Centralized Companies Embracing Decentralized Concepts || How Long Will it Last?
Cryptocurrency and blockchain technology along with it are like Thanos now, inevitable. Many banks, companies that felt threatened or should feel threatened by the decentralized revolution have begun acknowledging this fact for a few years now. And rather than trying to fight the change, they are attempting to evolve with it. The saying "if you can't beat em join em" is appropriate in this situation.
Whenever such an entity makes a move to adoption of cryptocurrency I always find it peculiar, as the matter is certainly a bit ironic, if not outright crazy. That which centralizes embracing an asset that at its core essence has decentralization as its goals. Funny. This is also what I thought when reading this article where a potential PayPal stable coin is discussed.
This is the link to that article:
PayPal stablecoin: What it could mean for payments
Its hard to wrap my mind around such a company that is known for freezing people there assets, sometimes not for questionable reasons, would be a home to a stablecoin or any other cryptocurrency. The middleman providing and controlling cryptocurrency, which needs no middleman and practically is the anti-middleman.
These companies embracing crypto is not a bad thing though. In the short term they are shining even more light on it and allow the blockchain propaganda free publicity. Will it last? I don't know. Once cryptocurrencies are fully adopted, maybe these companies won't be needed, maybe the users will realize the value of a trustless decentralized system. Or maybe not.
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I do purchase some things with PayPal. I would not trust them with my business money. They broke a lot of trust with people when they shut down peoples accounts for no reason. Will be interesting to see how things work out.
That's what they are best for indeed. A temporary means of transferring money. But I wouldn't trust them with it for longer periods of time either.
https://twitter.com/joey817/status/1487826685454163968
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