BTC wires

John McAfee has High Hopes on DEXs, Says it is the Future

John David McAfee is a British-American computer programmer and businessman. McAfee on his recent interview made a comment throwing light on the recent crypto crash. The cybersecurity giant had interesting views on the future prediction of the crypto.

According to him “Distributed Exchanges Are Just Around The Corner.”

John McAfee is a well-known cryptocurrency commentator and social media influencer, decentralist and cryptocurrency proponent stated on the current situation of the market and predicts the long-term spot.

Currently, there are two types of cryptocurrency exchanges in operation today, centralized exchanges and decentralized exchanges. Investors should understand the difference between them before trading.

A decentralized exchange (DEX) is a marketplace for cryptocurrencies or blockchain investments that is totally open sourced. Nobody is in control at a DEX, instead buyers and sell deal with each other on a one-on-one basis via peer-peer (P25) trading applications.

The cybersecurity expert, when asked about the multi-decade (20-30+ years) possibilities for the cryptocurrency industry as a whole, the idiosyncratic businessman first noted that nobody can make accurate predictions on that long of a timespan, adding that it would make more sense to make a three/four/five-year estimate.

After this McAfee made a strange promise betting on the state of Bitcoin and made a strong comment by saying that he would eat his genitals if Bitcoin doesn’t reach $1 million a piece by 2020. Then he brought attention to two primary ideas firstly, one word — adoption — the founder of the cybersecurity program that shares his name, pointed out that even though prices are tanking that “it has been climbing in use,” the number of users that wish to trade in Bitcoin are hitting the roof.

After this McAfee brought up the topic of decentralized or distributed exchanges (DEXs) in the cryptocurrency community. Alluding to the fact that he sees DEXs as a game-changer and ground-breaker for this industry, he stated:

“It means that once we no longer have centralized exchanges, and they will all disappear eventually — within five years they will be gone — nothing can shut us down. It is the absolute end of the war. Governments can’t shut us down, financial institutions, banks, nothing… I don’t care how much power you have as a government, how many police, how many soldiers, whatever, if the exchanges are distributed across 20 million wallets on smartphones, laptops, and pads, it is impossible to shut down a DEXs.

He strongly believes in the decentralized system and is hopeful that they will put an end to centralized systems. And considering the fact that he is candid against governments, it makes sense that he would also put so much faith into decentralized systems, like blockchain technologies.