The significance of bitcoin decentralization - page 2.

fasdorcas

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Quote from: PlusOne88 on October 08, 2018, 08:49:43 PM

Banks have their own rules and we cannot understand sometimes how they operate just like what you tried to express. Bitcoin is just another system that could serve more like a bank. The only problem you will have with bitcoin is the volatility and the adaption of bitcoins for use in all stores or shops world wide. If these problems will be solved, bitcoin will greatly be more like a replacement of banks and will be used more as a payment system or a currency.

Sometimes, even the rules and policies that comes from banks affects a whole lot of thing which is why today we keep seeing inflation, the fact that everyone will have to be suffering it as the economy gets driven down and the government and banks doing nothing about it but actually even being the ones who are so much driving it a whole lot down. Cryptocurrency is giving that freedom we have always wished we had.

I imagined myself few days ago how I would have queued in the bank for Western Union transfer just to be able to make transaction with my merchant, and with bitcoin which was what brought me into this space a long time ago, a lot of things have changed when it comes to having my time to do other better things and easily sending money anywhere in the world without a third party.

arpon11

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Decentraliziation bring confident into the market and if the world want to reduce cost of production and transactions it has to used blockchain technology. Blockchain technology discovered is one of the Best thing that has happened to humanity and we need to fully utilize it.

criza

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Bitcoin decentralization system is quite significant especially to the people involved in it. Its vital importance is that, due to its nature, there is no single administrator that holds the power of control over the whole system and the whole monetary society. Thus, distributing the power to the people whom actually deserves that power since in the first place, its their money. Furthermore, unlike in centralization, decentralization system has less prohibition and less restrictions. It means that the limit of its usage and regulation is based on the owner itself. He/she can do whatever it is that he/she wants to do. The decision can be set by him/her. Finally, bitcoin decentralization has a direct transactional system in which no third party or mediator involved.

BartS

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Quote from: lantan81383628 on March 19, 2018, 10:06:23 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.

KesoNie

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Quote from: barbara44 on October 09, 2018, 07:25:42 AM

Quote from: Btcallans on June 19, 2018, 11:10:30 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.

I think the main point is that in 2009 when after the 2008 crisis banks got bailed out and people paid for it was the threshold for people to be sick of banks. Since 2008 none in the whole world likes banks anymore, back in the day it was great people put up investments and everyone really enjoyed the profits their banks gave them without looking at the risks and the dangers of what the banks were doing, ever since than people have been hating on banks, everyone.

The only people who truly like banks are bankers ever since 2008. Now bitcoin is decentralized because we do not want any intervention or we do not want any dabbling with it which means we the people truly own bitcoin and not a centralized place.

The significance of Bitcoin decentralization is we are the only one can control our money without paying taxes if your money exceed in higher amount, then we can do transaction without many paper fill out and no third parties. In other word Bitcoin decentralization is freedom to anything, which is in the real world there's a limitation and have many rules to follow and obey.

barbara44

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Quote from: Btcallans on June 19, 2018, 11:10:30 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.

I think the main point is that in 2009 when after the 2008 crisis banks got bailed out and people paid for it was the threshold for people to be sick of banks. Since 2008 none in the whole world likes banks anymore, back in the day it was great people put up investments and everyone really enjoyed the profits their banks gave them without looking at the risks and the dangers of what the banks were doing, ever since than people have been hating on banks, everyone.

The only people who truly like banks are bankers ever since 2008. Now bitcoin is decentralized because we do not want any intervention or we do not want any dabbling with it which means we the people truly own bitcoin and not a centralized place.

Ycekezuv

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Cryptocurrency allows you to conduct transactions without the participation of third parties over any distance, this is its huge plus!

Rejevunator

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Quote from: Btcallans on June 19, 2018, 11:10:30 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.

We can't do anything decentralization is unstoppable and providing illegal Facility to criminals. But that is one side of decentralization. The better side is that decentralization give us control on money.

patarfweefwee

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True, being decentralized has it's perks but people say it also has weaknesses which I didn't understand. What i do understand is that we've been using Fiat for as long as there way an economy and it led us to this economic disaster of a planet. So why not give Crypto currency a chance and see if there wil be a radical change.

PlusOne88

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“Tackling Climate Change Using Blockchain”

Banks have their own rules and we cannot understand sometimes how they operate just like what you tried to express. Bitcoin is just another system that could serve more like a bank. The only problem you will have with bitcoin is the volatility and the adaption of bitcoins for use in all stores or shops world wide. If these problems will be solved, bitcoin will greatly be more like a replacement of banks and will be used more as a payment system or a currency.

Zackgeno96

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The bitcoin decentralised nature is important as it makss a direct contact between the seller and the buyer without a mediator. Also, decentralised nature of the coins mean that the coin is not bound to any rules and regulations by any government which is practically corruption free and hence the coin is the need of the market. Transactions through the coin are computationally impractical to reverse and protects sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. Hence I like this coin.

Wexnident

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I don't take loans, ask for sig if I ever do.

Quote from: lantan81383628 on March 19, 2018, 10:06:23 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.

jjohnathn

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Quote from: Btcallans on June 19, 2018, 11:10:30 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.

Decentralization has many disadvantage not only people but criminals are also involve with this. I think that's the reason why bitcoin is ban and government afraid to call it legal.

spongegar

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I like the OP's point of view. But it is still a naive point of view. No matter if it os decentralized or centralized, Crypto currency or Fiat so long as someone else manage it and a human is behind it you will see that you will be eternally f*cked in the end. Greed drives these persons in power, and that power is to scr*w with us.

Hatuferu

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https://trueflip.io/

Quote from: normanz on October 07, 2018, 09:54:51 AM

Decentralization of bitcoin is very important because a decentralized system has an important role for individuals to manage their own finances without any third parties managing it.

Exactly.It will give you the sole controller of all your finances so it would greatly depend on yourself if you can manage them well or not.Since we are already stucked with centralization,now is the best time to start with bitcoin decentralization that will give us more freedom when it comes to handling our finances.

normanz

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Decentralization of bitcoin is very important because a decentralized system has an important role for individuals to manage their own finances without any third parties managing it.

Sobocirevo

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Quote from: Btcallans on June 19, 2018, 11:10:30 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.

One of the advantages of bitcoin is decentralization, where bookkeeping systems are not recorded centrally, but are spread on many servers. The advantage is that it can't be hacked, there's no server error and can't be manipulated like centralization.

Rechargers

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In my opinion, it is hard to overestimate the significance of being financially independent, I mean, truly, indisputably independent. Before crypto, if you didn't belong to the elites, they could easily make your life miserable by stealing your financial freedom, and ultimately just freedom. This is no longer the case. Indeed, there are other aspects of personal life that governments still have a full control over. But crypto has shown us all that the government diktat is not absolute, and it can be effectively evaded. Now you can hide your wealth, and if things go terribly awry for you personally for whatever reason, you can run and settle anywhere you like. Your coins will be with you. Just keep up the good work my friend.

aeternus

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Quote from: lantan81383628 on March 19, 2018, 10:06:23 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.

In short bitcoin allows you to do what banks should be doing already and are instead pretending to do, and now they have been exposed by their fraud they want bitcoin to disappear since it is showing to everyone that takes the time to look how inferior they are not only to bitcoin but to the image they have created of themselves as all powerful and yet they cannot destroy bitcoin or any other cryptocurrency that has been widely adopted.

Tungsten-1

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Quote from: Btcallans on June 19, 2018, 11:10:30 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 importance of decentralized nature of bitcoin could be imagined from this fact that decentralization is the backbone of the crypto market. People are attracted towards this system just because they are not relying on banks or other people for their transactions. They are sole owners of their money. If this system gets regularized, it is going to lose large number of customers, this is just my opinion not a fact.

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