Fidelity Investments states that Bitcoin is “truly decentralized”. Many mistakenly believe that decentralization only applies to technology, but it is much more than that. Decentralization is a process by which the network of users becomes more resistant to attack or control by a single entity.
Read CRYPTONEWSLAND onTo highlight, decentralization is a core principle of Bitcoin and is one of the main reasons why the digital currency has been so successful. In a recent tweet by Bitcoin Magazine, it draws light to how Bitcoin is showing the power of decentralized money.
According to Coinmarketcap Bitcoin is the leading crypto in the market today and one of the most traded cryptocurrencies according to recent data. Clearly, the position of bitcoin is on a different level in comparison to other blockchain platforms as it does not have a centralized entity governing it.
This is one of the most important aspects of Bitcoin, and it is also one of the main reasons why digital currency has been so successful. With decentralization, there is no central point of control or failure. This means that the network is more resistant to attacks and manipulation.
Also, with the decentralization of BTC, investors can trust the environment of the market and the individuals who are trading. Thus, transactions on a decentralized exchange cannot be altered or deleted.
This is huge in the world of online investing, where transparency is key. Furthermore, decentralization has reduced weaknesses within the platform system that are often taken advantage of by hackers. Decentralization offers many pros that are not restrained to the Bitcoin network. After all, every blockchain network comes with its own unique advantages.
In June, USDD also upgraded into the first over-collateralized decentralized stablecoin on Ethereum to bring DeFi to new heights. This move once again showcased how powerful decentralized platforms can be. The blockchain industry’s most distinctive trait is constant evolution and adaptability, all thanks to decentralized technology.
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