Topic: Will Bitcoin become centralized sometime in the future? - page 12. (Read 8103 times)
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
I believe that the whole idea behind Bitcoin was to create a decentralized currency, a currency free from the Governments and banks. If someone somehow managed to centralized it, that would mean Bitcoin has failed its original purpose and it will become worthless. I don't want this to happen
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.
As we all know that bitcoin is a very popular crypto currency now a days and now more and more people and moreover the countries has now understanding the fate and potential of bitcoin and legalising its transactions in their nation and now there are countries like Brazil 🇧🇷, South Korea 🇰🇷, Germany 🇩🇪, japan 🇯🇵 and many large countries has legalised bitcoin, so no doubt bitcoin is making a tremendous progress and I too believe that in the coming future bitcoin will get centralised world wide. 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.
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 think so. It can create many manipulation with surprise and there limits of it. I like Bitcoin, because it is decentralised system and nobody can make any effect on it.
I think it is impossible to centralize bitcoin. Bitcoin and centralization is opposite to one another.
Yes you are right, purpose of the bitcoin to be created is to avoid centralizing system of payments. But I think bitcoin can be centralized if we look at the system. If you ever hear about 51% attack, it is possible right? Someday if peope who mining bitcoin is decrease, another miner will try to have control over it.
You’d have to control 51% of the Bitcoin network in order to do that, which even the NSA would have trouble pulling off with the size of the network.
So the core protocol is going to remain decentralized for the most part. However, parts of the ecosystem may succumb to centralization (like exchange in various countries), which can have similarly detrimental effects on the network.
So the core protocol is going to remain decentralized for the most part. However, parts of the ecosystem may succumb to centralization (like exchange in various countries), which can have similarly detrimental effects on the network.
It will be very hard to centralize bitcoin in future because if centralized the core purpose of inventing Bitcoin will be violated.
Blockchain, the technology underpinning it, cannot be centralized. Bitcoin in a way already is. Centralized exchanges are how 99% of people trade their cryptocurrency, and they can be forced to accept regulation or be shut down. The only way to truly and permanently decentralize Bitcoin is by setting up decentralized marketplaces…and it is already being done
Centralization will be very tough for bitcoin but the user of bitcoin is getting higher every day, some steps should be taken to ensure its security.
I think it is impossible to centralize bitcoin. Bitcoin and centralization is opposite to one another.
If bitcoin will centralized, then anyone can control or hack it. Bitcoin in invented in way that no one can control it but it has some security protocol so that it will run successfully.
Bitcoin invented in such a way that it can not be controlled fully that's why many countries and governments do not support it. But in future it may be centralized.
In the near future, bitcoin will be centralized. Cryptocurrencies will not disappear just because centralized cryptocurrencies will have more power.
I think it will not happen, I think the decentralization bitcoin system will not be changed, because that's the purpose of creating a currency that the government can not control. The government must make its own digital currency if they wants to use the centralize system.
I think we're going to that. All you said is really the factors that cryptocurrency becomes centralized. This is bad, because then the phenomenon will not be massive, but elitist and again everything will be in several hands.
I hope bitcoin will become centralized soon and the government will accept bitcoin. as a result, bitcoin will become legal all over the world
It is really hard to say but i think bitcoin will never become centralized in the future
Not the way a fiat is centralized, but I guess any government doesn't feel too much comfortable with stuff it cannot control. Considering the crypto market volume, they must be working hard on some ways to control it directly or indirectly.
Will it affect the value? It might depend on the type of "centralization," so it's too early to try to predict now, I guess.
Will it affect the value? It might depend on the type of "centralization," so it's too early to try to predict now, I guess.
To answer such question we need to understand a little bit more about blockchain technology, so we have a huge amount of cards all over the world and all the cards are working to mine bitcoin, so if we have a transaction - blocks goes through sme cards(which can be located in different places) and we have money transactions, like if we want bitcoin to be centralized we need to take all mining cards in one place, which is simply impossible, so it never happens.
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