Topic: If Bitcoin is centralized, will other cryptocurrencys survive ?. - page 3. (Read 378 times)

Bitcoin as the mother of all cryptocurrency value is derived from the fact that it is a decentralized commodity void of one government and human control but rather a general audience  commodity controlled by market demand. From the unset, the founder of bitcoin knew that if he or she had handed over bitcoin to the government, it would have been manipulated and fully dominated by the government and not giving room for massive adoption which is the case today but rather choose to hand it to the masses i.e public for their usage.

The issue of other cryptocurrencies survival does not depend fully on bitcoin but somehow, bitcoin activities have its side effect on them. Although people invest in them to  take profit and it goes on that way that projects keep thriving on the same scenario. The fact that there is no control over bitcoin makes it unique and void of government interference on market price and demand. This is the edge bitcoin has over other cryptocurrencies and therefore it is independent of government policies and regulations compared to other crypto assets.

From my point of view, the current cryptocurrency industry doesn't offer any value, I mean, it doesn't provide any utility or practical application other than speculation. So if Bitcoin becomes centralized, the market will continue to exist, and it will remain a highly speculative financial market. But if bitcoin becomes centralized, I'm pretty sure the value of bitcoin won't be what it is today. Because bitcoin's unique decentralization sets it apart from the rest of the market, it's worth more than anything else.

Makes no sense if we are considering the same old pattern for Bitcoin also. I mean if we make or consider Bitcoin a centralised asset then what difference makes it to have fiat money, gold, silver or even oil! The only way to make it stand out is the current status of Bitcoin which is decentralised nature.

Key point, if we are making it centralised then various authorities will jump in to control it. They will control the entire circulation in terms of pricing. How? The same way they do it for real estates, gasoline or even the alcohol that we consume at the night club.

It’s a slow and smart process that runs back in the field of government desk.

They will do the same to Bitcoin. It has the value because people has started accepting it over the public ledger and ability to have ownership. That’s a big thing mate and that’s why it shouldn’t be controlled. Or else it would lose the value in the time.

It is a type of cryptocurrency bitcoin is the first of the decentralized digital currencies. Because it operates without a central bank and a single administrator, the bitcoin network is not controlled by any central authority. The possibility of centralization in the future is very less because bitcoin is decentralized because everyone invests in bitcoin independently and no one has to control it. The value of other crypto currencies increases depending on the price of bitcoin. Bitcoin has been around for over a decade now and is only getting more popular with time along with this, the value of bitcoin has also increased very rapidly in the last few years.

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.

Decentralization is at the core of the existence of Bitcoin, hence all altcoins claiming to be on the same boat are judged according to the standard set by Bitcoin. Making BTC centralized means killing a big part of it since there can be less of the trust and confidence it is enjoying right now...therefore this can be affecting the whole crypto industry though I don't it will totally kill everything...just based on the word "altcoins" meaning they are supposed to be the alternative and they can act one if Bitcoin can fail. Having said that, I don't think this can be happening at least in the near-future.

If bitcoin is centralized and others are not, then all other cryptos will thrive. The basic benefit of using the Bitcoin is its decentralization. If it becomes centralized and manipulative like any other fiat currency, then the community will move to another coin leaving Bitcoin behind. But that doesn't mean that Bitcoin wouldn't survive. because we have centralized cryptos in the market and people are using them. But majority of the support will be gone and they will find a new decentralized cryptocurrency to use.

Bitcoin is best in its raw form. Any drastic modification might lead to a disaster.

They will certainly survive because people buy them to invest and make profit from those altcoins. There is a time for altcoins to have a pump and we still have new altcoins projects because everybody is into business with the crypto market. Bitcoin been centralized wouldn't change anything the other altcoins are also needed in the market so that investors can diversify into various investment for profit. Greedy people will always go for coins that will give high profit at the short run,this is the same problem that we are facing now even as bitcoin is decentralized. They can't be patient enough to wait for a complete circle and this long term hodli has also discouraged so many people that lack the knowledge how bitcoin circle is and has invested in some shitcoins for quick profit and they ended up into great loss.

Because the first bank in a country is centralized, are other banks going to survive? That is just how your question is. You can see different banks in your country.

People will always go for those coins, not that they have utility, most of the coins do not have utility at all but because of the profit they would give during bull run.

Yes they will survive as long as bitcoin is surviving.

It will depend on the state of the markets. On the top of my head — in a bullish market, if theoretically Bitcoin suddenly became centralized through whatever reason, the money would likely flow to other majors like Ethereum and (probably) Litecoin. In a bear market, bitcoin would be pulling everyone down with it.

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 .