The significance of bitcoin decentralization

Nellayar

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Roobet supporter and player!

Quote from: fiulpro on March 19, 2018, 09:19:16 AM

I think it exists to give real power to people...as an individual they can control what they have and what they own which is anyways not possible ... Otherwise.
People often ... Think they own their money but that's not true some sort of control always exists...
It's... Providing.. an alternative for all the people out there... to really control their money ! And for equality... To exist.

Decentralization for me is not about the power of the people to control their assets. Its about a transparent transaction to all of us. Bitcoin did it because government upholds their citizen. They corrupted the tax and make a hidden transaction so that, they gain a lot of money. Citizen has freedom of information and decentralization made it.

Thomson-Winter

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The decentralization here means that there is no third party involved in the transaction, so it can reduce the hassle of the procedure and, in particular, save costs and speed faster.

zhelis74

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Quote from: BartS on November 06, 2018, 04:15:06 PM

Quote from: bitcoincitr on October 27, 2018, 12:13:39 PM

Decentraliziation bring independence to the market. People want to reduce cost of payment and transactions of money, they had better use blockchain technology. The fact that everyone suffer if the economy gets down. But we all know that governments and mostly banks are the real causes of it, even though they do nothing about it except trying to save theirselves.

That is what the people want but what it is what the banks want? Do you really think that they want the transaction costs that they charge you to be cheaper than what they charge today? Of course not, they want to charge as much money as they are capable and bitcoin is going to make their life harder because unlike them the blockchain is many times more efficient, so they have three choices, to become as efficient as bitcoin, to hope that people keep using their services despite the cost or to try to ban cryptocurrencies.

The decentralization of bitcoin makes it tough and untouchable from government and other party that want to take down crypto currency and I think satoshi nakamoto already anticipated such situation before he made bitcoin and we know that it really works and in fact many government want to abolished bitcoin for they think that it is a threat for there economy and what happened now is that they can't easily destroy bitcoin.

BartS

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Quote from: bitcoincitr on October 27, 2018, 12:13:39 PM

Decentraliziation bring independence to the market. People want to reduce cost of payment and transactions of money, they had better use blockchain technology. The fact that everyone suffer if the economy gets down. But we all know that governments and mostly banks are the real causes of it, even though they do nothing about it except trying to save theirselves.

That is what the people want but what it is what the banks want? Do you really think that they want the transaction costs that they charge you to be cheaper than what they charge today? Of course not, they want to charge as much money as they are capable and bitcoin is going to make their life harder because unlike them the blockchain is many times more efficient, so they have three choices, to become as efficient as bitcoin, to hope that people keep using their services despite the cost or to try to ban cryptocurrencies.

eekkaa

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This bitcoin will have a very good influence when many people start to know and start many platforms that use bitcoin so the price can certainly be very expensive someday.

dealsmith

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The advantage of bitcoin's decentralization is that no third party is involved, no one has control over it, and its price is based on supply and demand rules.

Globalbitcoinl

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the value of bitcoin is difficult to overestimate, because in this way you can get disappointed in its capabilities. I think we have yet to understand his nature.

lelylely

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Decentralization has special privileges, with decentralization making it easy to manage finances without control from the government, and also have prices that can grow higher and become opportunities to generate profits.

bitcoincitr

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Decentraliziation bring independence to the market. People want to reduce cost of payment and transactions of money, they had better use blockchain technology. The fact that everyone suffer if the economy gets down. But we all know that governments and mostly banks are the real causes of it, even though they do nothing about it except trying to save theirselves.

BartS

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Merit: 255

Quote from: Akpuv on October 19, 2018, 01:23:35 AM

The decentralization concept of Bitcoin and the blockchain have actually been a blessing to the world. It is what will eventually be the backbone of financial institutions in future.

True but until that becomes a reality the current institutions are going to fight bitcoin at every opportunity because they are seeing that their power is going to be extremely limited by bitcoin if it is allowed to grow, they are not realizing that the only chance they have of surviving is to adapt and adopt this new from of currency but they do not want to change that is why it is possible that in the future we will have new financial institutions built above the ruins of those that came before them.

Akpuv

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The decentralization concept of Bitcoin and the blockchain have actually been a blessing to the world. It is what will eventually be the backbone of financial institutions in future.

lingwistiko

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╔►[FILIPINO Translator]◄╝

The significance of bitcoin being decentralized is having the autonomous power that the government can not intervene. Besides from that, your transaction is secured as its cryptographic transactions are made in the blockchain.

BartS

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Quote from: BagzMM on October 11, 2018, 12:50:02 AM

I think the significance of bitcoin decentralization is that theirs no third party involve in a transaction. It is a peer-to peer transaction and a hassle free for the working people.

This is something that many seem to forget, bitcoin doesn't need a third party to settle transactions since all of that is done peer to peer, this means that the government doesn't have a way to censor bitcoin, they cannot attack the central bank of bitcoin and destroyed it, and governments are very confused about this, governments are very good at destroying opponents that are centralized but when they have to compete against an enemy that is everywhere at the same time they do not know how to deal with.

stellgod

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Quote from: BartS on October 09, 2018, 10:59:28 AM

Quote from: lantan81383628 on March 19, 2018, 09:06:23 AM

There are many problems with centralization. For example, central Banks can print money and plunder your wealth without your consent. Your money in the bank is not actually your money, but the bank's liabilities to you. You don't always get your money out of the bank. It's possible that the bank will only allow you to withdraw 60 euros a day, and it may even force you to confiscate your deposits. Private property is sacrosanct, but people can't help it. In the BTC, these bad things will no longer exist. BTC is a monetary system that is completely out of the bank and only runs on the Internet. Even the law enforcement agencies cannot seize or confiscate BTC. The BTC network cannot be blocked unless the Internet is completely shut down.

In the BTC system, you can really control your money, not indirectly through the bank. BTC has used technology for the first time in human history to ensure that private property is sacrosanct.

This is something that I have tried to explain to my friends, in theory we have a system that defends private property but in practice it's not true, banks treat your money as if that money belong to them and it truly is that as soon as you give your money to the banks your money belongs to them, they can block your access to that money, and the same happens with the governments the is why by far I prefer to have my money in bitcoin than to have my money in any bank.

Bitcoin is going good as it is going because it is decentralised and no one can bring changes to this asset as it is responding well and we do not want to let someone or any body to have any kind of force over it. Nature of Bitcoin if disturbs then we may lose this golden opportunity which is playing a good role in our life. All the processes are of proper rules and principles if a person get it and do the same it will generate profit.

sana54210

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Quote from: Wexnident on October 08, 2018, 06:05:18 AM

Quote from: lantan81383628 on March 19, 2018, 09:06:23 AM

There are many problems with centralization. For example, central Banks can print money and plunder your wealth without your consent. Your money in the bank is not actually your money, but the bank's liabilities to you. You don't always get your money out of the bank. It's possible that the bank will only allow you to withdraw 60 euros a day, and it may even force you to confiscate your deposits. Private property is sacrosanct, but people can't help it. In the BTC, these bad things will no longer exist. BTC is a monetary system that is completely out of the bank and only runs on the Internet. Even the law enforcement agencies cannot seize or confiscate BTC. The BTC network cannot be blocked unless the Internet is completely shut down.

In the BTC system, you can really control your money, not indirectly through the bank. BTC has used technology for the first time in human history to ensure that private property is sacrosanct.

What makes the cryptocurrency great is the decentralization system where it runs so there are no external force and rules can crush it just like the government. It is the democratic money, the value will depend on the people's demand and usage, government can put taxes on the establishment that uses cryptocurrency for regulating a business but not really on the cryptocurrency itself.

It is actually the benefit we derive from that decentralization that has made a whole lot of us here in the first place. The ability to make payments without a third party, the ability to be your own back and the whole freedom the decentralized space brings and who really does not like freedom the last time I checked, except for governments of course who are always looking out to be in control every single damn time.

I believe a lot of things are changing with decentralization mechanism as it will be disrupting a whole lot and the main significance is the fact that we can all have control that we should have had a long time ago.

cunicula

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Quote from: cosmoo on October 11, 2018, 05:39:37 AM

Yeah, decentralization can solve really many problems of financial world. Man, not only financial world, the whole world.

Whole world? Has blockchain decentralisation able to solve forks issues? Financial stability issue?

cosmoo

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Yeah, decentralization can solve really many problems of financial world. Man, not only financial world, the whole world.

wozzek23

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Quote from: lantan81383628 on March 19, 2018, 09:06:23 AM

There are many problems with centralization. For example, central Banks can print money and plunder your wealth without your consent. Your money in the bank is not actually your money, but the bank's liabilities to you. You don't always get your money out of the bank. It's possible that the bank will only allow you to withdraw 60 euros a day, and it may even force you to confiscate your deposits. Private property is sacrosanct, but people can't help it. In the BTC, these bad things will no longer exist. BTC is a monetary system that is completely out of the bank and only runs on the Internet. Even the law enforcement agencies cannot seize or confiscate BTC. The BTC network cannot be blocked unless the Internet is completely shut down.

In the BTC system, you can really control your money, not indirectly through the bank. BTC has used technology for the first time in human history to ensure that private property is sacrosanct.

Even if there happen to be decentralization, that doesn’t change anything, what you have is what you will still have. You don’t sit and be a lazy man and blame it on banks or whoever you want to. You’re here now, so use that opportunity that you have got, rather misuse it.

And for the fact you don’t know– central banks do not print money just for no reason, they just don’t print money. You need to make research and learn how it works. A country don’t just start printing money anyhow, if they do like that then their currency value drops.

BlueStackz

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Quote from: Btcallans on June 19, 2018, 10:10:30 AM

The significance of bitcoin decentralization is that the system works without a central bank or single administrator.Bitcoins are sent from user to user on the peer-to-peer Bitcoin network directly, without the need for intermediaries.

The main point all of you guys are forgetting that the reason why bitcoin first came out. I know there was a history of digital money and there was maybe hundreds of ways people used online money exchange before bitcoin came along, hell I even know couple people who paid each other in world of warcraft golds because it was easy to cash that out anywhere in the world, you could buy some and send it to your friend and he can cash it out on his countries fiat.

However with bitcoin it was definitely because 2008 crisis, it had a part, why? Because banks were bailed at 800 billion dollars on tax payers pocket. Which means decentralization is there so that noone would be screwed like that ever again.

BagzMM

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I think the significance of bitcoin decentralization is that theirs no third party involve in a transaction. It is a peer-to peer transaction and a hassle free for the working people.

Topic: The significance of bitcoin decentralization (Read 1113 times)