What does "decentralized" mean to you?
Meriam Webster defines decentrilized as:
"the dispersion or distribution of functions and powers"
In the software and computer world, decentrilized refers to a system in which computer resources are allocated to many locations as needed. Cryptocurrencies including Bitcoin are supported by nodes and systems that are spread out based on need and support. Those who support the networks are compensated for their support in coins. Support may come in the form of many mining operations that I will define in a future post.
Bitcoin, blockchain and decentralized are words that are passed around and omnipresent in the media. We need to define each term and understand how they fit into the Cryptocurrency lexicon.
As time goes on, more people will become acquainted with these terms.
Resources:
Picture from Pixabay
https://en.m.wikipedia.org/wiki/Decentralized_computing
Source of definition:
https://www.merriam-webster.com/dictionary/decentralization