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Author Topic: The significance of bitcoin decentralization  (Read 806 times)
BartS
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October 09, 2018, 03:59:28 PM
 #141

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 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.

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October 09, 2018, 04:21:36 PM
 #142

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.

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October 09, 2018, 04:40:45 PM
 #143

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.
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October 10, 2018, 07:19:29 PM
 #144

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.
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.
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October 11, 2018, 05:50:02 AM
 #145

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.
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October 11, 2018, 05:53:06 AM
 #146

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.
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.
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October 11, 2018, 09:56:49 AM
 #147

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.
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.
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October 11, 2018, 10:39:37 AM
 #148

Yeah, decentralization can solve really many problems of financial world. Man, not only financial world, the whole world.
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October 11, 2018, 10:41:37 AM
 #149

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?
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October 13, 2018, 10:07:03 AM
 #150

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.
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.
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.

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stellgod
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October 13, 2018, 10:14:25 AM
 #151

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 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 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.
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October 17, 2018, 10:07:52 PM
 #152

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.
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.

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October 18, 2018, 12:40:47 PM
 #153

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.

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October 19, 2018, 06:23:35 AM
 #154

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.

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October 25, 2018, 07:43:07 PM
 #155

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.

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October 27, 2018, 05:13:39 PM
 #156

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.
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October 27, 2018, 06:06:02 PM
 #157

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.

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October 31, 2018, 08:24:29 AM
 #158

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.
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October 31, 2018, 08:59:42 AM
 #159

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.
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October 31, 2018, 09:47:07 AM
 #160

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.
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