DECENTRALISED

DECENTRALIZATION

One of the most important aspects of blockchain technology is that it is completely decentralized, rather than stored in one central point. This removes the need for powerful central authorities and instead hands control back to the individual user. And that is why it is so revolutionary.

No middle man no monthly fees and admin costs. Cryptocurrency may not have complete every day real life use yet as currencies have , but on many platforms you are able to trade with others and purchase a variety of different products and services anonymously.

In a fractional reserve banking system, commercial banks are permitted to create money by allowing multiple claims to assets on deposit. Banks create credit that did not previously exist when they make loans. This is sometimes called the money multiplier effect.

Bank creates loans and charges interest on the money that was created and borrowed.

With blockchain how ever there is a set Max Supply of coins that can be created. Some blockchains even destroy/ burn desired amount of coins to create a higher value.

Every transaction is transparent and stored on the blockchain which is publicly available for everyone to see on block explorer. Lately more and more decentralized platforms have been popping up because and that is good because decentralization brings more privacy to its users.

Transacting on the blockchain can be seen to be cheaper, as the only costs involved are the nominal fees used to reward the miner or others that run a node on the network.

Blockchain, and decentralized (peer-to-peer) networks are becoming more and more popular and hopefully one day decentralisation will become a standard as it does protect your identity and data.

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