What if Bitcoin was centralized? - page 10.

Burks

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Quote from: aizen10 on September 30, 2017, 12:22:09 AM

Quote from: jumpercrypto on September 20, 2017, 11:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

when bitcoin was centralized, i think it is good for us to be use and legalized on some other part of the globe. we all people have a freedom to use bitcoin wherever we are and whenever we want. but there are a few worst in it if someone can takes control bitcoin in our country, one is they break the privacy of our used bitcoin wallet for easy to them to know who is the persons who hold that amount of bitcoin and some other personal information to us. they also control the value of bitcoin from its original price in the market and they implement a tax to done in every single of us.

As you said when the bitcoin was centralized we can use it on anywhere in the world .But if it was centralized the taxation will come into play.When there will be the taxes for using the bitcoin then thr bitcoin will lose its potential that it have today in the world market.so its better that it dont have to centralized.

hari9981

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for me bitcoin is not centralized problem. but does not affect the price of bitcoin. bitcoin remains the best even though someone set the bitcoin.

Harrisonimo

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Hmmn... If Bitcoin ever becomes centralized (which isn't possible because itz main purpose itself will then be defeated) it will pathetically lose itz value. I believe the only way a country's government might want to benefit from this is via taxation which hasn't been implemented. Centralising Bitcoin is centralising the whole of cryptocurrency itself! Making it have some form of limitations.

erickkyut

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One of the main features of Bitcoin is decentralization and it is also one of the main reasons why lots of people use it. If it will be centralized, I think it will decrease its value because Bitcoin users might switch to use other coins. Also, once it is centralized, the givernment may tax Bitcoin and it will lead to higher transaction fees.

Rinaze

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What's the difference between cash and Bitcoin if BTC is centralized? Being decentralized is one of BTC biggest selling point at the moment.

However being that said, more than 70% of the current miners (despite different entities) are actually from China so I am not so sure if BTC is truly decentralized in the way that we all thought it is.

aizen10

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Quote from: jumpercrypto on September 20, 2017, 11:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

when bitcoin was centralized, i think it is good for us to be use and legalized on some other part of the globe. we all people have a freedom to use bitcoin wherever we are and whenever we want. but there are a few worst in it if someone can takes control bitcoin in our country, one is they break the privacy of our used bitcoin wallet for easy to them to know who is the persons who hold that amount of bitcoin and some other personal information to us. they also control the value of bitcoin from its original price in the market and they implement a tax to done in every single of us.

JohnLHarvin

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I think, if the bitcoin will be focused, we will not see the price as it is now and we will have to pay taxes to the government from this income. You can block anyone's transaction because you have a focus, a central point or a central point, so each transaction will go through the central point and you can easily block or redirect the transaction. It will take it's character and investors, it will pour many people who are holding it. A lot of people will den bitcoin

UsernameBitcoin

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If Bitcoin was centralized then it would honestly be just another currency as it is susceptible to single point of failure attacks as well as inflation of money supply from the centralized group that controls it.

Sadnu

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It's likely that the value will fall and people will no longer have the interest to invest in it. Because we know that it will also lose its meaning. Why do we invest in bitcoins? Because of the increase in its price and we have invested money. So if it becomes centralized you can manipulate its price and become a Shitcoins.

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Quote from: Wipro on September 20, 2017, 01:08:47 PM

Quote from: jumpercrypto on September 20, 2017, 11:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

I really won't support for bitcoin to become a centralized money because if it is been centralized in any place then taxation will be applicable to use bitcoins and service tax to trading site and many more things have been initialized.
Banks will try to regulate and they will increase the fees to send the bitcoins to internationally transferred address.

That's a mere fact, if bitcoin was centralized probably just simply making an account requires payment tht most of the people cannot afford all the transanction are vividly monitored by the authorities and even the money that you have gained will be monitoed and it may also be manipulated by them that people dont want it to happened . Information of every people will be collected and the vulnerability for us from hackers will raise.

natka

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Quote from: justdimin on September 24, 2017, 10:21:27 AM

Quote from: mozillaspez on September 24, 2017, 01:18:59 AM

Quote from: sidmlm on September 22, 2017, 01:40:38 PM

bitcoin is open source currency it's can't be centralized.

Huh it is impossible to be centralize because it was designed in such a way that no system control them it could never be centalized and in case if it were then we would not be here because it would be the same as normal papper currency and would not have such great demands

First of all it is impossible that bitcoin will be centralized in future and if it centralized by force or anyhow then bitcoin will be like other currency and I think that time people will think to left bitcoin and invest money in other business. People with bitcoin is due to feature of decentralization and people hope that bitcoin would be decentralized forever.

not all hope And that's for sure. I think that many people generally use Bitcoin at the moment because of the fact that in a quick way to earn and leave. There are certainly fanatics who are very much satisfied with cryptography today. But such people are one.

justdimin

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Quote from: mozillaspez on September 24, 2017, 01:18:59 AM

Quote from: sidmlm on September 22, 2017, 01:40:38 PM

bitcoin is open source currency it's can't be centralized.

Huh it is impossible to be centralize because it was designed in such a way that no system control them it could never be centalized and in case if it were then we would not be here because it would be the same as normal papper currency and would not have such great demands

First of all it is impossible that bitcoin will be centralized in future and if it centralized by force or anyhow then bitcoin will be like other currency and I think that time people will think to left bitcoin and invest money in other business. People with bitcoin is due to feature of decentralization and people hope that bitcoin would be decentralized forever.

mozillaspez

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Quote from: sidmlm on September 22, 2017, 01:40:38 PM

bitcoin is open source currency it's can't be centralized.

Huh it is impossible to be centralize because it was designed in such a way that no system control them it could never be centalized and in case if it were then we would not be here because it would be the same as normal papper currency and would not have such great demands

Melquart

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It will become another digital bank like neteller or skrill.

Shikaina

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Quote from: jumpercrypto on September 20, 2017, 11:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

It will be like fiat. The price would more stable but we would not have the freedom over it.

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Quote from: adzino on September 22, 2017, 02:51:01 PM

Quote from: jumpercrypto on September 20, 2017, 11:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

If bitcoin becomes centralized (which won't be happening anytime soon) it will loose one of its key main feature - decentralization. The market won't be the same anymore. Price is going to be much lower than it is. There wouldnt be much difference between normals fiat currency and those centralized Crypto

Exactly bro/sis. I'm sometimes surprised at attempts by some governments to create centralized "National currencies" and call them cryptocurrency.
They seem not to understand why Bitcoin is so successful.

National currencies that will most likely be manipulated, censored and centralized aren't Cryptocurrency at all.

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Quote from: jumpercrypto on September 20, 2017, 11:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

If bitcoin becomes centralized (which won't be happening anytime soon) it will loose one of its key main feature - decentralization. The market won't be the same anymore. Price is going to be much lower than it is. There wouldnt be much difference between normals fiat currency and those centralized Cryptos

Mozdalifa17

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if bitcoin controlled by government or banks another coin will take the lead like ETH,WAVE,OINON ..etc, because what attract people in first place to use bitcoin is security and freedom to control your own money whenever , wherever you need it . but that will not happen anytime soon .

Ucy

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It will cease to be called a cryptocurrency and a new coin will take its place.
I noticed they have been working hard on centralizing it. I have a feeling that Bitcoin will continue to resist the attempts and be great.

Mr. Legendaris

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I'm sure this is the thing that does not make the user interested, when the centralization of course with easy price can be controlled whenever. so I think centralization is something that goes against the laws of the market.

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