Centralized or Decentralized? That is the question.

Decentralization is more than just a buzzword when it comes to blockchain technology. Decentralization is one of the most used words in the cryptocurrency industry for a reason; it was the goal in mind when Bitcoin was first conceived and the ideal standard that cryptocurrencies are held to.

The idea was to be free of central banks and huge financial institutions that control the economy to the point that it affects the everyday lives of average citizens. The financial crash of 2008 was a major influence in the crypto revolution and is often referred to as the harbinger of the creation of Bitcoin. During these hard times people began to envision a situation where the world’s economy was powered by the combined efforts of humanity rather than being determined by a few key actors.

Decentralized systems will never allow for a continental outage like the one recently suffered by Visa in Europe. Even in the case of catastrophic events, a decentralized system would remain unchanged and usable.

Within the cryptocurrency and blockchain industries there also lies a debate of centralization vs decentralization. Cryptocurrency exchanges, for example are beginning to feel the demand for true decentralization as the blockchain and dApp technologies continues to mature. Centralized exchanges have been under heat after being hacked and robbed of nearly $1 billion in the last year alone. Their centralized nature made them virtual sitting duck targets for hackers who made off with millions.

Bithemoth is building a decentralized platform in response to the growing demand for decentralization. The exchange’s development of a hardware wallet is an important integration to allow for decentralized exchange of coins and tokens; plus, with the coins in possession of users rather than being held by the exchange, Bithemoth would not be vulnerable to the multi hundred million dollar breaches that have occurred in the past.

With the adoption of blockchain technology, people around the globe can be free from depending on banks and other financial middlemen. Decentralization can also free people from being at the mercy of businesses who collect and hold on to their sensitive information. Rather than giving in to huge corporations, consumers can turn to decentralized options such as Bithemoth. Decentralization will allow users to store value and trade it instantly without being tethered to a central system.

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