Tron Fan Club | Reason why Cryptocurrency was built on a decentralized system | 10%payout to the community

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Hello to everyone in this great Community called the Tron Fan Club. Today I will like to talk about an important topic in cryptocurrency. my younger brother asked me a question today which made me so curious and eager to answer so I made some research on the above title which is Why Cryptocurrency was built on a decentralized system. and after my findings, I answered his question and I then saw the need to share it with the house, especially the newcomers in other for them to know why the digital currency was built on a decentralized system. sit tight and I wish you happy reading.

THE INVENTION OF CRYPTOCURRENCY

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The digital currency was said to be invented in the year 2008 by an unknown individual known as Satoshi Nakamoto and after the invention, the digital asset became useful in 2009. during those days it was the Bitcoin that was first of all invented and it was used as a reward when it is being mined. so as you can see, first of all, the Bitcoin was created to reward the individuals who were mining at that time. this is a little story on how digital currency came into existence today. but that is not our main point of view, let's talk about the real fact.

WHAT DO WE MEAN BY THE WORD DECENTRALIZE

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Decentralization is said to be the ability to lower or reduce the authority of a governing body by the act of distributing that particular authority among others. so for a thing to work on a decentralized system, it must, first of all, reduce the authority power and then share that power among its users. and that is why the bank still works in a centralized system. if you noticed, that transactions are being approved by the authorities, they checkmate all activities concerning a user account, but in cryptocurrency, one is at liberty to perform all transactions single-handedly without the intervention of a third party or higher authority.

WHY CRYPTOCURRENCY WAS BUILT ON A DECENTRALIZED SYSTEM

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During the past years, before the dawn of cryptocurrency, we all are used to the banking system which entails the bank monitory your money, dictating how you perform transactions, also they tend to restrict individuals while making transactions to some point. Issues like transaction errors and money not received from one account to another have been a thorn in the flesh. seeing all these lapses from the centralized system and knowing that users are not so happy with was has been happening, so with the invention of the cryptocurrency, everything changed. the digital assets were then designed to meet the need of all its users. unlike the bank that works on a centralized system while sending money to another user, one must go to the bank to get a checkbook and input the address of the receiver then give it to the bank attendant to process the transaction, but in cryptocurrency, you don't need the presence of a third party to send digital assets. also in banks, the rate of transaction charges is so high whenever a user wants to send money to another user but in cryptocurrency, charges are low and suitable for all users.

As a currency that works under a decentralized system, it requires no higher authority to take orders from, transactions are performed excellently without stress or undergoing security checks just as the centralized system does. here every one is liable for his/her transactions and actions, who to send your asset to are unknown, and where the asset is coming from is also unknown because it uses a wallet address without the user name on it, unlike the bank that always requests for the name of the user. here also you can make as many transactions as possible, with no restrictions and no declination.

Now with the decentralized system of the cryptocurrency, every user can perform his or her transactions swiftly and it is safer. keys to a user's wallet are being provided to every user in other to secure his/her assets that are located in the wallet of every user. and these keys are so powerful that they can not be jeopardized by a third party. just like the steemit platform, each operation is guarded by a functional key, there are various keys to perform certain activities, keys like the Posting key, Active key, Master password, Owner key and others are used for a specific function, here authority is been distributed, these are features of decentralized system activities.

Little wonder why the bank is fighting against the cryptocurrency, because they noticed that they cannot render these services and as such, they can not work on a decentralized system, also with the number of users opting out from the banking centralized system and enrolling into the crypto world has created discomfort to many banks in the world.

Cryptocurrency is an eyeopener to many and as such, users prefer to convert their fiat money into cryptocurrency assets in other to store and benefit from the decentralized system features, as though each user is responsible for his assets and operations are not overseen by a third party or higher authority also unlike the bank that a user's money or account can be hacked or robbed, the cryptocurrency helps with strong security that helps us safeguard our assets vehemently.

CONCLUSION

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Most of my money is been stored as assets in the crypto world, and with this, I can perform transactions at my own will and as many as I wish to. the decentralized system is tested and trusted more than that of the centralized system. here your asset is right in your hands, there are no cases of transactions downtown or declined or not accepted. everything goes as expected. these are the aims and objectives of the digital currency invention and it has been considered the best so far.

Thank you for going through my article today, see you next time.