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Author Topic: Centralized or Decentralized for cryptocurrencies?  (Read 808 times)
Mjadon15
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September 02, 2018, 05:40:48 PM
 #41

The good sides of Government having control over Bitcoin is that; it will bring a lot of people into dealing with Bitcoin. The demand for Bitcoin will increase as the awareness grows over the reputation and influence of the government. In result, Bitcoin's price will be affected positively. People Holding Bitcoin now will be proud of their patience afterwards.
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September 02, 2018, 08:07:30 PM
 #42

The good sides of Government having control over Bitcoin is that; it will bring a lot of people into dealing with Bitcoin. The demand for Bitcoin will increase as the awareness grows over the reputation and influence of the government. In result, Bitcoin's price will be affected positively. People Holding Bitcoin now will be proud of their patience afterwards.

To be honest, as a creator of this theme, i would choose decentralized. Bitcoin (and alts) will replace fiat anyway, or maybe there will be another way to replace fiat. Both centralized and decentralized networks currently exist in popular platforms.
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September 02, 2018, 09:02:49 PM
 #43

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.

Bitcoin is always fast approaching in the economy it gives a new home town and positive outlook to the people living in the community. Well it needs an appreciation to some individual but we can see already some people changes a life because of bitcoin and that is good enough to look at it.

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September 03, 2018, 01:15:11 AM
 #44

The different thing between crytocurrency and fiat is decentralized. If coin controlled by government and used for payment, i think its like digital money and not cryptocurrency. Cryptocurrency should be decentralized because government should not control the supply

Maestro75
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September 03, 2018, 02:45:54 AM
 #45

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?
Not being centralized is the major thing holding bitcoin from getting a global acceptance. And it is also hindering the planned listing on the stock exchanges. May be this is a good thing, may be it is not. But the other centralized cryptos have not really done better than bitcoin since it still maintains dominance. So I think it is a plus to have decentralized cryptos.

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September 03, 2018, 03:33:40 AM
 #46

The initial concept of cryptocurrencies was decentralized, but unfortunately the distribution of coins that did not look fair made the team do dumping and pumping as they wanted.

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September 03, 2018, 04:00:02 AM
 #47

Centralized system, removes the control from the people and gives it to a few just like the banking system, while decentralized puts control of the market back into the hands of the people. Both forms have their pros and cons decentralized helps the people have control at the expense of true regulations while decentralized removes control by the common man, hands this control to large corporations or investors but promotes regulations which is sometimes very important.
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September 03, 2018, 05:02:55 AM
 #48

If it is approved as legal tender by any government then that would be beneficial within that country and nothing else will happen. Just like the thing that Japan approved bitcoin as legal tender, since then everyone is using the bitcoin in their own country. Because we know that there are many advantages of owning a bitcoin with us all the time. The ease of use as well as mode of investment itself. The only thing that will happen is, its use within that country will rise largely and mostly people will try to get as much as they could.

There will be no significant effect of this decision over the global trade because everyone has their own rules and regulations and off course boundaries which can not be broken at all.



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September 03, 2018, 05:15:24 AM
 #49

When the government recognizes bitcoin legally it will greatly affect the demand of bitcoin itself, considering that it is very positive news and refers to the increase in bitcoin last year to almost $ 20,000 then the high demand will affect the increase in bitcoin prices.

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September 03, 2018, 08:28:40 AM
 #50

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?

Its much better if currency using decentralized system. With decentralized system, no corrupt system on moneter system. If government recognized bitcoin and regulate bitcoin as payment, i think the effect is on bitcoin price will rising

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September 03, 2018, 12:06:38 PM
 #51

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?

Obviously, a decentralised cryptocurrency.

I would never use a centralised currency unless I absolutely need to. One of Bitcoin's most innovative and promising characteristics is the ability to transact trustlessly, without a third party involved in any of the processes, including the handling of the supply of currency, or storing funds. And another one of the characteristics that make bitcoin have so much potential over the long run is its limited supply, hard coded into its system, and is enforced on a decentralised level.

With a centralised crypto you're getting none of that. Essentially it's going to be fiat v2.0, just on a blockchain, that's all. It's not a store of value that the decentralised cryptocurrencies are, because it is managed by a central entity, more coins can always be added to circulation, forks can be done, etc. etc.

Whether bitcoin or any other decentralised cryptocurrency is legal tender or not is completely irrelevant. What matters is whether or not the network itself is decentralised.

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September 03, 2018, 06:03:21 PM
 #52

Why we talk about blockchain if its still need to be centralized and third parties intervention?

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September 03, 2018, 06:24:38 PM
 #53

The different thing between crytocurrency and fiat is decentralized. If coin controlled by government and used for payment, i think its like digital money and not cryptocurrency. Cryptocurrency should be decentralized because government should not control the supply

Decentralization is the thing to save us from this shit corrupted world. I wanna know whether this is good project or not and decentralization is the matter on every ICO projects or even I like to avoid the worst coin Ripple since it is from the centralized platform.

So far the people takes wrong assumption on regulations and government's move around the world to find the great kicks. Still the bitcoin and altcoins are bumping up in the market.


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September 03, 2018, 07:09:52 PM
 #54

centralized cryptocurrency is Ripple and Decentralised cryptocurrency is Bitcoin both these crypto currency use blockchain as intermediary technology but their specifications are different
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September 03, 2018, 07:10:54 PM
 #55

The different thing between crytocurrency and fiat is decentralized. If coin controlled by government and used for payment, i think its like digital money and not cryptocurrency. Cryptocurrency should be decentralized because government should not control the supply

Decentralization is the thing to save us from this shit corrupted world. I wanna know whether this is good project or not and decentralization is the matter on every ICO projects or even I like to avoid the worst coin Ripple since it is from the centralized platform.

So far the people takes wrong assumption on regulations and government's move around the world to find the great kicks. Still the bitcoin and altcoins are bumping up in the market.

Sure with corrupted world, but how crypto (not only BTC) will overtake fiat? We all use fiat irl, if governments choose cryptocurrency instead of fiat, it will give unreal pump to all currencies (not only Bitcoin). But you understand, governments need to control everything and they won't pick decentralized cryptocurrencies.
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September 03, 2018, 07:13:09 PM
 #56

centralized cryptocurrency is Ripple and Decentralised cryptocurrency is Bitcoin both these crypto currency use blockchain as intermediary technology but their specifications are different

We are not comparing ripple and bitcoin. Of course they are based on blockchain, everyone knows that. We are discussing about what would effect on Bitcoin if any government approved Bitcoin as a legal tender?
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September 03, 2018, 08:28:17 PM
 #57

I think Decentralization is a good thing in the cryptocurrency world. It changes anything that is usually controlled by a centralized authority who is arrogant into a slippery eel that is hard to turn off. No one will revoke your list simply because some snowflakes are offended or close your account just because you received a very large payment.
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September 03, 2018, 09:57:30 PM
 #58

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 when a country adopts Bitcoin it's always positive for the currency as the demand will increase and its price will increase as well (at least on short term). But it may not be positive for the people of that respective country which adopted Bitcoin officially, by the government's endorsement. The reason is that when a government endorses Bitcoin, they are trying to stay behind it, centralizing the currency on the local sphere, inside the country's borders.

And with centralization there are extra costs for the user, what can make the usage of Bitcoin more expensive and uninteresting for many people... And when it's uninteresting the demand drops, and the impact becomes negative even for the currency in general (on long term).

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September 03, 2018, 11:23:22 PM
 #59

I think Decentralization is a good thing in the cryptocurrency world. It changes anything that is usually controlled by a centralized authority who is arrogant into a slippery eel that is hard to turn off. No one will revoke your list simply because some snowflakes are offended or close your account just because you received a very large payment.
I agree.Having a decentralized system for cryptocurrencies will give us more freedom to manage our own money and be responsible for its safe keeping rather than having banks that are centralized which will give us limitations that will minimize our full authority towards our own money.

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September 04, 2018, 05:12:17 PM
 #60

Having legal tender is different thing and regulating the bitcoin completely would be completely different thing. Know the difference that tender is just set of rules which gives few limitations, timely use etc and thus does not bind with full set of rules. While if one says regulating it then there would be far stricter approaches towards the bitcoin and thus it could be disastrous for the crypto economy as it will take out all the freedom of the bitcoin which it is getting from the current decentralised environment. So believe me one has to keep the bitcoin in decentralised mode rather than centralise.

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