Do you think Crypto is more centralized?

[worldtraveller321]

I am thinking this, yes cryptcurrency is supposed to be this peer to peer system where you take out the 3rd party to do financial payments


but in general there is a 3rd party and its more centralized perhaps


considering that when you get a Bitcoin etc
you put it in a wallet

that was made by someone else and is really just a program that someone else is running

so we are dependent on that developer to keep that program running
it at any moment could falter or get shut down

so technically you still don't really own crypto 100%

does that sound wrong? am i wrong on this? or maybe i am not up to snuff on programming

i did once computer science courses through university

i am not expert at all
but if i am wrong, please explain as to if using a wallet made by someone else IS really first party etc?
thanks

[drm]

A wallet is just a means to connect to the decentralized network.
Using a certain wallet does not make the network centralized all of the sudden.

And most wallets are open source so nobody is really dependent on some random dev, especially not bitcoin.

[vickybitcoin]

I am thinking this, yes cryptcurrency is supposed to be this peer to peer system where you take out the 3rd party to do financial payments


but in general there is a 3rd party and its more centralized perhaps


considering that when you get a Bitcoin etc
you put it in a wallet

that was made by someone else and is really just a program that someone else is running

so we are dependent on that developer to keep that program running
it at any moment could falter or get shut down

so technically you still don't really own crypto 100%

does that sound wrong? am i wrong on this? or maybe i am not up to snuff on programming

i did once computer science courses through university

i am not expert at all
but if i am wrong, please explain as to if using a wallet made by someone else IS really first party etc?
thanks

I know that bitcoin is decentralized and all other cryptocrurrencies that has come out is basically based on bitcoin so i say all cryptocurrencies are not centralized this is the reason in fact why some countries are banning this enternet-currency because they are unable to control these.

[gobingo]

It seems like you are trying to invest in a people's system program by expecting a lot of profit, but it's very dangerous, and you better keep your bitcoin in the market and buy and hold it until the price goes higher, and you will not lose your coin.