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.
Topic: Does decentralized way of doing transaction is really viable ? - page 2. (Read 433 times)
November 09, 2018, 11:00:41 AM
November 09, 2018, 10:50:30 AM
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.
November 09, 2018, 09:28:06 AM
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to the bank to launch my complain with evident for the bank to carryout their investigation the culprit have already withdrawn some of the money.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.
November 09, 2018, 09:16:34 AM
We must stop constantly expecting control or support from someone. A decentralized system is not bad if all participants understand their responsibility
November 09, 2018, 09:14:16 AM
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.
hackers always has good chance to hack exchange systems when maintenance, so storing assets in an exchange wallet is not a good idea.
November 09, 2018, 07:52:23 AM
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!
November 09, 2018, 05:34:18 AM
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.
November 09, 2018, 05:04:52 AM
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 ?
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