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Author Topic: Centralized or Decentralized for cryptocurrencies?  (Read 494 times)
jestbenen8
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September 05, 2018, 12:30:46 PM
 #61

I don't mind centralized currencies in crypto as long as I know what they are doing and they are transparent on their moves. For example ripple has been one of the biggest crypto currencies out there for a long time and no matter what you say about them they have been going strong for years now working with banks and other corporations.

If a centraziled crypto coin has to do something with us than I would rather it be like ripple. If not than of course we know how horrible it can get so I rather use something decentralized and keep going on my way like I did for the fiat currency that has been not so valuable anymore.
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September 07, 2018, 12:50:44 PM
 #62

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?
if bitcoin approved to be a legal tender, there will be good because an open ledger called a block chain on which all transactions are recorded and monitored. Because of this, once a transaction is completed and recorded on the ledger, it cannot be changed. Transactions are available for verification by anyone and anytime.

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ecnalubma
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September 07, 2018, 01:08:44 PM
 #63

In nature cryptocurrencies are decentralized, however with government intervention and KYC its becoming centralized. In a dangerous price manner of cryptocurrency its good for investors to have protection specially the small ones, without governing bodies we can't sue anyone who is violating others. But I believe that power and control over should only be vested to individuals or holders.

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goaldigger
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September 07, 2018, 01:36:26 PM
 #64

Too much or too few has no good effect on everything. If i would have to choose, i want to have a half decentralize half centralize or a pre regulated system just right to monitor scam ICOs or even scammers or alt accounts. System with no regulation is good, but free people are sometimes scary.

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September 08, 2018, 07:28:21 PM
 #65

In nature cryptocurrencies are decentralized, however with government intervention and KYC its becoming centralized. In a dangerous price manner of cryptocurrency its good for investors to have protection specially the small ones, without governing bodies we can't sue anyone who is violating others. But I believe that power and control over should only be vested to individuals or holders.

It depends on people, because not everyone understands why we need decentralization. Most of people just don't care about their area of freedom and for them its ok to send passport, photo etc. And ofc government won't allow something decentralized.
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September 09, 2018, 10:17:57 PM
 #66

Some Governments are biased, and if they get hold of the control of Bitcoin, no one could predict what could happen. Moreover, the essence of Crypto-currency is not to place the control in the hands of some people. Crypto-currency is a default trust system, and when people gets to control it. Biasness could crept in, not to talk of when Government gets in charge.
Although, there are good sides to it.
I agree with this, while some people complain about the whales having a big influence in the market at the same time they have gained the right to that influence by having so many bitcoins that they earn by being smart and invest at the right time unlike so many other people, but in a centralized system those very same whales will be a lot more powerful since they will be able to bribe those at the top and play by different rules than the ones that we play.

Under a decentralized system whales still have a lot of advantage since they are very powerful but they still need to play by the same rules that we play, that means that if they make too many mistakes they will stop being whales and they will not have as many influence in the market as they have now.
Jaycee99
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September 09, 2018, 10:29:18 PM
 #67

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?

For they are not against (based on what I know) they may not see bitcoin as an essential to there country.  We should have atleast understand them.

Also can anyone give an information about a government, besides China that do not like to adapt bitcoin/ the cryptocurrency.

If some government that I do not know of do this banning/ non-adaptation to bitcoin. I would say it is becuase that they do not see a great future behind cryptocurrency or they can not see a good way to take advantage of our cryptocurrency.

Also no offense to the government, we do see some government that are getting monies behind our back.

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September 09, 2018, 10:51:35 PM
 #68

In nature cryptocurrencies are decentralized, however with government intervention and KYC its becoming centralized. In a dangerous price manner of cryptocurrency its good for investors to have protection specially the small ones, without governing bodies we can't sue anyone who is violating others. But I believe that power and control over should only be vested to individuals or holders.
So in the end,we still prefer to have a decentralized system rather than a system controlled by the government.I think we should not lost the nature of crypto having a decentralized system because first and foremost,it's what keeps the people from entering into a crypto world where you have the full control of your money and no tax is being collected.

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September 09, 2018, 10:56:55 PM
 #69

Having a government approval for supporting bitcoin gives the supporters and investors a confidence that the government isn't disagreeing with bitcoin or cryptocurrencies. But whether we will see them adopt or not, bitcoin is bound to keep on operating.

We believe that with these adoptions and approval's will make the price of bitcoin on a boost but if there will be no the same event, nothing will happen. As long as a country declares bitcoin isn't illegal to them, whether they will declare it as a legal tender or not and they are neutral to it I guess that's ok.

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September 09, 2018, 11:00:27 PM
 #70

Well of course I would rather go decentralize concept, And I know for sure everybody here want it too. Due to we don't to be control by someone  else or by the government. Then, cryptocurrency was being categorized as unregulated business while centralization is for regulated business which is controllable by the government, and we don't it to be happen as crypto fanatic.

                   
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September 09, 2018, 11:19:20 PM
 #71

Decentralized is what we should strive towards. Centralized cryptocurrency defeats the purpose of cryptocurrency.
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September 17, 2018, 05:45:14 PM
 #72

Decentralized is what we should strive towards. Centralized cryptocurrency defeats the purpose of cryptocurrency.
This is correct, but this is precisely the type of cryptocurrency that governments are going to create in order to deceive people into thinking that they are investing in a new technology when it's nothing more than glorified fiat, I really think that is the next step that governments are going to take, you just need to look at Venezuela and their attempts to create their own cryptocurrency.

But like always their efforts are going to fail, those kind of currencies in which a centralized party can print as much of it as they want are always going to fail because those currencies are not based on sound economic principles, you cannot create wealth by printing money you only create an a scenario in which your currency loses value.
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