104.2 Lesson - Decentralized

Screen: Decentralized

Headline: Special Characteristic

Reward: 2

Text: Fiat money is controlled by banks and governments — which is why people refer to it as a “centralized” currency.

Bitcoin is not controlled by any person, government or company — which makes it “decentralized”

Not having banks involved means that nobody can deny you access to bitcoin — because of race, gender, income, credit history, geographical location — or any other factor.

Anybody — anywhere in the world — can access and use Bitcoin anytime you want. All you need is a computer or smartphone, and an internet connection. In fact, even a feature phone with no internet can utilize Bitcoin with services like Machankura!

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QUIZ

Question: Is bitcoin centralized?

Answer: No. Bitcoin is completely “decentralized”.

Feedback: That is correct. There is no company, government or institution that controls bitcoin. Anyone can use bitcoin — all need is a smartphone and an internet connection.

Correct: true

Answer: Yes. It is centrally controlled by the United Nations.

Feedback: Wrong answer. Please try again.

Correct: false

Answer: Yes. It is centrally controlled by the world’s largest banks.

Feedback: Incorrect. You already know this is not true!

Correct: false