What if Bitcoin was centralized? - page 7.

my_cryptos

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Quote from: thinkpad99 on December 06, 2017, 06:03:20 PM

Quote from: bitcoinorcash on December 06, 2017, 05:53:52 PM

Then it would really change its use.The people was using it because it is decentralized in the first place it will not be a bitcoin again if the transactions that you have made will be recorded.It will also loose its current value and may come to worse which is zero.

I think it will not come to that, because why. It is a virtual currency, thanks to which payments are made very efficiently and quickly, and most importantly safe. It is rather unnecessary and impossible phenomenon.

Yes, bitcoin is difficult to make centralized and tied to a certain state. It even seems to me that this is impossible. The BTC was created in order to be one-off from the government.

thinkpad99

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Quote from: bitcoinorcash on December 06, 2017, 05:53:52 PM

Then it would really change its use.The people was using it because it is decentralized in the first place it will not be a bitcoin again if the transactions that you have made will be recorded.It will also loose its current value and may come to worse which is zero.

I think it will not come to that, because why. It is a virtual currency, thanks to which payments are made very efficiently and quickly, and most importantly safe. It is rather unnecessary and impossible phenomenon.

bitcoinorcash

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Then it would really change its use.The people was using it because it is decentralized in the first place it will not be a bitcoin again if the transactions that you have made will be recorded.It will also loose its current value and may come to worse which is zero.

Hamstead

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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?

I could say that, the trend of bitcoin it won't be like this. I mean, not as fast as it grows just like what is happening to bitcoin right now. And think also that, it only have less vulnerable for price fluctuations. Though it have controlled by someone, but it doesn't mean that they can totally controlled everything on bitcoin. Because bitcoin is still dependable on the flow and the market supply and demand just like the other forms of investment.

Calligiato

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Then it wouldn't be 'bitcoin'. Here is many other options; dollar, euro ext.

Vritesh

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It seems to be impossible but if Bitcoin would have been centralized there must have been some regulations imposed on it's use.All the transactions would have been under the supervision of government.No more anonymity would have been there in the transactions.No more of usage of Bitcoin in dark web would have been there.

Best Dreams

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Quote from: dsouzac72 on December 06, 2017, 11:13:49 AM

Bitcoin decentralised that means no bank or government controls or regulates it, or even facilitates its transfer. It is transferred person-to-person. If bitcoin becomes centralized there is going to be more of rules and regulations involved and government involvment in the working and trading and owning of bitcoins.

As we know that bitcoin is decentralized so we to think for a while if bitcoin can achieved such a big goals with decentralizing so if bitcoin become centralized I think bitcoin will bring revaluation in world there are a lot of gates will be open to bitcoin which are still closed for bitcoin first of all every country will start to join bitcoin all banks will also accept bitcoin and its price will be I have no idea where it will be because bitcoin need only little support from countries and the rest of bitcoin know how to take its price high.

MrVuuu

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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 would be nice if there was a centralized service for micropayments in bitcoin so that they could be used to pay for purchases. However, bitcoin itself cannot be centralized.

Pamadar

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Quote from: arteezyy on December 06, 2017, 12:03:42 PM

One of best features bitcoin has is being a decentralized system. If it is centralized, it will not be as popular as it is today.

maybe if this feature would be change or didn't exist bitcoin won't be supported like this, as many investors love taking some risk and hide
their investment, decentralized makes big players to invest as they knew that system can't be controlled by one party.

gigatux

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If Bitcoin was centralized then I guess it would have ups and downs with the currency, if bitcoin was centralized I think that the economy would be shaped very differently, maybe jobs would be different, I think that bitcoin also has a greater chance of making the economy improve higher and better, because of bitcoin things would be very different, and lastly bitcoin can be very essential, and has the power to shape the economy of one's country.

DaftAjax

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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?

Then, its just like going to be another currency like we have right now. A currency that is under the government's control, in care to a so called 'bank'. I mean the exchange here, is definitely controllable. And most likely the value won't change that much even if it takes five to ten years of process.

But on the other hand, if some selected people have gained control over it, they wouldn't make Bitcoin as 'broke' as the current currencies that we have right now. I mean, its a game changer, although its centralized, still these people will surely make Bitcoin better.

arteezyy

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One of best features bitcoin has is being a decentralized system. If it is centralized, it will not be as popular as it is today.

russen

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Quote from: _Mikasa_ on December 06, 2017, 11:33:57 AM

Bitcoin will not be as famous as it be right now if it is centralized. One of bitcoin's amazing feature is that no one can control it.

I have to agree with this. The uniqueness of bitcoin is what makes its worth.

_Mikasa_

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Bitcoin will not be as famous as it be right now if it is centralized. One of bitcoin's amazing feature is that no one can control it.

dsouzac72

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Bitcoin decentralised that means no bank or government controls or regulates it, or even facilitates its transfer. It is transferred person-to-person. If bitcoin becomes centralized there is going to be more of rules and regulations involved and government involvment in the working and trading and owning of bitcoins.

Glydel1999

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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

Nancy Lisa

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Well, bitcoin is mostly framed to be the decentralized.

QuartzMen

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If bitcoin were centralized then it will be like bitcoin cash, the interest of bitcoin others than technology it's to be censorship resistant and decentralized.

randal9

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if bitcoin becomes centralized, many people will refuse it, I'm sure...it will cease to bear such a value and cause such interest...in principle, the whole essence of bitcoin will lost

BossMacko

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If that entity for example is the Government then we will see lots of corruption coming from that and if that happens then value will drop and Bitcoin may die in the long run. Bitcoin price today became like this because no one is controlling it even satoshi nakomoto isn't controlling Bitcoin, all depends on the blockchain itself.

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