Topic: DECENTRALIZED OR CENTRALIZED? - page 7. (Read 3920 times)

Bitcoin is decentralized.It cannot be controlled by government.The government cannot ban it.Bitcoin has its own rules.The value can inflate or deflate depending on the coin market cap.

That's true. But based on your statement, I think that the term of "distributed" suits more Bitcoin than calling it "decentralized". It's partially centralized because big miners from China have all the power over Bitcoin's mining process, while whales also control a big part of the coin's supply. But, it has some level of decentralization because no single person controls the whole network. This means that Bitcoin is in fact a "distributed" cryptocurrency rather than a "decentralized" cryptocurrency. Considering that there's nothing that it's 100% decentralized, I'd say that full decentralization is just a myth.

Like it or not, there will exist some level of centralization within any system, as a few actors would gain power by using their wealth. That's what's happening with Bitcoin, as it once started as a coin accessible to anyone around the world, but now only big miners with a lot of money can participate in the consensus process to approve or disapprove certain network upgrades. Since huge improvements can be only achieved via a hard fork, they could only become activated on the Bitcoin network with the approval of the miners. And since mining is controlled by the Chinese, they'll approve what's best for them instead of what's best for the whole community.

Therefore, Bitcoin is very distant from its original vision of One CPU, One Vote. Without this, Bitcoin will become more centralized over time, I'm afraid.

I agree with bitcoin, but in the end, if bitcoin wants to be actively connected with government regulations, then centralization is an absolute possibility.

Or there is another analysis that says that they will still regard bitcoin as a neutral coin system without intervention, but not for altcoin because they have active CEOs who must comply with the economic policy system.

I believe btc being centralised will open more options legally as well. It can become a company like visa or mastercard or any other payment processor widely accepted across the globe.Presently, some of the countries only have the legality to spend btc legally and the rest still dont have any choice rather than to do the transactions in a third party way .So what i feel is once made centralized it will only open doors to may opportunities, this is what i feel.

Those within the industry understand that one of Bitcoin's most important features and perhaps its true core innovation is its decentralized structure. Bitcoin has no central control: no central repository of information, no central management, and, crucially, no central point of failure. And yet, most of the actual services and businesses built within the Bitcoin ecosystem are centralized. They are run by specific people, in specific locations, with specific computer systems, and they are susceptible to specific legal entanglements. Other than that, bitcoin is often lauded by enthusiasts for the same reason that it’s feared by critics, that is leaderless. Nobody owns it, nobody controls it, and nobody can tell it what to do. That’s what some people keeps saying that bitcoin is decentralized.

About this recently there are big disputes, which system is better and why. In my opinion, the development of technology gives us the impetus to apply a decentralized system, which has a certain advantage with respect to the centralized system. Security, scalability and only personal access.

Faster and cheaper transactions? Well, in the past it is but with a lot of transactions being made every single minute, I don't think the Blockchain can take it. That is the reason why some developments are made to make a solution to these problems.

It is efficient and so convenient but the problem is that it has still it's fees. There are a lot of other payment methods, faster and cheap, free in fact. So I don't think we need to say Bitcoin is great in terms of transactions or payment method. Bitcoin is a great investment, an asset that grows through time and I guess let's just stick to that.

Bitcoin or any other cryptocurrency is decentralized in nature and that’s probably it’s best feature. No middleman or third party means faster and cheaper transactions. Doesn’t that sound more practical and convenient in the long run?

In my opinion, bitcoin will be better if still use the element of decentralization. Because, by utilizing the decentralization element it's claimed to have many advantages, some of which can cut costs incurred and maintain other losses.


It's natural that many citizens want bitcoin to be centralized, maybe they still doubt about the security of bitcoin, both against hackers, manipulation, etc. Actually, that thing can be done if bitcoin has obtained its legitimacy rights.

Bitcoin was created for the purpose of getting away from banks, which is a centralized system wherein banks had a full control of your assets which means having centralized is no financial freedom to begin with. By all means, decentralized would be solution for all of that without manipulation and we have full control of our assets and have a freedom too. So i go with decentralized for the sake of bitcoin's ideology.

Blockchain technology can become centralized in the future, even if its purpose was to become a decentralized system after all. We've seen that private blockchains are a reality, as companies and even governments have established their own blockchains which only they have access to. Considering how centralized Bitcoin mining is becoming each day, there's a huge possibility that the original cryptocurrency would become a centralized system controlled by a few select individuals.

The problem here is the unfair mining process designed into Bitcoin itself, which has promoted mining pools with a lot of hashrate leaving the little guy (or small miner) out of the system. If somehow Bitcoin devs could devise a solution to put an end to mining pools, then without a doubt, Bitcoin will remain decentralized for a very long time. But until this happens, I don't see any improvement towards full decentralization, in my own opinion. All in all, I hope that won't be the case as Bitcoin remains decentralized for the benefit of everyone around the world.

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I will go for Decentralized, there are many advantages in a decentralized system such as avoiding price manipulation, venturing into transaction at any time of your choice. There's privacy as it does not involved third party.

Bitcoin is designed to be peer to peer (send /receive). It is designed to be decentralized. That is why the technology behind it is BLOCKCHAIN. No 3rd party is involved to confirm transactions. The blockchain technology confirms the transactions. However, when exchanging form one coin/token, the services of a 3rd party may be involved. The exchanges now become centralized because a third party has come in. The idea behind bitcoin is:  “Be your Own bank”. No third party involved.

I really feel bitcoin should remain decentralized,as no Central Bank,or government can decide its value,it should only be centralized when it's value is being converted into fiat currencies

The fundamental principle of bitcoin is the anonymity and decentralized nature which empowers bitcoin to be able to empower the poor and makes it possible for money to be in the hands of the people. If Bitcoin becomes centralized then the principle is destroyed and there will be nothing like bitcoin again.Because bitcoin is decentralized is major reason why the government is fighting the it. The government wants to control bitcoin and  as far as they can not arm twist bitcoin to control it the next move is to destroyed bitcoin which is where we are now. Centralized currency is being control by the central banks of the various governments making them the agents of government to carry out the government bidding.

If i would be choosing between Decentralize and Centralize I prefer to choose Decentralize. First, It is a good thing that not only few will be helped by the project or thing that will be created. Second, as business was Decentralized the amount of profit is more than one country you will be offering. And lastly, commercial product will be popular like western products here in Asia. More and more people will prefer to buy and use that product.

They have become successful in their lives because of the benefits and opportunities that the bitcoin decentralization system has. So, bitcoin decentralization is the factor why most people like to deal with this because spending less time getting their financial freedom.

Decentralized is mucb better than centralized because in decentralized, you can avoid price manipulation, we are all free to manipulation. It is very helpful for community, no one owns us.

Yes, I agree with you, because Bitcoin was created by someone named Satoshi Nakamoto in 2009, Bitcoin has the nature of Decentralization and is not centered on any Bank institution. That's because the initial purpose of Bitcoin is an anonymous transaction without meeting people directly when transacting anywhere. so it's impossible for bitcoin to become centralized in any institution.