Decentralized Versus Centralized Currency: What You Need To Know
Published on: 30 Apr 21:31
From the dawn of time, humans have wanted to be autonomous, in essence, doing what they want to do, when they want to do it. This works great if you’re a hermit and your actions don’t affect others. The reality is most of us live in society and rules are made for the interest of the majority, which often may not be in your interests. However, as the world has gotten smaller in the sense of us being more connected through technology, systems have become more centralized, which yields more invasion of privacy and breaches in security. The desire for a more decentralized world of yesteryears has taken root and is growing.
cDuel, an online currency trading simulator, offers you the chance to participate in the growing movement of cryptocurrency, which is a decentralized currency that puts all of us back in control of our assets. When you sign up with us online, you’ll have the opportunity to practice your cryptocurrency trading skills for free. Enlist your friends, join in matches to see who can earn the highest rate of return, and learn as you go along, risk-free. Below, we’ll discuss in brief the rise of decentralization. Contact us today!
CURRENT CENTRALIZED MONETARY SYSTEM
Currently money is centralized, meaning a central government or authority controls the money supply. All currency comes from a central point. In the case of the internet, all information is stored centrally, such as a server or on the Cloud, meaning all data passes through this one hub. This gives those who govern those data points (Google for example) a lot of control and authority and the ability to sell our information. To be frank, centralized networks are easy to hack. After all, the hacker just has to figure out one system. Once that is accomplished, our identity can be stolen in the blink of an eye.
DECENTRALIZED MONETARY SYSTEM
Decentralization had no central party running the show. Instead, a peer-to-peer network can issue and verify transactions. On a decentralized platform, or an internet system that Ethereum proposes, data goes through many points, with no one person or system in control, making it a lot harder to track, which gives you more privacy. There is no intermediary. Blockchain technology that all cryptocurrencies use is inherently decentralized. The chains of information are time stamped into blocks and linked to the previous block. Once verified by a miner, the information cannot be changed. This makes blockchains (and the cryptocurrencies that use them) extremely secure. Your personal information is not shared and not accessible by a third party.
WHERE CRYPTOCURRENCY FITS IN
Cryptocurrency, with its open-source nature and being controlled by all, is bringing democracy as it was originally designed back to the monetary system. There is no doubt that a decentralized world with no central authority in control (and thus able to abuse its control) is an attractive idea to many. Cryptocurrency was born from those who craved more control over their finances as well as more anonymity. And as more hackers, malware, and ransomware gain more access to our personal information, cryptocurrency only grows in popularity and uses. Blockchain technology has the potential to change the world for everyone, by bringing decentralization back.
cDuel wants to help you understand this new trend in not only cryptocurrency but in other applications, such as in the use of the internet. By signing up for free for our cryptocurrency trading simulator, you’ll learn how to trade this volatile asset without risk. You’ll be able to join matches against others to see who can gain the most return on investment. Furthermore, you’ll be using real time market market prices based on existing cryptocurrencies. cDuel promises you’ll not only learn all about trading cryptocurrency, but you’ll have fun as well. Visit us online today to get started!