If Bitcoin is centralized, will other cryptocurrencys survive ?. - page 2.

vv181

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Quote from: Smartgoat on August 15, 2023, 03:12:45 AM

if Bitcoin were to become centralized, it could potentially impact the overall trust and decentralization principles that many cryptocurrencies holds, and is valued.~

I need your opinions that, if Bitcoin is been centralized can other cryptocurrencies survive .

Supposes bitcoin is centralized I do believe other cryptocurrencies will survive. But currently, even though Bitcoin held firmly its principle, any other coin are not having any decentralization that is close to Bitcoin. In fact, some of them only use the word decentralized as a buzzword. So the reality is that other cryptocurrencies did not maintain that aspect as a priority. Given that, if Bitcoin somehow loses its credibility, I don't think there will be something wrong with the sustainability of other cryptocurrency projects.

fauzan Ichsan

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Quote from: Dr.Bitcoin_Strange on August 15, 2023, 07:32:45 PM

Quote from: Smartgoat on August 15, 2023, 03:12:45 AM

If Bitcoin is centralized, will other cryptocurrencys survive ?.

Yeah, Bitcoin is the top-ranked coin in the crypto market because it has the highest trading volume and is listed on every exchange. Bitcoin holds the market, and it's the reason why some people are even Investing in crypto, so if perhaps Bitcoin becomes centralised and the price is affected negatively, it's going to bring down every other cryptocurrency. Although they will survive if Bitcoin lives on, but a lot of Altcoins are going to become shitcoins instantly, and investors would suffer a great loss.

basically bitcoin carries a decentralized system which is considered more effective than the current system which is centralized, if bitcoin follows a centralized system, I can't imagine, of course there will be negative sentiment on bitcoin which ultimately leads to investor confidence that supports the decentralized system, until finally the price of bitcoin falls and this has an impact on altcoins which will also follow the collapse of bitcoin

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the answer is another cryptocurrency will survive like now because the some of altcoins had different purposes and for now I considered Bitcoin as digital gold or to use as a store value. While altcoin can use as other thing like saving medical record or authentication as an art. and it will be there

Dr.Bitcoin_Strange

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Quote from: Smartgoat on August 15, 2023, 03:12:45 AM

If Bitcoin is centralized, will other cryptocurrencys survive ?.

Yeah, Bitcoin is the top-ranked coin in the crypto market because it has the highest trading volume and is listed on every exchange. Bitcoin holds the market, and it's the reason why some people are even Investing in crypto, so if perhaps Bitcoin becomes centralised and the price is affected negatively, it's going to bring down every other cryptocurrency. Although they will survive if Bitcoin lives on, but a lot of Altcoins are going to become shitcoins instantly, and investors would suffer a great loss.

sheenshane

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If Bitcoin becomes centralized? In the first place investors will not trust and doubt is always of those who adopted Bitcoin.
It could potentially be causing a loss of confidence among investors and users of this technology and could lead to a domino effect, affecting other cryptocurrencies that also rely on the principles of decentralization and trust IMO.

So there's nothing more exciting when Bitcoin becomes centralized and backed by the government and it could be vulnerable to attacks, manipulation, or external pressures, potentially impacting national security and financial stability.
So that is why it was created as a decentralized we know the purpose.

mendace

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I don't understand how Bitcoin can become centralized, what makes you think it can become centralized? Its protocol provides for a distribution of nodes based on pow and this means that it remains decentralized forever, only if 51% of the nodes were obtained we could speak of a desirable centralization, but it is something that will never happen.

seoincorporation

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If bitcoin gets centralized or even if bitcoin dies the other coins will survive because they run in their own blockchains, In the end, bitcoin is independent from other blockchains, if it works or not it doesn't affect the other coins.

The only thing we would see would be a change in the markets, maybe ETH takes the place of number one in the market and the other coins' price becomes now on ETH price based. That would be my prediction.

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Quote from: Smartgoat on August 15, 2023, 03:12:45 AM

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 .

Many people are dealing with Bitcoin not because of the profit they are making from the currency but because it is decentralized. Decentralization is the beauty and heartbeat of Bitcoin. If Bitcoin becomes centralized which is unlikely to happen, investors will dump it and move to other cryptocurrencies. The fall of many centralized exchanges has shown most investors the negative effect of centralization. Bitcoin being the pathfinder of the crypto world will not be centralized because centralization will give rise to government influence and possible attacks. To answer your question, if Bitcoin becomes centralized there will be a loss of confidence in the crypto sector. But some altcoins might take over the leadership of the sector if they can prove to investors that they are truly decentralized. I don't think the crypto sector will collapse because Bitcoin derailed from the course.

Stable090

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Quote from: Smartgoat on August 15, 2023, 03:12:45 AM

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 .

The decentralization of bitcoin is what has made it survive to date. If bitcoin becomes centralized, it will be manipulated like other fiat currencies, and investors will withdraw their bitcoins because many of them have huge amounts of money that have been invested in bitcoin, which, if it can be controlled by the government, seriously puts them at high risk of losing those funds. Or maybe the bull run we are expecting will not come as we want until the government says something about the price, and you know some alternative coins depend on bitcoin price to fall or rise.

Once bitcoin becomes centralized, alternative coins may crash, and even if they survive, people will only use them for investment because of the profit they may generate during the bull run. But they will not last like bitcoin because, as you know, many of these alt coins are centralized, and anything can happen. The coin may crash, and the investors may lose the funds that have been invested.

panganib999

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The common misconception about bitcoin and cryptocurrencies is that they are within the same house, operating like cogs on a clock that if one part breaks, the rest of the ensemble is expected to stop working. In reality it's more like a factory, where bitcoin is the top employee of the month and the rest of the cryptocurrencies in the market are its co-workers. Say bitcoin decides it wants to become centralized, will the other cryptocurrencies be forced to centralize themselves as well? Possibly. After all, if the top performer does it, it could be the reason why it's performing so well. Are they forced to do it though? Not really. The rest of the cryptocurrencies can go on with their decentralized lives and perform just as well as they did before. I hope this analogy makes understanding the industry a little easier.

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Given the fact that Blockchains operate independently of one another, Bitcoin being centralized (it's not centralized, just an example) - Then I'm not sure it would likely have an adverse effects on other chains since they all operate independently and have their own protocol governance. The only matter of concern is how the market would react it considering the fact that Bitcoin is the biggest blockchain network right now. But with that, I feel the market would recover afterwards if that's your concern. So in hindsight, (Bitcoin already had a fork) and it played out fine because other blockchains were independent of one another.

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Quote from: Smartgoat on August 15, 2023, 03:12:45 AM

However other cryptocurrencies might still survive if they offer unique features, use cases, or technological innovations that differentiate them from Bitcoin.

Only if you understand the idea behind buying something that is fake from the original, aside bitcoin, you're on your own, they may survived by not all and we are not sure for how long will their survival last, all we know we have is bitcoin and we trust the process together with the network.

Quote from: Smartgoat on August 15, 2023, 03:12:45 AM

factors like community support, technological advancement, and real -world adoption can contribute to the survival of alternative cryptocurrencies in such a scenario.

I doubt all these because most of the alternate cryptocurrencies are centralized and the only thing that can determine their fate is their developers or inventors behind their project.

Quote from: Smartgoat on August 15, 2023, 03:12:45 AM

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 .

Take it or leave it, bitcoin can never be centralized, yet other cryptocurrencies find it difficult to survive.

Alpha Marine

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Without Bitcoin, I doubt if cryptocurrency would have this much popularity and adoption. Bitcoin was the father of cryptocurrency and if it had been a centralized coin a lot of people wouldn't have trusted it wouldn't have been what it is today. The decentralized nature of Bitcoin is one core reason that places it above every other coin.

If Bitcoin were centralized, nothing makes it different from all the other altcoins out there. So even if other cryptocurrencies survive, the adoption will be very low because very few people would trust it.

Hamza2424

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Haha, I can say that this is one of the most redundant topics in the Bitcoin discussion after the query of Bitcoin as a store of value, So now moving on t the topic, Buddy Bitcoin is Centralized thanks for informing me or asking this question if you don't know, now please mention the context of your query what you want from the Bitcoin and in which direction you are saying or asking about the Bitcoin as centralized. Being lazy buddy honestly, I haven't gone through reading your full post because after reading the first 3 lines I almost got it on which dimension Op is creating this topic.

So simply Bitcoin is decentralized by some men's can be considered slighter non-decentralized. Also Bitcoins' decentralized has no loss and profit to the other Blockchains.

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Quote from: SquirrelJulietGarden on August 15, 2023, 05:56:31 AM

Quote from: Smartgoat on August 15, 2023, 03:12:45 AM

Bitcoin as the ground master of all the cryptocurrencies, if Bitcoin is centralized will it have any impact to other cryptocurrencies.

Bitcoin is decentralized and other cryptocurrencies (alternate cryptocurrencies, altcoins) are centralized. Altcoins survive or die over time but they are centralized always. They died because they have bad founder and developer teams that don't depend on Bitcoin's decentralization or centralization.

Like I can have a good or bad job, high or low salary but I am responsible for it and it won't be decided by you.

Actually cryptocurrencies are decentralized currency and when emphasising cryptocurrency its quite understanding that bitcoin is mother of other cryptocurrencies, altcoins are like sub of bitcoin and that is while when bitcoin is promising in the market it affects other cryptocurrencies altcoins mostly, while altcoins die along the way, its because of the potentialities, when it lacks good reputation it die off during long experiencing periods of bearish market, but not all altcoins die off, the reason while not all die off is as result of potentialities In the development of the coins, but all altcoins got its life back during bullrun and what effects the bullrun is bitcoin marketcap, whenever Bitcoin started experiencing bullish other coins join the way and experience acceleration in the bitcoin market price.

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Most likely veteran investors will flee from it because they surely know what comes next because after that it will be a total control by the government and no one wants to be controlled especially with their money because honestly, those bitcoins that are in our wallets are our personal assets and no one should able to get that or stop us from using it just like the other altcoins we have once their owner became vulnerable to the government, the investors are in trouble just like what we have witnessed with the Luna recently.

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Long story short because you already spit some facts but here is my version. That, if BTC went Centralized means it is not more based on POW (proof of work) which means it might have become POS (Proof of Stake) if that's happened then it means the BTC have become New ETH but with unparallelly market cap and dominance.

But still, if BTC went Centralized then i think other Cryptocurrencies will still exist as there are two things Coins and token Coins have there own blockchain while token depend on other's blockchains. Means if ETH have its own blockchain which it has then even if the BTC went shut down which is impossible then the ETH will still exist but the Ordinals and other tokens which are or will list on the BTC blockchain will not exist if BTC went shut down i know you asked about centralization and the answer remains the same.

WatChe

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Quote from: Despairo on August 15, 2023, 04:31:53 AM

Your question don't make sense in the first place, Bitcoin will never ever become centralized and altcoins mostly depend on Bitcoin price, so Bitcoin must survive first in order make other altcoins survive too.

However there's no point to buy altcoins because they're can't survive alone wihout Bitcoin, so I wouldn't care anything with altcoins and just stick with Bitcoin.

The only difference between bitcoin and alts is the concept of decentralization. Bitcoin is the only crypto that is fully decentralized rest all are centralized. We saw recently ethereum shifting to PoS from PoW, this clearly proves that etherum is controlled by a community of developers
It's imperative to mention that alts are due to decentralized bitcoin not the other way round. So far we have seen that no alt has capability to move and down on its own as they are all linked with bitcoin price.

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Although the entire altcoin market depends on bitcoin, and it is conceivable that if bitcoin collapses, the entire crypto industry will also collapse. But decentralized or centralized bitcoin will have nothing to do with the existence of altcoins, as long as bitcoin exists then altcoins will always exist.

Lately, I've seen several threads theorizing about what would happen if bitcoin were centralized. But honestly, this is not possible, so why waste on these bogus thoughts?

SquirrelJulietGarden

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Quote from: Smartgoat on August 15, 2023, 03:12:45 AM

Bitcoin as the ground master of all the cryptocurrencies, if Bitcoin is centralized will it have any impact to other cryptocurrencies.

Bitcoin is decentralized and other cryptocurrencies (alternate cryptocurrencies, altcoins) are centralized. Altcoins survive or die over time but they are centralized always. They died because they have bad founder and developer teams that don't depend on Bitcoin's decentralization or centralization.

Like I can have a good or bad job, high or low salary but I am responsible for it and it won't be decided by you.

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