Distributing the power from one authority to individual users through decentralization of currencies
The moneythat we use today is in a centralized system. A centralized currency is the one
that is controlled by a central authority. A central authority that can change
rules as per their convenience and as they see fit.
The
financial and banking systems which issue the currencies have been there for a
long, long time and slowly the problems of human nature crept in greed and
irresponsibility. There is always a chance of someone creating a counterfeit
when it comes to centralized currency. The centralized currency would work
seamlessly if it is managed by people who have good intentions and a clean
conscience.
Fiat currency is controlled by the government while
cryptocurrency is governed by cryptography.
There is a
need for a decentralized currency. A currency that is controlled by people and
nobody can access someone else’s currency without the holder’s permission.
Bitcoin was the first of many blockchain applications to create a decentralized
currency. It made the idea that transactions could be processed with no need of
a middle-party possible. And, it exponentially grew the security, speed,
transparency, and permanency of information transfer a possibility. This is the
difference that the world will possibly soon embrace. It will realize the need
to turn towards and decentralized currency systems.
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