Trust is still a must in the trustless world of cryptocurrency By Cointelegraph

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Trust is still a must in the trustless world of cryptocurrency

As established by Satoshi Nakamoto (BTC), the heart of cryptocurrency is a peer-to-peer electronic payment system that eliminates the need for intermediaries like banks. This fiery independence and mockery of the stranglehold of traditional banking systems is pervasive in the cryptosphere.

Yet when mass adoption is the goal, some grip becomes necessary in order to get everyone on the path to truly decentralized finance. We can’t expect our grandparents – who have trouble sending email – to handle private keys, start phrases, and digital wallets and send your Bitcoin birthday gift unassisted. . Indeed, this shift to decentralized finance already goes way beyond sending birthday money and has evolved to include yield farming, cash mining, and non-fungible token auctions. As such, trusted intermediaries have never been more essential to meeting traditional DeFi and crypto aspirations.

Laurence Newman is co-founder of Coinmama, a serial entrepreneur and veteran of the Bitcoin space. After struggling to buy Bitcoin himself, Laurence set out to create a seamless, secure, and engaging shopping experience for everyone, and that’s how Coinmama was born. In addition to serving on its board of directors, Laurence leads marketing and strategic partnerships at Coinmama.

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