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Author Topic: Centralized or Decentralized for cryptocurrencies?  (Read 1933 times)
CPetersson
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August 30, 2018, 07:49:32 PM
 #1

We all know, there are 2 types of cryptocurrency
1st: centralized
2nd: decentralized

The difference between them, centralized cryptocurrency is controlled by a government or a company. It has value only in the specific area under company or government boundaries.
Decentralized cryptocurrency has no connection with any state, government

But, the government of some countries are against Bitcoin and some are ready to adopt Bitcoin. So what would effect on Bitcoin if any government approved Bitcoin as a legal tender?
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August 30, 2018, 07:51:16 PM
 #2

Obviously, people want now decentralized cryptocurrencies because of there features and now the people don't want to be controlled by the government also.
One more thing this question has been answered much time here search the forum.


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August 30, 2018, 08:32:39 PM
 #3

We all know, there are 2 types of cryptocurrency
1st: centralized
2nd: decentralized

The difference between them, centralized cryptocurrency is controlled by a government or a company. It has value only in the specific area under company or government boundaries.
Decentralized cryptocurrency has no connection with any state, government

But, the government of some countries are against Bitcoin and some are ready to adopt Bitcoin. So what would effect on Bitcoin if any government approved Bitcoin as a legal tender?

Could you please inform, is the ETH centralized?
If yes, then are all altcoins (based on Ethereum) centralized too?

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August 30, 2018, 09:09:03 PM
 #4

Should bitcoin be approved as a legal tender it will definitely add to the popularity of bitcoin leading to mass acceptance and usage but we should not forget that decentralization is what makes bitcoin unique of its kind

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ylnar123
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August 30, 2018, 09:19:13 PM
 #5

We all know, there are 2 types of cryptocurrency
1st: centralized
2nd: decentralized

The difference between them, centralized cryptocurrency is controlled by a government or a company. It has value only in the specific area under company or government boundaries.
Decentralized cryptocurrency has no connection with any state, government

But, the government of some countries are against Bitcoin and some are ready to adopt Bitcoin. So what would effect on Bitcoin if any government approved Bitcoin as a legal tender?

Many people prefer a decentralized cryptocurrency due to it's anonymity on their transactions. Aside from that, decentralized crypto are not backed by the government which could lead to taxation.

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aoluain
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August 30, 2018, 10:25:04 PM
 #6

Should bitcoin be approved as a legal tender it will definitely add to the popularity of bitcoin leading to mass acceptance and usage but we should not forget that decentralization is what makes bitcoin unique of its kind

Absolutely, the decentralised nature of bitcoin is one of its main features.
bitcoin being adopted by a country as legal tender is one thing and it nay
be good for it but governments and banks following on trying to control
it is anothet. This would go against the concept of bitcoin.

We have already seen high profile countries like germany and japan
recognise bitcoin as a form of payment but they dont use the term
"Legal tender"

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August 30, 2018, 10:40:05 PM
 #7

We all know, there are 2 types of cryptocurrency
1st: centralized
2nd: decentralized

The difference between them, centralized cryptocurrency is controlled by a government or a company. It has value only in the specific area under company or government boundaries.
Decentralized cryptocurrency has no connection with any state, government

But, the government of some countries are against Bitcoin and some are ready to adopt Bitcoin. So what would effect on Bitcoin if any government approved Bitcoin as a legal tender?
As what i have think i prefer to go with centralized because since bitcoin was becoming the next era currency so that the government also has concern about it in able to manage also the country and thier many aspects but when it terms to money we are all governed by it. Because you will not be able to live without money to expences all the needs in everydays life and to the future

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August 30, 2018, 10:49:50 PM
 #8

But, the government of some countries are against Bitcoin and some are ready to adopt Bitcoin. So what would effect on Bitcoin if any government approved Bitcoin as a legal tender?
Bitcoin is already legal in Japan, which significantly boosted its price last year. I think it's safe to say that the increase from $1000 to $5000 was largely dedicated to Japan's open-minded stance on Bitcoin.

I however don't see the same price boost happen each time a country follows the same path, because the more often these events follow each other up, the less effective they become.

On the other hand, I do have to point out that Japan has significantly reduced the freedom people using Bitcoin had before. It has become a strict jurisdiction to operate in, which even forced Binance to leave.

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August 30, 2018, 10:50:38 PM
 #9

Should bitcoin be approved as a legal tender it will definitely add to the popularity of bitcoin leading to mass acceptance and usage but we should not forget that decentralization is what makes bitcoin unique of its kind
Bitcoin is still the market leader with unique features and no coin can replace it so I believe future Bitcoin development is inevitable. The market is moving up and investors can fully expect.

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August 30, 2018, 11:09:37 PM
 #10

If bitcoin is approved by the government as a means of payment, it's very good, but on the other hand we don't want to be controlled by the government because it will only create restrictions from the government. The original nature of bitcoin is decentralization, stand alone!
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August 30, 2018, 11:11:30 PM
 #11

Once governments started recognizing bitcoin as somewhat legal on their definition, it will give yet another massive price boost for the said crypto. Japan started it last year, and other countries are also reviewing the possibilities for bitcoin to become a recognized asset, a currency or a legal tender. Personally, I'd say decentralized or centralized coin depends on its usage. Both has its pros and cons depending on usability. Centralized coins can be an excellent token for private services, whereas decentralized coins can be used for purchases across borders.

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August 30, 2018, 11:14:18 PM
 #12

Obviously, people want now decentralized cryptocurrencies because of there features and now the people don't want to be controlled by the government also.
One more thing this question has been answered much time here search the forum.
Yes we want it to be decentralize becaus eit makes bitcoin safe from hacking and from the greedy people. If bitocin was remain decentralize even government cannot control it. No ome csn manipulate the price of every coin in the market unlike when it was cengralizd it ws like bitcoin was open for the possibility that it can be abuse and not controll in a proper way by a big or. Rich people.

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August 30, 2018, 11:22:11 PM
 #13

But, the government of some countries are against Bitcoin and some are ready to adopt Bitcoin. So what would effect on Bitcoin if any government approved Bitcoin as a legal tender?
No country is ready to adopt bitcoin. Countries have just marked it as legal/legal but banking ban/illegal: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

Legal tender should mean, everybody in a particular area is willing to accept it as a form of money, and as far as I know, no country has ever done that. If that ever happens, it may have a good effect, but it will mostly never happen, for numerous reasons. Think why?


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August 30, 2018, 11:27:42 PM
 #14

For me I want decentralization ,I dont want government control us especially in the transaction money.But it also depends if what rule can government gave to us if they are againts on it its better to be decentralized and work it on our own.

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August 30, 2018, 11:42:09 PM
 #15

I don't consider centralized coins to really be a cryptocurrency.  Coins like EOS and ripple and centralized so you aren't in 100 percent control of your own coins.
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August 30, 2018, 11:55:24 PM
 #16

Bitcoin is decentralized, it use a blockchain technology which there is no an authority controlled this. Everyone is free to get into crypto. If Bitcoin centralized is not different from any currency or virtual currency. Therefore, it is become new trend of digital money because it is decentralized.

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August 31, 2018, 12:12:54 AM
 #17

We all know, there are 2 types of cryptocurrency
1st: centralized
2nd: decentralized

The difference between them, centralized cryptocurrency is controlled by a government or a company. It has value only in the specific area under company or government boundaries.
Decentralized cryptocurrency has no connection with any state, government

But, the government of some countries are against Bitcoin and some are ready to adopt Bitcoin. So what would effect on Bitcoin if any government approved Bitcoin as a legal tender?

I think Bitcoin’s price would increase a great deal in this situation, but I don’t think Bitcoin really needs to be adopted as an official currency to be successful. It just has to be used by enough people as a store of value or method of payment. It can thrive just as a store of value.
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August 31, 2018, 12:43:19 AM
 #18

Of course we would like a decentralised for crypto, one of the reasons crypto is famous is because of the freedom, people already tired of everything being supervised by the government, the legality and adoption of crypto is depend on the government's point of view, if they can see crypto as the new technology and new way to do transaction then I think they will adopt it because crypto got so many potential that can make people to do easy transaction

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August 31, 2018, 01:36:28 AM
 #19

We all know, there are 2 types of cryptocurrency
1st: centralized
2nd: decentralized

The difference between them, centralized cryptocurrency is controlled by a government or a company. It has value only in the specific area under company or government boundaries.
Decentralized cryptocurrency has no connection with any state, government

But, the government of some countries are against Bitcoin and some are ready to adopt Bitcoin. So what would effect on Bitcoin if any government approved Bitcoin as a legal tender?

I think it will surely increase bitcoins investors. The more the government trust bitcoin the more people who will also trust and follow governments movement.
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August 31, 2018, 10:57:21 PM
 #20

We all know, there are 2 types of cryptocurrency
1st: centralized
2nd: decentralized

The difference between them, centralized cryptocurrency is controlled by a government or a company. It has value only in the specific area under company or government boundaries.
Decentralized cryptocurrency has no connection with any state, government

But, the government of some countries are against Bitcoin and some are ready to adopt Bitcoin. So what would effect on Bitcoin if any government approved Bitcoin as a legal tender?

There is virtually no point in adopting centralized cryptocurrencies at least in my opinion, simply because of the fact that it's essentially the same as fiat currency - it's not backed by anything, its supply can be debased, and it's just totally controlled by a single entity.

Decentralized cryptos like bitcoin are going to be the trend in the future. These are the real store of values when it comes to an economic crisis because of the fact that they are not controlled by anyone and can't be abused.

Your last question didn't make much sense. I'll still try answering it, though. There is going to be no effect on bitcoin itself if it ever becomes legal tender in a particular country, but it will have an effect on those who live in that particular jurisdiction, as the legal definitions of bitcoin may change.

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