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Are Centralised Cryptocurrencies Really That Safe?

  • Thread starter Thread starter Good-Person
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Good-Person

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The topic of cryptocurrencies is one of the hottest one. There are many different kinds of cryptocurrencies. Some of them are centralised and some of them are decentralised as well. Many people think that centralised cryptocurrencies are less safe as compared to the decentralised one, is this really the case?
 
Well, in general I prefer decentralized currencies, since I will be sure that nobody will touch my money or can apparently manipulate the monetary policy of the currency, centralized currencies apparently tend to have the largest holdings in a few hands and I really don't like that .
 
Actually I don't know about the crypto currencies that are actually centralized but nevertheless, crypto currency is a digital asset irrespective of coins so the existence is never physical; I can't say it's safe.
 
Emmy said:
Actually I don't know about the crypto currencies that are actually centralized but nevertheless, crypto currency is a digital asset irrespective of coins so the existence is never physical; I can't say it's safe.
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We could say that the most centralized cryptocurrencies are those that use a POS or proof of stake system, this allows people with more coins to have more votes in the blockchain, in POW it is different and they are generally more decentralized.
 
Some time back I read a research paper that mentioned that only 18 percent of the available crypto coins were actually decentralized. If you can invest in stocks (completely centralized companies), what is the problem with investing in centralized cryptocurrencies?
 
riberet19 said:
Well, in general I prefer decentralized currencies, since I will be sure that nobody will touch my money or can apparently manipulate the monetary policy of the currency, centralized currencies apparently tend to have the largest holdings in a few hands and I really don't like that .
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Probably, but the thing is that most cryptocurrencies are only in the hands of few individuals. That is the major reason why you hear about rugpulls and a lot of other things in crypto space.
riberet19 said:
Well, in general I prefer decentralized currencies, since I will be sure that nobody will touch my money or can apparently manipulate the monetary policy of the currency, centralized currencies apparently tend to have the largest holdings in a few hands and I really don't like that .
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Probably, but the thing is that most cryptocurrencies are only in the hands of few individuals. That is the major reason why you hear about rugpulls and a lot of other things in crypto space.
riberet19 said:
Well, in general I prefer decentralized currencies, since I will be sure that nobody will touch my money or can apparently manipulate the monetary policy of the currency, centralized currencies apparently tend to have the largest holdings in a few hands and I really don't like that .
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Probably, but the thing is that most cryptocurrencies are only in the hands of few individuals. That is the major reason why you hear about rugpulls and a lot of other things in crypto space.
 
The centralised coin may be safe, but I still believe it's less safe than decentralized ones. And that's evident in many people choosing decentralized above it.
 
Chibson said:
Probably, but the thing is that most cryptocurrencies are only in the hands of few individuals. That is the major reason why you hear about rugpulls and a lot of other things in crypto space.

Probably, but the thing is that most cryptocurrencies are only in the hands of few individuals. That is the major reason why you hear about rugpulls and a lot of other things in crypto space.

Probably, but the thing is that most cryptocurrencies are only in the hands of few individuals. That is the major reason why you hear about rugpulls and a lot of other things in crypto space.
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well but I think that when the rugpull really occurs it is because it was already planned, there are even more centralized currencies whose projects are serious and they do not plan to do that, but hey anything can happen in the crazy world of cryptocurrencies
 
riberet19 said:
Well, in general I prefer decentralized currencies, since I will be sure that nobody will touch my money or can apparently manipulate the monetary policy of the currency, centralized currencies apparently tend to have the largest holdings in a few hands and I really don't like that .
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Decentralised cryptocurrencies are much safer and far much more trustworthy for sure. Centralised cryptocurrencies are risky, but they may also be quite profitable as well.
 
People who avoid centralization don't to avoid the type of interference that government do, and for good reason too. When the government want to control people, they control their essential resources especially money.
 
Good-Person said:
Decentralised cryptocurrencies are much safer and far much more trustworthy for sure. Centralised cryptocurrencies are risky, but they may also be quite profitable as well.
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Yes, when it comes to profitability, it is clear that they can give you a lot of benefits, but sometimes I prioritize security of my money above of future profitability, which is why I prefer them more than anything.
 
The main reason why most people don't like centralized cryptocurrencies is because they are taxed by the government. People prefer investing without the government interfering in any way. So they will always go for decentralized ones.
 
Good-Person said:
The topic of cryptocurrencies is one of the hottest one. There are many different kinds of cryptocurrencies. Some of them are centralised and some of them are decentralised as well. Many people think that centralised cryptocurrencies are less safe as compared to the decentralised one, is this really the case?
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Centralized cryptocurrencies are not necessarily safe. Centralized cryptocurrencies are managed by a single authority, which means that they are more vulnerable to manipulation and fraud. In addition, centralized cryptocurrencies are subject to the same security risks as other types of digital currencies including hacking, phishing and other forms of cybercrime. Therefore, it is essential to do your own research and understand the risks before investing in a centralized cryptocurrency
 
Not long ago I has discussion about this specific topic with someone, the crypto currency been centralized and Been decentralized, but the final answer was that. It's very important for one to go for the decentralized.
 
Since they are more susceptible to manipulation and control by outside parties, centralized cryptocurrencies are typically thought to be less secure than their decentralized equivalents. Furthermore, as centralized cryptocurrencies are frequently controlled by a single company, attacks from bad actors or other sources may be possible. To assist mitigate the risk, certain centralized cryptocurrencies provide extra security protections like multi-signature transactions. In the end, a cryptocurrency's security will be based on the precise security measures put in place by the currency's developers.
 
There should be no reason why cryptocurrency should be centralised. it was meant to be completely decentralized as we do not have anyone monitoring what is going on in our account and our transaction is not being tied to a third-party organisation like the bank.
As long as the government allows it and is being regulated by the government them it is trusted but your privacy is still with the government
 
Cryptocurrency where created to be decentralized and if a crypto is centralized then I don't think I would use it, as it has deviated from the original plan of creation and it is definitely not safe.
 
I have not heard of a centralised cryptocurrency and I don't think it is is there is no centralised cryptocurrency because all crypto coins are decentralized and that is what makes them I have a peculiar feature.
 
Since they are managed by a single body that is susceptible to hacking or other attacks, centralized cryptocurrencies are generally thought to be less secure than decentralized ones. Government laws may also apply to centralized cryptocurrencies, which might further reduce their security and safety.
 
Cryptocurrency is meant to be Decentralized, so I don't see any reason why I would be interested in Centralized cryptocurrencies. I do not feel it is safe. They tend to be less secure than Decentralized Cryptocurrency.
 
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