Topic: Will Bitcoin become centralized sometime in the future? (Read 8114 times)

I don't know if this is possible at all, since bitcoin was conceived as a decentralized currency. It got its popularity and success because decentralization is one of the main aspects of bitcoin.

I'll just hope that doesn't happen. Otherwise, bitcoin will simply lose its uniqueness and it is possible that this will be the reason for its end. It should not belong to any one country.

It seems to me that the creators of bitcoin will prevent this situation. Centralization of bitcoin is absolutely illogical for him and contradicts the idea of this technology.

Of course seeing the development of Bitcoin from year to year makes me more confident that Bitcoin will become center transactions later. With the price of bitcoin now I believe bitcoin will become centralized in the future.

Centralization bitcoin is something that is very often and very much spoken. I believe that this will happen inevitably because despite the fact that at the heart of bitcoin lies a chain of blocks and it is decentralized, but with the necessary software - all transactions on the network can be easily tracked, and therefore - taken under control. Many will want to take advantage of this.

No one can change the nature of bitcoin, it's here to change the usual way of transaction and it's here to give us benefits.
With decentralized system, this is more reliable compared to our current centralized system, free from manipulation and everyone can transact without 3rd party involved.

Bitcoin’s popularity is all because of its decentralised nature. People feel more relaxed in making transactions as compare to banking. If someday it will become centralised then there will not be any difference b/w bitcoin and the bank. They will be played by govt and corrupt officials and at the end of the day common man ends up in big and lengthy waiting lines. So I dont think, it will get centralised.

A centralized Bitcoin will see a lot of people who really care about their anonymity ditching the currency for another that crypto currency that can give them good anonymity

To be honest i’m not sure what to think about this but basically everyone likes bitcoin because its decentralized. It would be bad if it becomes centralized one day in future.

I don't think that will happen if bitcoin will be centralized because bitcoin is decentralized which makes bitcoin special and so popular, and it is likely that if bitcoin is centralized it will make bitcoin's popularity dimmer.

I think, BTC will be centralized. Not by goverments or an instution. Whales want to dominate the market and control the price. Thus, they will somehow come together and manipulate the market for their self-interest.

That's certainly true, mate. Unfortunately, something that was once decentralized is now becoming centralized simply because of greed. Now, there are lots of whales trying to manipulate Bitcoin's price within the cryptocurrency market, as they accumulate most of the cryptocurrency's circulating supply. Not to mention, Bitmain has the lead in Bitcoin's mining hashrate, which negatively affects the decentralization and longevity of the Bitcoin blockchain. Many people simply don't care about this if they able to make money with Bitcoin.

However, in the end, they'll realize the negative effects of centralization where they cannot transact free from middleman, as Bitcoin transactions would be under the control of Chinese miners and whales. That's very unfortunate, as Satoshi wanted Bitcoin to become a fully decentralized system after all. Everything is turning out to become just like the first days of the internet where it was decentralized but it became centralized due to corporate interests. Now the internet is largely controlled by Google, Facebook, Amazon and several other big companies, when it was intended to be decentralized. I believe that the same thing will happen with Bitcoin in the future.

Unless developers do something about it, and the community acts, Bitcoin will become more centralized each day. There needs to be fair mining distribution, to prevent the risk of centralization. When this is done, the risk of 51% attacks would become diminished as no one would be able to dominate Bitcoin's mining process itself. IMO, the fault belongs to the creation of mining pools which have greatly centralized Bitcoin's PoW. The best solution would be to reduce the Bitcoin block reward the bigger the hashrate there is on the network. But, that's up to the devs and the community to decide. Just my thoughts

 Bitcoin is based on blockchain technology.There are 3 parts of blockchain .public ,private and cosoritum. The main idea of public blockchain is decentralisation and open ledger available to all where we track end to end transaction.complete traceability. Though identity is anonymous transaction is tracable .if at all we think of bitcoin centralization then it will be nothing different than our traditional banks and will be regulated by third party.
 I think it is possible to centralised by taking control of all nodes across the word ,but what are we going to achieve by this centralization ,we again don't want the middleman to control and regulate the currency else it will be another fiat world currency.

Though Bitcoin is technically decentralized, it can be practically centralized if a central party (be it a cartel of large miners or a persuasive group of developers) becomes powerful enough to guide Bitcoin’s development towards their agenda.
Though the economics of mining would suggest that centralization is inevitable, the degree to which users require decentralization will ultimately dictate how much Bitcoin becomes centralized. If users are ardent in their preference for a completely decentralized system, miners can’t consolidate power without risking that the network (and therefore their profits!) will be abandoned.

No way! If that happens, bitcoin will just be like any other ordinary currencies. As it is, its value fluctuates and drops tremendously at times. How much more if it becomes centralized? Besides, it has been invented to decentralized. That's the way it should remain.

As to the best of our knowledge, bitcoin is a decentralised crypto currency and thus there is no such proper authentic regulating body over the bitcoin who could keep eye 👁 over all the bitcoin activities thus leading to its illegal use and this is the reason why most of the countries do not want to legalise bitcoin in their nation and inspite of all these there are few nations that has legalised the bitcoin after getting the fate and potential of bitcoin and I am sure that in the future bitcoin will get centralised all over the world.

I think maybe in the future bitcoin will be centralized. Not only because lots of miner come from China. But also because so many whale that already join together and try to manipulate market price. From what i read they almost have 30% from bitcoin circulation. And it's not good for bitcoin future, and there is nothing we can do about this.

I think this will not happen, anyone will lost trust to bitcoin if they violate their own rules, i believe many user in here interest to bitcoin because it's decentralize.

in my opinion no. because no country can control the amount of crypto currency growth. and now, every country has its own coin market so it is very difficult if the crypto currency will be concentrated in one country. and the development of the crypto currency does not depend on just one country.

it is almost impossibility since bitcoin was already made with the decentralized chain then if this will happen the migration will take some time and take a big problem with the users