Topic: If bitcoin is not decentralized currency what would have happen to bitcoin (Read 315 times)

If to say bitcoin no dey decentralized the government all over world for don meet to end the transaction but thank God say Satoshi Nakamoto the inventor of Bitcoin invent the currency in a decentralized way.Di decentralized nature of bitcoin na for our own benefit because di main purpose of bitcoin na to remove single point of failure from centralized authority,e get sometimes wey you wan make transactions and the bank wey you bank with fit dey offline e mean say ur payment no go complete and central authority fit block you from making transactions but Bitcoin wey dey decentralized na open source wey get multiple independent processing system wey dem dey call am nodes with this decentralized nature you fit make transactions anytime without any form of restrictions.

If to say bitcoin was not decentralized,it will be centralized have governmental control, loss of trust , loss of innovation, loss of privacy, market instability and vulnerabilities to manipulation

The decentralization nature of bitcoin is what makes it stand till today. A lot of cryptocurrencies have come after bitcoin and most of them could not survive the market because of how it is being designed and mostly centralized. A single entity or body can have total control over it thereby making it easy for the consensus on which it had been designed be tempered with. If bitcoin was decentralised, maybe me and you will know the next price bitcoin will be in some time and this would have rubbished its use.

No be small oo, the decision wey Satoshi take naim be the best, after e don make the bitcoin network decentralized, em sef just run go dey ghosted for over a decade now. If to say e no do like that, maybe Dem for don force to end the whole thing, or Dem for use tax take finish em head. With Bitcoin person fit leave the kind of anonymous life wey you like and nothing go happen. But common small 4 meters wey go enter your bank, EFCC don start to dey observe you doing, dey watch you movements as if that one no reach, you bank sef fit block you accept if you dey use small limit before.

I'm not sure if you have heard that Satoshi has ghosted the internet since 2010 and since then left bitcoin and it's code to the people he trust to continue to build, develop bitcoin and make it decentralized as much as possible. If indeed Satoshi identify is know today, the government would have arrested him behind bars just like they did with CZ Binance ex CEO but because nobody knows him and bitcoin is decentralized, that's why the can't do much about bitcoin. They have called it dead many times in the past and today including some of these institutional investors that have large stake in banks but today, they are fighting for ETF to be approved so they can use the opportunity to get more money with bitcoin opportunity, that's what they know best.

If not for Bitcoin, average person like you and I might be fighting to register on stock trading exchange to get one or more stock to invest our money but with bitcoin available everywhere, your wallet and small cash is enough to get you started and the sweetest thing about it is that if don't tell anyone that you have a bitcoin, even your family will never know, this are the things government don't want people to have power everyday but decentralization win.

The government perceive bitcoin as a threat, they've tried their possible best to centralize it but all their plans proved abortive, how you centralize a system that was built strongly from the knowledge of a man who's plan was to create a money that will serve as both fiat and digital currency, the government started attacking the means in which bitcoin function because of how the system is to penetrate, decentralization of bitcoin has been a major concern for the government, the government frown at any process that they can not control and oversee what happens in it, but the blockchain technology has made possible for everyone including the government that's if they are interested to be protected with equal right, sometimes when I thought of bitcoin I begin to reason what might prompted or inspired the inventor to think this way, just imagine how difficult it is for the government to penetrate, with the look of things the bullying is direct, the value of bitcoin is so much compared to any currency in the world even when the world at large has not adopted it or accept it as a legal tender, so on the government side, they feel that if this digital asset continues to boom, may be the only function of fiat will be for people that needs it in a particular country to pay people that don't accept bitcoin, apart from Bitcoin not being handy, I think bitcoin does many work than fiat, fiat can not be faced out no doubt but bitcoin will continue to gather more audience because of it's unique nature and multiple purposes at it's disposal.

Everyone would have abused bitcoin the way they want and those in authorities would also have taken over the control over the use of bitcoin, maybe who knows, bitcoin would have not been widely accepted the way it was today because one of the reason for it massive adoption is the financial freedom it renders away from the government and financial institutions, people adoption bitcoin because of the understanding of what they believed bitcoin to have been.

If Bitcoin isn't decentralized I know for sure it would be controlled by the world powerful economy by now and that is why Bitcoin is distinct and stronger day by day. This is equally the reason why governments are not adopting it's use as they have no say in it's usability & regulations

If BTC where not decentralized currency it would have loss it's glory and uniqueness that we are enjoying today, it  would have been so common and probably becomes unlimited in supply, therefore it is considered to be a more complex digital currency that has come to stay even in tast of time. If not for it decentralized nature a centralized entity would been in control and supervision.

You go take how altcoins dey now take compare wetin for be bitcoin fate in the scheme of cryptocurrency stuff if to say e no dey decentralise.  Like trust wey investors get on bitcoin unto say demselves see say to manipulate the coin no be easy thing so dey have to confirm and believe what comes from bitcoin .

Therefore because of say the coin get enough security and protection for hodlers, e no get fake. I believe say if to say e no be for being decentralised, El Salvador for no adopt am.

If not that bitcoin is a decentralized the government would have destroyed it since before now but since they couldn't do anything about it some people are dancing to it, not having any choice than to accept  it. Bitcoin being decentralized should be a reason why the government needs to understand that bitcoin is good currency which no one can control it. So many coin that not decentralized couldn't survive,  but bitcoin is still doing well.

If Bitcoin were not decentralized, it would likely lose much of its value and appeal. Decentralization is one of the key features that makes Bitcoin unique and gives it its value. Without decentralization, Bitcoin would be just like any other traditional currency, controlled by a central authority. This would make it vulnerable to manipulation and corruption, and would defeat the purpose of using a cryptocurrency in the first place. In addition, a centralized Bitcoin would likely face more government regulation and scrutiny, which could limit its use and growth. Therefore, it's safe to say that Bitcoin would not be nearly as popular or valuable if it were not decentralized....

To expand on this further, one of the key benefits of decentralization is that it allows for true peer-to-peer transactions without the need for a third party. This is made possible by the blockchain, which is a public ledger that records all Bitcoin transactions. Because the blockchain is decentralized, no single entity controls it, and it is not subject to censorship or interference from any government or other outside force. This ensures that no one can tamper with the blockchain or manipulate the value of Bitcoin. In addition, the decentralized nature of Bitcoin makes it censorship-resistant and allows it to be used as a tool for freedom and financial sovereignty.....

It's the decentralization of Bitcoin that has keep the whole industry still active upto this day and not just Bitcoin because Bitcoin controls the whole industry and if Bitcoin was successfully defeated by the government, People won't trust other cryptocurrency to be able to survive the government attacks. It was also the decentralization of Bitcoin that made the government not to take it serious, dem been think say by now Bitcoin go dun die but dey underrated Bitcoin and e dun big to the exceed wey be say na for the government to accept wey remain.

Dem still dey find way on how dem go fit regulate some Bitcoin but the best dem fit do na to regulate some centralized services in Bitcoin so dem fit get some kind small control for the market as nothing else wey dem fit do.

Bitcoin need to hold its true decentralization very well because na the only thing wey him get now. Bitcoin dun lose others things wey been dey make am very attractive to investors like low fees, fast transaction and high ROI (Return of investment) others projects dey get those things now pass Bitcoin but Bitcoin na still OG as without am the whole industry will go down.

One thing that the world admires is new thing like something different from the things we do or use on a normal basis so had it been Bitcoin wasn't decentralized, not many people will show interest because they will equally measure it with fiat, so the world is tired of using centralized exchanges that is being controlled by government or third parties so that was the sole reason for introducing Bitcoin so if it wasn't decentralized, no body will give much value and attention to it.

Many simple questions like this deserve a simple answer. For me, I think if BTC wasn't decentralized, it would have been an idea that never flew. Never saw the light of day, because no country would have been willing to change its legal tender to one that isn't tangible or holds any value to the current fiat of the country.
It would have simply failed to gain customers, adoption or press.

Well for starters it's because it's even decentralized that's why it's adoption has grown so massively and moreover nobody ever complains about a dormant project, it's always the popular things and when it comes to the crypto world Bitcoin is like the Godfather of all cryptocurrency and it's because of its massive growth that has lead to so many altcoins that are running wild in the market.

The number one thing that government hates most is the fact they are limited in terms of controlling their citizens financial assets and Bitcoin itself grants the public this leverage and this has also spark the hatred or should I call dislike of Bitcoin by government but I feel there would be a massive change in the affairs of both parties.

Yes that is the more reason why government keep baning anything crypto currencies. Due to it decentralized nature. If bitcoin or crypto currency were to be centralized, I think bitcoin would have becomes legal tender to many countries. And I believe the government is working towards producing there own coin which will be more stable and centralized compered to bitcoin. But I don't see how it will still beat bitcoin or gain massive population as bitcoin because they will be classified as stable altcoin which will not be positively volatile.  And the reason why people love bitcoin is due to its higher volatility.  And when something is not volatile then it's nothing worth risking for or investing for.

 Because government can't have total control over it.

Firstly, If Bitcoin was not decentralised then no one would have invested into Bitcoin and it would have ended up like other commodities but without any value since it's not physical. Government would have patronized every single thing like the withdrawal limits, deposit limits, etc.

Coming back to second part of the topic, mixers has been receiving attention from government as it may be used for illegal activities like money laundering, terror funding and etc which used to happen even before existence of Crypto, we have seen what happened with Sinbad hence the forum don't want to get into radar of government by allowing mixer campaigns to advertise.

Assuming is a centralized form by now government would have taken over bitcoin but since bitcoin is decentralized form that is why government is looking for a different ways to subdue bitcoin from my understanding, many people will not know the reason why government is interested in bitcoin being a centralized ways.
For me and the way I dey see bitcoin it will last except that satoshi come today and abolish the existence of bitcoin in which I know very well that bitcoin existence is something that is indifferent,  so basically I know that bitcoin is good  for government to put eye on it because of people who is misusing it for money laundering.

One of the reasons why our government them dey fear to legalize Bitcoin for this our country nah because of say them they think say one day Bitcoin fit crash and pipo money go lose, but no be so e be.
Most time I dey think am say our government them no dey think the positive side of Bitcoin but them dey think ot the negative side, if to say them legalize Bitcoin for this country, at least we for no dey too dey reason some kind of things, just like the way e happen during the past cashless economy period.
As Bitcoin dey decentralized con make the whole matter dey sweet to the way wey be say governments no go fit control am, although, possibility self dey say, if to say government self e no dey decentralized government for still accept am as e be say them go fit control am too, but as them no fit, con make them no won accept am.