Topic: If Bitcoin is centralized, will other cryptocurrencys survive ?. (Read 436 times)
September 05, 2023, 02:54:08 PM
It depends on the situation and I think other cryptocurrencies will survive if that's what really happened but it is not. Well, I am sure you know the reason why Satoshi Nakamoto created Bitcoin as a decentralized crypto and not centralized crypto. Being decentralized and centralized have it's own advantages and disadvantages where many people prefer it's advantages and one of it is being decentralized which means no one is controlling it behind the scene unlike other crypto where they can stop the transactions for a certain time before they continue the transaction which means someone or a group has control of the crypto.
September 05, 2023, 02:49:17 PM
with all this put down here, I'm still not convinced. I need your opinions that, if Bitcoin is been centralized can other cryptocurrencies survive .
Bitcoin is the dominance cryptocurrency to exist and all other altcoin are behind it. If bitcoin was centralized, during market volatility, being it bearish or bullish market, every cryptocurrency will stand on their own without moving on the path that bitcoin is moving with other altcoins now. The worst side of it is that, scam projects will be on the increase and there won’t be much regard for bitcoin since other projects can build something similar to it and still survive the market volatility.
September 05, 2023, 02:41:08 PM
Why waste time thinking about something that cannot happen?
How would you centralize bitcoin? You'd have to for instance centralize all mining, making it free to mine in your country, but free power for mining wouldn't mean that you'd control miners. You'd simply make them mine at your location, but the hardware and profits would belong to them, otherwise nobody would go there.
Everything is governed by basic math and market laws. You cannot centralize bitcoin without spending billions of dollars in the process, and even that doesn't guarantee success, but you can be sure that your investment will drive the price to new highs.
How would you centralize bitcoin? You'd have to for instance centralize all mining, making it free to mine in your country, but free power for mining wouldn't mean that you'd control miners. You'd simply make them mine at your location, but the hardware and profits would belong to them, otherwise nobody would go there.
Everything is governed by basic math and market laws. You cannot centralize bitcoin without spending billions of dollars in the process, and even that doesn't guarantee success, but you can be sure that your investment will drive the price to new highs.
September 05, 2023, 01:57:17 PM
Centralisation of BTC has many aspects. For example, we can consider BTC already centralised due to the fact that most protocol improvements are performed by a small group of people.
This is not true, protocol improvements are not performed by a small group of people like you say, but by the whole network, and by the whole network i mean every Bitcoiner that is running the full BTC blockchain. If a protocol improvement is proposed and most of the nodes reject that proposal, it would either be dropped or a hard fork would occur, a protocol improvement must take place through consensus, with most of the nodes upgrading to accept the new proposal.
September 05, 2023, 01:39:44 PM
First of all it's not really likely that bitcoin will become centralized,
Let's first take our minds off the thinking of weather bitcoin will be centralized or not, because it was used on this discussion as an assumption that if or what if, but we shouldn't get it confused that bitcoin is going to be centralized by any means, it will always remain decentralized as it has always been, the reason behind why bitcoin wad invented was to grant us freedom away from the rulership of the government in having control over our finances and this was achieved, one of the means this was achieved was through decentralization.
September 05, 2023, 10:12:04 AM
Because cryptocurrencies are basically a cryptographic contracts that exist and are running on their individual Blockchains on its own, and it doesn't hold any value. what gives it value is the concept of general acceptability, so the nature of one cryptocurrency can not affect the other if the community behind it so believe or want it so.
with all this put down here, I'm still not convinced. I need your opinions that, if Bitcoin is been centralized can other cryptocurrencies survive .
with all this put down here, I'm still not convinced. I need your opinions that, if Bitcoin is been centralized can other cryptocurrencies survive .
First of all it's not really likely that bitcoin will become centralized, because it's used all around the world and there would be a strong opposition by all the investors. Who would take care of the centralisation? There would be a power struggle out of which countries they operate. In case bitcoin would become centralized out of Europe of Asia, then all the foreign investors would likely leave the sinking ship immediately. It's one thing to centralize bitcoin and something completely different to keep all the investors engaged and use the coins actively. This would definitely have a strong effect on the alt coin market, I would expect decentralized coins to take the place of bitcoins. All the big investors would just switch to alternative and don't abandon the crypto market all together. The average investor doesn't have to worry about it, as long as we react to any negative news coming up we will be fine.
August 31, 2023, 01:19:52 PM
Bitcoin as the ground master of all the cryptocurrencies, if Bitcoin is centralized will it have any impact to other cryptocurrencies. after this question come to my mind, on my own i decided to put all this down.
if Bitcoin were to become centralized, it could potentially impact the overall trust and decentralization principles that many cryptocurrencies holds, and is valued. this is so because Bitcoin holds the highest percentage of the entire crypto market share or capitalization with a market dominance of 46.9% as the time of writing. what this means is that a change in Bitcoins will have a ripple effect on other cryptocurrencies or altcoins as it normally regarded in the cryptosphere to the degree of the said percentage or a little off. However other cryptocurrencies might still survive if they offer unique features, use cases, or technological innovations that differentiate them from Bitcoin.
factors like community support, technological advancement, and real -world adoption can contribute to the survival of alternative cryptocurrencies in such a scenario.
Because cryptocurrencies are basically a cryptographic contracts that exist and are running on their individual Blockchains on its own, and it doesn't hold any value. what gives it value is the concept of general acceptability, so the nature of one cryptocurrency can not affect the other if the community behind it so believe or want it so.
with all this put down here, I'm still not convinced. I need your opinions that, if Bitcoin is been centralized can other cryptocurrencies survive .
if Bitcoin were to become centralized, it could potentially impact the overall trust and decentralization principles that many cryptocurrencies holds, and is valued. this is so because Bitcoin holds the highest percentage of the entire crypto market share or capitalization with a market dominance of 46.9% as the time of writing. what this means is that a change in Bitcoins will have a ripple effect on other cryptocurrencies or altcoins as it normally regarded in the cryptosphere to the degree of the said percentage or a little off. However other cryptocurrencies might still survive if they offer unique features, use cases, or technological innovations that differentiate them from Bitcoin.
factors like community support, technological advancement, and real -world adoption can contribute to the survival of alternative cryptocurrencies in such a scenario.
Because cryptocurrencies are basically a cryptographic contracts that exist and are running on their individual Blockchains on its own, and it doesn't hold any value. what gives it value is the concept of general acceptability, so the nature of one cryptocurrency can not affect the other if the community behind it so believe or want it so.
with all this put down here, I'm still not convinced. I need your opinions that, if Bitcoin is been centralized can other cryptocurrencies survive .
Centralisation of BTC has many aspects. For example, we can consider BTC already centralised due to the fact that most protocol improvements are performed by a small group of people. But in context of data storage, btc is fully decentralised, since all the miners store the whole blockchain. The same thing is true for any cryptocurrency. So, I think, the degree of BTC centralisation won't affect the other cryptoprojects. The only thing that will change is the price of BTC and other coins (most probably it will go down).
August 20, 2023, 06:45:49 AM
Bitcoin is Bitcoin, altcoins is altcoins. If Bitcoin die, it's not actually mean altcoins will die too and vice versa.
But bitcoin's capitalization is making up more than half of the entire market capitalization and it is easy to see that the entire market is dependent on bitcoin. So it is very difficult for altcoins to survive if bitcoin dies. I believe that if bitcoin dies, the entire crypto market will disappear because bitcoin is the mainstay of the entire crypto industry. If Satoshi didn't create bitcoin, we wouldn't have this crypto market either.The only reason why centralised coin have existence is because we have a crypto market that is backed by a decentralised Bitcoin.
This is misunderstanding, if crypto market is backed by a Bitcoin, it's mean every shitcoin will survive since Bitcoin is already exist for 14 years. All of them also must follow Bitcoin price, but the reality isn't, there are still few coins that the price not influenced by Bitcoin.Strictly speaking, the cryptocurrency market depends on bitcoin. Altcoins are going against bitcoin not because they don't depend on bitcoin but because it is being manipulated by sharks and that usually happens in the short term.
August 20, 2023, 04:08:43 AM
Bitcoin is Bitcoin, altcoins is altcoins. If Bitcoin die, it's not actually mean altcoins will die too and vice versa.
The only reason why centralised coin have existence is because we have a crypto market that is backed by a decentralised Bitcoin.
This is misunderstanding, if crypto market is backed by a Bitcoin, it's mean every shitcoin will survive since Bitcoin is already exist for 14 years. All of them also must follow Bitcoin price, but the reality isn't, there are still few coins that the price not influenced by Bitcoin. August 20, 2023, 03:16:25 AM
"if" bitcoin is centralized, others will not survive. Also "if" bitcoin is owned by a single person and nobody else, no other currency will survive, or "if electricity is gone" then bitcoin won't survive, and same as "if the whole world blows up, bitcoin won't survive". We should stop considering these unrealistic stuff and start considering a bit more serious stuff as well.
We are talking about things that will not happen like they will happen but we all know that it is not going to happen at all. So, if we keep on trying to figure out how to do something like this, then we are going to end up with a problem and that's not going to end up being anything good at all. So long story short we should be ignoring all these FOMO stuff.
We are talking about things that will not happen like they will happen but we all know that it is not going to happen at all. So, if we keep on trying to figure out how to do something like this, then we are going to end up with a problem and that's not going to end up being anything good at all. So long story short we should be ignoring all these FOMO stuff.
There are centralised coins like BNB that have quite good value and continue to exist. The only reason why centralised coin have existence is because we have a crypto market that is backed by a decentralised Bitcoin. The foundation of crypto market is decentralised Bitcoin.
There is no point in discussing the fact that whether Bitcoin will become decentralised or not, since its already discussed lot many times. Centralised exchanges have Bitcoin hosted on them and you can see what they do whenever Bitcoin crashes or climbs to new ATH.
August 20, 2023, 02:10:58 AM
Quote
Because cryptocurrencies are basically a cryptographic contracts that exist and are running on their individual Blockchains on its own, and it doesn't hold any value. what gives it value is the concept of general acceptability, so the nature of one cryptocurrency can not affect the other if the community behind it so believe or want it so.
with all this put down here, I'm still not convinced. I need your opinions that, if Bitcoin is been centralized can other cryptocurrencies survive .
with all this put down here, I'm still not convinced. I need your opinions that, if Bitcoin is been centralized can other cryptocurrencies survive .
You are answering your question and you still want other people's answers. Are you trying to boost your post count?
What do you mean by "survive"? Coinmarketcap is full with dead shitcoins, with a market cap and trading voume below 100K USD. Theoretically, those shitcoins are still alive. Their blockchains still work, but almost nobody uses them. Are they dead or alive?
I'm sure that even the smallest shitcoins can survive, but their prices will be pretty close to zero. Something like 0.000001 USD.
Bitcoin cannot become centralized and I don't know why do we have to keep imagining ridiculous theories about the same shit over and over again.
August 20, 2023, 01:45:41 AM
factors like community support, technological advancement, and real -world adoption can contribute to the survival of alternative cryptocurrencies in such a scenario.
Because cryptocurrencies are basically a cryptographic contracts that exist and are running on their individual Blockchains on its own, and it doesn't hold any value. what gives it value is the concept of general acceptability, so the nature of one cryptocurrency can not affect the other if the community behind it so believe or want it so.
with all this put down here, I'm still not convinced. I need your opinions that, if Bitcoin is been centralized can other cryptocurrencies survive .
"if" bitcoin is centralized, others will not survive. Also "if" bitcoin is owned by a single person and nobody else, no other currency will survive, or "if electricity is gone" then bitcoin won't survive, and same as "if the whole world blows up, bitcoin won't survive". We should stop considering these unrealistic stuff and start considering a bit more serious stuff as well.Because cryptocurrencies are basically a cryptographic contracts that exist and are running on their individual Blockchains on its own, and it doesn't hold any value. what gives it value is the concept of general acceptability, so the nature of one cryptocurrency can not affect the other if the community behind it so believe or want it so.
with all this put down here, I'm still not convinced. I need your opinions that, if Bitcoin is been centralized can other cryptocurrencies survive .
We are talking about things that will not happen like they will happen but we all know that it is not going to happen at all. So, if we keep on trying to figure out how to do something like this, then we are going to end up with a problem and that's not going to end up being anything good at all. So long story short we should be ignoring all these FOMO stuff.
August 16, 2023, 08:04:17 PM
If Bitcoin were not decentralized, it wouldn't have earned the interest and trust of the people and institutions. Which means that it wouldn't have even taken off. The price of Bitcoin would have remained very low, if at all. This further means that cryptocurrency wouldn't have become a huge thing like today. There'd be no crypto market. Neither would there be a crypto industry. Every altcoin wouldn't have existed, knowing that they are all riding on the success of Bitcoin. That success is owed to its decentralization.
August 16, 2023, 07:55:13 PM
Bitcoin is decentralised and we've got more altcoins that are centralized. Those coins are successful in the market. Based on the decentralised functioning bitcoin is more popular, maybe this popularity could've been low as it is same as other currencies. Only the limited supply stands as the unique feature from the traditional currencies. The same could've made the usage come down.
August 16, 2023, 01:39:08 PM
If bitcoin become centralized then I think people will follow its success and no matter it is centralized or decentralized because people always select that way which gives them earning ability.
Other coins already deepens on bitcoin so when bitcoin become centralized then it will depends on the demand for bitcoin, if more people demands for bitcoin then surely there will also be good impact on other currencies otherwise other coins will loss their value like that of bitcoin.
Other coins already deepens on bitcoin so when bitcoin become centralized then it will depends on the demand for bitcoin, if more people demands for bitcoin then surely there will also be good impact on other currencies otherwise other coins will loss their value like that of bitcoin.
August 16, 2023, 12:48:02 PM
if Bitcoin were to become centralized
You should explain a little bit better how this would happen considering that it never happened until know and pretty much everybody knows that one of the biggest bitcoin advantages is its complete decentralization, so if you remove that the whole project would lose a lot of credibility. But again, how would that happen? Otherwise we're talking about nothing... 
August 16, 2023, 09:10:17 AM
Centralizing Bitcoin would be an obscenity in its perfect design.
In terms of influence: Bitcoin's massive market dominance can affect altcoins, but its more than statistics. Trust, honesty, and decentralization transform. You think altcoins can endure due of their uniqueness? Without Bitcoin's decentralization's confidence, these special qualities are worthless.
Every altcoin today was inspired by Bitcoin. How can crypto derivatives not suffer if the gold standard is compromised?
Your final point on universal acceptability Giving value is superficial. Bitcoin has constantly supplied ideals, trust, and utility, which create value. Should it centralize? The crypto world would be in chaos and distrust.
In terms of influence: Bitcoin's massive market dominance can affect altcoins, but its more than statistics. Trust, honesty, and decentralization transform. You think altcoins can endure due of their uniqueness? Without Bitcoin's decentralization's confidence, these special qualities are worthless.
Every altcoin today was inspired by Bitcoin. How can crypto derivatives not suffer if the gold standard is compromised?
Your final point on universal acceptability Giving value is superficial. Bitcoin has constantly supplied ideals, trust, and utility, which create value. Should it centralize? The crypto world would be in chaos and distrust.
August 16, 2023, 05:39:10 AM
I think decentralized is the biggest part of Bitcoin, do you know how many other coins wanted to walk in the same path as Bitcoin but failed to make it work? If Bitcoin becomes centralized it makes no sense anymore and billions of dollars will exit Bitcoin for other coin, I don't have a name but I believe that's what will happen.
So many whales feel comfortable buying and holding Bitcoin because it's decentralized, if it's something the government can control I myself won't be in Bitcoin right now, the 1st position that belongs to Bitcoin will be shifted, and Bitcoin will slowly be forgotten.
I can't see any altcoin that's truly decentralized like Bitcoin, maybe there is but I doubt that it will be fully accepted like the way people accept Bitcoin.
Anyways this conversation is all about what if, so it makes no sense looking for what could replace Bitcoin's position.
So many whales feel comfortable buying and holding Bitcoin because it's decentralized, if it's something the government can control I myself won't be in Bitcoin right now, the 1st position that belongs to Bitcoin will be shifted, and Bitcoin will slowly be forgotten.
I can't see any altcoin that's truly decentralized like Bitcoin, maybe there is but I doubt that it will be fully accepted like the way people accept Bitcoin.
Anyways this conversation is all about what if, so it makes no sense looking for what could replace Bitcoin's position.
August 16, 2023, 05:20:40 AM
If bitcoin were become centralized but the technology are still using blockchain, I think there will be another crypto that is decentralized, bitcoin will definitely not as popular as now, but other crypto will still survive. Maybe there will be other cryptos that are decentralized, and other crypto will be centralized, even those centralized crypto will survive, as we can see now there are a lot of centralized crypto like ETH and SOL that is quite popular.
Fortunately, bitcoin is decentralized and no one can change that. But in the case of bitcoin being centralized, I don't think there will be another coin that can be decentralized because apart from bitcoin being created to be currency decentralized, all altcoins are designed to become an investment. How can someone create a decentralized coin when their goal is profit? Only bitcoin is decentralized because Satoshi didn't intend to make it an investment but because we made bitcoin an investment.
But whether bitcoin is centralized or decentralized, altcoins will still be created and will survive because that is the financial playground that market makers create to make a profit, they will not give up easily it.
August 16, 2023, 03:45:02 AM
If bitcoin were become centralized but the technology are still using blockchain, I think there will be another crypto that is decentralized, bitcoin will definitely not as popular as now, but other crypto will still survive. Maybe there will be other cryptos that are decentralized, and other crypto will be centralized, even those centralized crypto will survive, as we can see now there are a lot of centralized crypto like ETH and SOL that is quite popular.
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