Bitcoin Forum

There are many problems with centralization. For example, central Banks can print money and plunder your wealth without your consent. Your money in the bank is not actually your money, but the bank's liabilities to you. You don't always get your money out of the bank. It's possible that the bank will only allow you to withdraw 60 euros a day, and it may even force you to confiscate your deposits. Private property is sacrosanct, but people can't help it. In the BTC, these bad things will no longer exist. BTC is a monetary system that is completely out of the bank and only runs on the Internet. Even the law enforcement agencies cannot seize or confiscate BTC. The BTC network cannot be blocked unless the Internet is completely shut down.

In the BTC system, you can really control your money, not indirectly through the bank. BTC has used technology for the first time in human history to ensure that private property is sacrosanct.

I think it exists to give real power to people...as an individual they can control what they have and what they own which is anyways not possible ... Otherwise.
People often ... Think they own their money but that's not true some sort of control always exists...
It's... Providing.. an alternative for all the people out there... to really control their money ! And for equality... To exist.

yeah i agree with you but problem is if you storing your money thru bitcoin if you need that money you still need a bank to convert to fiat because not all merchant are accepting bitcoin unless you wait that every merchant are accpeting bitcoin.

Strongly agree with you my friend.

Looks like many people will have an open mind now after the G20.
Who wants someone else controlling your money. That is your money, sweat and blood poured just so you could get it and then they want to control you on how you will use it or how much you can just withdraw.

That should be stopped and bitcoin is the answer for it.

Significance of bitcoin is plays a big role in the socierty and to parents. As we all know that all of that is included bitcoin can able to gave and invest or anything health and i also i need to make a deal with businesses so that i may includes that it is also  bitcoin has an important role about anything here in this world.

we restrict ourselves only as BTC. Expression as BTC is not correct, I think crypto coins is more accurate.  ;)

This is the reason why many terrorists are using it for illegal activities such as buying guns, drugs and buying /selling of other illegal stuff which I don't want to mention.
I know that decentralization is a great concept but then there are its own negative sides of it which are so bad that it has stopped bitcoin to be widely accepted through out the world. Once we find a solution to stop these transactions, we might open the gates for BTC to be worth in millions.

There are so many advantages of decentralization it is not the idea of there will be a lot of money and no one will handle to distribute it but the main purpose of this is the security no one can manipulate the price of bitcoin even the government.

It depends upon the country. There is always good and bad effect in everything. Having a central authority is good for our economy. It regulates money supply and makes our economt stable in a long run. I do not believe that your opinion to the government will happen unless, the government is greed.
Financial institutions are made for our own sake, it is not about the liabilities of the bank to us but it is a form of asset for our future use.
Yet, BTC is reliable and helpful way in our economy. We must face the truth that we can't step twice in a river. There is always a sudden change in everything and we need to do is to anticipate everything.

It depends on the point of view.

Some people see the lack of regulation as a positive, they see the fact that nobody buy you controls the money as something desirable. They also see the unrevertible transactions as something positive and so on.

Other people see that as very negative traits... they want the peace of mind of knowing that you will be able to blame someone else but yourself for your stupidity. They also want to be able to revert transactions.

This is why Bitcoin is so polarizing. Some people just don't get why it has value.

Well said. I think that is the core reason behind the Satoshi's invention of blockchain which is you talking here in completely modern way as compared to 2009 year. Its not that old though but it has some difference and people are now understanding that what they really meant when they created the decentralised network like the blockchain and added it with the bitcoin currency for us. Apart from this we can clearly see how banks are devils in the story of our life where they also do not give us sufficient % on keeping our savings or even Fixed deposits etc. They use it for their own benefits by putting huge interest rate on the loans and using our money only. I think its clear from that why decentralisation is significant.

Bitcoin is the decentralized digital currency.This is main reason for the bitcoin is sustain in a market.Lot of new coin is created now.But bitcoin is survive for more than 9 years.Now some of the online transcation accept this btc as a one of the payment.Some of the countries start to regulate the bitcoin.
Bitcoin will survive till the internet is Internet is completely shut down.

I totally agree with you, and those should be enough reasons for people to invest in bitcoin. But do they really care? I'm afraid the majority just don't give a damn because they are so used with our current system, and never faced any real problems with it, that they just don't think it will ever happen to them.

I think people will only value bitcoin, once we hit another financial crash, and lets face it. The chances of that happening are of course really high, because it's just how our system works. I guess we need to keep investing in bitcoin, and wait until something like that happens again.

It is the essence of bitcoin. Being decentralized gives it its power not to be monitored nor traced. However, we know it is also dangerous .


To this, I don't think banks do refuse a customer from withdrawing their money. What you do is to apply for closure of account.

Yes it is very important and necessary to ensure the security of bitcoin transactions. In general decentralization aims to avoid centralized finance, democratize the government so that people participate in government, improve the social economy in society. Examples of decentralized system use are education offices, and local elections. So I agree if decentralization is used in bitcoin.

I hope that the current system of centralization and decentralization can coexistence, I mean that for the future progress it is appropriate not to belittle one party. What I feel, okay find I will say cryptocurrency has provided me many advantages, but without a bank (which has a centralized system) I will not be able to enjoy it. Because in my country to change the coin crypto to the physical money is in need of the bank. Because if you compare between BTC and BANK both of them have advantage and disadvantage, but in this thread you just show disadvantage of bank it's not fair. My conclusion to your thread is that I need a decentralized system (cryptocurrency) and I need a centralized system (bank).

OP describes the situation that should be after the project bitcoin will be fully implemented. But now the situation is quite different. We are unable to use bitcoin as a currency. Periodically,we have to change the coins to Fiat. And that makes us Bank-dependent. We are obliged to provide documents to the exchange and have a Bank account. Bitcoin is also dependent on t Fiat.

Yeah, mostly the older generation people who are way too much familiar with fiat are not able to comprehend has an uncontrolled form of currency hold such a high value.

These things have happened even in the absence of bitcoin. When there is every possible way to track big transactions, warlords everywhere still appear to have the magical.ability to transact.
Don't you think that it maybe partly because certain arm-sales and illegal activities are condoned by big money. Look at how African countries like Congo and Rwanda have become playground of competing interests and have armed groups even without bitcoin.

The argument that private nature of bitcoin will somehow lead to increase in illegal activities is a smokescreen being pulled over thr eyes of general public to make you avoid bitcoin. These are law and order issues that can be dealt easily by an authority not beholden to big money interests.

Not exactly true, the future of Bitcoin or any crypto for that matter, relies heavily on person - to - person transactions. In the past exchanges of Btc/fiat were done through otc trades that never involved any banking or financial institution at all. So whether governments across the planet warm up to crypto or not, as long as there are people holding it there would be another group of people that'll be there to buy more and yet another group of people that'll sell more.

I’m not really sure if what you’re saying is right at all. I once read a news post on Crypto Coins News when I was still new to Bitcoin, and according to the writer, FBI confiscated a good amount Bitcoin from an ATM or what, can’t even remember again. And by the way, Bitcoin doesn’t give you freedom, it is even more risky than making use of banks. I have been using banks for years now, but never had any problem with them. Unless you are into suspicious acts, that’s why you keep on having problems with them.

Decentralization can help create an impact for easier company growth. It is run by single administrator, which means it gives increased motivation, improved ownership focus, and more timely decision-making. Dividing managerial works and assigned duties to various executives, can be the best option for its welfare and to have transparency.

this has been a question in my heart,
"that whether Bitcoin will destroy the system that has been designed by people who want to take advantage only",
and after reading from many things, I think it will happen.

Bitcoin have potential to disrupting banking industri. With bitcoin system, there is no intermediaries like banks and with bitcoin we can transfer instantly with low fee. I am believe that the reason bankers always opposite on bitcoin

Look what happened in Greece after the last financial crash,
The banks prevented people from withdrawing their own money, the banks were afraid all the money would be withdrawn.
http://money.cnn.com/2015/06/28/news/economy/greece-banks-ecb/index.html

This wouldnt happen with bitcoin because we control the assets.

Bitcoin really a unique design of currency in totally different from centralized banking system that we had because it is a P2P transaction while banking  system is bounded with  different laws but for me they both risky because banking system is prone government scrutiny and bankruptcy while bitcoin coin is also prone to scam  ut in terms of comfort and  business wise bitcoin has an edges.

For me that is fine if I need a fiat I'll exchange some to bank also. If only we have our own ATM machine for Bitcoin users for withdrawing Bitcoin to fiat here in the Philippines that would be awesome. I think having our own ATM Bitcoin would also make an impact to people and join Bitcoin. Just a thought.

Bitcoin has the potential to disrupt the entire financial system, but that will never happen. Main problem is the ignorant nature of the average joe. Banks and governments for them represent security, trust, etc.

It's only a very small number of people valuing decentralization, peer to peer transactions, etc. Another thing is that banks tremendously increased their services making them cheaper, more user friendly, etc.

Banks have upped their game in order to keep their sheeple users satisfied. In order to unleash a revolution against the banking system, people need to pool their efforts together. It's the mass making the difference.

A few hippies valuing decentralization isn't enough.

Bitcoin is revolusionary monetary system. Its can not controll by any institution or goverment. Bitcoin have limited supply and thats the different thing between bitcoin and fiat money. I think thats the main reason bitcoin hated by bankers

This is not just what you believe, rather this is the real fundamental reason why bankers are against bitcoin. Bitcoin has the definite and clear potential of overcoming bank industry all over the world once it get legalized. The increasing popularity of bitcoin is an alarming situation for the banks. The disappearance of banks would leave many people unemployed or else their market value would decrease.

This is not a war of some kind dear! Bitcoin is not there to disrupt the banks and it wont do that because it has got to do nothing with it. We are just expressing here that how bitcoin is indifferent from the torsional banking system which you can use freely without anyones consent but yourself. In long terms bitcoin is artwork for those who are not able to use banking effectively due to higher loads of charges. Its better to keep it that way and lets not mix it with the traditional banking system. Obviously because it is centralised and no body cares about it as we have the bitcoin being decentralised and we can use it the way we want. No limits, no restrictions and nothing wrong in using it.

The significance of decentralization in the blockchain system means that the network operates on a "user-to-user" basis. The main benefit of the new technology is the exclusion of intermediaries. The idea of decentralization in the blockchain implies that in the future people will not need a third party to make deals. Decentralized currency is a system where all risks are already distributed. All users follow a set of rules and do not need a third side. There are no longer cases when the financial crisis occurs through the fault of the heads of central banks. In this way, users are much more protected and independent than when they are using fiat money.

The greatest reason for Bitcoin's creation is the development of humanity. The tecnology behind Blockchain serves to humanity. I mean, when the state wants to manage people in any way, people know it from somewhere, and it immediately finds a solution. I think that's the biggest reason of creation of Bitcoin. Bitcoin taught a lot of thing tomankind, that is, if we controled the money without the intervention of the states, we can do everything we want when the time comes, without the intervetion of the states.

yes, I agree with you because bitcoin is made on the basis of security gained by people who have financial assets and bitcoin is the answer to all the problems faced by many people who do not believe in the banking system because of some of the losses gained by everyone who uses the banking system . I think if only the government would use the existing system in bitcoin for the storage of assets owned by its citizens, I think every citizen who occupies that country will gain prosperity.

I like bitcoin as compared to other crypto currency,because bitcoin is decentralized digital currency.Your money in bitcoin is always safe.No one can control the price of bitcoin.So the money invested in bitcoin is always safe,if the investors in bitcoin increased.The price will increase and you will get more profit.

Currently the problem is that we exchange a decentralized currency on centralized platforms.

Acceptance will come after more will acknowledge the benefits of having bitcoin and other cryptocurrency. It is still a very young technology and most are still hesitant to risk their money on bitcoin or any other crypto. But that will be solved over time and soon time will come that we can spend bitcoin or crypto as freely as we spend fiat.

Yeah the reason why governments tried to banned bitcoin but still, can't do anything about it but to just put some regulations and taxes where they can benefit from it even just a little amount of money you own and the ones you, yourself alone controls. This decentralized feature of bitcoin gives us people a chance to know and control our finances without relying to banks where we do not have full control, but is possible here in bitcoin. But the problem is, bitcoin is not yet fully accepted and can't be used in transactions like buying foods and drinks, we still can't use it in simple transactions where we still have to convert it to cash which is only possible if we convert it in some banks.  :-\

seems like you have been a victim of this situation mate,thats why it can feel on your deliveries,well G20 meetings have a great outcome,and if this all applies to reality abiut whats the main objective in G20 meetings,then we can see mooning of many legitimate coins that circulates the market

1; In the case of justice, the freezing of assets in a particular account requires a centralised privilege.

2; In the aspect of administrative supervision, account information has the privilege of real-name management.

3; Under certain circumstances, the registered custodian institution may, in accordance with the law, hold the privilege of withholding or refusing to accept transactions that have been agreed upon.

It can be said that if the technology cannot support these privileges, the blockchain technology will not be successful in the "main battlefield" of finance.

Strong words, but truthful. An idealistic way of saying we are in the future technology for the ordinary people. I also have this kind of eagerness hatred to our centralized banking system that isn’t made by the elites and corrupted with the cooperation of both the government officials in the position who is doing opposite from they’re mandated to do. To protect and serve, unconditionally. Greediness is them.

By banks, I feel you are referring to exchanges. Believe me, all these would change once we start seeing some high level of mass adoption and people start seeing the real usefulness of bitcoin as a currency.

Twitter boss believes that a time will come when bitcoin would become the most used digital currency even than USD and that is where we are going. This is going to change a lot of things and by then, I am sure you will not need to even be converting to fiat before spending what you have.

Decentralization of bitcoin gives power to all individuals who patronize it.They can do whatever buy,sell,hold ,invest or trade it no restrictions.Give credit to Satoshi's blockchain techology.

Now we can not say that bitcoin is a fully deregulated currency. It can't even be called a currency. Bitcoin is now only on the way of its development. The strategic goal is the absence of the need to change bitcoin to Fiat in order to be able to make purchases without restrictions. But there is still a lot to change and upgrade bitcoin. This can cause significant resistance on the part of governments.

Decentralization is the very essence of Bitcoin it gives people the power to transact without the restrains or high fees from the government and the banks. It is open to all but cannot be controlled by thr government or bank. No restrictions just pure transactions. It is secured, it is fast and it can't trace who did the transactions.

The significance effect of Bitcoin Decentralization is very distinct in the world of Currency generally. Issue of these middle men i.e Banks are abolished shortfall of scrupulous charges that can never be contented since there are  kind of regulation guiding them which you have been forced either you like or not to sign with them at the point of your contractual agreement from the inception of your business with them. The reversal is awesomely the case in Bitcoin that is just peer to peer in nature . Your encrypted key to your Wallets and its total control is bequeathed to your hands alone. No regulation of any sort that could hold you under duress indirectly officially to enter into an unjustifiable contract.

Very true! It has always been the beauty of decentralization and the main reason why some of us are here today except for the greedy ones looking for quick way to get rich. This is a technology that has come to change a lot of things and even though banks may be trying as much as possible to show that they do not feel threatened now, they are eventually going to be in the long run.

Yeah, that is the idea. You have a full control of your holding without anyone trying to impose any bullshit on you, you can decide to make payments for anything P2P, without the banks delaying in anyway and this is what makes the idea very unique and lovable. Once we get to see mass adoption and people believing in the use of bitcoin as a currency, things would even get much better as we keep riding to the moon.

Yeah, I want to believe so. The G20 summit has shown a lot of investors where the government really stands and that are what has been long waited for since it has been the main center of discussion and now that we have that cleared out, at least we can start having some breathing space and start seeing the market back.

Other than these, what the Op said, is basically true and that is what makes the idea of decentralization lovely anyway and why a lot of us are here. Enough of the banks duping us.

Bitcoin-like freedom, we can have it in large numbers with large nominally without paying taxes, in the future I hope Bitcoin's ownership not only benefits the Bitcoin owner but can also benefit the country  ;)

Bitcoin decentralization will give us real freedom from the leaders irrational decision. It is often seen that leaders waste the country's fund collected in form of tax for their personal benefits. No govt. in the world is free from the charge of corruption so there is no guarantee that funds raised from taxes we paid will be utilized in a suitable way.

Bank is even totally out of the picture in terms of conversion, unless you are making reference to exchanges. Firstly, this is still new and let's face it, adoption is not that huge yet, but we are not where we used to be. However, you should remember that we have P2P platforms for exchanging like localbitcoins or remitano which is available in some places, so with that, you can easily convert your stuff (that was the main idea anyway), whether to fiat or physical stuffs.

Over time, as things get even more interesting with adoption, we will get to start seeing real life usage as a currency where you buy car with bitcoin (already happening), buy house and easily buy so many other things without having to convert to fiat (talk about the mainstream adoption with LN). Moreover, let's stop focusing on now, but focus on the future!

I believe it will always be decentralized until a level. But we will always need banks involvement at some point, and sadly for BTC to remain decentralized it can't become mainstream as a secondary form of money, or we will be facing even bigger threats from the establishment that will try to increase their grip on the idea.

It gives the people the chance to own and self-regulate their financial transactions in whatever manner they deem possible and appropriate. Moreover,  Bitcoin decentralization has paved way to the creation of uniformity in currency worldwide.

Decentralisation, or rather the noble attempt it as we're now a very long way away from 'Satoshi's vision' of one CPU equalling one vote, is pretty much the only thing that Bitcoin has on its side to battle its innumerable foes

Yet for the sake of convenience it's also the first thing the weaker minded seem willing to throw on the scrapheap. And once it's gone it's never, ever coming back. There's no such thing as redecentralising something.

Decentralisation is messy, expensive, slow, irritating and combative. It's also the foundation of all of its value.

I'd love to put together a fork that was overtly centralised which also abused its power so people could get a taste of what they're often so utterly blase about throwing away.

Yeah those are general points about it but I have found whole new significance for the decentralised network. The government can not interfere with the bitcoin at all and this is the first time when they are not able to make up their mind whether to invest into the BTC infrastructure or not. They are not able to decide whether to ban it or not and if yes then how because the bitcoin is not under their direct control. They can ban it but they cant delete it. So its kind of shield that bitcoin and other crypto currencies are having thus making it safest investment considering the governments stupid moves against it.

You might not see it as significance but you shod because government is the devil here who can eat the crypto world at anytime.

But with every pro there is a con attached. Bitcoins are amazing no doubt in it. But what would be the impact of bitcoins if these are allowed and being used by the whole population. Do you really think, by then bitcoins would be having same charm? No.

I think they will be just like any other currency which have only power and value within one country but bitcoins deserves power at international level.

This is an advantage of the bitcoin. In addition also the longer the bitcoin will increasingly recognize a lot of people in the presence of excess. can feel free in transacting transparently without any of.

Decentralization is what gave bitcoin's pleasant appeal and it worked quite well for all,
it's a very attractive feature, without it bitcoins would never reached this big and wide.
Though it has it pros and cons but still it brought bitcoin to where it is now. It does seems
to resemble or conveys Freedom in a mild sense in the cryptocurrency community. But
there's always another side of the coin as people would say, Decentralization does have
a few flaws and hindrances but that never truly stop bitcoin from succeeding and increasing
throughout the years. It's another profound ingredient to bitcoin's opulence and grandeur. 

Bitcoin is decentralized which means that there is no need of a third party to regulate it. It does require the users to create or have trust on other parties. Since it eliminates the need of middlemen, it provides low-cost benefits to its users. There are also no bank accounts or company’s server that can be hacked. So, clearly decentralization leads to global financial success and healthier societies.

indeed with the decentralization system makes everyone feel free. free to trade without government intervening. but with the extraordinary development of bitcoin, government is afraid and wants to control btc

We can transact high amount of money through bitcoin, it will improve the transaction system more if we will put our 100% effort to make it better, holding is the best choice that can give you high amount of profit and will also get your money secure as bitcoin is the anonymous currency so you are right your bitcoin transaction will not get transparent in front of other people, so I am watching bitcoin decentralization as best feature for all users of bitcoin.

I think that's true, if it's used for something useful I think it's good, but if it's in use by a terrorist group to buy weapons, drugs, etc., it will be very harmful and make a bad btc in the public eye, regardless I think nothing to worry about anymore. :)

This means the issue is not with the currency or the technology at all. The problem is with users and if there is problem with people, we cannot do anything for them. I always raise this point that things themselves are not involved in wrong things, even the bad things are made by humans so the problem is with human beings. Before virtual coins, gold and other things were used in smuggling even paper money is not safe.

There is both significance and insignificance of Bitcoin decentralization.As Bitcoin is decentralized in nature so government is not able to track the transactions made thorugh Bitcoin due to which transactions become anonymous and people are able to send and receive money within and outside the countries and that too without any high fees or extra taxes. Another significance of Bitcoin decentralization is that people can keep an eye on their money and no third party interference is there.One of the major insignificance of Bitcoin decentralization is that due to the anonymity provided my Bitcoin decentralization many people are using Bitcoin for illegal dealings such as drug dealings, ammunition dealings because they know that they will not be tracked by Government.Due to this many countries are against Bitcoin and trying to illegalise it in their respective countries.

it is effect of decentralization, much of which is feared from this technological advancement. one of them terrorism, because people can send funds without any clear identity, but this is ultimately caught after disbursed fiat money in the bank

You are right, bitcoin with blockchain technology, can in the future change the standard economy, payment methods, and also simplify and improve many other areas of activity. We only need time to see how this will translate into reality.

If anybody would understand the importance of decentralization, they definitely turn into that features.

Imagine, you have the total control of your currency. No one are able to force you to pay taxes on every transaction. No government can dictate the value of your crypto currencies. Transaction are direct from one person to another this mean less hassle and no payment on third party.

No specific entity or organization regulates or backs bitcoin. It’s backed by pure Math and Cryptography. If that scares you, it’s fine. But just know that you can’t corrupt Math or Cryptography like you can physical entities. So just keep in mind that Bitcoin is tamper-proof.

Already the case.

It depends. If you stay away from anything within this ecosystem that's centralized, you won't be noticed. If you make use of centralized services, it's pointless to avoid paying tax, because there is legal proof that can be used against you, and the worst thing is that this proof is stored on servers basically for ever. That's why I decided this year to finally pay tax over the coins I use for trading purposes. Governments will whoop you later on anyway, so it's pointless to avoid paying tax.

Everyone can as long as you have the capital for it. The market itself is pretty centralized and will always be as long as we rely on centralized exchanges where deep pockets are trying to nurse their greed at cost of the rest. But then again, even decentralized exchanges don't offer any 'protection' against manipulators. We just have to accept that manipulation is part of the game, which applies to all markets in the world.

I also admire this feature and it is one of the reason behind the present success and support of bitcoin. Many people actually most of us don’t like other’s having control over our money. Why would we give anyone else the power to enjoy our wealth according to his ways? Bitcoin is freedom from all such slaveries. Nobody can peek into our transactions and our money is our in true sense.

For sure bitcoin is going to improve the system gradually and as it is very sure that the future payment system is going to be the bitcoin system, so bitcoin is the unique currency and it is very prominent among of all crypto currency,. at this present time bitcoin is getting better day by day but we will have to wait for it, for the me the decentralization is the reason why bitcoin is very famous and why it is very high in the whole world because the price can never be fixed to it make profit for the investors, so bitcoin is the decentralized currency which spread the bitcoin wise every day.

The decentralization of blockchain technology that bitcoin has brought has significant implications for life, society and the economy. From the exchange characteristics of peering and anonymity it gives us fairness and transparency and security. In social life there are always controversial issues about "justice" that the rights and needs of the community want in life. Bitcoin provides a solution to improve that. On the other hand, bitcoin provides a powerful management tool to improve the highest performance in any type of business. Eliminate barriers and save on intermediary costs.

As long as they can come and simply kill you, as is the case anywhere in the world, the sacrosanctity of your bitcoins doesn't mean a shit on the whole. It is rather a question of staying below the radar than bragging about using a technology which allows you to keep your wealth intact and which no one can take from you. But don't get me wrong, the Bitcoin (blockchain) technology is a genuine breakthrough without doubt but it is not a panacea in respect to the questions you raise in this thread.

Decentralization is the very essence of Bitcoin it gives people the power to transact without the restrains or high fees from the government and the banks. It is open to all but cannot be controlled by thr government or bank. No restrictions just pure transactions. It is secured, it is fast and it can't trace who did the transactions.This is the reason why bitcoin is feared by the central bank and the government.

Decentralization has many significance in our social life.We are the only one who can transact our money and no third party can allowed.It can avoid risk by hacker and higher taxes that can government imposed on it.

Yes, I do agree on your statements about the disadvantages of centralization and how the decentralization introduced by cryptocurrencies to which the Bitcoin lead is revolutionary.
Decentralization is truly advantageous as finally there will no more of the issues on having a third party and pertaining fees on transaction to it which makes it convenient.

Yes! This guy. I believe people need to understand the evil of the banking system how it is now, it has grown too much and is destroying everyone life, we can't depend that much on the banking system, we need alternatives or the world will never be a better place.

The idea of decentralization is that central banks cannot regulate the price of this currency for any reason and cannot print more of so that leaves it only for the demand of people against the limited amount of supply. But of course every single thing has it's own disadvantages.

Without decentralization, there would be no equality between the various contributing members in the formation and development of Bitcoin. People at higher levels are often those who have a lot of knowledge and experience in the field. During the research and investment process, senior people will provide more accurate and effective advice and advice. This will help the Cryptocurrency market to grow better. Thus, decentralization in Bitcoin is justified.

the fate of Bitcoin or any crypto so far as that is concerned, depends vigorously on PEER2PEER exchanges. In the past trades of BITCOIN were done through OTC exchanges that never included any managing an account or money related foundation whatsoever. So whether governments over the planet warm up to crypto or not, insofar as there are individuals holding it there would be another gathering of individuals that'll be there to purchase increasingly but then another gathering of individuals that'll offer more.

All very good points.

Centralization to a degree can be healthy and effective, but right now with how the monetary is running central banks & banks have way too much control. Firstly, the USD as well as other fiat currencies do not have a decentralized protocol of releasing new currency into circulation, which means that over the long term you'll see fiat depreciate in value, and eventually collapsing without exception. Bitcoin has a limit to the amount of coins that can ever be in circulation, and thus tackles that problem.

Commercial banks, as we have seen, have absolute control over your accounts. They can suspend transactions, freeze accounts, do all that. We've even seen them do this to crypto related transactions, and say that they don't accept these transactions altogether.

These are all reasons why I'm personally invested in BTC in the long term, and why others are too.

We can see with the system that bitcoin applied to make central banks around the world feel the fear and they spread some FUD news about cryptocurrency. In addition, they ban the sale and purchase of crypto using bank services. Various ways they have done to stop the growth of bitcoin and other cryptocurrency but bitcoin still able to survive from all problems that is already predicted by the loyal users.

the most important thing is the absence of a third party to store, protect and control the information transferred between counterparties, and this gives minimal fees and quick transactions, as mining computers cope with this faster.

This is technological advancement, we can conduct direct transactions without any third party intermediaries. of course this is very profitable for us, because it can minimize cost and time. we as holders or actors Bitcoin, all can control and oversee the transactions that we do. certainly this will ensure security and transparency. this is really a super technology, which is created to simplify human life.

Totally agree with the statements you made. Bitcoin is a new way of investment which allow you ruin your own asset without any other government institution. It means that government couldn't control it

I'm with you on this.

It is hard to overestimate the significance of being financially independent, I mean, truly, indisputably independent. Before crypto, if you didn't belong to the elites, they could easily make your life miserable by stealing your financial freedom, and ultimately just freedom. This is no longer the case. Indeed, there are other aspects of personal life that governments still have a full control over. But crypto has shown us all that the government diktat is not absolute, and it can be effectively evaded. Now you can hide your wealth, and if things go terribly awry for you personally for whatever reason, you can run and settle anywhere you like. Your coins will be with you.

There are many advantages of the decentralization base, the holder is more free to store and also use to transact, but the value can continue to increase due to the large number of requests.

I might type a long answer and still miss many point, Hence I believe you might check this list which provides a detailed list of advantages of a decentralized system and you will easily grab knowledge in an attractive way, https://www.slideshare.net/keongotyummy/advantages-of-decentralization.

This gives you an overview of decentralized system and bitcoin decentralization helps you make the rightful owner of your own money and you don't need to depend upon anyone for save keeping of your money. This also helps you to send and receive from easily without the interference of 3rd party. 

In general, I agree with what wrote in the OP, and the era of Bitcoin and cryptocurrencies in general has changed everything related to the field of financial for the better,  and thanks to him ,  there become many facilities in transactions of money ( low fees, rapidity, No taxes..) and the popularity of  cryptocurrencies users in a constant evolution, so the most affected negatively is the banks because they are pressured by the governments and have become influenced with a  major losses with the continued development of cryptourrencies, but the issue that the countries do not want to recognize Bitcoin and they consider it as a great danger to the economy, and this is a strange belief. Hope that those bad decisions will change, and we will see a global recognition of Bitcoin in the whole world, and I am pretty that this will happen after a few years.

Right.You just need to be responsible of your private keys so it won't be lost to you.Bitcoin is a great opportunity to let you manage your own savings.You will have all the control in your bitcoin account unlike banks that are totally controlled and manipulated by people in the higher positions.

 The financial crisis and some of the world banks irresponsibilities once led to a great financial crisis and unemployment and wealth loss for the people and the people was not allowed to even withdraw their hard earned money these  may have led people to think of decentralized currency . Decentralized currency means there is no interference of a third party it is only a peer to peer transaction done by the user and is free from other institutions.

I think bitcoin and blockchain makes people more responsible and smarter. As an investor in any cryptocurrency, hardly stop thinking about better ways to earn more. With banks, you don't worry your head calculating how interests are put together for you,but with btc you always think about make good moves to make your investments reap huge profits

In fact, Satoshi Nakamoto was able to think of a decentralized currency due to the financial crisis that happened way back 2008. Because of recession, a lot of people suffered and some companies are closed resulting to a lot of people losing their jobs. Inflation rate is at the ceiling so a deflationary currency is one of the ways to resolve the crisis. Eventually, the recession subsided and some companies was able to get back on its feet and then come the currency that has a backbone of a technology that would solved many problems including but not limited to double spending and using middlemen.

This is what the banks are afraid of. A peer to peer transaction would make them useless and would eventually make them lose their business that's why they are searching for ways now to use blockchain technology and gain back the trust of people. With crypto, we become the bank ourselves and have control of our own money in which the banks cannot give us because they are the ones who have control of our funds once we decide to deposit our money to them.

There are a lot of other advantages of using bitcoin decentralization. For example, nobody can hack one computer and steal much money. Because many computers keep all information about all wallets and transactions.

Who told you that BTC can’t be stopped. Have you ever heard of the super computer ?  It’s like you never did, cause you have heard about it you won’t be saying this and by the way, you’re wrong by saying that we are not able to withdraw all our money from the banks, sorry we are able to do that, you can go to the bank and demand to close your bank account and withdraw every single money in it, they will even be the one begging you not leave. So it’s possible to take what belongs to you from the bank. And as for private properties, banks doesn’t have the right to take your property, unless maybe you took a loan from the bank with that property.

 i agree, the main concept of bitcoin is to let people know that the system of banking is far from justice, because banking is actually totalitarianism, people is never matter or important and expendable, bitcoin came to challenge it, to simplify it, the concept of decentralisation, where banking is being erased and scattered into every individual as a moving banking and gaining full control on their digital money.

In my opinion, the only thing which has helped the bitcoin and the rest of the crypto currencies in gaining this much of the fame and reputation in the international market is this concept of the decentralization. It is because this is something which has helped people in believing that there will be no one will be having any kind of control over this currency and that no external factor will decide the market value of any of the coin.

Actually, we don't know the exact reason and primary impetus that pushed Satoshi toward developing Bitcoin. Anyone in his place would find some handsome reason to explain his effort after the event, while, in fact, he might have been driven mostly by curiosity or even less appealing reasons, without ever thinking of any economic crises. Anyway, the idea of a decentralized cryptographically protected currency was first described in the open as early as late 1990's in some obscure NSA whitepaper, so it pretty much precedes the economic crisis of 2008. You can find this paper on the Web if you are willing to learn more.

Right now people want to hear some good story about Bitcoin's creation but in essence we don't really know.


The rumor of banks employing the blockchain technology has been circulating since 2004 or maybe even earlier than that. Apart from minor developments and test cases, there are no massive, real-life application of this technology by the banks. Simply speaking, in so centralized environment as the banking sector there is no need for the blockchain.

What blockchain technology has done for humanity is to bring back trust that we have lost through Banking system or third party system.  In batter system we trust ourselves and we do do business with one another.  Bitcoin as a decentralized coins allowed us to do business with one another without the help of Third party from any part of the world.

Yes OP, you described how the banking multiplication works.
The only problem with Bitcoin is that it is not fully decentralized. It cannot be while the minority of the users hold the majority of the shares and can influence it easily.

Yes.You will have the full control of your money or savings and no one will be able to steal it from you if you do your part too.Many cases have been reported today that a fraction from their savings in a bank were stolen and i believe it's just an inside job.But with bitcoin,you will have no fear that this will happen to you since the money is all kept by yours provided you have your own private keys.

About that., BTC indeed is worth it if living forever and worth it if it gets more support because certain benefits that can help and encourage us to be more intelligent people, following the flow of life in a better direction also more tended on the positive side.
Here we just have to keep the good name of BTC wherever we live, so that its name will remain a more directional on the positive side that doesn't touch with the things that smell negatively.

I believe the interference of third party is what actually makes the idea of decentralization significant. More like being given the freedom from the control that centralization has brought over the years. After all, during the days of our forefathers, it was more like a trade by barter system and they make decisions on their own based on the value of what they are receiving or paying for without a central control, or probably little.

Now, this is more like going back to that age in a digital way when we can gladly make decisions on our own without the government wanting to control everything up to how we make our own transactions.

I really think that a decentralized currency really give the power to the people using the currency. If the people don't want it then the currency is doomed, but if the people want the currency then the currency will prosper. It's not a matter of liquidating assets to boost price or something to that effect but directly to the people using it.

This is the reason why Bitcoin is growing steadily and rapidly. Banks usually hold our money and use it to other investment to their interest. What we gain from banks is just a little compared to what we can gain from a decentralized investment like Bitcoin.

The diversification of bitcoin is conducive to the spread. The more dispersed coins in the trading market are less likely to be manipulated by whale and more valuable. Bitcoin is a coin that is centralization in all coins, which also gives long-term holders more confidence.

The fact that bitcoin is a decentralized currency is a great advantage because it is really important nowadays. I think that this is the most significant advantage of Bitcoin, which helps BTC to stay the most popular currency

Bitcoin does not have a centralized management mechanism: there is no single information repository, there is no centralized management, and there is no point, the abandonment of which could lead to the failure of the entire network. And yet, most modern companies and projects based on the Bitcoin ecosystem are centralized.

That BlockChain technology which for the first time ever in Human history that made private property sacrosanct in BTC paved way for Bitcoin as the most golden and useful on line Digital currency for all its users, especially with its Decentralization nature, where the peer to peer transaction is eminent shortfall of unscrupulous middlemen such as Banks with their various anti human activities to cheat their customers.
As long as the existence of internet is not truncated, controlling means or enforcement order in any form of category by the Government or any other security agents/institution can never be effected on Bitcoin users, because its rudiments are encrypted/anonymous to third party unless if shown.

The decentralization of bitcoin is a great thing because it gives freedom to the people who want to have a currency that they can use in whatever way they want and that is the reason for the other people to get into bitcoin and not to other currency like fiat because it does't bring them profits but just negative profits which is not a good thing.

It is more like the evolution of money. Gone are the days when we have to keep remaining a subject to the banks and the government with their manipulations and monopolies which at the end brings about some policies that gets us to live more like slaves when it comes to transacting most especially internationally. That has sucked over the years and it is one main thing that decentralization is solving right now as we get to make transactions without the banks who are also more like the third party being involved.

Bitcoin have potential to disrupting banking industri.   With bitcoin system,  there is  no intermediaries l ike banks  and with  bitcoin  we can transfer instantly with low fee.

It is for these reasons that the crypto currency community is growing. But a lot of people do not understand this all and this does not allow the crypto-currency market to develop even faster. Therefore, we need to convince people of the usefulness of the crypto currency.

Good point, but I don't think bank can easily seize your assets if you haven't broken any agreement with the bank.

Regulation and centralization of bitcoin could also assures are security as there would be a body responsible if something wennt wrong.

But I can't deny what you stated was also a fact.

No need for that i suppose, people will always get attracted where the money are coming from and if bitcoin reaches another all time all those negative thoughts they known will immediately vanish, what we need is the adoption of the government especially from first world countries.

Bitcoin is new monetary system and some peoples call it revolutionary. Its transparant because every one can see bitcoin transaction in blockchain network and no one can control bitcoin supply.

That's the good feature of BTC it was really so far than the current method of the bank only you can hold your money through virtual digital currency unlike the bank many official has sign and many supporting document to be produced but when the time they declared bankruptcy your money is not 1005 money back while in BTC you can protect always your stock to avoid hacked by hacker. That's only the riscky of BTC

Yeah bro, it is really hard. The thing here is it was meant to be like this until the banks and government decided to just take hold and control of everything, and making us be the ones to suffer for their bullshit manipulations and policies. Decentralization has given us the opportunity to make transactions between whoever we want to make transactions with without the banks being on our neck all the time, or giving some policies to limit how we live our life or spend our money.

the problem with centralized policies is that, simple violation could lead you to a worse outcome, just like what yoh have said about freezing your accounts. the advantage of having decentralized policy is the opposite of centralized system, it is also labeled as financial freedom, that is why few people tend to abuse it.

Yeah, and that is more like a freedom that decentralization has ended up bringing. The fact that we no longer have to worry about making transactions across border and with this, we get to see banks being discarded in such scenarios and that is the main significance of decentralization.

More like, we are free to make our decisions when it comes to transactions without being affected by bank policies and their shenanigans just for their own pocket.

The significance of bitcoin decentralization is that the system works without a central bank or single administrator.Bitcoins are sent from user to user on the peer-to-peer Bitcoin network directly, without the need for intermediaries.

Being decentalized is one of the best characteristic of Bitcoin in terms of its system and for transaction. And for most scenario the capability of a particular thing to have an own base system that could run without center management could literally help people to gain chance of earning and have a stable income on trading and investment.

they have got the important of the bit of the bitcoin allocated as bitcoin network network is a horizontal line or destination point without a bitcoin network failed in the P2P transaction

I believe, the decentralised nature of Bitcoin is its best feature. Decentralisation makes the coin not bound to any rules and regulations by any government and decrease the chance of corruption. Hence, it increase the transparency in the financial system. This makes a direct contact between the people without any intermediates.
Also, it helps in reducing the dependability on banks and can lead to a digital, cashless society.
Also, it allows the coin to have its own system and hence opens new horizons in the financial market for the coin.

The importance of decentralized nature of bitcoin could be imagined from this fact that decentralization is the backbone of the crypto market. People are attracted towards this system just because they are not relying on banks or other people for their transactions. They are sole owners of their money. If this system gets regularized, it is going to lose large number of customers, this is just my opinion not a fact. 

In short bitcoin allows you to do what banks should be doing already and are instead pretending to do, and now they have been exposed by their fraud they want bitcoin to disappear since it is showing to everyone that takes the time to look how inferior they are not only to bitcoin but to the image they have created of themselves as all powerful and yet they cannot destroy bitcoin or any other cryptocurrency that has been widely adopted.

In my opinion, it is hard to overestimate the significance of being financially independent, I mean, truly, indisputably independent. Before crypto, if you didn't belong to the elites, they could easily make your life miserable by stealing your financial freedom, and ultimately just freedom. This is no longer the case. Indeed, there are other aspects of personal life that governments still have a full control over. But crypto has shown us all that the government diktat is not absolute, and it can be effectively evaded. Now you can hide your wealth, and if things go terribly awry for you personally for whatever reason, you can run and settle anywhere you like. Your coins will be with you. Just keep up the good work my friend.

One of the advantages of bitcoin is decentralization, where bookkeeping systems are not recorded centrally, but are spread on many servers. The advantage is that it can't be hacked, there's no server error and can't be manipulated like centralization.

Decentralization of bitcoin is very important because a decentralized system has an important role for individuals to manage their own finances without any third parties managing it.

Exactly.It will give you the sole controller of all your finances so it would greatly depend on yourself if you can manage them well or not.Since we are already stucked with centralization,now is the best time to start with bitcoin decentralization that will give us more freedom when it comes to handling our finances.

I like the OP's point of view. But it is still a naive point of view. No matter if it os decentralized or centralized, Crypto currency or Fiat so long as someone else manage it and a human is behind it you will see that you will be eternally f*cked in the end. Greed drives these persons in power, and that power is to scr*w with us.

Decentralization has many disadvantage not only people but criminals are also involve with this. I think that's the reason why bitcoin is ban and government afraid to call it legal.

What makes the cryptocurrency great is the decentralization system where it runs so there are no external force and rules can crush it just like the government. It is the democratic money, the value will depend on the people's demand and usage, government can put taxes on the establishment that uses cryptocurrency for regulating a business but not really on the cryptocurrency itself.

The bitcoin decentralised nature is important as it makss a direct contact between the seller and the buyer without a mediator. Also, decentralised nature of the coins mean that the coin is not bound to any rules and regulations by any government which is practically corruption free and hence the coin is the need of the market. Transactions through the coin are computationally impractical to reverse and protects sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. Hence I like this coin.

Banks have their own rules and we cannot understand sometimes how they operate just like what you tried to express. Bitcoin is just another system that could serve more like a bank. The only problem you will have with bitcoin is the volatility and the adaption of bitcoins for use in all stores or shops world wide. If these problems will be solved, bitcoin will greatly be more like a replacement of banks and will be used more as a payment system or a currency.

True, being decentralized has it's perks but people say it also has weaknesses which I didn't understand. What i do understand is that we've been using Fiat for as long as there way an economy and it led us to this economic disaster of a planet. So why not give Crypto currency a chance and see if there wil be a radical change.

We can't do anything decentralization is unstoppable and providing illegal Facility to criminals. But that is one side of decentralization. The better side is that decentralization give us control on money.

Cryptocurrency allows you to conduct transactions without the participation of third parties over any distance, this is its huge plus!

I think the main point is that in 2009 when after the 2008 crisis banks got bailed out and people paid for it was the threshold for people to be sick of banks. Since 2008 none in the whole world likes banks anymore, back in the day it was great people put up investments and everyone really enjoyed the profits their banks gave them without looking at the risks and the dangers of what the banks were doing, ever since than people have been hating on banks, everyone.

The only people who truly like banks are bankers ever since 2008. Now bitcoin is decentralized because we do not want any intervention or we do not want any dabbling with it which means we the people truly own bitcoin and not a centralized place.

The significance of Bitcoin decentralization is we are the only one can control our money without paying taxes if your money exceed in higher amount, then we can do transaction without many paper fill out and no third parties. In other word Bitcoin decentralization is freedom to anything, which is in the real world there's a limitation and have many rules to follow and obey.

This is something that I have tried to explain to my friends, in theory we have a system that defends private property but in practice it's not true, banks treat your money as if that money belong to them and it truly is that as soon as you give your money to the banks your money belongs to them, they can block your access to that money, and the same happens with the governments the is why by far I prefer to have my money in bitcoin than to have my money in any bank.

Bitcoin decentralization system is quite significant especially to the people involved in it. Its vital importance is that, due to its nature, there is no single administrator that holds the power of control over the whole system and the whole monetary society. Thus, distributing the power to the people whom actually deserves that power since in the first place, its their money. Furthermore, unlike in centralization, decentralization system has less prohibition and less restrictions. It means that the limit of its usage and regulation is based on the owner itself. He/she can do whatever it is that he/she wants to do. The decision can be set by him/her. Finally, bitcoin decentralization has a direct transactional system in which no third party or mediator involved.

Decentraliziation bring confident into the market and if the world want to reduce cost of production and transactions it has to used blockchain technology.  Blockchain technology discovered is one of the Best thing that has happened to humanity and we need to fully utilize it.

Sometimes, even the rules and policies that comes from banks affects a whole lot of thing which is why today we keep seeing inflation, the fact that everyone will have to be suffering it as the economy gets driven down and the government and banks doing nothing about it but actually even being the ones who are so much driving it a whole lot down. Cryptocurrency is giving that freedom we have always wished we had.

I imagined myself few days ago how I would have queued in the bank for Western Union transfer just to be able to make transaction with my merchant, and with bitcoin which was what brought me into this space a long time ago, a lot of things have changed when it comes to having my time to do other better things and easily sending money anywhere in the world without a third party.

I think the significance of bitcoin decentralization is that theirs no third party involve in a transaction. It is a peer-to peer transaction and a hassle free for the working people.

The main point all of you guys are forgetting that the reason why bitcoin first came out. I know there was a history of digital money and there was maybe hundreds of ways people used online money exchange before bitcoin came along, hell I even know couple people who paid each other in world of warcraft golds because it was easy to cash that out anywhere in the world, you could buy some and send it to your friend and he can cash it out on his countries fiat.

However with bitcoin it was definitely because 2008 crisis, it had a part, why? Because banks were bailed at 800 billion dollars on tax payers pocket. Which means decentralization is there so that noone would be screwed like that ever again.

Even if there happen to be decentralization, that doesn’t change anything, what you have is what you will still have. You don’t sit and be a lazy man and blame it on banks or whoever you want to. You’re here now, so use that opportunity that you have got, rather misuse it.

And for the fact you don’t know– central banks do not print money just for no reason, they just don’t print money. You need to make research and learn how it works. A country don’t just start printing money anyhow, if they do like that then their currency value drops.

Yeah, decentralization can solve really many problems of financial world. Man, not only financial world, the whole world.

Whole world? Has blockchain decentralisation able to solve forks issues? Financial stability issue?

It is actually the benefit we derive from that decentralization that has made a whole lot of us here in the first place. The ability to make payments without a third party, the ability to be your own back and the whole freedom the decentralized space brings and who really does not like freedom the last time I checked, except for governments of course who are always looking out to be in control every single damn time.

I believe a lot of things are changing with decentralization mechanism as it will be disrupting a whole lot and the main significance is the fact that we can all have control that we should have had a long time ago.

Bitcoin is going good as it is going because it is decentralised and no one can bring changes to this asset as it is responding well and we do not want to let someone or any body to have any kind of force over it. Nature of Bitcoin if disturbs then we may lose this golden opportunity which is playing a good role in our life. All the processes are of proper rules and principles if a person get it and do the same it will generate profit.

This is something that many seem to forget, bitcoin doesn't need a third party to settle transactions since all of that is done peer to peer, this means that the government doesn't have a way to censor bitcoin, they cannot attack the central bank of bitcoin and destroyed it, and governments are very confused about this, governments are very good at destroying opponents that are centralized but when they have to compete against an enemy that is everywhere at the same time they do not know how to deal with.

The significance of bitcoin being decentralized is having the autonomous power that the government can not intervene. Besides from that, your transaction is secured as its cryptographic transactions are made in the blockchain.

The decentralization concept of Bitcoin and the blockchain have actually been a blessing to the world. It is what will eventually be the backbone of financial institutions in future.

True but until that becomes a reality the current institutions are going to fight bitcoin at every opportunity because they are seeing that their power is going to be extremely limited by bitcoin if it is allowed to grow, they are not realizing that the only chance they have of surviving is to adapt and adopt this new from of currency but they do not want to change that is why it is possible that in the future we will have new financial institutions built above the ruins of those that came before them.

Decentraliziation bring independence to the market. People want to reduce cost of payment and transactions of money, they had better use blockchain technology.   The fact that everyone suffer if the economy gets down. But we all know that governments and mostly banks are the real causes of it, even though they do nothing about it except trying to save theirselves.

Decentralization has special privileges, with decentralization making it easy to manage finances without control from the government, and also have prices that can grow higher and become opportunities to generate profits.

the value of bitcoin is difficult to overestimate, because in this way you can get disappointed in its capabilities. I think we have yet to understand his nature.

The advantage of bitcoin's decentralization is that no third party is involved, no one has control over it, and its price is based on supply and demand rules.

This bitcoin will have a very good influence when many people start to know and start many platforms that use bitcoin so the price can certainly be very expensive someday.

That is what the people want but what it is what the banks want? Do you really think that they want the transaction costs that they charge you to be cheaper than what they charge today? Of course not, they want to charge as much money as they are capable and bitcoin is going to make their life harder because unlike them the blockchain is many times more efficient, so they have three choices, to become as efficient as bitcoin, to hope that people keep using their services despite the cost or to try to ban cryptocurrencies.

The decentralization of bitcoin makes it tough and untouchable from government and other party that want to take down crypto currency and I think satoshi nakamoto already anticipated such situation before he made bitcoin and we know that it really works and in fact many government want to abolished bitcoin for they think that it is a threat for there economy and what happened now is that they can't easily destroy bitcoin.

The decentralization here means that there is no third party involved in the transaction, so it can reduce the hassle of the procedure and, in particular, save costs and speed faster.

Decentralization for me is not about the power of the people to control their assets. Its about a transparent transaction to all of us. Bitcoin did it because government upholds their citizen. They corrupted the tax and make a hidden transaction so that, they gain a lot of money. Citizen has freedom of information and decentralization made it.