These are just the characteristics of bitcoin. Dawn are the days of centralised coins. If you have altcoins, like binance coin, usdt and other stable coins like usdc, busd, know that their creators can freeze your coins on noncustodial wallet. Do not generalized.

Well, I guess this op totally haven't understood the meaning of decentralization. He should probably understand that there are different digital currencies out there, with different levels of decentralization and controls. Some might have been designed to be decentralized and give it's users more control over their funds but not all and they are subjected to the control of external bodies.


I wouldn't quite agree with that, Bitcoin is the most well-known and widely recognized decentralized digital currencies, but it is not the only one. We have others like Ethereum, Litecoin and some others.

Litecoin is bitcoin carbon copy. Ethereum has been centralized before it was created. It started from presales of ether through ICO which makes it very centralised. Another is how it is somehow influenced by the co-founders, unlike bitcoin that its developer is not known, only known by name but left the bitcoin community. Ether moved from PoW to PoS, while staking itself is centralised. Securities are centralized. Ether is a security. Most altcoins are securities.

Bitcoin is powerful as long as someone use it with high privacy, if people use Bitcoin without privacy and leave their coins on a centralized exchange, they already kill the powerfulness of Bitcoin.

Even though there's a government intervention, you still have a choice to use Bitcoin with high privacy in order to make the government can't trace you. As you can use Bitcoin by trade through P2P, you only need to find someone who are willing to trade with you, this make Bitcoin is unstoppable.

That is true because digital currencies are quite useful but you can't call them more powerful than fiat currencies. In value, some crypto-currencies are powerful than fiat but still fiat is more widely accepted and has more power over economics than any of the digital currencies. I agree that you can control your wallet if you own Bitcoin in it, but you can not control its volatility, and in the same way if you have fiat cash in your wallet you can choose to utilize them or let them lie in your wallet, so in that case there isn't any difference in both types of currencies.

Now that point is very legit because Bitcoin is truly decentralized and no government has control over it and counterfeiting it is impossible because the nodes won't accept fake bitcoins in the supply. The Bitcoin is truly the winner in the case of wide acceptability because it can be traded all over the globe and there aren't any restrictions on it in that case.

Bitcoin is truly powerful and it's the world's best crypto-currency, but we can't consider all crypto-currencies in the same way. Many of the crypto-currencies are totally useless and they exist because of the ones who own those useless coins. There are even some crypto-currencies that exist without any good purpose because they are created by the negative actors who intentionally create those coins just to scam the innocent users.

I think that is where bitcoin edges fiat, I am also of the view that it cannot be controlled by the government. If we analyze the issue of China as you mentioned, you would find out that China could only ban its public usage but couldn’t stop its circulation like how a paper money could be stopped from been distributed in China. If you look at the number Chinese citizens that even adopted bitcoin you could see that the number increased even though there was a ban. This is because only the public usage of it was stopped but it was continuously used by the citizens but discreetly.

My own view of control is when the government bans it, then it becomes redundant to use and rendered the existing ones useless but bitcoin is not that. If one government stops its usage then you could still use it to transact with other countries.

 
I think we would classify ethereum as a total decentralized system because there are bodies that actual controls it that is why it’s transition from POW to POS was easy, not like bitcoin that has to have general consensus first. Even the hard forks on bitcoin network today that lack consensus are struggling just like the litecoin you mentioned or others like BCH and so

Hmm, I don't know about this thought but I think some Fiat currency also has digital aspect of it for example, the apex bank in my country just launched its own digital currency known as the E-naira where people can be able to use online but that doesn't free it from the fact that its still controlled by a third party as the government are in full control but its also a digital currency so I think you need to be more district with the specifications of the particular digital currency you are talking about.

This is false... your cryptos aren't 100% secure and they can be robbed. Let's say you have your private keys on your home in a paper wallet, and a thief joins to your house and steals those private keys, another example is, let's say you have your private keys in your computer, and you download some software with a malware, that way your keys can get rob. And a last example, let's say you work hard on security and no one can access to your private keys, but sadly a user finds your private key with brute force.

You can do this but would be done in an illegal way, because the government loves taxes, and if you close a deal without paying taxes then you will be doing something illegal for them.

I think we can say digital currencies are powerful in the sense that they are accessible to more users than a local currency which is limited by supply and user's  ,not forgetting being controlled by the central bank. And with no regulatory body in the drivers seat when it comes to these digital currencies , this means the value can easily skyrocket in a blink of an eye making them potential the most valuable assets out there, which means the command the influence and this is where the power is!

When you're talking about digital currency, you need to be more specific because altcoins are digital currencies, CBDC are also digital currency, but i will admit that the only most acceptable and decentralized digital currency that has no acceptability barrier is bitcoin, you can have it privately, spend it anywhere and anytime and earn it as well because it uses a p2p network well secured on the blockchain, bitcoin is the only coin one can desire to have, invest, hodl and make profitability irrespective of the country or location you find yourself.