Blockchain Applications for Decentralized Currency

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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 decentralized currency

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Blockchain Applications for Decentralized Currency

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https://www.codezeros.com/blockchain-use-cases/decentralized-currency/ Problem The money that 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. They could print money as per their need and can have an individual’s account frozen if they wish. 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. Centralized money can always be manipulated in a way to control the ones in power to the extent of locking an account or taking away the money if an individual does not behave as per the authority in command of the currency. The centralized currency would work seamlessly if it is managed by people who have good intentions and a clean conscience.

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https://www.codezeros.com/blockchain-use-cases/decentralized-currency/ Solution The above makes us realize that 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 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. A user of Bitcoin is never forced to use a centralized service. Bitcoin allows its users to withdraw into the neutral field of decentralized banking at any time. The way to judge the legitimacy of centralization is always the ability of users to opt out which is provided by Bitcoin. 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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ABOUT CODEZEROS We believe that the power of ideas can transform the world and every successful business was first a business idea. In this digital age our ideas turn out to be the best when supported by all emerging technologies. Blockchain Technology is one such idea that is quickly disrupting the way things are done online. It is the next step to a completely decentralized structure of sharing information. Its implications for all enterprises are still being explored as it is leveraged for more and more industries each new day. Crypto currency is already revolutionizing the concept of currency and how it can be managed without any centralized structure such as a government or banks. At Codezeros we harness its power to help our clients make better business structures by simplifying their logistical processes. As a truly pioneering blockchain development company in India we focus on your ideas and how they can be implemented better with blockchain technology AI VR and IoT. Decentralization of information has a disruptive potential to change how all businesses are conducted. And we plan on being at the forefront of just that

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