DECENTRALIZED OR CENTRALIZED? - page 16.

Captain Sneeze

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Quote from: Nelars on April 30, 2018, 04:31:47 PM

Many individuals agree and have the same opinion about bitcoin as decentralized digital asset, a system without a central bank or single administrator is more favourable.
But somehow, numerous citizens want also the bitcoin to be centralized, because others believes it can remove barricades and walls to allow more easily reached and democratized financial and economic infrastructure.
For you what is your own perspective regarding this matter?

For me i would choose decentralized because the meaning of decentralized is no one can control and decentralized is the nature of bitcoin and it is important to understand that it is the feature that has drawn of users to it all over the world.

Abiky

legendary

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www.Crypto.Games: Multiple coins, multiple games

Quote from: crypto reva on June 13, 2018, 04:31:18 PM

I think Bitcoin is good as it is, there is no reason to change it and make it centralized.
All Bitcoin users want it to remain decentralized because they hate banks policies and seeing their money being controlled by someone else.

Exactly. People are tired of banks, and governments taking over their freedom and hard-earned funds. That's why the blockchain was presented with Bitcoin in the first place, to show the world that a financial system could exist without the need to trust a single entity. With this, no middleman or third-party would be able to interfere in such system, giving the power back to the people. Such model is decentralized, and it's one of the reasons why Bitcoin and other blockchain-based cryptocurrencies are successful. But, if Bitcoin becomes centralized, then it wouldn't be called a blockchain as it would require the trust of middlemen just like the bank.

And if this happens, people would stop using Bitcoin as their funds would be at risk. Therefore, Bitcoin is fine as is, and there's no need for it to become centralized in the future. However, it depends if the people want to keep it that way or not. Just my thoughts Grin

Pourmeacup

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we're all here for decentralisation!!!
a centralised Bitcoin doesn't not have any sense imho...
Is like creating a competitor of USD, EUR, GBP etc...
also a centralised BTC is easier to shut down!!!
so... DECENTRALISATION IS THE WAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Emilyp

member

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Remember the popular adage, "don't fix what isn't broken". Bitcoin is best the way it is, centralising bitcoin will defeat the purpose it was created for in the first place.

Stavr1992

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I believe that decentralization is more important for bitcoin than just centralization. However, not all exchanges have become good in terms of decentralization.

● ● NODEhaven | EMPOWERING THE BLOCKCHAIN ◤ Crypto Mining Equipment Co-Operative ◢

crypto3644

newbie

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the bitcoin must be decentralized, but it did not make sense to have invented the bitcoin, it was created with the aim of extracting the power that the governments have over the fiat money, if you centralize the bitcoin you are giving power to those who have more money.

135cc

full member

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Your professional profile on the blockchain

To be honest, i think decentralized system is better. Because, it can give us more freedom and easiness regarding to our financial transactions.

Keerthika

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Check my article on decentralized exchange

https://medium.com/@keerthika.v.24/decentralized-exchange-how-it-works-e172b4c1e550

Supreemo

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Quote from: Abiky on June 13, 2018, 04:16:31 PM

Quote from: MakLampir on June 12, 2018, 11:36:30 AM

day by day btc becomes more centralized as there are just some mining companies that want to become the monopol in mining or claim that they own some true companies which will make it centralized one way or another.

Yes. That's very unfortunate for Bitcoin, as now big mining pools have the most dominance over the Bitcoin network. This in effect, removes small miners (or everyday people) from participating on the security of the network, increasing the risk of 51% attacks over the long term. As such, Bitcoin can be considered as a semi-decentralized cryptocurrency, instead of an 100% decentralized cryptocurrency.

The way I see it, a decentralized cryptocurrency would need to have a fair consensus algorithm, fair distribution, and geographically distributed nodes. In this sense, it would be completely impenetrable against external attacks, making a full decentralized cryptocurrency that's built to last.

Despite this, it's better for Bitcoin and other cryptocurrencies to preserve their decentralization, as that's the purpose why blockchain technology was created in the first place. Being censorship resistant, immutable, and transparent, is what makes a blockchain highly secure, efficient, and successful for years to come. Therefore, I believe that decentralized cryptos like Bitcoin will most likely succeed over centralized payment processors in the future. Just my thoughts Grin

,whether we like it or not, those companies has something and they can afford to make it in their own hands, since they have enough money to sustain mining rigs and we all knew what's next of it. sadly but that is the reality of how the social and financial standards affects certain areas such as bitcoin itself.

Narutofuc

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Bitcoin is decentralized everything

bigjake89

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It's own authority over their finances if centralized there will be governing the finances of the State over other countries, perhaps with the existing system is good only I think the existence of bitcoin amid advances in technology good in facilitation so that no negative news stories about the existence of bitcoin and bitcoin can also stimulate the economy with the help of investors so much development of technology-based projects

crypto reva

newbie

Activity: 154

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I think Bitcoin is good as it is, there is no reason to change it and make it centralized.
All Bitcoin users want it to remain decentralized because they hate banks policies and seeing their money being controlled by someone else.

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: MakLampir on June 12, 2018, 11:36:30 AM

day by day btc becomes more centralized as there are just some mining companies that want to become the monopol in mining or claim that they own some true companies which will make it centralized one way or another.

Yes. That's very unfortunate for Bitcoin, as now big mining pools have the most dominance over the Bitcoin network. This in effect, removes small miners (or everyday people) from participating on the security of the network, increasing the risk of 51% attacks over the long term. As such, Bitcoin can be considered as a semi-decentralized cryptocurrency, instead of an 100% decentralized cryptocurrency.

The way I see it, a decentralized cryptocurrency would need to have a fair consensus algorithm, fair distribution, and geographically distributed nodes. In this sense, it would be completely impenetrable against external attacks, making a full decentralized cryptocurrency that's built to last.

Despite this, it's better for Bitcoin and other cryptocurrencies to preserve their decentralization, as that's the purpose why blockchain technology was created in the first place. Being censorship resistant, immutable, and transparent, is what makes a blockchain highly secure, efficient, and successful for years to come. Therefore, I believe that decentralized cryptos like Bitcoin will most likely succeed over centralized payment processors in the future. Just my thoughts Grin

MakLampir

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Activity: 280

Merit: 100

day by day btc becomes more centralized as there are just some mining companies that want to become the monopol in mining or claim that they own some true companies which will make it centralized one way or another.

kangen riko

newbie

Activity: 53

Merit: 0

Bitcoin seeks to free the public from government pressure requiring taxes, corruption crimes, counterfeiting money and banks that continue to try to save the balance of savings by providing deposit fees, transfer fees, as well as administrative costs. If people still want bitcoin centered and under government control, is not that just stupidity.
If we can be free, why choose to keep trodden?

Thing thing

newbie

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I prefers a decentralized form of digital assets to a centralized system where the authorities will take control of the asset there is likelihood of manipulation by unfaithful and corruptible powers behind those system.

DemiGodKaido

newbie

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Bitcoin is decentralised. It doesn’t have any type of tax and it doesnt need to pay any of it for you to use. Thats one of the good thing about this crypto unlike being centralized, the money takes taxes from yhe crypto that you havs

military

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Even in the centralized system, the end user has to suffer from the mistakes of centralized authorities so it doesn't make any sense to go with that way just because we are using it since many years.

s.mahmood

newbie

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Decentralized means there is no central body or group to contol bitcoin business.So many peoples like bitcoin and invest into bitcoin for it's decentralized character. For any it become centralized, I think bitcoin will destroy within short time.

Aroma92

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Activity: 336

Merit: 10

Why then do we need bitcoin if it is centralized, that is, as I understand it will be controlled by some specific group of people. Then it will lose all his attractiveness and meaning.

Topic: DECENTRALIZED OR CENTRALIZED? - page 16. (Read 3920 times)