The recent triple threat of Elon’s tweeting antics, China’s “banning” of crypto, and Biden’s proposal of regulating cryptocurrency has stirred up record-breaking levels of fear, uncertainty, and doubt that have had markets shaken.
We can’t stop Elon, nor can we stop China.
What about Biden?
With cryptocurrency transfers of more than $10,000, required to be reported to US tax authorities. Biden’s set of proposals aims to counter tax evasion.
The Federal Reserve chair Jerome Powell will be “paying attention to private-sector payments innovators who are currently not within the traditional regulatory arrangements applied to banks, investment firms, and other financial intermediaries.”
The US Treasury expressed that cryptocurrency posed a “significant detection problem by facilitating illegal activity broadly including tax evasion,” echoing comments from the European Central Bank this week, which said that cryptocurrencies’ “potential use for illicit purposes” were a cause for concern.
The irony lies in that the criminal share of all cryptocurrency activity is just 0.34% and that money laundering in fiat is 800 times more than that of crypto.
So why the FUD on crypto?
The very essence of cryptocurrency is based on the holy trifecta of a transparent, trust-less, decentralized system for power back to the people.
Now since you have been exploring freedom in cryptocurrency.
You have most probably been introduced to it through the means of a centralized exchange such as Coinbase and Binance.
These centralized exchanges are easy, straightforward, and simple to use, and are brilliant for beginners.
One main downfall, they are centralised, and this is what makes them vulnerable.
This may be a possible attack vector from governments to attain your details, your private information.
Decentralize. What if you can do what you need to do without trust for a centralized entity?
MultiChain Decentralized exchanges are the ideal alternative to the Centralized Exchanges, as centralized exchanges will now be heavily taxed. And MultiChain DEXes move to offer almost as much Blockchain variety as Centralized Exchanges while being more resistant to Market Stress. As the recent selloff demonstrated, the major DeFi Protocols continued to function as intended, while Binance, Kraken and Coinbase experienced crashes, which led to billions in Liquidations.
MultiChain DEX Alium offers a way around it while giving more Blockchain options to trade compared to the legacy DEXes.
Alium brings the MultiChain DeFi hub with a variety of Blockchains and CrossChain Bridges to the users. With BSC and HECO already operating, Alium Finance is integrating ETH, Solana, Matic, Avalanche, Tron and Near just this year, with more coming next year. In addition, Alium Finance is a whole DeFi ecosystem with Smart Farming, Staking and MultiChain NFT Marketplace coming in the near Future.