Decentralization Of Bitcoin

1043 Words 5 Pages
In the 20th century people would have to go to their bank for all their money needs, but with the change of technology in the 21st century everything became a bit simpler. People no longer have to go to the bank to transfer money, they can just go online or make a phone call, and with the invention of credit cards transactions are now easier. With the blink of an eye our society has change with the help of technology. One thing that hasn 't transformed much is the form of traditional currency in the US, but that may be soon to change with the development of Bitcoin. Although the US dollar and Bitcoin are both currencies, they are both vastly different types of coinage. Bitcoin not only offers a new form of portability and decentralization, …show more content…
The US has tried to allow money to be more portable with the invention of the credit/debit card. As a result of it each year there are millions of cases involving identity theft and it can be a real headache to fix. “In 2014 there was an estimated 12.7 million cases in identity thief”(Holmes). Since credit and debit cards lack highly sophisticated encryption methods they are easier to hack than a Bitcoin wallet. “Payments in Bitcoin can be made and finalized without one’s personal information being tied to transactions” (“What are the Advantages and Disadvantages of Bitcoin?”). This adds increased security to Bitcoins because unlike debit or credit cards every swipe contains information linked to an account full of personal data. Another great feature of a Bitcoin wallet is only the owner of the wallet can access the money. “Bitcoin users are in full control of their transactions, so it is impossible for merchants to force unwanted or unnoticed charges.”(“What are the Advantages and Disadvantages of Bitcoin?”). With Bitcoin being highly secure and controllable, it could one day be the leading form of

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