Topic: Are centralized cryptocurrencies safe? (Read 406 times)

A centralized platform is never the right choice when it comes to carrying out financial transactions or storing records about finances. This is so because these have the constant threat of being hacked by cyber thieves. This is the reason why Cryptocurrencies gained a favor when these were initially proposed as an application of Blockchain.

Cryptocurrencies are decentralized in nature which means that these are not controlled by any financial institution or government. The privacy of the user is also preserved when carrying out transactions which makes this a highly secure platform. Cryptocurrencies are feasible throughout the globe and you will not have to worry about your finances even when you are in a different country. Coinnup has come as a great platform for you to deal with cryptos and that too just from your mobile phone that you always carry along with yourself.

Your cryptos are safe with you in a Digital Wallet which is accessible with the help of your mobile phone. You will no longer have to pay to intermediaries for the transactions that you carry out. If you are interested to know more about Coinnup, you can visit https://ico.coinnup.com and gain an insight.

Centralized currencies can seem less safe, but it's not black and white and Ripple is an example of that. We talk more about this in out blog post here:

http://bit.ly/RippleGuide

Cheers!

You are right TryNinja centralized currencies are not safe.
It is indeed easy for the goverment to crash it's service because of single point of failure that is why the decentralized service has been created to get the shitty centralized not the safest one for storing money. The data of centralized currency is possible to hacked by hackers to steal money without getting noticed by owners.

To be honest I've never heard about centralized cryptocurrencies lol . They are just 2 types : centralized currencies such as dollar / euro etc . And descentralized cryptocurrency such as : bitcoin ; ethereum etc. Someone can tell me what are the centralized cryptocurrencies ?

I agree with you on this.

I don’t think centralization makes cryptocurrencies any safer. It only increases the trust of the people in the technology since it is backed by a central authority as is in the case of banks. But centralization can be actually harmful for cryptocurrency market because it can turn off the currency anytime and we can’t do anything then. In centralized market it is easier for government to attack the single point of failure. Whereas in decentralized system it has to target every node and miner to end the network.

Centralized cryptocurrencies are the antithesis of public, open cryptocurrencies that are inherently decentralized; there is also an exception for this 'rule', Ripple for example - toxic with regard to the moral values of the crypto-community. But essentialy, trust is build from many participants in an open manner and secured by cryptographic and matematically verifiable proofs - you need no central authority to trade or store value.

Ripple is the such a shit coin which has the bank intervention on this, So far we do not find the good centralized which is came to the market for helping the investors and normal cryptos workers.
I see the NEO really came to help the smart contract work for the people.
But they have more errors on using the smart contract on their platform. I personally do not agree that centralized cryto currencies are safe.

A Cebtralized currency will almost always be more prone to failure, owing to government intervention, (they could just issue a cease and desist order and bam its over). Ripple and maybe neo (debatable) could be prime examples of this. I think there are a total of 9 Nodes on ripple, and it would be very easy to shut them down.

Even assuming this were not the case you would have to have a great deal of trust in the centralized system (why trust a company over say the IMF or a SWIFT run blockchain), essentially it negates one of the primary advantages of a true blockchain based system where you are not suppose to need a trusted third party intermediary.

Are there cryptocurrency that is centralized? I know of decentralize of cyrptocurrency which has no formal authority controlling it. But to talk of centralize means you are thinking of fiat currency.

before bitcoin was invented there was no shortage of digital currencies. every single one of them was centralised and they all proved to be ultimately useless because of that single point of failure.

i really wish there was a demonstration of the necessity of bitcoin's decentralisation. it's literally the only reason it has value and it's also the first thing most idiots want to get rid of to make it 'better'.

you can't retrofit it. once it's gone it's gone and the party is over for good.

The centralized cryptocurrencies are contrary to the spirit of blockchain. You are being controlled and monitored because they are managed from a single center. Of course, you can still use these coins for investment purposes. There's nothing to say about this. When it comes to security, I think we can't say it's safer or it's not.On the other hand if governments start using their own cryptos, we can say it would be safer.

For this clear example you can find China because biggest communist country of this world does not able to touch the bitcoin means what other government can do. There is no government completely involved in any cryptos even on centralized cryptos as well.


Government only crush the people who earning with their hard work. So far all the government saying that they are not good at understanding the crptos and holding more money on cryptos will be punished. Since all the transaction are being anonymous nothing  worst mate.

but also good, since it has then power to shape things for the better

-> see ethereum, cardano, iota, ripple

most coins in top 10 are central

Centralized systems fully depend on one point/server/center
If something goes wrong with it - everythings stops working properly. Moreover, The center has the full control of the whole system- which can be bad sometimes

I think the government can not completely limit cryptocurrency even though it offers more centralized security. even on the other hand banks are declared centralized safe by the government could be crushed by people who commit crime.

When we do talk on the word "centralized" then it would really just like the same with local fiat where governments do really have the full control but still it doesnt mean that they are safer because government do controls it there are instances which hidden transactions cant really be traced up due that fiat money is on physical form where people can make transactions without being caught on governments side. When it comes to restrictions then expect there would be definitely laws towards this and as a user you cant help it but to obey on what they had set out.

Easier to ban? If government decide to completely stop, since they do have the control they can do such thing unlike decentralized things which they dont really have the capability why they do really hate out crypto in the very first place.

i am not rambling you are just an idiot

capitalism also surpresses propaganda, or advertising, just look what the banksters in new york wallstreet did, they also ran an expensive licensing system the truth about them is that they seek money earning cattle, to center the economy on themselves, or just look at the coindesk conference that vitalik boycotted for various reasons, it costed 4k usd to attend it, nothing for ordinary people to participate. capitalists indeed exclude and create borders, its good that there are some blockages.

under that pretext freedom equality and human rights, everyone should be allowed to create his own cryptocurrency. but what do i read here? attempts scamming defenseless children in schools?

uhm jes bitcoin is a pyramid scheme and very shady one, it wastes a ton of electricity, without having any altruistic usefullness.

it wasnt even an inovation, it was just someone daring to build it, because everyone that had that thought knew it would be illegal. Humans were building moch more difficult things than "bitcoin" like skyscrappers, or aircraft carriers, spaceships etc. if it was a true national goal to create a cryptocurrency in the internet there would have been one created 1000 times as complex as bitcoin....

and no bitcoin is a world wide propagated ponzi scheme, a propaganda coin, a few were sold in order to claim the others are worth more, the core problem here is that people believe and trust this garbage.

as long as the media doesnt behave neutral this system is a pyramid scheme. and a very evil one as it makes everyone uninvolved poorer, through its existance and waste,

only thing bitcoin is good is, giving freedom from banking cartels that are overregulated and to complex to manage society, but bitcoin is just the weapon easing the resistance, its not the tool that then will fix economis issues bitcoin is not made for that. other cryptocurrencies will have to do that.

Honestly, it depends on who the centralized party are. If the government decides to release their own cryptocurrency in the future as a digital/blockchain replacement for fiat then chances are it's going to be 'safe' just like banks are and pretty much everything else that we use nowadays.

The issue is more about them having full control of our funds/data which puts everything back to square one in regards of financial freedom and privacy.

Governments are not a real supporter of crypto they actually want to burst the crypto or want to use the blockchain security technologies. Other than that, they would not give any shit to any cryptos. So far Ripple is one of the famous and many people choice in centralized cryptos.
If ripple araise you all find the heavy drop in crypto market even your investment may collapse completely.

Most of centralized cryptos share is being holded by the project team or CEO itself. If anyone sell the big funds you will be washed with the centralized coin you have but decentralized are not like that. If there is demand and supply reduced you can easily make the money out of it.