Can Bitcoin leave to be decentralized - page 3.

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Quote from: yazher on July 16, 2023, 10:46:28 AM

There's no way for the government to make Bitcoin centralized because they can't find its original creator and all they can do is put pressure on some exchanges that don't follow their rules and regulations and eventually they are forced to close due to some illegal activities. this is just some example of their hostility and imagine if they can have full control of it, they can earn lots of money from bitcoins but instead, they are not able to do so and there's no way for them to control it until no and bitcoins will remain to be like this forever and the price will also increase in the future due to the fact that it always gained trust from the people and big companies every year.

But even if the government finds Satoshi, can he change it so that bitcoin becomes centralized? Although he is the one who created it, I don't think he can make bitcoin centralized. So it is tough for the government to figure out how to control bitcoin. But the future is unpredictable, and the technology is constantly evolving, maybe in the future someone can decrypt bitcoins. So we should enjoy what we have, don't be too subjective, and always live realistically.

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There's no way for the government to make Bitcoin centralized because they can't find its original creator and all they can do is put pressure on some exchanges that don't follow their rules and regulations and eventually they are forced to close due to some illegal activities. this is just some example of their hostility and imagine if they can have full control of it, they can earn lots of money from bitcoins but instead, they are not able to do so and there's no way for them to control it until no and bitcoins will remain to be like this forever and the price will also increase in the future due to the fact that it always gained trust from the people and big companies every year.

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If we ignore the material values, then we can completely see that the ability to solve the transaction problem is not easily tied to it, can be much different than before when the attention and behavior continue.
Many people's approach to the market doesn't really pay much attention to the technology or the layers of algorithms going on behind it. But it is clear that now and in the future we are witnessing a rapid development and the recognition of it.

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Quote from: Riginac111 on July 16, 2023, 05:29:03 AM

for instant assuming bitcoin was centralized the domain of the technology would have be affected or tempered.

If bitcoins was centralized, it means everything is still controlled by the people who have the data, and that will not be different from the CBDC that has been created by the government to compete with bitcoins.

Quote from: Riginac111 on July 16, 2023, 05:29:03 AM

But I'm seeing that the Force of Bitcoin today to stand is because is a decentralized currency.

Many people are fed up of being under the control and monitoring from the government, and the number is increasing by the day, the desire for freedom and anonymity is what will always make people consider the decentralized nature of bitcoins as a choice.

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Quote from: Sim_card on July 16, 2023, 08:27:52 AM

You are on point OP, the decentralized nature of bitcoin has made it unique from all other coins. This has given bitcoin the value that it has now and there is nothing anyone can do to change this.

Being decentralized is not what gives BTC value, neither centralization or decentralization gives value. What gives BTC value is its usefulness, fixed supply and demand. Decentralization is the factor that no central authority is in control, and control is in the hands of all the users in the BTC network. If BTC was decentralized but didn't have any usefulness, it will have zero value.

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Quote from: DanWalker on July 16, 2023, 07:00:42 AM

But if bitcoin loses its decentralized nature, it will cease to be an investment and store of value. Bitcoin would not be an investment if it were centralized because if someone could control it, they could increase the supply and render it useless just like fiat.

Bitcoin has always been a thorn in the government's side, and if it becomes centralized, the government will control everything and even destroy it. So it can be said that the decentralized nature has made bitcoin successful today, if bitcoin becomes centralized, it will be useless, and the game will be over. The decentralized nature is at the core of what makes bitcoin different and unique.

The decentralized nature of Bitcoin is a concrete feature but we must admit that that is not the only reason why Bitcoin has thrived.
Fiat is not useless. It's still a store of value. Majority of the world still use Fiat. Less than 5% of the world population own crypto. So how many of these will be for Bitcoin? Besides, a good number of those using crypto still use fiat. And the over 95% of people in the world use Fiat as a store of value.

If Bitcoin was just a decentralized currency and it cannot be invested then I doubt it would as successful as it is today.
So it's right to say the decentralized nature and the investment nature are the things that make Bitcoin successful.

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Quote from: Riginac111 on July 16, 2023, 05:29:03 AM

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Well, that’s what you think or have researched of it at the time but,

The value of bitcoin isn’t embedded in its decentralized nature although, it plays a key role to its success and we would get to that real soon.
Bitcoin happens to have been the pioneer cryptocurrency, a new tech in an era where the masses hunger for advancements in technology but, the value of bitcoin is in its scares nature as a commodity. With buyers and sellers placing their Bid/Ask in demand and supply, the currency appreciates or depreciates.

Decentralization of bitcoin adds to its securities and becomes one of the reasons why it’s the most trusted amongst others and have stood the test of over a decade and some years.

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It's not just about being centralized or decentralized. The centralized currency already exists in many different forms from fiat that we use day to day to online payment systems like PayPal. Each are solving a problem and providing a useful utility hence they have a "value". Creating another centralized currency can only be useful if it actually provides a useful utility. In fact this is one of the criticism of the CBDCs that are the hot topic these days, they don't seem to offer anything new.
In comparison bitcoin as the only decentralized currency offered a new form of money that didn't exist before. Which is why it gained popularity and a growing value.

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Bitcoin's value is related to it being decentralized, but I'd add that it's also a quality that many users don't appreciate. For instance, using centralized crypto exchanges is very common, and despite warnings, people often keep a lot of money there because it's convenient to them. Some also use custodial wallets because they don't care that it technically poses a rick of an exit scam and similar things.
Another Bitcoin's advantage is that it can be used as an alternative to a bank, especially for international transfers. International transfers can sometimes take days and have a significant fee, but Bitcoin transactions can happen much faster and, if the sum is high, at a much cheaper fee. Also, where's no requirement to enter a lot of data and wait for an authority's approval.

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Quote from: Riginac111 on July 16, 2023, 05:29:03 AM

From my theory of understanding bitcoin as a cryptocurrency I have view bitcoin in different ways and i understand that Bitcoin what kept Bitcoin valuable is because it's a decentralized currency, for instant assuming bitcoin was centralized the domain of the technology would have be affected or tempered. But I'm seeing that the Force of Bitcoin today to stand is because is a decentralized currency.

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You are on point OP, the decentralized nature of bitcoin has made it unique from all other coins. This has given bitcoin the value that it has now and there is nothing anyone can do to change this. It has also made government to hate bitcoin because it didn't give them access to have control over bitcoin. So many shitcoins are crashing these days because it is centralized and can be manipulated by the dev. Decentralization is the key to financial freedom which bitcoin has given to its users.

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Quote from: Riginac111 on July 16, 2023, 05:29:03 AM

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Hmm Yes, It is true..

For the rest of your post, I think Bitcoins' Decentralization is a cosmic mystery Grin

and you are the one who discovered all aspects and now finally Bitcoin is Decentralized hmm, Thank God that this digital asset is now decentralized otherwise I won't be writing this post.

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The decentralization element is vital to Bitcoin, and if that was to be lost, that new coin wouldn't be bitcoin. Something centralized can't be called Bitcoin. It's the same as if the system became reversible and you could cancel or alter any final transaction to your liking. That's not Bitcoin. Even getting rid of PoW is a direct attack on the infrastructure that secures the blockchain and has kept it reliable in all these years.

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Even bitcoin wanted out of decentralized I think they dont have a choice since its been in the hands of the community already. Satoshi make sure of that and that proves that bitcoin is the 100% only decentralized platform but there are some whose semi decentralized on alts which doesnt have control over the platform too. But in comparison only bitcoin would grow decentrally since thats what it made of for.

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Quote from: _act_ on July 16, 2023, 05:34:12 AM

But that has not been the only reason bitcoin is adopted and grow, another reason is because it can be used as an investment and a store of value. People invest in it and some people store it long term.

But if bitcoin loses its decentralized nature, it will cease to be an investment and store of value. Bitcoin would not be an investment if it were centralized because if someone could control it, they could increase the supply and render it useless just like fiat.

Bitcoin has always been a thorn in the government's side, and if it becomes centralized, the government will control everything and even destroy it. So it can be said that the decentralized nature has made bitcoin successful today, if bitcoin becomes centralized, it will be useless, and the game will be over. The decentralized nature is at the core of what makes bitcoin different and unique.

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Quote from: Riginac111 on July 16, 2023, 05:29:03 AM

From my theory of understanding bitcoin as a cryptocurrency I have view bitcoin in different ways and i understand that Bitcoin what kept Bitcoin valuable is because it's a decentralized currency, for instant assuming bitcoin was centralized the domain of the technology would have be affected or tempered. But I'm seeing that the Force of Bitcoin today to stand is because is a decentralized currency.

Your theory of understanding is correct, and that's a reality that people are mostly into Bitcoin because of its decentralized nature and even Satoshi went to stealth mode only to make Bitcoin 100% decentralized and free from any kind of interference from anybody. Even in 2023 no one is able to have any control over Bitcoin because it's free and open-source, and the miners are the ones who are giving their electricity to the process of mining and completion of blocks in the blockchain.

The growth of Bitcoin as a digital currency is mainly because of its decentralized model and that's why it's gaining growth in value and the amount of investors. No body is able to stop the growth of Bitcoin because it can be used by anyone without any interference if it's used in its decentralized way, however if someone is using it via a centralized exchanges then things are different for that approach. I think you should read more about Bitcoin because you seems to be a person who wants to learn about this technology in depth.

Stalker22

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Many people tried creating digital currencies in the past, kinda like centralized ones, but they all failed. But then came Bitcoin, with its blockchain as a public ledger and Proof-of-work verification process. The reason it is so popular today is that it is decentralized and nobody owns it or controls it. That is precisely why it survived and thrived while the others bit the dust.

So, the thing is: if Bitcoin ever loses its decentralized nature, it would basically be game over for it.

_act_

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If someone wants to create a centralized coin, the government of the country the person is will take down the project and that would be the end of it. I agree that because bitcoin is decentralized, it grows as people adopt it.

But that has not been the only reason bitcoin is adopted and grow, another reason is because it can be used as an investment and a store of value. People invest in it and some people store it long term.

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From my theory of understanding bitcoin as a cryptocurrency I have view bitcoin in different ways and i understand that Bitcoin what kept Bitcoin valuable is because it's a decentralized currency, for instant assuming bitcoin was centralized the domain of the technology would have be affected or tempered. But I'm seeing that the Force of Bitcoin today to stand is because is a decentralized currency.

Learning is a continuous process

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