Will Bitcoin become centralized sometime in the future? - page 13.

fishball

member

Activity: 336

Merit: 10

Quote from: Abiky on January 02, 2017, 02:05:06 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.

Of course there is always possibility of that. But for me, bitcoin should stick being a decentralized one. People are gathering to it because of that characteristic. So i think it is better for it to stay like that.

acsaocham22

newbie

Activity: 32

Merit: 0

The time, power consumption and computing power needed to exploit new Bitcoins are constantly increasing, the speed of the new Bitcoin decreases exponentially, boosting demand for coin due to reduced supply. I think the ideas you give will be difficult to implement.

Max_fee

newbie

Activity: 73

Merit: 0

in my understanding, it is really hard to make bitcoin become centralized even 10 or 20 years later

Romanlevi1980

newbie

Activity: 69

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i think it is going to be centralization soon because nothing is impossible

Max_fee

newbie

Activity: 73

Merit: 0

If bitcoin becomes centralization, how about dark web ?

previously123

newbie

Activity: 63

Merit: 0

For sure, it will never happen

tutorroma

member

Activity: 255

Merit: 10

Right now, the centralization of bitcoin is a matter of concern to everyone, and we all know that the computing power is now more and more concentrated in a small number of people, so it is very bad for the development of the community to make the coin too concentrated.

josephpogi

full member

Activity: 434

Merit: 168

for me development is always focused on some people who have a private key to code into github. com, I think it has been centralized with the possibility of decentralization if centralization becomes very clear.

ocid

sr. member

Activity: 588

Merit: 256

Quote from: bp124 on July 28, 2018, 03:52:31 AM

I don't think it will ever become centralized because bitcoin was developed based on the blockchain technology which is a decentralized system. Well yeahh the Chinese control quite a portion of the mining of bitcoins but let's not forget that several mining industries are also being established all over the world with better energy efficient mechanisms.

if bitcoins are capable of being centered on a country, surely it can be entirely controlled by that state. but in fact none of the countries are able to control bitcoin, although the Chinese state is already known as the largest bitcoin mining center but can not fully control it, since bitcoin values are based on the number of demand and supply in the market. Of course, most other countries are also capable of establishing bitcoin mining with better mechanisms.

bp124

member

Activity: 264

Merit: 11

I don't think it will ever become centralized because bitcoin was developed based on the blockchain technology which is a decentralized system. Well yeahh the Chinese control quite a portion of the mining of bitcoins but let's not forget that several mining industries are also being established all over the world with better energy efficient mechanisms.

chocolato

newbie

Activity: 34

Merit: 0

I believe that bitcoin will not be centralized,the reason why people use bitcoin because of decentralized and fast transactions,when the time comes that bitcoin will become a centralized person will only make another coin in lieu of bitcoin,then bitcoin will become like fiat currency can be controlled by the government and certain parties.I never thought bitcoin would be a centralized currency,I'm sure until the last birthday btc will remain a decentralized currency using blockchain technology.

Gabah56

jr. member

Activity: 168

Merit: 2

most likely the bitcon will be centered to one gan destination. because the purpose of bitcoin is to become digital money that can be accepted by the world community and the state. although it still is not. but we'll see when it's time .

Neraj Evad

newbie

Activity: 140

Merit: 0

I do not know if the bitcoin management will agree that bitcoin will be centralized , because bitcoin was created by the founder of it ,to be a decentralized crypto currency, and anonimous crypto investment ,but in the future ,we do not know if it will be realized as some government wants to happen if it will be legit in their country.

KiloWatts

member

Activity: 119

Merit: 10

I think bitcoin will be centralised world wide in the coming future. Under centralized system, bitcoin price tend to be more stable and lower in its price or value.

NarutoTan180

newbie

Activity: 54

Merit: 0

The whole point and essence of bitcoin in its decentralization and relative anonymity. It seems to me that no one can centralize it, in any case, openly. The community will follow this and this will not allow it. This process can be progressively concealed, but this is hardly possible on a global scale

strideynet

sr. member

Activity: 412

Merit: 250

I think in the future, when all the bitcoin will be mined, such an opportunity will appear, because large companies will switch to other coins

honey8

newbie

Activity: 21

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Chances are less. No governing authority can drive bitcoin as its people currency.

KrakenZ

jr. member

Activity: 145

Merit: 1

In my opinion, bitcoin is very likely to turn into a centralized system. If indeed bitcoin really want to become a currency that is legitimate and recognized by all countries in the world then it must be bitcoin centralized system. With the centralized system, the value of the bitcoin currency will be more stable. Indeed we do not have control of our bitcoin freely but we certainly feel safer if bitcoin prices are more stable.

qiman

hero member

Activity: 1036

Merit: 504

I do not think this is likely to happen as there are too many factions around the crypto type space that are against decentralization of any entity and as Bitcoin was meant to be the very first decentralized coin, I do not think this will be happening any time soon. There is much dissent even in the Bitcoin development area for anyone to agree on this, it would take a big amount of push from everyone involved. Most people in Bitcoin do not like a centralized entity or they would all purchase Ripple.

Raiwenkai

newbie

Activity: 60

Merit: 0

Yes, it is possible that bitcoin become centralized in the future since bitcoin is now very famous around the world that's why a lot of people are encouraging now to learn more about crypto.

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