Topic: DECENTRALIZED OR CENTRALIZED? - page 17. (Read 3920 times)

Exactly. If Bitcoin becomes centralized, then it would be more like fiat currency issued by a central authority. There would be no use for the Bitcoin blockchain, since people's funds would be subject to all the downsides inherent within government-issued currencies like the US Dollar. Therefore, what keeps Bitcoin alive is its decentralization. Due to such property, anyone can gain control over their own funds without worrying about confiscation, or negative events in the real world. Bitcoin is immune from politics, inflation, and external manipulation. Its success has been driven because of such factors, which I believe that it will experience constant demand over time.

Nevertheless, Bitcoin as a decentralized cryptocurrency would do just fine, to maintain itself as a store of value, and a safe-haven against real world assets/commodities. In case where you cannot receive funding in fiat currency (because of a government freezing your bank account), you can always count on Bitcoin since no one can stop you from transacting in it (even if its banned on a country) simply because of its decentralized nature. Just my opinion

Decentralized, there's no other way for a coin to succeed. We have so many centralized systems, fiat  money, banking, corporations, we are living in centralized countries where governments are deciding for us. It's time that more things became decentralized.

what is the purpose of centralizing the single decentralized currency? it seems to me unthinkable that there is a profit if it happened.

How did you come up with that? I never heard anyone saying that they want bitcoin, or any other crypto centralized. Some people advocate that regulation is important, so that bitcoin is legitimized, which would result in more confidence for the investors that want to jump in, but that is a complete different story.

In my opinion it doesn't make any sense for BTC, or any other crypto to become centralized. The power of the blockchain is exactly that. Being able to be completely decentralized and secure/trustworthy at the same time.

They must have the distinction between Bitcoin and fiat because they have different goals. My opinion.

Bitcoin must be decentralized. The biggest difference of bitcoin with the fiat is decentralization. I think there is no need to something like bitcoin which is centralized. Because the fiat is exist. If bitcoin is not decentralized, there is no difference with bitcoin and fiat.

Yes, you are right. because today we see many people realize that bitcoin is a good choice to ease their lives. a good choice to store assets, and a good choice to do transactions.

but bitcoin must do innovate to maintain its existence, if it can not keep its value, then bitcoin will be downtrend.

expectations of citizens that impossible, because the bitcoin system was created on a decentralized basis. and that is the advantage of bitcoin. and that distinguishes with fiat.

it will be good if keep decentralized, because if bitcoin controlled by some people or organization it will be same with fiat money and it will not unique anymore. for now bitcoin already accepted even as asset only is already good for it

I prefer bitcoin to be decentralized...one of the major properties of the bitcoin technology is it's decentralized nature... Everyone is comfortable at being in charge in their monetary affairs... With the decentralized nature of the bitcoin technology, which is the pair- to-pair system, this control over your financial affairs will be assured.

In my view, i think, it might be better decentralized because in some countries have their 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 so that's it according to my view.

Bitcoin gained its popularity because of decentralization. And as it gain attention from small to big time investors, some governments became aware of it and some government sees it as a security treath, banning it from the country.

Some people now wanted it to be regulated so market could expand and gain more investors specially now that bitcoin has plunged down drastically for the past few months.

I agree.I prefer bitcoin to stay decentralized forever because it's where i got to enjoy my hard-earned profit since no other person will take control of it except myself.I'm already being used with the centralized system of fiat currency and all its bank to bank transactions,so now i want to experience freedom from it.

For me i will choose decentralized because it means freedom and it will give you freedom in the future and that why it is best to just get into the cryptocurrencies. Because we all know that they are free to what they want to do with their bitcoin.

Yeah you're right I think this system is more friendly than centralization full of government monopoly. besides this system makes a lot of people more free in storing and using their money. of course this is what many people expect about financial freedom. I think most people would like decentralization

YOU have a great point I'm not favor bitcoin or virtual currency become centralized currency and control by one group or government, but if that idea are the way for for cryptocurrency become legal and the worldwide why not but need to learn it well to avoid manipulation of cryptocurrency value in the world market.

We don't know how many months or years bitcoin will be our side. But bitcoin always remain decentralised currency. Because of I think bitcoin overcome all threat, negativity or governments eye shaking, and now bitcoin is stable as a decentralised cryptocurrency. It is the best thing  that's why we love bitcoin.

Decentralization is one of the pillars of the constitution of bitcoin and can not be reversed, as it would be its end. 
Crypto and decentralization are synonymous.

That's certainly true, mate. I believe that there's no way Bitcoin can become centralized in the future, simply because people would want to keep it as decentralized as possible. Decentralization has many benefits that would be too hard to ignore for everyday people. This is a key feature for Bitcoin as it eliminates central control from a single entity (or group of entities) bringing the power back to the people. In this sense, Bitcoin can be considered as the People's Money, since anyone can support the cryptocurrency and use it without restrictions whatsoever. No matter what your age is, or your race, or even your gender, you can freely use Bitcoin without a single limitation in contrast to centralized currencies like FIAT.

Therefore, if Bitcoin wants to succeed, then it needs to preserve its decentralization as it's one of the value propositions of true blockchain technology. Security, resilience, decentralization, and immutability are key towards the longevity of Bitcoin and other cryptocurrencies within our world. On the other hand, having a centralized cryptocurrency would be synonymous to having a bank do all the work for you. This means that the middleman would interfere with all your financial activity, when that's not the purpose cryptocurrencies like Bitcoin were created for. As such, in all means, Bitcoin should retain that decentralization no matter what happens in the mainstream world. Just my thoughts

Centralization of bitcoin negates the purpose it was established or created for, with its decentralized feature there is no bank or government that can regulates or manipulates it because of the trustfulness of the technology behind it (blockchain) I fully supports decentralization of it.

Yes. Unfortunately, centralized exchanges have taken over the trading of Bitcoin and other cryptocurrencies, defeating the whole purpose of eliminating the middleman. While decentralized exchanges have emerged, they haven't gathered the level of popularity and usage among people in the mainstream world. Their liquidity is far less than that of centralized exchanges, leaving decentralized ones behind.

This is bad, since governments would be able to enforce regulations easily on any centralized exchange and restrict the trading of certain (if not all) cryptocurrencies. Also, centralized exchanges would become susceptible to hacks and theft, in contrast to decentralized exchanges where no single company or entity controls it. In this sense, Bitcoin and most cryptocurrencies are centralized, simply because they're dependent on centralized exchanges for trades.

However, if decentralized exchanges become improved in terms of speed and efficiency, then most people would trade on them, allowing liquidity to rise, and eventually replacing centralized exchanges as we know it. Therefore, I believe that it's best for Bitcoin to remain as decentralized as possible, to preserve its true value proposition, which is the removal of third-party intervention, as well as giving the power back to the people. Only time will tell us, if Bitcoin will remain this way in the future, or not. Just my thoughts