Does decentralized way of doing transaction is really viable ?

[Dondont]

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 ?

 

in fact, it all depends on how it is used, so there are indeed several fields which in this case are not suitable to be decentralized because of the opposite nature. and also especially within the scope of security, decentralization still has many weak points that must be fixed

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[Anarchist]

If you have a consensus yes it is viable, you will always have people not agree, a different opinion, different interest. But still, it is viable as long as we have an agreement with each other, a protocol we agreed to follow while using the crypto.

[goldreset]

The centralized world offers the best opportunities for scammers and their brilliant ideas. Bankers, Agents, middlemen and what not.

most of the scams involves one person "represent a company". Con artists, especially those who deal in large scale financial fraud love to put their targets in the middle.  This means that you were talked into bringing money belonging to 3rd party into the scheme.

even in brick & mortar business... middlemen like trading companies has the potential leverage on their position do exercise "creative" transactions other than proper businesses.

Decentralized blockchain removes these 3rd parties and have consumers and merchant deal directly with each other. Less possibilities for price or offer floatation.

[Chairul Muttaqin]

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 ?

 

Many things that should be taken into consideration, if you do transactions with person who lice in the same country as you then do transaction which provided by centralized authority is good because the cost will not so high but if you do transactions internationally then bitcoin/decentralization payment method is better because there is no difficulties and high cost and restrictions.

[ruiect]

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[nuraziaaziz]

I believed it is viable because we don't need governments or banks to get involve in our own wealth which is safe since we are able to hold on to it ourselves.

[libert19]

Yes. There is hassle between centralized payment processors — mostly the kyc. In decentralized only you own your money and you will have to take care of it.

[junglist.massive]

I don't think there’s a so-called perfect system, even though it’s technically like that but if you have met with other factors such as carelessness of the user then that perfect system is still useless. Even large banks with their so-called number one security in their class are still able to be exploited. If it still requires third party services then you can use escrow services.