Decentralized vs. Centralized Cryptocurrencies

[Mika]

Generally speaking, cryptocurrencies are understood to be decentralized money. However, the truth is, not all of them are truly decentralized. Bitcoin, the first ever cryptocurrency is completely decentralized, there is no company that manages Bitcoin, it is completely controlled by the community. Even a meme coin like Dogecoin are controlled by the community, there is no central authority that manages Dogecoin. However, coins like XRP, SOL, and ADA are created by private companies. There are companies working towards maintain these coins. If the owner of the companies behind these coins decide to shut down their projects, the coins could disappear. And that’s what Rug pull about

 

[Micheal]

Generally speaking, cryptocurrencies are understood to be decentralized money. However, the truth is, not all of them are truly decentralized. Bitcoin, the first ever cryptocurrency is completely decentralized, there is no company that manages Bitcoin, it is completely controlled by the community. Even a meme coin like Dogecoin are controlled by the community, there is no central authority that manages Dogecoin. However, coins like XRP, SOL, and ADA are created by private companies. There are companies working towards maintain these coins. If the owner of the companies behind these coins decide to shut down their projects, the coins could disappear. And that’s what Rug pull about

Bitcoin can never be compared with any other cryptocurrency. BTC paved the way for all the altcoins we have today, and these altcoins are bringing many utilities to Web3.