im new to Bitcoin why is decentralization important for the economy?

[demondelanuit]

hi im delanuit  im new to Bitcoin,why does decentralization matter for the economy and i think what practical differences does it make in daily life?


any oppinion?? 

[Zlantann]

hi im delanuit  im new to Bitcoin,why does decentralization matter for the economy and i think what practical differences does it make in daily life?


any oppinion?? 

Have your financial transactions been delayed due to several reasons? Has your bank account ever been restricted or frozen? Have you ever paid high transaction fees due to middlemen? Do you feel more comfortable controlling your finances or giving total control to a stranger? How do you feel when the government monitors all your financial dealings? Do you think it is better to keep your financial worth private than for third parties to be aware of it?

Decentralization is for freedom, privacy and security. It might not make sense to the government because they want to control people and make more money from taxes. But people could save money because of low transaction fees and business owners could make international payments without governemnt imposed banking restrictions. 

[Obim34]

hi im delanuit  im new to Bitcoin,why does decentralization matter for the economy and i think what practical differences does it make in daily life?


any oppinion?? 

Bitcoin decentralization is mostly focused on individual advantage. We cannot have a fully decentralized economy, the government are there to influence affairs of the economy, all aspects including financially and it is no more a decentralized economy, the best way to strengthen an economy is to have both decentralization and centralization, leaving people to decide which system to use, based on what they tend to do.

Reason why i said Bitcoin is much advantageous to individual, is that it allows anyone be their bank, transactions don't need to be authorized, controlled, cancelled, or demand further identifications before completing your transactions, unlike banks and their paper works before approval.

[The Cryptovator]

hi im delanuit  im new to Bitcoin,why does decentralization matter for the economy and i think what practical differences does it make in daily life?

any oppinion?? 

Not sure decentralisation is better for the entire economy, but as a person, decentralisation has a lot of advantages. Just imagine all the balance kept in a bank account and for some reason the bank freezes your account or the bank becomes bankrupt. Means you can't access your funds anymore. Here decentralisation stands for, if you swap your cash to Bitcoin and hold it in a non-custodial wallet, then no one could block your funds. It's always accessible from your end and could be spent where acceptable.

Definitely we have to care about our economy; before that we have to care about our own wealth. If we lost our funds for some reason, then we can't keep our role in the economy. That's why decentralisation is very important for us. The government will never encourage you to use decentralised cryptocurrency, but it's for our security.

[Darker45]

Simple; it's because you can't risk putting the fate of the entire nation, which is pretty much what an economy is about, in the hands of a few fallible, unreliable, greedy, abusive personalities.

Here's an illustration. My country, a nation of at least a hundred million people, is ruled by somebody who is proven corrupt and hasn't even finished a degree. How do you think he would navigate the country's economy toward prosperity? He even failed to survive college. How in hell could he bring the entire national economy forward?

Decentralization in this context means removing powerful decisions from central figures and transferring them to multiple players.

[Joy_learns_crypto]

Simple; it's because you can't risk putting the fate of the entire nation, which is pretty much what an economy is about, in the hands of a few fallible, unreliable, greedy, abusive personalities.

The personalities compounding to being greedy and egoistic they also
Have personality disorder and times they have abused their power to manipulate for who they know to gain. They have policies and strategies that have already created a big paradox in the global economy.
I won’t trust the centralized system that’s why decentralization is important.

[aylabadia05]

hi im delanuit  im new to Bitcoin,why does decentralization matter for the economy and i think what practical differences does it make in daily life?


any oppinion?? 

Freedom, security with strong privacy, and not being regulated or controlled by anyone but ourselves—that’s what everyone wants.
If you ask a technological bot—which most people now view as a machine capable of providing everything they need—it will give you an answer that might explain exactly why decentralization is important. You can also ask about the key reasons why the Bitcoin system is important.

We’re fed up with an economic system that only prioritizes the profits of those at the top.
I want my money to not be controlled by others.

[Odohu]

hi im delanuit  im new to Bitcoin,why does decentralization matter for the economy and i think what practical differences does it make in daily life?

any oppinion?? 

Decentralization is seen as one of the attribute of Bitcoin as it agrees with the reason for its creation which is offer a borderless P2P means of transaction without a third party interference.  This is only possible with a decentralized protocol because in a centralised system, a third party can meddle with the transaction. Decentralization is what sets Bitcoin apart and makes it unique as a means of payment settlement. Without decentralization, Bitcoin would have suffered greatly during the time it faced unprecedented criticism from governments and people who do not understand it as at then.

[Findingnemo]

If it is your money then you should have complete control; that is what decentralization is, which should be enough why we need it. Economy is nothing but every individual contributes in the every possible way so if we don't have someone who decides what we can do then it can make it better I guess...

[Jewan420]

Decentralized finance is the only option to achieve freedom in determining the time and transaction fees in financial transactions and to remove third parties in international or any transactions. Decentralized finance also encourages financial privacy and security.
When we talk about decentralized finance, Bitcoin is often referred to. So we can talk directly about Bitcoin.

If you are fed up with inflation and are trying to protect yourself from government oversight and are interested in storing your wealth anonymously, then participate in Bitcoin investment or decentralized finance.

[Joy_learns_crypto]

If you are fed up with inflation and are trying to protect yourself from government oversight and are interested in storing your wealth anonymously, then participate in Bitcoin investment or decentralized finance.

Since there is a part of the title unearthing the obvious that the OP is new, we should not assume they know about bitcoin investment or decentralized finance.

Bitcoin is volatile, while you are considering bitcoin or any decentralized finance be aware of volatility.
https://bitcointalk.org/index.php?topic=5549259.msg65565700#msg65565700
There are other advantages and disadvantages of bitcoin volatility but since you are new read that and search other materials for volatility of bitcoin and decentralized finance.

[AVE5]

hi im delanuit  im new to Bitcoin,why does decentralization matter for the economy and i think what practical differences does it make in daily life?

You're welcome to the bitcoin space demondelanuit, there's no infrastructural connectivity between the economy and decentralization, bitcoin is though decentralize system but doesn't have influence on a national or global economy system.
Its decentralization is basically on the non custodian protocol where it's not controlled by the authority. Its sense of non custodian infrastructure is to provide users security and enhances privacies.

[Dr.Bitcoin_Strange]

I think what you should be asking is that how is decentralization important to people, not everyone wants decentralization but for those persons that chooses it, how is it important to them? One of its importance is privacy, security, seamless transactions, no government restrictions, no lien or lock of your funds. You are in 100% control of you finance, you have the information of your total coins only known by you unless you told someone else, that's privacy. When people (including thieves) doesn't know how much you are worth, they won't come after you but in the centralized system where you information is known by various third parties, you are not safe and that's not just it, the banks can decide to freeze all your accounts when something goes wrong and you won't have a means to access your money as fast as you can.

[retreat]

If you've ever felt restricted in your bank account, had transaction and withdrawal limits, and various other issues that made you feel like your money wasn't truly yours, then that's where decentralization comes in. Decentralization allows you to have complete control over your assets without relying on a third party. You can manage them yourself, and no entity can intervene in your actions. And that's the feature of Bitcoin that makes it an alternative to the fiat system, which is centralized by governments and central banks.

[Josefjix]

The economy of a particular country needs and or requires limit in financial transactions and hinders the citizen by asking for KYC to higher amounts, which inturn the official won't approve the request to do such transaction.

At that point, nothing else could be done except decentralization, if everything goes decentralized, then you've won the battle of the oppression.

Been breaking the rules lets you escape their traps, decentralization does that.

[asriloni]

hi im delanuit  im new to Bitcoin,why does decentralization matter for the economy and i think what practical differences does it make in daily life?

Decentralization doesn't even matter for the economy. It's only being used to provide the ways for people to still remain private while they are doing txs everyday. I said that caused by the end point of a market economy is monopoly by the government and regulation.

The decentralization played nothing when it came to it. Even the economy already ran for so many decades without the decentralization. This is why i think decentralization doesn't really important. It's just to help those who have privacy concern.

[Furball808]

Decentralization, if implemented properly, could increase the efficiency of an economy. Investments may rise and innovation will continue. Too bad that the government is not a fan of decentralization.

[Emjay24]

Since you're new, I'll rather give you a baby definition of it:
See decentralization in bitcoin as a way Satoshi who is the creator of bitcoin retrieved power over your finances from one man or a group of people which surely includes the government and gave you back that power over your finances such that you don't need anybody's approval to spend your money and you don't need a third party medium to transfer value to another person, you could literally send funds to another person and be sure he/she would receive it anywhere they're in the world within minutes as long as you set the acceptable fee to facilitate such transactions.

[Swordsoffreedom]

Decentralization, if implemented properly, could increase the efficiency of an economy. Investments may rise and innovation will continue. Too bad that the government is not a fan of decentralization.

How can decentralization improve the efficiency of the economy? From what I see, decentralization can only help reduce intermediary cost and limit monopolies, it cannot improve the entire economy
To improve the economy, we need to increase productivity, invest in infrastructure, and implement appropriate monetary policies. National and global economies are incredibly complex. We cannot rely on a single asset or a single decentralized system to solve these problem. Bitcoin is just a currency or a financial instrument, it is not a magic wand that can solve all problems

[Olatundespo]

hi im delanuit  im new to Bitcoin,why does decentralization matter for the economy and i think what practical differences does it make in daily life?


any oppinion?? 

If you have funds in the bank during a financial crisis but are unable to withdraw the desired funds, it is a blow to your financial freedom. Saving fiat on a centralized platform directly does not allow you to be financially independent because your funds are controlled by your country's government through the central bank. Even if the amount of funds stored in the bank is almost the same, your funds are being devalued due to the effect of inflation.

Decentralization is important for a free economy because by holding Bitcoin, you can enjoy the same level of freedom as a financial institution. No one has the right to maintain control over your Bitcoin portfolio without any third party intervention.