Topic: The significance of bitcoin decentralization - page 6. (Read 1089 times)
There is both significance and insignificance of Bitcoin decentralization.As Bitcoin is decentralized in nature so government is not able to track the transactions made thorugh Bitcoin due to which transactions become anonymous and people are able to send and receive money within and outside the countries and that too without any high fees or extra taxes. Another significance of Bitcoin decentralization is that people can keep an eye on their money and no third party interference is there.One of the major insignificance of Bitcoin decentralization is that due to the anonymity provided my Bitcoin decentralization many people are using Bitcoin for illegal dealings such as drug dealings, ammunition dealings because they know that they will not be tracked by Government.Due to this many countries are against Bitcoin and trying to illegalise it in their respective countries.
I think that's true, if it's used for something useful I think it's good, but if it's in use by a terrorist group to buy weapons, drugs, etc., it will be very harmful and make a bad btc in the public eye, regardless I think nothing to worry about anymore. 
This means the issue is not with the currency or the technology at all. The problem is with users and if there is problem with people, we cannot do anything for them. I always raise this point that things themselves are not involved in wrong things, even the bad things are made by humans so the problem is with human beings. Before virtual coins, gold and other things were used in smuggling even paper money is not safe.
I think that's true, if it's used for something useful I think it's good, but if it's in use by a terrorist group to buy weapons, drugs, etc., it will be very harmful and make a bad btc in the public eye, regardless I think nothing to worry about anymore.
This is an advantage of the bitcoin. In addition also the longer the bitcoin will increasingly recognize a lot of people in the presence of excess. can feel free in transacting transparently without any of.
We can transact high amount of money through bitcoin, it will improve the transaction system more if we will put our 100% effort to make it better, holding is the best choice that can give you high amount of profit and will also get your money secure as bitcoin is the anonymous currency so you are right your bitcoin transaction will not get transparent in front of other people, so I am watching bitcoin decentralization as best feature for all users of bitcoin. Bitcoin decentralization will give us real freedom from the leaders irrational decision. It is often seen that leaders waste the country's fund collected in form of tax for their personal benefits. No govt. in the world is free from the charge of corruption so there is no guarantee that funds raised from taxes we paid will be utilized in a suitable way.
indeed with the decentralization system makes everyone feel free. free to trade without government intervening. but with the extraordinary development of bitcoin, government is afraid and wants to control 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 decentralized which means that there is no need of a third party to regulate it. It does require the users to create or have trust on other parties. Since it eliminates the need of middlemen, it provides low-cost benefits to its users. There are also no bank accounts or company’s server that can be hacked. So, clearly decentralization leads to global financial success and healthier societies.
Decentralization is what gave bitcoin's pleasant appeal and it worked quite well for all,
it's a very attractive feature, without it bitcoins would never reached this big and wide.
Though it has it pros and cons but still it brought bitcoin to where it is now. It does seems
to resemble or conveys Freedom in a mild sense in the cryptocurrency community. But
there's always another side of the coin as people would say, Decentralization does have
a few flaws and hindrances but that never truly stop bitcoin from succeeding and increasing
throughout the years. It's another profound ingredient to bitcoin's opulence and grandeur.
it's a very attractive feature, without it bitcoins would never reached this big and wide.
Though it has it pros and cons but still it brought bitcoin to where it is now. It does seems
to resemble or conveys Freedom in a mild sense in the cryptocurrency community. But
there's always another side of the coin as people would say, Decentralization does have
a few flaws and hindrances but that never truly stop bitcoin from succeeding and increasing
throughout the years. It's another profound ingredient to bitcoin's opulence and grandeur.
This is an advantage of the bitcoin. In addition also the longer the bitcoin will increasingly recognize a lot of people in the presence of excess. can feel free in transacting transparently without any of.
It gives the people the chance to own and self-regulate their financial transactions in whatever manner they deem possible and appropriate. Moreover, Bitcoin decentralization has paved way to the creation of uniformity in currency worldwide.
But with every pro there is a con attached. Bitcoins are amazing no doubt in it. But what would be the impact of bitcoins if these are allowed and being used by the whole population. Do you really think, by then bitcoins would be having same charm? No. I think they will be just like any other currency which have only power and value within one country but bitcoins deserves power at international level.
Yeah those are general points about it but I have found whole new significance for the decentralised network. The government can not interfere with the bitcoin at all and this is the first time when they are not able to make up their mind whether to invest into the BTC infrastructure or not. They are not able to decide whether to ban it or not and if yes then how because the bitcoin is not under their direct control. They can ban it but they cant delete it. So its kind of shield that bitcoin and other crypto currencies are having thus making it safest investment considering the governments stupid moves against it.
You might not see it as significance but you shod because government is the devil here who can eat the crypto world at anytime.
You might not see it as significance but you shod because government is the devil here who can eat the crypto world at anytime.
Decentralisation, or rather the noble attempt it as we're now a very long way away from 'Satoshi's vision' of one CPU equalling one vote, is pretty much the only thing that Bitcoin has on its side to battle its innumerable foes
Yet for the sake of convenience it's also the first thing the weaker minded seem willing to throw on the scrapheap. And once it's gone it's never, ever coming back. There's no such thing as redecentralising something.
Decentralisation is messy, expensive, slow, irritating and combative. It's also the foundation of all of its value.
I'd love to put together a fork that was overtly centralised which also abused its power so people could get a taste of what they're often so utterly blase about throwing away.
Yet for the sake of convenience it's also the first thing the weaker minded seem willing to throw on the scrapheap. And once it's gone it's never, ever coming back. There's no such thing as redecentralising something.
Decentralisation is messy, expensive, slow, irritating and combative. It's also the foundation of all of its value.
I'd love to put together a fork that was overtly centralised which also abused its power so people could get a taste of what they're often so utterly blase about throwing away.
It gives the people the chance to own and self-regulate their financial transactions in whatever manner they deem possible and appropriate. Moreover, Bitcoin decentralization has paved way to the creation of uniformity in currency worldwide.
I believe it will always be decentralized until a level. But we will always need banks involvement at some point, and sadly for BTC to remain decentralized it can't become mainstream as a secondary form of money, or we will be facing even bigger threats from the establishment that will try to increase their grip on the idea.
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.
yeah i agree with you but problem is if you storing your money thru bitcoin if you need that money you still need a bank to convert to fiat because not all merchant are accepting bitcoin unless you wait that every merchant are accpeting bitcoin.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.
Bank is even totally out of the picture in terms of conversion, unless you are making reference to exchanges. Firstly, this is still new and let's face it, adoption is not that huge yet, but we are not where we used to be. However, you should remember that we have P2P platforms for exchanging like localbitcoins or remitano which is available in some places, so with that, you can easily convert your stuff (that was the main idea anyway), whether to fiat or physical stuffs.
Over time, as things get even more interesting with adoption, we will get to start seeing real life usage as a currency where you buy car with bitcoin (already happening), buy house and easily buy so many other things without having to convert to fiat (talk about the mainstream adoption with LN). Moreover, let's stop focusing on now, but focus on the future!
Bitcoin decentralization will give us real freedom from the leaders irrational decision. It is often seen that leaders waste the country's fund collected in form of tax for their personal benefits. No govt. in the world is free from the charge of corruption so there is no guarantee that funds raised from taxes we paid will be utilized in a suitable way.
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.
Bitcoin-like freedom, we can have it in large numbers with large nominally without paying taxes, in the future I hope Bitcoin's ownership not only benefits the Bitcoin owner but can also benefit the country 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.
Strongly agree with you my friend.
Looks like many people will have an open mind now after the G20.
Who wants someone else controlling your money. That is your money, sweat and blood poured just so you could get it and then they want to control you on how you will use it or how much you can just withdraw.
That should be stopped and bitcoin is the answer for it.
Yeah, I want to believe so. The G20 summit has shown a lot of investors where the government really stands and that are what has been long waited for since it has been the main center of discussion and now that we have that cleared out, at least we can start having some breathing space and start seeing the market back. Looks like many people will have an open mind now after the G20.
Who wants someone else controlling your money. That is your money, sweat and blood poured just so you could get it and then they want to control you on how you will use it or how much you can just withdraw.
That should be stopped and bitcoin is the answer for it.
Other than these, what the Op said, is basically true and that is what makes the idea of decentralization lovely anyway and why a lot of us are here. Enough of the banks duping us.
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.
Very true! It has always been the beauty of decentralization and the main reason why some of us are here today except for the greedy ones looking for quick way to get rich. This is a technology that has come to change a lot of things and even though banks may be trying as much as possible to show that they do not feel threatened now, they are eventually going to be in the long run.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.
Yeah, that is the idea. You have a full control of your holding without anyone trying to impose any bullshit on you, you can decide to make payments for anything P2P, without the banks delaying in anyway and this is what makes the idea very unique and lovable. Once we get to see mass adoption and people believing in the use of bitcoin as a currency, things would even get much better as we keep riding to the moon. 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.
The significance effect of Bitcoin Decentralization is very distinct in the world of Currency generally. Issue of these middle men i.e Banks are abolished shortfall of scrupulous charges that can never be contented since there are kind of regulation guiding them which you have been forced either you like or not to sign with them at the point of your contractual agreement from the inception of your business with them. The reversal is awesomely the case in Bitcoin that is just peer to peer in nature . Your encrypted key to your Wallets and its total control is bequeathed to your hands alone. No regulation of any sort that could hold you under duress indirectly officially to enter into an unjustifiable contract.
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.
Decentralization is the very essence of Bitcoin it gives people the power to transact without the restrains or high fees from the government and the banks. It is open to all but cannot be controlled by thr government or bank. No restrictions just pure transactions. It is secured, it is fast and it can't trace who did the transactions. 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.
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