Bitcoin and Why It Must Remain Decentralized

Bitcoin and Why It Must Remain Decentralized

Bitcoin decentralized

The following guest post is courtesy of Paul Puey, CEO and Co-Founder at Bitcoin wallet company Airbitz.

It seems like 2015 should be the year for bitcoin to level up. Everywhere you look there are crises caused by centralized currencies. In Zimbabwe, hyperinflation finally caused the government to abandon their currency and switch to the US Dollar; the Greek government instituted emergency procedures that dictated how banks could operate; and bitcoin was right there to rescue people from the problems caused by centralized monetary policies.

Actually, it wasn’t. In fact, bitcoin was entirely irrelevant despite all of the buzz on blogs about how these crises were exactly why we need it.

Paul PueyBefore we get into why bitcoin did not make a difference in this year’s financial disasters, let’s establish some history about centralized currency. Despite being an advocate for bitcoin, I tip my hat to what centralized currency has done for the world.

Money used to be very much like bitcoin. Whether it was gold or jewels or fine stones, the various items used in bartering were taken at face value. That is where the famous scale symbol comes from. You would actually put your gold on the scale and it would be weighed. If you had an ounce of gold, that was it. You had an ounce of gold and it was worth one ounce of gold.

But of course gold is not convenient to transport on foot over long distances, which was a much more common form of travel many centuries ago. To remedy this issue (and others),

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