Will Bitcoin become centralized sometime in the future? - page 11.

dario.93

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Quote from: Abiky on January 02, 2017, 01:05:06 PM

As Bitcoin mining is partially controlled by Chinese miners, I have a feeling that sometime in the near future, Bitcoin can become centralized if no solution against this is proposed.

If BTC could manage to bring a solution towards mining centralization by preventing mining pools with the most hashrate to effectively gain control of the network, then it would aim to become more decentralized over the years.

As mining difficulty increases and new ASIC hardware gets developed, it would make it less possible for any average user to mine Bitcoin, thus making it more centralized each day.

Nevertheless, I would like to know your opinion about this, as if BTC becomes centralized, it might cause it to decrease in value, and most of all, violate the principles that it was created for.

I know that many countries and many investors will be happy about that if it will happen but I don't think the decentralized cryptocurrency will become centralised one day, this is nonsense it was developed to not to be that.

Zaarin

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I think it could happen in the far afield-off ahead. The bitcoin excruciating is concentrated by the miners. I think maybe in the difficult China will reach this because there are many bitcoin mining birds creature built in China. and this can negatively impact the bitcoin value.

Sonamziv_99

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As they are in the control of the significant bitcoin mining we can genuinely feel that later on bitcoin will wind up united and as they are in control I figure they can moreover choose the identity of every customer and can have the ability to drive a cost to any individuals who are using bitcoin .I trust that this decentralization is the eventual fate all things considered and bitcoin will dependably stay decentralized. The entire thought of Satoshi was to make all exchanges decentralized.

Lambe Ndumble

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In my opinion whenever bitcoin can become centralized, various media always report that the majority of owners of bitcoin are no more than 1% so they can unite to control the price of bitcoin, but of course their movements are not heard.

bentong talong

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Quote from: Lonthe on August 07, 2018, 07:38:56 AM

I believe that bitcoin will forever become decentralized, this is because the number of bitcoin users is spread evenly (although there is no official data), so that bitcoin is forever decentralized.

I agree with you, I think bitcoin will be forever decentralised, it will not be centralized because it will cause too much negativity to all the bitcoin users who continuously investing.

Papaczed

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Quote from: amber deposit on August 01, 2018, 03:31:55 PM

Bitcoins and other crypto-currencies are private and open systems. Their ideology is that anyone can become an issuing center. Classical monetary mechanisms, on the contrary, are centralized: central banks are responsible for the issue. I believe that the philosophy of centralized systems in the near future will not go anywhere. Another thing is that these systems can switch to block-based technology for distributed data storage.

I don’t bitcoin would become decentralized sometime in the future. The government might proposed and implement a some rules with regards with its operations but I don’t think it would be possible that bitcoin would be under their control.

pareshnakar

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bitcoin is decentralized network and it is world wide and many advantages i thought within short of time bitcoin centralized in the future.

Lonthe

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I believe that bitcoin will forever become decentralized, this is because the number of bitcoin users is spread evenly (although there is no official data), so that bitcoin is forever decentralized.

nexus5chetan

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it's like going against its nature which I don't think going to happen in near future.

Janation

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Quote from: Saare Petros on August 07, 2018, 04:47:45 AM

I find that most bitcoin diggers are in China. If no measures are taken to intervene, the possibility of bitcoin will be controlled by China

China banned Bitcoin for a long time now and I don't think that will happen since BTC is banned there. There might be a lot of miners on China, but if they will not get anything from it in their country, I guess they can just sell it to usd.

Also, the supply of Bitcoin is closing to deplete that means there are a lot of Bitcoins in the circulation now than what to still mine.

Adeforever

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I pray this should not be possible bcos if it does lot of people will run away from bitcoin simply bcos the rules that will be made will only favour some set of people which will in turn be a bad market to some

derekeaton

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The centralization of bitcoin would kill the meaning of its creation, because it was created decentralized and that's the whole point. If he will be controlled from one place it will be a completely different coin.

reality18

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Quote from: Abiky on January 02, 2017, 01:05:06 PM

As Bitcoin mining is partially controlled by Chinese miners, I have a feeling that sometime in the near future, Bitcoin can become centralized if no solution against this is proposed.

If BTC could manage to bring a solution towards mining centralization by preventing mining pools with the most hashrate to effectively gain control of the network, then it would aim to become more decentralized over the years.

As mining difficulty increases and new ASIC hardware gets developed, it would make it less possible for any average user to mine Bitcoin, thus making it more centralized each day.

Nevertheless, I would like to know your opinion about this, as if BTC becomes centralized, it might cause it to decrease in value, and most of all, violate the principles that it was created for.

Most of Bitcoin users now are wishing for BTC to be centralized due to the recent frequent attacks coming from the governments, banks and renowned social media platforms. Bitcoin becoming centralized means the governments can control its transactions and enact laws to guide its trade, and with this, it will be legalized in more countries and allay all FUD in potential investors.

marcitosi

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I have a suspicion that in the future bitcoin will be centralized because all that is being done to pump prices one way or another can be called centralization

tantimutz

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Bitcoin will never be a decentralized digital currency because it is made decentralized. That is the reason why many people are attracted to digital currencies because they are decentralized, and yes most are due to volatility. I think it would be really devastating to see Bitcoin as a centralized digital currency and I think the volatility there will disappear too. right, Bitcoin as a decentralized currency will become a centralized digital currency because it will be the number one digital currency in the whole world .

Jorge158

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Bitcoin was built on the decentralization technology and I think that is its hallmark. I believe that this decentralisation is the future of all transactions and bitcoin will always remain decentralized. The whole idea of Satoshi was to make all transactions decentralized.

Baekhyun

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I don't think that will happen, because the initial purpose of creating bitcoin is with a decentralized system that does not allow any third party to intervene for each transaction. That's precisely where the appeal of bitcoin is, if the government wants to create a centralized system then they have to make their own coins.

Antoinette Scott

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If any unit holds more than 51% of the power of the excavator, the transaction will be altered, causing a delay in the bitcoin trading. The crisis is extremely severe

Andreas Nussbaum

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In theory, bitcoin can not be controlled. However, if an organization controls more than 50% of bitcoin diggers around the world, it can reverse the transaction history. This is extremely dangerous.

hubballi

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Quote from: Saare Petros on August 07, 2018, 04:47:45 AM

I find that most bitcoin diggers are in China. If no measures are taken to intervene, the possibility of bitcoin will be controlled by China

What you're talking is a old story of bitcoin if you check the latest update then you I'll come to known that China is no more leading in bitcoin but Japan and Korea have taken over it and in coming days they are also going to take over in mining Also.

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