The significance of bitcoin decentralization

[magneto]

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.

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[daarul50]

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 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.

[kashkarev55@mail.r]

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.

[Domanity]

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.

[Mapalast]

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.

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

[Hell-raiser]

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.

[tony kurniawan]

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.

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.

[Domenc]

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. 

[Baoo]

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.

[Finestream]

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.

[Jessica2009]

 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.

[Grayy]

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

[entrepmind23]

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.

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.

[aleksei_chizhov]

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.

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.

[Whosdaddy]

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.

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.

[esa2782]

 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.

[voztata]

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.

[Hell-raiser]

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.

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.

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.

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.

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.

[Idrisu]

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.

[dado7]

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.