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Author Topic: Centralized or Decentralized for cryptocurrencies?  (Read 2218 times)
r32godzilla
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September 27, 2018, 08:31:10 AM
 #81

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 governments 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?
It would definitely increase the adoption rate o bitcoin as it happened early in Japan. More investors would get confidence in buying and holding bitcoins as there would be no more threats from the government about banning bitcoin.

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September 27, 2018, 10:16:14 AM
 #82

Cryptocurrency is famous for its decentalization, i don't think it should be centralized someday. If yes, it will soon be destroyed because it threat fiat currency
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September 27, 2018, 10:30:07 AM
 #83

Decentralized exchange may be more popular in near future. But trust issue the DEX not easy thing. I think centralized exchanges a little bit more trustable. For now at least.
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September 27, 2018, 10:35:14 AM
 #84

If what is good for the organization of the cryptocurrency, then we will be it , if cryptocurrency is designed and being promoted ad a decentralized crypto currency, and it goes very well ,then we support to continue this as a decentralized if this will bring a good effect in the cryptocurrency world.

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September 27, 2018, 10:44:30 PM
 #85

Is "Centralized Cryptocurrency" even a thing?

Here are the most important qualities a true Cryptocurrency must have:
A true Cryptocurrency must be decentralized, public, trustless, permissionless, immutable, transparent, uncensorable.
These should also be very important rules of Cryptocurrency which developers must try to stick with. Exchanges ordinarily should not list Cryptocurrencies that Break the rules.
It isn't a thing right now, but there are very clear indications that governments are looking into this, again we have the government of Venezuela that has released its own centralized coin and there are many countries that have brought the possibility of releasing their own cryptocurrency, I know that it doesn't make sense, cryptocurrencies are supposed to be decentralized and to be independent of banks and governments, but they have such a huge monopoly that they are going to do everything they can to take away as much people and money out of the market of cryptocurrencies and if that means releasing their own coin then that is something that they're going to do.

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September 28, 2018, 06:39:00 AM
 #86

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?
In my opinion, if any government approved as a legal tender then  we must have to follow what government wants it is for the improvement of our nation. Let us just hope and pray that it will have a good impact to the economy as well as to the people.
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September 28, 2018, 12:34:33 PM
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 #87

Is "Centralized Cryptocurrency" even a thing?

Here are the most important qualities a true Cryptocurrency must have:
A true Cryptocurrency must be decentralized, public, trustless, permissionless, immutable, transparent, uncensorable.
These should also be very important rules of Cryptocurrency which developers must try to stick with. Exchanges ordinarily should not list Cryptocurrencies that Break the rules.
That is it. It is not even a thing to be putting cryptocurrency as a centralized entity which is even one of the reasons a lot of people have been skeptical right from the onset when it comes to investing in Ripple. For what it is worth, I believe that no one will always want to discard freedom and want to stick with being enslaved as that is how I see centralization.

Decentralization on the other angle, is more like you being given that control back and you are free to do what you want to do with your activities as long as you are not going against the laws of your jurisdiction, and that is something I will always choose anytime any day over centralization. One of the reasons we are here in the first place anyway.
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September 28, 2018, 12:49:08 PM
 #88

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?
Whether or not the government approve Bitcoin as a legal tender it does not matter because of the fact that Bitcoin is a decentralized asset. It's just that they will regulate exchanges to counter the so called money laundering thing and also Bitcoin used in any illegal activities. But even though they has strong implementation of law against Bitcoin or cryptos I don't think they can control it totally.

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September 28, 2018, 01:19:37 PM
 #89

Governments are established to serve it's people not the other way around. Bitcoin has served as a great tool for store of value and money transfer so if the governments stood against Bitcoin they clearly want to just have total control on citizen. I believe Bitcoin will eventually succeed over every fiat currency it is just the matter of time and people's awareness of Bitcoin.
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September 28, 2018, 01:47:39 PM
 #90

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 don't see any use in a centralized cryptocurrency, I have no idea why anyone would want to partake in a centralized crypto.
You are already partaking in a centralized currency which is fiat, why would you want to invest in a digital fiat?
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September 28, 2018, 03:06:36 PM
 #91

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!

Indeed, that's the beauty of the system of decentralization of bitcoin. Here in my place all bitcoin users are free to do whatever they want it to do with their bitcoin balance to their balance. Then, Bitcoin was also design to store of value as well and sending money where it is one of the features of bitcoin either.
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September 28, 2018, 05:09:19 PM
 #92

It is clear that people will choose decentralized for cryptocurrencies because of it decentralization and it can not be controlled by anyone or any group.
Yes. Centralization brings about control and over the years, people have been able to find out that this is one part of the puzzle that has made things difficult for the general public themselves. Secondly, this should not be something we should even be debating about, because the idea in the first place was to take out the third party and let people have the freedom to spend and do whatever they want with their funds without having to rely on the government or some bank when you are doing your transactions, this way, third party being removed is always one step ahead for better way of doing things, and that is something I believe no one will ever not want to choose over being controlled.
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September 28, 2018, 05:39:41 PM
 #93

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!

Indeed, that's the beauty of the system of decentralization of bitcoin. Here in my place all bitcoin users are free to do whatever they want it to do with their bitcoin balance to their balance. Then, Bitcoin was also design to store of value as well and sending money where it is one of the features of bitcoin either.

Well there are good positive and negative sides of it of course. As it is, without any government regulations, it's essily a favorable outlet for illegal activities. We all want bitcoin nd crypto to be decentralized but certain rules would have to be implimented to make sure it survives.

 
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September 28, 2018, 06:26:16 PM
 #94

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?
Well the good thing about Bitcoin being decentralized is that people can make transactions without relying to any third party like banks and government. They can easily do things on their own but this also means that they can do illegal things using Bitcoin. When no one monitors the transactions, there are lot of chances that Bitcoin can/will be used in doing illegal activities which can be controlled somehow by government if ever they put some regulations to Bitcoin.

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September 28, 2018, 06:29:40 PM
 #95

More data for failing to fully achieve decentralization, since large investors would not otherwise come to the market.

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September 28, 2018, 06:56:27 PM
 #96

Due to the decentralized nature of cryptocurrencies make the government to not adopt or support the crypto as means of payment because they are afraid that people may use it for money laundering or other illegal activities which might threaten their country & their economy as they aren't able to track the movement of cryptocurrencies. If they adopt it they will make sure to take necessary steps like they might demand from every exchange to provide the details of every users who are registered on their platform and involved in cryptocurrencies transaction by requiring them to take KYC as mandatory.
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September 28, 2018, 10:57:43 PM
 #97

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!

Indeed, that's the beauty of the system of decentralization of bitcoin. Here in my place all bitcoin users are free to do whatever they want it to do with their bitcoin balance to their balance. Then, Bitcoin was also design to store of value as well and sending money where it is one of the features of bitcoin either.
Right.It's much better for bitcoin to remain decentralized because it's the only thing we can execute our freedom to manage our own money and not just rely on banks for safe keeping.If time comes that it will be adopted by the government,i think restrictions will grow on the side of bitcoin and the rest of crypto coins.
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September 29, 2018, 12:58:21 AM
 #98

Cryptocurrency should be keep decentralized. If crypto become centralized, there is no different with digital money controlled by central banks. Cryptocurrency offering new monetary system and i think crypto is much better if decentralized
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September 29, 2018, 04:32:17 AM
 #99

Cryptocurrency should be keep decentralized. If crypto become centralized, there is no different with digital money controlled by central banks. Cryptocurrency offering new monetary system and i think crypto is much better if decentralized
cryptocurrency is indeed despised by decentralization, this is indeed opposite of current bank syntax. new cryptocurrency innovations that provide a lot of advantages, and it seems that it must remain like that
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September 29, 2018, 04:39:35 AM
 #100

<Snip>
There are two types of cryptocurrency Currencies
1st: Centralised Currency
2nd: Decentralised Cryptocurrency

There is not centralised cryptocurrency i think that also the currencies which has some of the relations with the government are centralised currencies like the national fiat currency you use.
There is a lot of difference between currency and cryptocurrency.
Understand the difference and you will get your answers.
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