Topic: Can Bitcoin leave to be decentralized - page 2. (Read 432 times)

Value based on what? You are seeing the price in terms of a fiat currency, for example USD. That does not mean that the value of 1BTC is changing, it remains 1BTC but the price at which the market sells/buys it is what the value is. That could be in fiat or altcoin or any other asset. We dont peg the value of BTC to another asset, but the markets determine the price based on the orderbooks against other currencies.

You are confusing fiat price and characteristics of bitcoin. Being decentralized is a character that bitcoin possesses. Definitely that makes it popular and attractive to the population and raises its demand, but it does not govern the price of bitcoin in fiat.

Based on the theory you explain, your understanding of Bitcoin is very good. Bitcoin is completely open source and decentralized, no organization or individual can control Bitcoin, the network will remain secure even though not all users can be trusted. public trust in Bitcoin is supported by the fact that Bitcoin does not require trust at all, this fact is one of the strengths that can attract interest in Bitcoin due to its decentralized nature.

Satoshi designed Bitcoin to perfection, its main function as a major step towards making money safer and at the same time serving as a form of protection against financial crime. Until now there has never been news circulating that bitcoin can be counterfeited, so Bitcoin owners have full control over the payments they make. One of the factors that supports the growth of Bitcoin so fast because it can be used for various purposes and gives users the freedom to make transactions with their own rules.

I understand that sometimes, some questions will look so stupid that some people might want to use that to get on you but we still got to ask anyways.

Bitcoin will always be decentralized, it's built this way and it became an interest to someone like me because of the decentralized part, apart from the incredible future value of Bitcoin I have always want to be one step away from the government, and Bitcoin just seems to fit the gap very well.

Just relax, Bitcoin ain't a snake that sheds or will shed it's own skin.

Bitcoin can't leave decentralized process, assume Bitcoin is centralized government has stopped Bitcoin for a long term, since is decentralized and internet exist, no body can shut down Bitcoin, but rather keep spreading across the globe and become popular day by day, while serves as online means of payment.

A very good point you’ve made here, It isnt really the decentralization itself that makes it useful but really what utilities it can provide, with services. The decentralization itself has either made its operation easily accessible and  more expensive to acquire.

Though different actions for different context, i personally feel the decentralization of BTC is one of the major reason why it is advisable to buy it more on centralized exchanges in order to have a reasonable amount of asset guarantee, tokens of such can be manipulated and sold as fake on DEXs.

At the same time CEX will offer a considerable amount of fee when carrying out transactions on such token in compare to when carrying out transactions on DEX.

Since Bitcoin is decentralized it’s beneficial to lower barriers to its entry through CEX as it will even improve ones understanding of the use of such tokens, it’s wide range importance, it can equally be trade on features even without having much understanding of trading just as Bitget introduced into crypto their copy trading feature.

No body has ever talk down or criticize the fact that Bitcoin is being decentralized, in one way or the other it has brought a lot of productivity to the token, having Bitcoin operating on its own as a decentralized token is one of the reason why the use of centralized exchanges are necessary.

There is a need for partial regulation and asset security of which can be best done on CEX.

Bitcoin is decentralized for sure but I don't think that's why people adopt it and I guess here we're talking about payment method right?

Investment is a different thing and but people also don't invest in it because of decentralization (they don't care).

Bitcoin is the most widely accepted. It will never go down. It cannot be doublespent without problems. It cannnot be taken down by governments. And it's the easiest to use.

That is why people adopt it. I know Bitcoin is like this because it is the most decentralized coin, but you could argue other coins are also similarly decentralized but without the same advantages I mentioned.

In my opinion, what gives BTC it's value and utility within this context isn't necessarily the level of decentralization itself but rather the features that it's decentralization brings about. I find centralization and decentralization to be a on a spectrum, with each end providing its own set of values and utility. On one hand the BTC token distribution among users is verifiably the most widespread & decentralized among all cryptos with no small group of users holding the majority of tokens like other chains, while on the other hand some might consider the concentration of mining pools to be centralized (i don't believe so). Either way, what really matters is the features brought upon by its level of decentralization-BTC's being the most immutable and most liquid but on the other hand not necessarily the fastest. Even as you slide down the spectrum towards greater centralization with other networks like ETH, Cosmos or even others like ICP with less than 150 actual physical nodes, people are still able to find value and different utilities in it through features like speed and usability (low fees) even with it being more centralized. This even goes for services and dapps where DEXs and such might offer great customizability and freedom for power users but on the other hand centralized incumbents have the edge when it comes to usability, variety, UI and stuff like that. So overall I wouldn't judge BTC based on how decentralized it is, I think it's essential to focus on why people buy their bitcoin and what utility/value it provides for them, not if its decentralized or not, the utility and value differs for everyone. Like I said some people might call the token distribution decentralized while at the same time calling the mining pool concentration centralized, though at the end of the day it is the most immutable/secure/hardest to attack and that's what gives value to it for me.

Yes, fiat is not entirely useless, and I have overstated it because we all need it in our lives.

But I mean, if bitcoin is not decentralized, how can it be the successful investment it is today? Why are many altcoins also cryptocurrencies, but they are not decentralized, and they can't be as promising an investment as bitcoin? Altcoins are only considered speculative, gambling, used to make short-term profit, not a promising asset like bitcoin. Bitcoin has value because it is a highly sought-after asset, but will it still be potential if it becomes centralized? Or it will end up like other altcoins, that's what I mean. The decentralized nature of bitcoin determines the future of bitcoin.

Op I couldn't understand your message earlier, it took me sometimes to comprehend your writings because of some ungrammatical expression of some phrase. Though all of us make mistake from one way to the other even as that read other users threads to improve your writings.
If bitcoin was a centralized system in the internet, authorities would have stopped it since then, BTC would have not grown to this level. Bitcoin is only surviving because nobody from the authorities can control the system.

This is also what I wonder, can Satoshi make bitcoin centralized? If that can happen, we are also in danger because he can change his mind at any time. But I also agree that he cannot make it focus or can destroy it even though he is the one who created it. Bitcoin is open source, and anyone can maintain it without its creator, so no one can destroy it.

Yes, if something better than bitcoin is created, then we shouldn't be too surprised because that's the evolution of the world. But I don't think that will happen anytime soon because more than 14 years have passed, and there is still no altcoin that can surpass bitcoin, so we don't need to worry about that.

OP, I can see that you already have two posts in the Bitcoin Discussion forum. Wouldn't be nice if you combine your questions into one post, instead of having multiple posts created in a short time frame(which kinda looks like post spamming)?
Anyway, Bitcoin is valuable because of the secure transactions and the scarcity. Yes, decentralization also has a role in building trust and confidence among the people, who are using BTC. It's theoretically possible for someone to take control over BTC by performing a 51% attack, but the BTC price would drop and I assume that Bitcoin Core will be forked and most Bitcoin users will move to the version of Bitcoin, that isn't controlled by a centralized entity.

Well, one of the main reasons why bitcoin was created was so that people could use this currency to carry out transactions without the need for intermediaries or anything to support it, so it would not make sense to centralize it. I consider it more difficult for this asset to be centralized since it literally has no domain and it may be for this reason that many are interested in having bitcoins, since it is known that centralized currencies are dominated by both banks and by governments, so they limit their use and not only that, but when they want they can simply steal from you, but with bitcoin this act is made difficult, I am not saying that it is impossible for them to take away your bitcoins since hackers exist but it is not so common and there is no one who restricts you for its use... this is what differentiates it from fiduciary rinds, and what attracts the public's attention... so it should stay that way.

Well, you are right, indeed, considering all that have played out ever since bitcoin started gaining prominence and popularity in the financial market, security operatives of the government must have done alot of digging to try to find out how to bring the technology to a halt, but unfortunately for them, No way...

Now, I believe that most of us can see the Clear picture as to why Satoshi Nakamoto decided to remain anonymous all through the times he was nurturing bitcoin, and immediately he or they saw that bitcoin was matured enough to carry on, he or they went offline letting the technology ⚙ run on its own..
If Satoshi was not anonymous, he or they would have been arrested by now, and forced to shut down or hand over the technology behind bitcoin and blockchain to the government.

You can compare this with the operative systems, the difference between Linux and windows is decentralization, as you can see the Linux community always works to make for the operative system something better for the user while you can see Microsoft team working hard to have the control over the users, that's why decentralized projects are always better for the community.

If bitcoin becomes a centralized project I think a lot of people would just leave it and switch to other altcoins.

Technically correct, but proprietaryly you can convert your original bitcoins to a centralized version at any time, just send them to centralized services and do all your needs through it.

Unknowingly this has been a common practice by some bitcoin users for a long time. And sadly, it was precisely this "centralizing" effort that led to the biggest hack cases that shouldn't have impacted many users if they adhered to the essential principle bitcoin was created.

Bitcoin can't become centralized or controlled and that's one of the strength of Bitcoin that's making it a big threat to the current financial system we have been operated by the government and the banking sector. What keep Bitcoin valuable is because it has a community.

Without the community of believers backing Bitcoin it would had died from the attacks and negative press it has been receiving for a very long time but Bitcoin holders believe in it and always bought whenever the price dips. We have other decentralized currency that failed.

Bitcoin isn't only valuable because it's decentralized but also because the supply of Bitcoin is limited and the block rewards is also halved every four years and this create scarcity of the Bitcoin in the market and causes fomo as investors fears to miss out on future gains.

This is definitely something that I highly prefer in bitcoin world and that's why I am in here anyway. It just feels like its a much better option and should not be really all that difficult to understand why. I am not saying that we shouldn't really do anything crazy, we can still go crazy time to time with small amount of money to make sure we are taking big risks for big rewards at times. But at the same time I feel like its going to be difficult to do that when we are talking about a bigger amounts. So most of our money should be in bitcoin, just put %80 of it there if you can, and with the rest of it you can do whatever you want to do, and take bigger risks and see if it works or not.

The prices are simply derived from demand and supply so the demand among users will be more when there's some utility associated with it but sometimes the temporary period also pulls demand for some zero utility coins and btc is not among them which is why it's been growing each year more strong.The decentralised concept with the actual utilisation make it best among market giving users assurity of their funds.

Apart from the theory that you have read, have you also found other things that are more unique in Bitcoin now? because apart from the things you mentioned, I have also seen several companies that are willing to accept Bitcoin as payment for their products.

Likewise with countries like El Salvador which have also adopted Bitcoin, making Bitcoin more preferred by many people and experiencing additional users every year. So apart from theory, you also have to read more about the facts that are happening around Bitcoin so you can find out more about what has happened to Bitcoin apart from the theory that is in Bitcoin itself.