Bitcoin Forum
December 08, 2019, 02:31:59 AM *
News: Latest Bitcoin Core release: 0.19.0.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1] 2 »  All
  Print  
Author Topic: Does decentralized way of doing transaction is really viable ?  (Read 287 times)
jatin729
Full Member
***
Offline Offline

Activity: 686
Merit: 108

Cryptoking


View Profile WWW
November 09, 2018, 10:04:52 AM
 #1

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 ?

 
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1575772319
Hero Member
*
Offline Offline

Posts: 1575772319

View Profile Personal Message (Offline)

Ignore
1575772319
Reply with quote  #2

1575772319
Report to moderator
1575772319
Hero Member
*
Offline Offline

Posts: 1575772319

View Profile Personal Message (Offline)

Ignore
1575772319
Reply with quote  #2

1575772319
Report to moderator
1575772319
Hero Member
*
Offline Offline

Posts: 1575772319

View Profile Personal Message (Offline)

Ignore
1575772319
Reply with quote  #2

1575772319
Report to moderator
dothebeats
Legendary
*
Offline Offline

Activity: 2030
Merit: 1146


Crypto Exchange - Secure & Anonymous


View Profile
November 09, 2018, 10:34:18 AM
 #2

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.

█▀▀▀











█▄▄▄
|
▄▄█████▄▄
▄███████████▄
▄███████████████▄
▄██▀███████████▀██▄
▄█████▀███████▀█████▄
████████▀███▀████████
██████████████████
████████▄███▄████████
▀▀▀▀██████▄██████▀▀▀▀
█████████
▀███████████████▀
▀███████████▀
▀▀█████▀▀
▄▄█████▄▄
▄███████████▄
▄███████████████▄
▄█████████████████▄
▄████████████████▀██▄
██████████████▄██████
█████████████████████
████████████▀████████
▀█████████████▄█████▀
▀█████████████████▀
▀███████████████▀
▀███████████▀
▀▀█████▀▀
.
Trusted by ✔
MONERO
& DASH
|◆  OVER 115 COINS
◆  FIXED RATE
◆  NO REGISTRATION 
▀▀▀█











▄▄▄█
Pursuer
Legendary
*
Offline Offline

Activity: 1624
Merit: 1160


Where is my ring of blades...


View Profile
November 09, 2018, 12:52:23 PM
 #3

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!

smartmixer.io▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
.Make your Cryptos untraceable!.
(( ███████ ((    TELEGRAM    )) ███████ ))
▄▄███████▄▄
▄███████▀███████▄
▄███▀▀▀ ▄▄▄ ▀▀▀███▄
▄███ ▄▀▀▀   ▀▀▀▄ ███▄
████ █  ▄   ▄█ █ ████
████▌▐▌ ▀█▄█▀ ▐▌▐████
▀████ ▀▄  ▀  ▄▀ ████▀
▀████▄ ▀▄▄▄▀ ▄████▀
▀█████▄▄ ▄▄█████▀
▀▀███████▀▀
.
NO LOGS
▄▄███████▄▄
▄██████▀▀▀██████▄
▄█████▀ ▄▄▄ ▀█████▄
▄██████ ▀   █ ██████▄
███████   █▀  ███████
████████▄ ▄ ▄████████
▀████▀         ▀████▀
▀███   ▄   ▄   ███▀
▀███████████████▀
▀▀███████▀▀
.
NO SIGN-UP
▄▄███████▄▄
▄███████████████▄
▄███████▀   ▀█████▄
▄████▀  ▀      █████▄
████     ▄▀▄  ▀ ▀████
███    ▄▀▄ ▄▀▄    ███
▀███▄▄  ▀█ █▀   ▄███▀
▀████████ ████████▀
▀███████████████▀
▀▀███████▀▀
.

70% COMSN
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
MIX NOW!
.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
▄  ▄  ▄  ▄  ▄

▀  ▀  ▀  ▀  ▀
kingcolex
Legendary
*
Offline Offline

Activity: 2044
Merit: 1216


First 100% Liquid Stablecoin Backed by Gold


View Profile
November 09, 2018, 01:09:01 PM
 #4

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 ?

 
Scams exist in the centralized world as well you just have to be wise to know who you are sending the money to and why.

zolfa
Member
**
Offline Offline

Activity: 518
Merit: 11


View Profile
November 09, 2018, 02:14:16 PM
 #5

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
Newbie
*
Offline Offline

Activity: 42
Merit: 0


View Profile
November 09, 2018, 02:16:34 PM
 #6

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

Activity: 236
Merit: 10


View Profile WWW
November 09, 2018, 02:28:06 PM
 #7

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.

TelegramTwitter ❰❰❰❰❰❰  TERRAGREEN  ❱❱❱❱❱❱ Reddit  ● Medium
●●● ▬▬ Facebook  ❰❰❰  Blockchain Based Renewable Energy Platform  ❱❱❱  LinkedIn ▬▬ ●●●
● ▬▬▬▬▬ ● ▬▬▬▬▬ ●●●  GREENPAPER  ●  ICO Website  ●  ANN THREAD  ●●● ▬▬▬▬▬ ● ▬▬▬▬▬ ●
kingcolex
Legendary
*
Offline Offline

Activity: 2044
Merit: 1216


First 100% Liquid Stablecoin Backed by Gold


View Profile
November 09, 2018, 02:29:12 PM
 #8

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.
Yeah scams are obviously a part of the current system and we need to focus on antiphishing, and knowing who you are actually sending money to.

kokobaba880
Full Member
***
Offline Offline

Activity: 434
Merit: 101



View Profile
November 09, 2018, 03:50:30 PM
 #9

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
Member
**
Offline Offline

Activity: 72
Merit: 12


View Profile
November 09, 2018, 04:00:41 PM
 #10

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
Hero Member
*****
Offline Offline

Activity: 1386
Merit: 851


There is trouble abrewing


View Profile
November 09, 2018, 04:46:06 PM
 #11

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
Sr. Member
****
Offline Offline

Activity: 571
Merit: 250



View Profile
November 09, 2018, 05:02:59 PM
 #12

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
Member
**
Offline Offline

Activity: 168
Merit: 15

Future of Security Tokens


View Profile
November 09, 2018, 05:11:45 PM
 #13

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
Sr. Member
****
Offline Offline

Activity: 483
Merit: 250



View Profile
November 09, 2018, 05:56:49 PM
 #14

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

.
▄███▄       ▄▄██████▄▄     ▄▄██████▄▄     ▄▄██████▄▄
█████    ▄██████████████▄██████████████▄ █████████████▄
 ▀▀▀    ▄███████████████████████████████▄ █████████████▄
 ▄▄▄   ▄█████▀      ▀███████▀      ▀█████▄ ▀      ▀█████▄
█████  █████          █████          █████          █████
█████  █████          █████          █████          █████

█████  █████          █████          █████          █████

█████  █████          █████          █████        ▄█████▀

█████  █████          █████          ███████████████████

█████  █████          █████          █████████████████▀

 ▀▀██   ▀▀██            ▀██           ▀▀██████████▀▀
███████████████████████████████████████████████████████████████████████████████████████████
.

IMO Ecosystem
.
███████████████████████████████████████████████████████████████████████████████████████████
██   ██
 ██   ██
  ██   ██
   ██   ██
    ██   ██
     ██   ██
     ██   ██
    ██   ██
   ██   ██
  ██   ██
 ██   ██
██   ██
Luchinono
Jr. Member
*
Offline Offline

Activity: 30
Merit: 12


View Profile
November 09, 2018, 06:04:42 PM
Merited by Jet Cash (2)
 #15

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
Hero Member
*****
Offline Offline

Activity: 896
Merit: 934


For ReNt


View Profile
November 09, 2018, 06:15:15 PM
 #16

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
Member
**
Offline Offline

Activity: 210
Merit: 25


View Profile
November 09, 2018, 06:30:12 PM
 #17

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
Newbie
*
Offline Offline

Activity: 30
Merit: 0


View Profile
November 09, 2018, 06:35:12 PM
 #18

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
Legendary
*
Offline Offline

Activity: 1484
Merit: 1073


https://bitcoin.watfordfc.com


View Profile
November 09, 2018, 07:05:43 PM
 #19

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.

  ▄▄█████▄▄███████▄▄
███████████
     ▀▀███▄
█████████████        ▀██▄
█████████████          ██▄
███████████            ██▄
██▀▀█████▀▀              ██
██                       ██
██                       ██
▀██                     ██▀
▀██                   ██▀
 ▀██▄               ▄██▀
   ▀███▄▄       ▄▄███▀
      ▀▀█████████▀▀
██████████████████████
██████████████████████
██████████████████████
██████████████████
████████████████████
██████████████████████
██████████████████
▀██████████████████████▀
▀██████████████████▀
▀██████████████▀
▀██████████▀
▀████▀
▀██▀
MAIN CLUB
PARTNER of
W A T F O R D  FC
Industry Leading Crypto Sportsbook
|
DAILY
PROMOS
& BOOSTS
|
PLAY
POKER
& CASINO
|
▄▄█████████▄▄
▄█████████████████▄
▄██████████▀▀▀▀███████▄
▄█████████▀     ████████▄
▄██████████   ████████████▄
█████████        ██████████
█████████▄▄   ▄▄███████████
███████████   █████████████
▀██████████   ████████████▀
▀█████████   ███████████▀
▀████████▄▄▄██████████▀
▀█████████████████▀
▀▀█████████▀▀
[/cent
jojohamasa
Member
**
Offline Offline

Activity: 392
Merit: 21


View Profile WWW
November 09, 2018, 07:21:51 PM
 #20

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.
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!