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Author Topic: The significance of bitcoin decentralization  (Read 617 times)
Kelvinid
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May 15, 2018, 08:03:51 AM
 #101

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.
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.

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May 15, 2018, 08:36:40 AM
 #102

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.
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May 17, 2018, 09:13:29 AM
 #103

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. 
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.
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.

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May 17, 2018, 09:17:43 AM
 #104

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.

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May 17, 2018, 09:21:03 AM
 #105

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.

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.

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May 17, 2018, 09:30:24 AM
 #106

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.
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May 17, 2018, 10:40:25 AM
 #107

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

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May 17, 2018, 10:52:28 AM
 #108

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.

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May 17, 2018, 11:56:22 AM
 #109

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.

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May 17, 2018, 03:33:19 PM
 #110

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.

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May 19, 2018, 11:54:36 AM
 #111

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.
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.

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June 07, 2018, 08:18:12 PM
 #112

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.
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June 17, 2018, 10:52:17 PM
 #113

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.
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June 17, 2018, 11:07:24 PM
 #114

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.

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.

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June 17, 2018, 11:15:39 PM
 #115

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.
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.

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June 18, 2018, 02:36:22 AM
 #116

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 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.

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June 18, 2018, 03:49:32 AM
 #117

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.


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

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redsun114
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June 19, 2018, 08:11:59 AM
 #118

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.

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.
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.

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June 19, 2018, 08:36:08 AM
 #119

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.

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.
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.

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davinchi
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June 19, 2018, 09:32:34 AM
 #120

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.

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.
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