I'm trying to summarize in as few words as possible, what is the problem with centralized currencies? Writing an article about why decentralization is important. I would like a good problem summary to start.
I would say:
- Someone always has the ability to counterfeit
- Controlled by centralized authority who can change the rules as they see fit
- Centralized authority can print more money
- People can have their bank accounts frozen
Ideally a sentence or two to summarize. Maybe something like "Centralized currencies can always be cheated by someone and manipulated in a manner that most benefits those in control, to the extent of locking you out of your account or taking away your money if you do not behave in the manner those people would like. When the people control the currency, the people decide the rules that govern it and no one person can touch your money without your permission"?
Anything else I'm missing?
Thank you!
Great summary.
A lot is overlooked when people say that bitcoin is redundant and everything that bitcoin does can be done with a bank, plus more. The fact is that when you are using any sort of paper currency issued by a government you are trusting them with your wealth, just like if you stored your files on google drive you are trusting them with your privacy.
Governments are designed to benefit the people but you have to ask yourself is your government really benefiting the people? Or just themselves and their close friends and family? A lot of the times, the second one is true. Switching to decentralized currencies, such as gold and btc would mean that governments cannot control your wealth, and therefore, how you spend it.