Topic: Is digital currency powerful? - page 7. (Read 863 times)

Hmm, I don't know about this thought but I think some Fiat currency also has digital aspect of it for example, the apex bank in my country just launched its own digital currency known as the E-naira where people can be able to use online but that doesn't free it from the fact that its still controlled by a third party as the government are in full control but its also a digital currency so I think you need to be more district with the specifications of the particular digital currency you are talking about.

You can control your coins when the wallet is decentralized but if it is centralized be a digital or online, then the coins are control by the creator of the wallet. So with that centralized digital system, there is an interference from the third party. The powerful way is only on decentralized assets and not on centralized ecosystems. And your statements, you didn't specify the particular coin you are talking about because not all the coins are in non custodian wallets but some coins use custodian wallets.

I think that is where bitcoin edges fiat, I am also of the view that it cannot be controlled by the government. If we analyze the issue of China as you mentioned, you would find out that China could only ban its public usage but couldn’t stop its circulation like how a paper money could be stopped from been distributed in China. If you look at the number Chinese citizens that even adopted bitcoin you could see that the number increased even though there was a ban. This is because only the public usage of it was stopped but it was continuously used by the citizens but discreetly.

My own view of control is when the government bans it, then it becomes redundant to use and rendered the existing ones useless but bitcoin is not that. If one government stops its usage then you could still use it to transact with other countries.

 
I think we would classify ethereum as a total decentralized system because there are bodies that actual controls it that is why it’s transition from POW to POS was easy, not like bitcoin that has to have general consensus first. Even the hard forks on bitcoin network today that lack consensus are struggling just like the litecoin you mentioned or others like BCH and so

Maybe the term that cryptocurrency is powerful is wrong, perhaps the correct one is that it has a strong influence on people because of the usage that Bitcoin or crypto has because it helps in today's era that we are facing.

Yes, it's also true that most of these are controlled by us, something that banks can't give to their clients because if they do that, they won't earn anything, it's that simple.

That is true because digital currencies are quite useful but you can't call them more powerful than fiat currencies. In value, some crypto-currencies are powerful than fiat but still fiat is more widely accepted and has more power over economics than any of the digital currencies. I agree that you can control your wallet if you own Bitcoin in it, but you can not control its volatility, and in the same way if you have fiat cash in your wallet you can choose to utilize them or let them lie in your wallet, so in that case there isn't any difference in both types of currencies.

Now that point is very legit because Bitcoin is truly decentralized and no government has control over it and counterfeiting it is impossible because the nodes won't accept fake bitcoins in the supply. The Bitcoin is truly the winner in the case of wide acceptability because it can be traded all over the globe and there aren't any restrictions on it in that case.

Bitcoin is truly powerful and it's the world's best crypto-currency, but we can't consider all crypto-currencies in the same way. Many of the crypto-currencies are totally useless and they exist because of the ones who own those useless coins. There are even some crypto-currencies that exist without any good purpose because they are created by the negative actors who intentionally create those coins just to scam the innocent users.

Is that what power really entails?
I wasn't thinking of it in that way though as, I tend to view it from the point of having to control or influence other aspect ones life or the occurances within its system having some influence on the commodities within a state.
Should we view it from this point, you could say cryptocurrencies occupies a neutral position and that's why, it's just the best for everyone.

It bring about no inflation neither is it rocked by inflation as its often the case with fiat. Having to be in control of your won finance and its decentralisation nature as the case is with bitcoin is some big benefit.

Bitcoin is powerful as long as someone use it with high privacy, if people use Bitcoin without privacy and leave their coins on a centralized exchange, they already kill the powerfulness of Bitcoin.

Even though there's a government intervention, you still have a choice to use Bitcoin with high privacy in order to make the government can't trace you. As you can use Bitcoin by trade through P2P, you only need to find someone who are willing to trade with you, this make Bitcoin is unstoppable.

if we say there is no government intervention, it is also not true, because if it is on the blockchain network it is true that there is no intervention, but in its distribution to the people, the government can intervene, like in china where the government intervened in Bitcoin and ensured that it illegal to transact Bitcoins in their area.

and when talking about crypto security, there have actually been many cases where someone's wallet was stolen or an exchange took away users' assets. so you should also educate people that only a non-custodial wallet provides security other than that it doesn't and the need to keep the confidentiality of the private key to keep their assets safe from hackers.

Litecoin is bitcoin carbon copy. Ethereum has been centralized before it was created. It started from presales of ether through ICO which makes it very centralised. Another is how it is somehow influenced by the co-founders, unlike bitcoin that its developer is not known, only known by name but left the bitcoin community. Ether moved from PoW to PoS, while staking itself is centralised. Securities are centralized. Ether is a security. Most altcoins are securities.

Under certain conditions of use you're right, but that's not necessarily a guarantee.

The government can also interfere, and if you use some CEX and don't use P2P, you can find yourself blocked by regulations and laws (for example in a case of a national cryptocurrencies ban).

Similarly, if you leave your BTC on a CEX hotwallet, you can have them frozen or seized by the CEX, or because some institution asked for.
You can also have your seed phrase stolen (by burglary, for example), or be the victim of malware or well-targeted social engineering operation, it happened a lot.

An informed user who is aware of the risks will benefit from using BTC for certain purposes, such as storing value. But a user who is not educated about the real risks involved in holding BTC may find himself in a bad position and regret his choices.

Well, I guess this op totally haven't understood the meaning of decentralization. He should probably understand that there are different digital currencies out there, with different levels of decentralization and controls. Some might have been designed to be decentralized and give it's users more control over their funds but not all and they are subjected to the control of external bodies.


I wouldn't quite agree with that, Bitcoin is the most well-known and widely recognized decentralized digital currencies, but it is not the only one. We have others like Ethereum, Litecoin and some others.

I don't accept the fact that you have generalized it.
In terms of control not all digital currency are decentralized so it's not safe to use that term, the fact that governmenr are unable to conttrol it does not make it free from the control of those (non-government) in charge of it.
I would apreciate next time if you're to make a similar post use "Bitcoin" instead. Digital currency include both bitcoin and altcoins, and I'm pretty sure that you and I know that there are some coin or token that are centralized take BNB for example and that make your thread incorrect.

These are just the characteristics of bitcoin. Dawn are the days of centralised coins. If you have altcoins, like binance coin, usdt and other stable coins like usdc, busd, know that their creators can freeze your coins on noncustodial wallet. Do not generalized.

Compared to fiat currency, Digital currencies are very powerful in-terms of control. You can control your own coin. There is no interference from the government, no one can rob it or counterfeit it. You can use it globally and expand your business internationally. I don't find anything more powerful than this! what is your thoughts on it !