Topic: Does decentralized way of doing transaction is really viable ? (Read 431 times)
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.
November 20, 2018, 11:27:02 PM
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.
November 20, 2018, 10:36:57 PM
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.
November 16, 2018, 09:14:45 PM
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November 16, 2018, 09:10:47 PM
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. November 16, 2018, 09:00:04 PM
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.
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.
November 16, 2018, 04:43:18 PM
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.
November 16, 2018, 12:48:16 PM
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
November 16, 2018, 11:25:27 AM
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.
November 16, 2018, 10:07:10 AM
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.
November 09, 2018, 02:21:51 PM
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.
November 09, 2018, 02:05:43 PM
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. November 09, 2018, 01:35:12 PM
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.
November 09, 2018, 01:30:12 PM
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
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
November 09, 2018, 01:15:15 PM
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. November 09, 2018, 01:04:42 PM
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
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
November 09, 2018, 12:56:49 PM
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
November 09, 2018, 12:11:45 PM
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.
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.
November 09, 2018, 12:02:59 PM
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.
November 09, 2018, 11:46:06 AM
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.
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.
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