The significance of bitcoin decentralization

[ronafurw]

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’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.

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[marcuslong]

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.

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.

[Odora]

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 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.

[setialovers]

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

[cynical]

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.

[Tapyaks72]

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

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.

[torch2121]

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.

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.

[BitHodler]

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

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.

[cahbagus555]

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

[Tungsten-1]

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

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.

[wantjokull]

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

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.

[Kate Beckett]

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.

[Xardasim]

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.

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.

[syaripudin]

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.

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.

[AnonBitCoiner]

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.

[Rajatruck]

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

[jakelyson]

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.

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.

[camito]

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.  

[carlisle1]

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.

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

[mi56374100]

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.