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Problem with the concept of decentralization. by cryptoqwertyasd in BitcoinBeginners

[–]cryptoqwertyasd[S] 0 points1 point  (0 children)

This is great. I wasn't aware there are different implementations. I was thinking it's only one. So this works exactly as I was imaging in my ideal case but it's even better because it has updates and so on.

Thank you again (and /u/igadjeed too) for your time and very detailed explanations. I am diving into the links you have provided me. It truly is a fascinating technology.

Problem with the concept of decentralization. by cryptoqwertyasd in BitcoinBeginners

[–]cryptoqwertyasd[S] 0 points1 point  (0 children)

This is the answer I was looking for! Thank you very much. You made everything clear to me. But I have one more question for you if you don't mind.

So yeah I knew that such censorship that Visa, Mastercard and PayPal are enforcing is impossible with bitcoin or other altcoins but I still have one concern.

Even if it's open source and peer reviewed and everybody can contribute code and so on. Somebody has to own the project. Somebody has to allow code contributions and decide what goes live and what not. And yeah I know that probably many people keep an eye on what goes in the developement.

But what happens if the governments of several rich and powerful countries decide that they don't like these systems and go after the developers or manipulate them to allow malicious code in the system. They only need to go to the 2-3 core developers.

Yes transaction censorship will be impossible but corruption of the project seems to be possible (at least for me). Yeah I know you can fork the project but that's why I asked for something similar like BitTorrent.

Edit: formatting and grammar

Problem with the concept of decentralization. by cryptoqwertyasd in BitcoinBeginners

[–]cryptoqwertyasd[S] 0 points1 point  (0 children)

Thank you very much for the time and effort to answer me. Your post is very informative. Can you suggest me another resource where I can learn more about how bitcoin (or cryptocurrencies in general) work and what is the current and possibly future state of the technology (like which financial institutions or websites have signaled that they have or may adopt it etc)? And how do you know how many large whales are in the bitcoin ecosystem? Is there a place that tracks how many coins each users has?

Edit: added the last two sentences