Distributing the power from one authority to individual users through decentralization of currencies
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.
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. The centralized currency would work seamlessly if it is managed by people who have good intentions and a clean conscience.
Fiat currency is controlled by the government while cryptocurrency is governed by cryptography.
A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990s. I hope it's obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time we're trying a decentralized, non-trust-based system.
— Satoshi Nakamoto
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 a 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. 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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