021

This is the Twitter post where Elon Musk replied, saying that it is “exactly” the needed situation when it comes to crypto transactions. The reply of Tesla’s CEO was able to generate more than 700 comments, 9,000 likes, and 580 retweets.

If you want to know more details about it, you can visit this link.

Best CEXs Right Now

Business Insider provided the list of the most trusted crypto exchange services this 2021. Binance and Gemini are the leading CEXs when it comes to Editor’s Ratings. On the other hand, here are the other digital coin exchange services you can rely on: 

  • Coinbase
  • Kraken
  • CEX.IO
  • Bittrex 

In other news, El Salvador announced that he wants to create the first Bitcoin City in the world. On the other hand, a New York-based investment firm predicted that the top crypto could soon trade at $500,000. However, this estimation would still depend on the actual blockchain market. 

For more news updates about cryptocurrencies and other similar topics, always keep your tabs open here at TechTimes.  

Related Article: Crypto Miners are Moving Out of Kazakhstan Due to Electricity Shortage

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Written by: Griffin Davis

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