Topic: What if Bitcoin was centralized? (Read 2469 times)
Then it would be like any other currency. Somewhat stable and won't be as valuable as the decentralized one. Earning one wouldn't be so special since it's like working overseas to gain money(other currency than from where you were) but the main difference is you need not to move to another place to earn.
If bitcoin can be controlled by the government it will be stabilize but it couldn't make you rich at all. Since, the value is stable it can't raise suddenly as high as it is now. We can still earn profit but not as much as it is now.
what do you think would happen to bitcoin economy if someone would actually take in control of it?
Bitcoin centralizatoon goes through a lot of talk and time. People or bitcoin users to tend to panic because of this craze. But after all, here we are, and bitcoin is still not centralised by any sort of public or private investors. Though there are lots of government who almost wanted to have a control on bitcoin. But I believe, as long as we fight for what's good for bitcoin, things would go the good way majority wants to.
As said, 51% attack would be considered as a centralization of Bitcoin and it would be none other than a foolish *successful* attempt of suicide. Since, Bitcoin network is huge in terms of volume and you will need huge amount of money in order to take the control of it (still it is near to impossible). Even after taking the control and executing your first double spend, it would make Bitcoin useless within an hour so you will lose entire money and time you invested in doing it considering the market demand.
what do you think would happen to bitcoin economy if someone would actually take in control of it?
We have seen the effects of centralisation already and we do experience that in our daily life which is via fiat currency. The day to day use simple and we don't see much fluctuation in the fiat. The one dollar bill can get you premium chocolate today and same one dollar bill can get you premium chocolate after two months or even after a year. This is stability and our dollar bill stays dollar ever. You save it but it doesn't grow in the value and neither it could make you rich.
This all is because of centralised nature of it where there are many many limiting factor for it and regulations can change it and nothing else. That would have been effect on the bitcoin too and we would have never seen so much spike in it and neither we could have earned any profits from it.
what do you think would happen to bitcoin economy if someone would actually take in control of it?
No one is in control of bitcoin at the moment, in fact, if bcash was more strong, and if it replaced bitcoin, we would be living a centralized era about bitcoin at the moment.
Because that is it, it was going to be centralized if Roger Ver could take the control.
How can Bitcoin Cash be more stronger than Bitcoin if as of now average to more companies are now accepting Bitcoin as their medium, and has been using for their transaction, its hard for it to break right now.
what do you think would happen to bitcoin economy if someone would actually take in control of it?
Bitcoin was not centralized but it would become with such feature. And it would become a tragedy of freedom and wide opportunities that Bitcoin presented us years ago. I believe that those technical improvements of Bitcoin will not become critical.
Being controlled by someone or some company will make people think twice before entering or investing. So if bitcoin is centralised, then the price now should be 100x or 1000x lower than now.
Or no price at all. If it continued to become a thing, even though it is centralized, people are going to eventually adopt to it. They are just going to accept the fact that it is centralized just like how we accept the fact that Satoshi is hidden and might have the ability to take sell so much bitcoins in different exchanges simultaneously. Bitcoin is still centralized in small parts. Like it is centralized in a way that there's a corporation that owns the funds that you have deposited in an online wallet. Same goes for gambling sites, exchanges, etc. Basically everything that allows you to deposit on a certain website.
If bitcoin was centralized and it was known to people, it's only a matter of time before someone starts to recreate the whole thing but it will function in a decentralized way. So the spotlight would easily be taken away from the previous invention. Plus, the whole reason why people are into bitcoin is because it's giving us the freedom from the government that we wanted ever since.
"What if bitcoin is centralized"? Though it will allow network users (node) to be free from certain difficulty encounter in the mining process of 'blockchain', a technology in which bitcoin as a digital currency is built on. but for a centralized system transactions are easily accessed, no consensus in decision making, this is limited only to the central body. but for bitcoin as a cryptocurrency to survive it cannot be on centralized system, because sustainable value is what everyone hope in the digital asset.
Basically, things will be based online. Every transaction will be done virtually it might lose the human touch but, in terms of efficiency, it is better.
Being controlled by someone or some company will make people think twice before entering or investing. So if bitcoin is centralised, then the price now should be 100x or 1000x lower than now.
i think if bitcoin become centralized then it will be just like any other currencies on the world, it will have not thing special, be controlled by company, i can sure no investors will invest in bitcoin anymore, and bitcoin will die very quick.
what do you think would happen to bitcoin economy if someone would actually take in control of it?
We have seen the effects of centralisation already and we do experience that in our daily life which is via fiat currency. The day to day use simple and we don't see much fluctuation in the fiat. The one dollar bill can get you premium chocolate today and same one dollar bill can get you premium chocolate after two months or even after a year. This is stability and our dollar bill stays dollar ever. You save it but it doesn't grow in the value and neither it could make you rich.
This all is because of centralised nature of it where there are many many limiting factor for it and regulations can change it and nothing else. That would have been effect on the bitcoin too and we would have never seen so much spike in it and neither we could have earned any profits from it.
what do you think would happen to bitcoin economy if someone would actually take in control of it?
No one is in control of bitcoin at the moment, in fact, if bcash was more strong, and if it replaced bitcoin, we would be living a centralized era about bitcoin at the moment.
Because that is it, it was going to be centralized if Roger Ver could take the control.
I don't think bcash can overtake bitcoin and we will enjoy the decentralized structure of bitcoin next years as well. We don't want to see names in bitcoin world, we want to see development only. It should stay anonymous without identities.
If someone can concentrate in one's hands 51% of the production of bitcoin. He probably will be able to counter this currency. This is a gain only for quantum computers, and then soon after a couple of decades
what do you think would happen to bitcoin economy if someone would actually take in control of it?
No one is in control of bitcoin at the moment, in fact, if bcash was more strong, and if it replaced bitcoin, we would be living a centralized era about bitcoin at the moment.
Because that is it, it was going to be centralized if Roger Ver could take the control.
In my little noob unterstanding it is not possible to take control of it. Only if you own 51% of all BTC
Yes, but the point here is "what if". So, I think if bitcoin would be centralized we would not see such prices as now and we would have to pay taxes to the government from this earnings. Those two things would change bitcoin totally and I doubt that it would stay so attractive as it is now.
If bitcoin centralization certainly will not make people interested and want to buy bitcoin in large quantities, this will make the user prefer paypal because it is supported by many banks.
if bitcoin is controlled by a person or group then bitcoin will be used for their benefit, what if the bitcoin control is a criminal? so bitcoin will be destroyed and criminals are getting harder to deal with.
Even though most investors claim that one of the reasons why they invest into bitcoins is because it is decentralized, I think that even when it’s centralized and controlled by someone, people are still going to invest because they are going to get some really good profits out of it.Bitcoin if is not going to lose volatility after becoming centralized, I don’t think so anyone will be having any kind of objection. Well, I am personally not in favor of centralization of bitcoin because then we will have to pay taxes. Bitcoin’s decentralized nature has very big impact on the mentalities of the investors.
I think if bitcoin would be centralized we would not see such prices as now and we would have to pay taxes to the government from this earnings.
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