Does decentralized way of doing transaction is really viable ?

[jatin729]

When i compare centralized with decentralized one question comes in my mind that is really decentralized system is viable to do transaction without knowing any central authority. Don't you think it may lead to fraud as well because there is no third party involvement. For example when we use banks to do transaction, Banks should have to consider norms and regulation made by central bank but in decentralized system whom we follow and if something fraud happen and whom we target ?

 

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[dothebeats]

Vigilance and due diligence should be observed when transacting with anyone. This should not even be that hard since even before the concept of middlemen was invented, people are doing fine with their transactions on a day-to-day basis. I agree that at some point, a central authority is necessary but simple transactions can proceed without them. IMO, for a decentralized system to be fully functional, all ends of transactions should always observe extra precautions before proceeding to a deal so as not to lead to being cheated or scammed.

[Pursuer]

actually lack of middle man and lack of reversabity if transactions is the factor of this decentralized payment system that is preventing a lot of different types of fraud! for example the merchants don't have to worry about the charge back scams that is the most common scam of the old payment systems. or they never have to worry about being paid with a stolen credit card and then bank taking that money away from them!

[zolfa]

Decentralized systems are better than centralized, decentralized can minimize risk transactions from hacking, hackers will find it difficult to find protocols and sources of transactions.

hackers always has good chance to hack exchange systems when maintenance, so storing assets in an exchange wallet is not a good idea.

[AiBBio]

We must stop constantly expecting control or support from someone. A decentralized system is not bad if all participants understand their responsibility

[cryptokingdom]

I have being scammed  with the centralized banking system where we have third party. Before I got to the bank to launch  my complain with evident for the bank to carryout their investigation the culprit have already withdrawn some of the money. Though his account was confiscated. There is no financial system void of fraud.

[kokobaba880]

I think it is good but some time we don't recognize that where this funds goes so that causes suspicious impacts on the country transactions and i think that decentralize can keep your privacy safe and transactions through crypto is very safe and secure while in the traditional system for transactions banks and other institutions were involved and a high fee was charged for that so it is the need of the world.

[Yeahpro]

Bitcoin would mark it's ten year anniversary since the genesis block was mined early next year, and from that time till now the 'decentralized' system of transacting has survived and is still used today.

The concept of Satoshi (as I interprete it) is to create a restless system where you only have to trust the technology, which is the distributed ledger technology and it is open source and visible to everyone.

[BrewMaster]

well it has been very viable for nearly 10 years now and it is only growing as we move forward. why do you think it is not?
yes, bitcoin and the way decentralization works may not be the perfect thing that satisfies EVERYONE but it definitely solves a lot of issues that do exist in the current centralized system that we are using. you give up certain things for other benefits. all the works that are being done aim to reduce the trade offs.

[131tc01n]

I think it is worth doing, even someone who uses a centralized system does not escape fraud, the centralized security system is held by the center but in a decentralized system, we ourselves hold security. So there is nothing that is not feasible, everything is feasible. If only because of the widespread fraud in the decentralized system and you say it is not feasible, centralization is also not feasible because fraud is also rampant.

[Kopyleft]

There are holes in every financial system. And bitcoin transactions is not an exception.

People see every hack or loss as a flaw of the system and the blockchain, while in essence most of the leaks are from external exchanges.
The blockchain technology was designed to resist any attack using the POW algorithm.
There might of course be flaws in other algorithms and other cryptocurrencies, but bitcoin has been reliable over the years.

[haidil]

I think it will be difficult when experiencing fraud to keep it safe, you have to be careful when you deal with it, you still have to be careful

[Luchinono]

There are different kinds of cryptocurrency transactions,you can decide to trade via an exchange,and in such cases the exchange takes charge of the transactions and does it's best to keep it as safe and secure as possible(though exchanges are still privy to hacks,so it's not always advisable to leave investments in exchanges)

You can also trade without an exchange,directly with an individual,and in such trade it's always advisable to trade using a third party trusted escrow service,to safeguard the transactions

Thats the much a decentralized system can offer you,if there happen to be a central body handling the transactions,then that doesn't make it any decentralized
In this system the users/investors/enthusiast control the price/value..
So also users/investors/enthusiast protect themselves from hackers and scammers

[hugeblack]

When i compare centralized with decentralized one question comes in my mind that is really decentralized system is viable to do transaction without knowing any central authority.

This information is incorrect, there is nothing the government can not identify. Unless the parties use currencies based on privacy "Monero - Zcash".

decentralized system whom we follow and if something fraud happen and whom we target ?

Many of these sites have a secure escrow service, so using it can reduce your risk of being scammed by a large amount, also this scam may occur in the central platforms.

[HODL2090]

The risks associated with making payments online is not limited to cryptocurrency but the entire financial system.
And the task of protecting oneself usually falls on the parties involved in the transaction.
In a decentralized system, this consists of a buyer and seller connected by the blockchain, which contains, immutable, open source, and (in some cases) smart contract protocol.
Your safety was of course put into consideration, it's up to you not to neglect it

[MonicaSteve]

The decentralized  is better than the centralized,decentralized can minimize the risky transactions from hackers, hackers will find it difficult to find the protocol and source of transaction.

[kryptqnick]

Don't you think it may lead to fraud as well because there is no third party involvement. For example when we use banks to do transaction, Banks should have to consider norms and regulation made by central bank but in decentralized system whom we follow and if something fraud happen and whom we target ?

Well, banks can get bankrupt, do money laundering and charge you seriously for your actions. Cryptocurrencies allow you to store money for free and perform transactions in a fast and cheap way. If you send money to scammers, nobody will be able to help you, but not because of decentralization, but rather because of pseudo-anonymity. And technically most of us still use third parties like blockchain.info, MEW or exchanges, so there are some authorities that could be blamed for internal bugs, system insecurity or scam. But the thing is that it's not right to seek for another party to blame. It's your money, your management. You are responsible for what you do and when anyway.

[jojohamasa]

When i compare centralized with decentralized one question comes in my mind that is really decentralized system is viable to do transaction without knowing any central authority. Don't you think it may lead to fraud as well because there is no third party involvement. For example when we use banks to do transaction, Banks should have to consider norms and regulation made by central bank but in decentralized system whom we follow and if something fraud happen and whom we target ?

 

There is nothing that everyone agrees
Decentralization solved a lot of central problems
But can the government give up its authority?
Particularly in such a significant way as remittances and the financial services industry in general
It takes more time and flexibility and understandings with governments.

[sublime5447]

It depends to people who are transacting, you know and don't close your eyes about the fact that fiat, which said is protected by third parties, but still be used as a tool to commit crimes, therefore Bitcoin cannot be a scapegoat. Some time ago there was a member who made a thread about hidden fees on a credit card and after being traced it was the work of an amazon subsidiary.

[Yara1]

Decentralized way of doing transaction is the most secured means of carrying out transactions to the point that no body have control over the transaction or is involved as either a third party which is the reason we always have double cost in doing transaction.