Quote from: thomasonil on September 15, 2017, 06:01:20 PM

On the negative side, no central authority means that there is no one to appeal to in the case of a transaction gone wrong. Bitcoin is a decentralized peer-to-peer payment network that is powered by users, which means that their value is set by the market. This means that their value will fluctuate, and could even crash all the way to zero. After all, theres no central bank to prop up the value of this kind of currency.

Unlike with centralized systems, transactions in Bitcoin never go wrong for some technical reasons, there are no bugs that make people lose money, transactions always go exactly where they are supposed to. All unwanted transactions are caused by human mistakes and malicious actions, which can be solved through learning of Bitcoin software and net security. In fact, it's much more efficient to have some people lose their money due to their own mistakes, rather than installing systems that increases costs for all users universally, regardless whether they do mistakes or not. And if you read Satoshi's whitepaper, this is exactly one of his initial arguments for creating Bitcoin.