I believe, the decentralised nature of Bitcoin is its best feature. Decentralisation makes the coin not bound to any rules and regulations by any government and decrease the chance of corruption. Hence, it increase the transparency in the financial system. This makes a direct contact between the people without any intermediates.
Also, it helps in reducing the dependability on banks and can lead to a digital, cashless society.
Also, it allows the coin to have its own system and hence opens new horizons in the financial market for the coin.
Topic: The significance of bitcoin decentralization - page 3. (Read 1089 times)
they have got the important of the bit of the bitcoin allocated as bitcoin network network is a horizontal line or destination point without a bitcoin network failed in the P2P transaction
There are so many advantages of decentralization it is not the idea of there will be a lot of money and no one will handle to distribute it but the main purpose of this is the security no one can manipulate the price of bitcoin even the government.
Being decentalized is one of the best characteristic of Bitcoin in terms of its system and for transaction. And for most scenario the capability of a particular thing to have an own base system that could run without center management could literally help people to gain chance of earning and have a stable income on trading and investment.
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 most important thing is the absence of a third party to store, protect and control the information transferred between counterparties, and this gives minimal fees and quick transactions, as mining computers cope with this faster.
Yeah, and that is more like a freedom that decentralization has ended up bringing. The fact that we no longer have to worry about making transactions across border and with this, we get to see banks being discarded in such scenarios and that is the main significance of decentralization. More like, we are free to make our decisions when it comes to transactions without being affected by bank policies and their shenanigans just for their own pocket.
Commercial banks, as we have seen, have absolute control over your accounts. They can suspend transactions, freeze accounts, do all that. We've even seen them do this to crypto related transactions, and say that they don't accept these transactions altogether.
I'm with you on this.
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.
Commercial banks, as we have seen, have absolute control over your accounts. They can suspend transactions, freeze accounts, do all that. We've even seen them do this to crypto related transactions, and say that they don't accept these transactions altogether.
I'm with you on this.
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.
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 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.
That's the good feature of BTC it was really so far than the current method of the bank only you can hold your money through virtual digital currency unlike the bank many official has sign and many supporting document to be produced but when the time they declared bankruptcy your money is not 1005 money back while in BTC you can protect always your stock to avoid hacked by hacker. That's only the riscky of BTC
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 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.
Bitcoin is new monetary system and some peoples call it revolutionary. Its transparant because every one can see bitcoin transaction in blockchain network and no one can control bitcoin supply.
It is for these reasons that the crypto currency community is growing. But a lot of people do not understand this all and this does not allow the crypto-currency market to develop even faster. Therefore, we need to convince people of the usefulness of the crypto currency.
No need for that i suppose, people will always get attracted where the money are coming from and if bitcoin reaches another all time all those negative thoughts they known will immediately vanish, what we need is the adoption of the government especially from first world countries. 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 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.
Good point, but I don't think bank can easily seize your assets if you haven't broken any agreement with the bank.
Regulation and centralization of bitcoin could also assures are security as there would be a body responsible if something wennt wrong.
But I can't deny what you stated was also a fact.
It is for these reasons that the crypto currency community is growing. But a lot of people do not understand this all and this does not allow the crypto-currency market to develop even faster. Therefore, we need to convince people of the usefulness of the crypto currency.
Bitcoin have potential to disrupting banking industri. With bitcoin system, there is no intermediaries l ike banks and with bitcoin we can transfer instantly with low fee.
This is technological advancement, we can conduct direct transactions without any third party intermediaries. of course this is very profitable for us, because it can minimize cost and time. we as holders or actors Bitcoin, all can control and oversee the transactions that we do. certainly this will ensure security and transparency. this is really a super technology, which is created to simplify human life.
It is more like the evolution of money. Gone are the days when we have to keep remaining a subject to the banks and the government with their manipulations and monopolies which at the end brings about some policies that gets us to live more like slaves when it comes to transacting most especially internationally. That has sucked over the years and it is one main thing that decentralization is solving right now as we get to make transactions without the banks who are also more like the third party being involved.
The decentralization of bitcoin is a great thing because it gives freedom to the people who want to have a currency that they can use in whatever way they want and that is the reason for the other people to get into bitcoin and not to other currency like fiat because it does't bring them profits but just negative profits which is not a good thing.
That BlockChain technology which for the first time ever in Human history that made private property sacrosanct in BTC paved way for Bitcoin as the most golden and useful on line Digital currency for all its users, especially with its Decentralization nature, where the peer to peer transaction is eminent shortfall of unscrupulous middlemen such as Banks with their various anti human activities to cheat their customers.
As long as the existence of internet is not truncated, controlling means or enforcement order in any form of category by the Government or any other security agents/institution can never be effected on Bitcoin users, because its rudiments are encrypted/anonymous to third party unless if shown.
As long as the existence of internet is not truncated, controlling means or enforcement order in any form of category by the Government or any other security agents/institution can never be effected on Bitcoin users, because its rudiments are encrypted/anonymous to third party unless if shown.
Bitcoin does not have a centralized management mechanism: there is no single information repository, there is no centralized management, and there is no point, the abandonment of which could lead to the failure of the entire network. And yet, most modern companies and projects based on the Bitcoin ecosystem are centralized.
The fact that bitcoin is a decentralized currency is a great advantage because it is really important nowadays. I think that this is the most significant advantage of Bitcoin, which helps BTC to stay the most popular currency
The diversification of bitcoin is conducive to the spread. The more dispersed coins in the trading market are less likely to be manipulated by whale and more valuable. Bitcoin is a coin that is centralization in all coins, which also gives long-term holders more confidence.
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 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 the reason why Bitcoin is growing steadily and rapidly. Banks usually hold our money and use it to other investment to their interest. What we gain from banks is just a little compared to what we can gain from a decentralized investment like Bitcoin.
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