How would centralized Bitcoin be like?

syusk82

newbie

Activity: 80

Merit: 0

Quote from: cheefbuza on March 13, 2018, 06:32:37 PM

Centralized Bitcoin would be limited supply by the banks and the government and I think it would actually success faster than the actual Bitcoin and would already catch a mass adoption by millions at some countries due to way better regulations and partnerships with central banks but I think it wouldn't be a "revolution" such Bitcoin is. It wouldn't be game-changing in our economic system so it would be just a waste idea but it would be quite funny to see the government and all the banks trying to convince us to buy Bitcoin.

Bitcoin is what it is. But what would it be like if it would be centralized, managed by the government and central banks?

Bitcoin is also the most concentrated asset in the world. About 1,000 people hold 40% of the current global bitcoin, and these 1,000 people have the ability to influence the overall pricing of Bitcoin. Considering that the rise and fall of Bitcoin is not based on any related assets but based on human emotions, high concentration may be more risky.

feny.blackpink

newbie

Activity: 196

Merit: 0

i don't like the idea, bitcoin is decentralized.
if it become centralized, it is not different with other fiat currency.
if it is centralized, it will controlled by the central system, not cool.

Alert31

member

Activity: 1041

Merit: 25

Trident Protocol | Simple «buy-hold-earn» system!

Centralized bitcoin ofcourse controlled by government and central banks. There is a tax,rules and regulation people must to follow. There is an authority over it. You need to use centralized bitcoin according to the implementation of the authority assigned on it. It means you can use it without freedom. Your every transaction are not anonymous,you can't hide your identity.

avikz

legendary

Activity: 3080

Merit: 1500

If centralized from the core and circulated by banks, bitcoin will become a normal currency in disguise of Cryptocurrency. Just the application will be virtual and nothing else. The basic idea of Cryptocurrency will be doomed. Governments and Banks will control the circulation and your freedom in virtual world will go for a toss.

Bobby park

member

Activity: 546

Merit: 24

One of the reason why bitcoin attracted a lot of people, is because of its decentralization. Meaning to say, people wanted to access in bitcoin because bitcoin itself does not hold by the government. But I think right now, bitcoin is not decentralized as what before because it seems that the government in other countries regulates the bitcoin. Regulate in a way that taxes are imposed in bitcoin.

monchi

newbie

Activity: 25

Merit: 0

It will be like a typical bank now if bitcoin is centralized. That again can face the problems encountered in banks, longer transaction time and much vulnerable to hacking.
The bitcoins blockchain solves all of that. The system is very powerful to prevent hacking since there are lots of nodes should be attacked at once in order to do it.

This tread gave me an idea what if a fiat currency is used in the blockchain instead of issuing token and such. It is decentralized, fast and secure. The problem though since it is fiat currency its price isn't very volatile and subjected to inflation.

Doge dealer

sr. member

Activity: 462

Merit: 252

at some point in time we are gonna have to contend with the centralization of bitcoins even if its at the point where it enters the fiat world , point is bitcoins is destined to become our new currency and its decentralized feature will be lost when it eventually becomes that main currency. If you cannot control or predict your main currency then you cannot plan financially and as such that would spell disaster for most economies. we are being allowed to experience the "unbridled bitcoins" but this is only for a time because its very clear no government will accept a currency that you cannot plan against , At some point whether we like it or not bitcoins will be centralized.

Suharti12

member

Activity: 350

Merit: 10

If bitcoin is centered and managed by the bank it will not characterize the decentralized bitcoin, and I do not think it is suitable for application.

cheefbuza

member

Activity: 302

Merit: 15

Centralized Bitcoin would be limited supply by the banks and the government and I think it would actually success faster than the actual Bitcoin and would already catch a mass adoption by millions at some countries due to way better regulations and partnerships with central banks but I think it wouldn't be a "revolution" such Bitcoin is. It wouldn't be game-changing in our economic system so it would be just a waste idea but it would be quite funny to see the government and all the banks trying to convince us to buy Bitcoin.

Bitcoin is what it is. But what would it be like if it would be centralized, managed by the government and central banks?

Topic: How would centralized Bitcoin be like? (Read 133 times)