The thing is that we don’t want decentralisation when it comes to money.
Money used to be completely decentralised in the past, there is a reason why we moved away from it.
We are now re-encountering the same issues with cryto as we had in past with real money.
For example our current system allows us to undo human mistakes, like accidentally sending money to the wrong address. With crypto, that just isn’t possible.
It is the same reason why so many crypto exchanges popped up, they are essentially the banks of crypto, who have control over the different transactions of their users.
But because it is less regulated, tons of those exchanges are basically scams.
Bitcoin doesn’t even do the job of decentralization very well either. The blockchain is controlled by the wealthy miners with warehouses full of asic miners. Monero is a better cryptocurrency for that reason.
They just offer to verify transactions and maintain the blockchain.
Unfortunately that’s the issue. Only a small amount of miners are the ones making a significant dent in mining. Consumer hardware cannot compete with the corporations with large asic mining warehouses, especially ones run by governments and large corporations. This leads to further centralization due to the high barrier of entry and makes the blockchain susceptible to manipulation and things like a 51 percent attack.
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The thing is that we don’t want decentralisation when it comes to money.
Money used to be completely decentralised in the past, there is a reason why we moved away from it.
We are now re-encountering the same issues with cryto as we had in past with real money.
For example our current system allows us to undo human mistakes, like accidentally sending money to the wrong address. With crypto, that just isn’t possible.
It is the same reason why so many crypto exchanges popped up, they are essentially the banks of crypto, who have control over the different transactions of their users.
But because it is less regulated, tons of those exchanges are basically scams.
To know how scummy they are, visit: web3isgoinggreat.com
Bitcoin doesn’t even do the job of decentralization very well either. The blockchain is controlled by the wealthy miners with warehouses full of asic miners. Monero is a better cryptocurrency for that reason.
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https://monerica.com/
Would you want to buy drugs with a centralized currency?
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still, 90% of the Bitcoin is concentrated in the top 1%
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Unfortunately that’s the issue. Only a small amount of miners are the ones making a significant dent in mining. Consumer hardware cannot compete with the corporations with large asic mining warehouses, especially ones run by governments and large corporations. This leads to further centralization due to the high barrier of entry and makes the blockchain susceptible to manipulation and things like a 51 percent attack.
monero is a better option in this case