Topic: DECENTRALIZED OR CENTRALIZED? - page 8. (Read 3920 times)

Probably. However, anything could happen as everything is driven by greed nowadays. If Bitmain sees Bitcoin as the perfect opportunity to expand its profits over time, then they'll do whatever there is in their disposal to centralize the pioneer cryptocurrency for their own interests. Even worse, if the Chinese government starts pressuring Bitmain to attack the Bitcoin blockchain, it could successfully do so since it owns more than 51% of the total hashrate on the network. Nowadays, many people aren't concerned about this because they only care about making money with Bitcoin but not about its future and longevity as a currency for the enjoyment of everyone worldwide.

As soon as the negative effects of centralization are experienced in Bitcoin, then you'll see everyone worried about it, but it'll be too late. That's why I believe that developers and the community need to work together to help decentralize Bitcoin's mining process. By changing the PoW algorithm to an ASIC-resistant one, or simply devising an algorithm which makes mining pools useless, Bitcoin could achieve greater decentralization over the long term.

Nevertheless, Bitcoin is still considered as a decentralized cryptocurrency as it's open for anyone to join it. However, it's not as decentralized as it used to be in the past, since Bitmain has taken control of the mining process. Only time will tell us what lies ahead for the value proposition of censorship resistance within Bitcoin's blockchain. Just my thoughts

There can be no centralization as everyone own a piece of it and you do not need any central authority to approve or reject your transactions as you do with banks

That is very easy decentralized, decentralization is what helped shape and form and make Bitcoin what it is today, people like to be able to stay under the radar and that is why I truly believe bitcoin will flourish..

It's up to the people to decide whenever they would want to keep Bitcoin as decentralized as possible or not. AFAIK, most people don't care about Bitcoin's decentralization, and only see it as a tool to make money in the long term. They don't believe in the benefits of Bitcoin as a cryptocurrency free from middleman, but just as a money-making machine. For these reasons, Bitcoin could become centralized in the future, if there's no supportive force to preserve its decentralization.

To contribute with this, I believe that Bitcoin needs an incentive structure for nodes, to attract anyone into running a full node and further decentralize the network. On the other hand, ASICs should be more accessible as nowadays not anyone is able to afford such equipment to help secure the network. Bringing equality on all sides (node and miners) will make sure that Bitcoin remains as decentralized as possible within the future. While there's no such thing as 100% decentralization, I believe that Bitcoin could do better to reduce central control as much as possible.

Nevertheless, time will tell us what will happen with Bitcoin's long-term stability as a decentralized cryptocurrency or all the way around it. Just my opinion

I think that the btc is good because it is decentralized but in the nearest future it may become centralized and we will see how this happen in the nearest future. to my mind, governments will soon accept it

Bitcoin and other crypto currency should be decentralized this basis of the idea of ​​cryptography industry, do not depend on government structures

That's certainly true, mate. Decentralized and Centralized systems may have their respective advantages/disadvantages, but it's best to balance between both to create a an effficient cryptocurrency. Bitcoin being a decentralized cryptocurrency, has some areas of it which are centralized. While there's no such thing as 100% decentralization, Bitcoin has managed to balance between both decentralization and centralization to create an efficient and stable system for the enjoyment of all.

Many would agree that Bitcoin's mining process is quite centralized. However, at some point, it's necessary to bring unmatched security to the cryptocurrency itself. Because of the many ASICs available right now on the network (although being mostly controlled by Bitmain), Bitcoin has managed to become extremely secure against external attacks. However, there could exist the possibility that Bitmain could attack Bitcoin with its 51% control of mining hashrate, effectively centralizing the cryptocurrency.

Making Bitcoin 100% decentralized, is nearly impossible, IMO since there will always exist a level of centralization within any kind of system. The most important thing is that Bitcoin stays as decentralized as possible, to prevent external manipulation and allow people from around the world to use it safely without worries. Just my opinion

Decentralized currency or peer to peer money is a bank free method used to transfer wealth or ownership of any other commodity without the need of a third party. But most nations adhere to the fiat currency model. What this means is that all currency value such a nation is held by a central bank, with that value being backed only by the central bank's willingness to honor the obligation. This value is represented in physical currency- paper bills, coins, and bank instruments such as bank transfers and certificates of deposit. The value of the money in your pocket right now will always be controlled by a central bank that may be acting outside your best interest. And Decentralized currency is different. decentralized currency value is represented by the currency coin an encrypted piece of computer code that is difficult to reproduce, easy to verify.

bitcoin became popular in the past because it offered it's users a decentralized form of financial system and people patronized it for what it is.
as for those who wanted to make it centralized i don't think they really understand the meaning of cryptocurrency.
if they really wanted that kind of system then why do they have to insist on using bitcoin, they can always go back to fiat currency if they want to.

Decentralized is the system that I like. Not being regulated by a particular party is fun. And I am a person who does not like banks.

Both decentralization and centralization systems both have positive and negative sides. If bitcoin wants to maximize its function for investment so it is better to make it with a decentralized system because full control is in the hands of our as the owner of bitcoin. But if bitcoin is more functioned into the future as a currency then I prefer to be made with a centralized system. This is to keep bitcoin prices stable. If bitcoin is used for payment instruments but the price is still fluctuating then it is risky to harm one party.

Decentralization is the basis of  blockchain technology, to make cryptocurrency centralized will not be in line with blockchain technology. Maybe in the near future, there will be some form of regulations in the world of cryptocurrency.

I love it being decentralized, the government with their corrupt mentality will spoil everything for us, they milked us of the profit all in the name of tax

That's the whole purpose of Bitcoin's inception back in 2009. If Satoshi wanted to make Bitcoin centralized, then he wouldn't had proposed a trustless system in his whitepaper. Bitcoin and blockchain technology works as intended when operated in a decentralized manner. Taking that key characteristic, will make the cryptocurrency more like a centralized database which can be modified or pruned at any point in time.

I'm sure that for the benefit of Bitcoin, the community and developers would find a solution to make the original cryptocurrency as decentralized as possible. If it stays this way, then anyone around the world, can easily get access to the Bitcoin economy without restrictions or limitations. With good effort and perseverance, Bitcoin and the whole blockchain ecosystem can reach new heights as a decentralized system free from central control.

Decentralized that is why bitcoin is made for.

I think people will come up with another global cryptocurrency for those who have nothing to hide and it will be right for everyone

Decentralized and that's why it become a bitcoin the purpose of it is so that no one could control it so the price and supply would't be manipulated. and if it become centralized who would govern it 

the Bitcoin was created as a decentralize platform but i think the only centralized action is its exchange. the decentralizing of bitcoin to i think its what makes it a spectacular and powerful. i think each country's have their own financial oder and saying you want bitcoin to be centralized then its also going to be govern by the government then how can bitcoin now help you.

In my opinion,I think the decentralization system is far better than Centralization.Centralization means being controlled by a team or someone can control it with their desires.But in decentralization, anyone can do their work without permission.I think, in this crypto,most people like a decentralized system.

Decentralization is one of the major characteristics and attributes of Bitcoin i no of therefore if you Centralize it you should also think of changing the name to something else