The fact that things are distributed does not mean “trust” but rather who can add new blocks and who can remove or block them, if a country can block a person, entity or institution from using Bitcoin, here the fact that the “blockchain is distributed” will not earn that currency trust.
Let's take another example, which is the Ethereum Classic currency, which is a distributed blockchain. However, someone have succeeded in conducting a double-spending attack for long enough to steal money and therefore cannot be considered a trusted currency (in Bitcoin you only need one confirmation)
Topic: Element of blochchain making poeple to trust cryptp? (Read 134 times)
Don't forget about it being immutable. Transactions that are being done in the network are immutable and that's one factor or element that we all like on it.
Because unlike the other systems that we used to know if it's related to transactions and finance, they can alter the transactions as long as they know or they have someone that controls the system.
Because unlike the other systems that we used to know if it's related to transactions and finance, they can alter the transactions as long as they know or they have someone that controls the system.
It's more than just the decentralization, although telling "just the decentralization" might sound like it would be something small/insignificant (and it isn't so).
It's also the fact the blockchain doesn't allow entries from the past get modified and it's also the hash rate protecting the blockchain from malicious parties (like double spends).
The blockchain is a really good technology and a lot of people believe that in the future we would get to see it play a part in other industries and not just in the financial industry such as cryptocurrency. There have been so many other ways that is believed that blockchain is going to be useful in the future, although it is not being applied in most of the day speculated areas for now, but in the future we would get to see it play a role as a lot of people have believed it would today.It's also the fact the blockchain doesn't allow entries from the past get modified and it's also the hash rate protecting the blockchain from malicious parties (like double spends).
And for the fact that it promotes transparency and also traceability, and there is no way for anything that is written on the blockchain to be wiped off and be written come that's really helps in security for whatever sector it is being used.
For some people there isn't any option the government don't really do them any favours and the graph of price keeps falling for most investments as well. Therefore I do think besides it being not owned by anyone and independent as a whole ( except for the instances with whales and their price manipulation) I do think that it's a pretty big deal that one is able to have access to such investment that provides the user with semi-transparency as well as formulates a plan to enable smart contracts in the chain for international businesses that might need a hard push as well.
If you want total privacy you can take steps further as well, no one's stopping you at the same time if you want to investigate a fraud and follow the footsteps, you are again welcome as well, it's quite vibrant and diverge network.
If you want total privacy you can take steps further as well, no one's stopping you at the same time if you want to investigate a fraud and follow the footsteps, you are again welcome as well, it's quite vibrant and diverge network.
The blockchain's "distributed" element, which is a record of each transaction, is kept in multiple locations, sometimes thousands, making it trustworthy.
It's not the fact that it's held in multiple locations that is making it trustworthy. It's the computational power that is used which makes it immune. There are about 50 thousand copies of the ledger (nodes) at the moment: https://luke.dashjr.org/programs/bitcoin/files/charts/historical.html
To be precise, this includes pruned nodes, who don't have the entire chain nor who they advertise themselves as having blocks.
First, this topic does not belong to the Bitcoin discussion board although there is an element of Bitcoin-related discussion on the topic.
Back to your question blockchain as a revolutionary tool is technical to the extent that record keeping is saved and secured for life as long the access to the harsh txd, so at that cryptocurrency e.g Bitcoin transactions are broadcast and processed on the blockchain which gives users the right to verify the transaction on the blockchain this gives room to transparency and trust since all transactions are verifiable on the blockchain.
Back to your question blockchain as a revolutionary tool is technical to the extent that record keeping is saved and secured for life as long the access to the harsh txd, so at that cryptocurrency e.g Bitcoin transactions are broadcast and processed on the blockchain which gives users the right to verify the transaction on the blockchain this gives room to transparency and trust since all transactions are verifiable on the blockchain.
I also think it's more than just the "decentralization". The bitcoin protocol describes how trivial to use a third part to perform a transaction with a very expensive fee.
With bitcoin, i think the greatest part is bitcoin is not just a safe currency but also a payment method.
With bitcoin, i think the greatest part is bitcoin is not just a safe currency but also a payment method.
It's more than just the decentralization, although telling "just the decentralization" might sound like it would be something small/insignificant (and it isn't so).
It's also the fact the blockchain doesn't allow entries from the past get modified and it's also the hash rate protecting the blockchain from malicious parties (like double spends).
It's also the fact the blockchain doesn't allow entries from the past get modified and it's also the hash rate protecting the blockchain from malicious parties (like double spends).
The blockchain's "distributed" element, which is a record of each transaction, is kept in multiple locations, sometimes thousands, making it trustworthy.
what is your opinion?
what is your opinion?
There are about 50 thousand copies of the ledger (nodes) at the moment: https://luke.dashjr.org/programs/bitcoin/files/charts/historical.html
But more importantly is that there's no centralized server that gets to decide anything.
The blockchain's "distributed" element, which is a record of each transaction, is kept in multiple locations, sometimes thousands, making it trustworthy.
what is your opinion?
what is your opinion?
Nope! This is just one of many parameters that are making cryptocurrencies trustworthy. The main factor here is anonymity. Even though all transactions are recorded in a blockchain, it is extremely difficult to find out the person who has initiated or received the transaction. I believe it is the best thing about cryptocurrency.
Banks also keep records of every transaction. But that's not anonymous. that's what is the biggest USP of cryptos.
Decentralization, transparency, privacy (somewhat) and financial freedom.
If you use non custodial wallets, you have full control of your coin and it brings freedom. You don't have to sleep in fear of money freeze, account freeze, any type of freeze which is harmful for your money.
Don't store your coins on exchanges and you should store your coins in non custodial wallets as well as remember to make backups of your wallet. When the initial device on which you create a wallet is broken, you can use backup to recovery your wallet on other devices.
If you use non custodial wallets, you have full control of your coin and it brings freedom. You don't have to sleep in fear of money freeze, account freeze, any type of freeze which is harmful for your money.
Don't store your coins on exchanges and you should store your coins in non custodial wallets as well as remember to make backups of your wallet. When the initial device on which you create a wallet is broken, you can use backup to recovery your wallet on other devices.
The blockchain's "distributed" element, which is a record of each transaction, is kept in multiple locations, sometimes thousands, making it trustworthy.
what is your opinion?
what is your opinion?
IMO, I believe the best function of the blockchain technology is being a distributed ledger that promotes transparency and privacy, and it is one of the compelling reasons why the cryptocurrency is gaining popularity and momentum across the globe, and Im sure that the trust and confidence will continue to blossom in the years to come for our beloved crypto industry.
The blockchain's "distributed" element, which is a record of each transaction, is kept in multiple locations, sometimes thousands, making it trustworthy.
what is your opinion?
what is your opinion?
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