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Author Topic: The significance of bitcoin decentralization  (Read 829 times)
lantan81383628
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March 19, 2018, 02:06:23 PM
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 #1

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.
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March 19, 2018, 02:19:16 PM
 #2

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.


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bakujo0817
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March 19, 2018, 02:28:53 PM
 #3

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.
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.
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March 19, 2018, 02:36:53 PM
 #4

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.

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March 19, 2018, 02:49:52 PM
 #5

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.
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.

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temmuz
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March 19, 2018, 02:59:12 PM
 #6

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.

we restrict ourselves only as BTC. Expression as BTC is not correct, I think crypto coins is more accurate.  Wink
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March 19, 2018, 03:08:18 PM
 #7

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.

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danim1130
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March 19, 2018, 03:12:24 PM
 #8

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.
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March 19, 2018, 03:23:05 PM
 #9

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.
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.
BillyBobZorton
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March 19, 2018, 03:35:09 PM
 #10

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.
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March 19, 2018, 03:41:53 PM
 #11

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.

 
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March 19, 2018, 03:53:25 PM
Last edit: March 19, 2018, 04:07:59 PM by ajochems
 #12

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.

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.

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FrueGreads
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March 19, 2018, 04:00:15 PM
 #13

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.

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March 19, 2018, 04:00:18 PM
Last edit: March 19, 2018, 04:13:28 PM by gantez
 #14

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 .

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.

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.

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March 19, 2018, 04:12:43 PM
 #15

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.
Ridwan Fauzi
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March 19, 2018, 04:16:57 PM
 #16

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).

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March 19, 2018, 04:20:41 PM
 #17

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.
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March 19, 2018, 04:41:44 PM
 #18

This is why Bitcoin is so polarizing. Some people just don't get why it has value.
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.
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March 20, 2018, 04:54:06 AM
 #19

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.

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.


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March 20, 2018, 05:57:43 AM
 #20

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.

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.


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