if centralized because of government regulations I do not think it is possible
but if centralized because hash power i think could happen
because currently more than 51% hash power bitcoin in control by BitMain
Topic: Will Bitcoin become centralized sometime in the future? - page 17. (Read 8114 times)
yes. because it gains a lot of investors every year and its popularity is reaching in the highest peak
I do not know what will happen in the future when Bitcoin becomes centralized.
it might happen like a whale monopoly at any time ready to ascend down the Bitcoin price. and it's very dangerous for those of us who have a bit of Bitcoin.
it might happen like a whale monopoly at any time ready to ascend down the Bitcoin price. and it's very dangerous for those of us who have a bit of Bitcoin.
Yes. Whales are the ones usually manipulating Bitcoin's price, which poses a huge risk for the cryptocurrency's long-term stability. The most centralized part of Bitcoin is its mining process, and the way it is traded on centralized exchanges (since it was created to eliminate the middleman after all). There's a single ASIC hardware manufacturer (called Bitmain) which has the most dominance in Bitcoin's hashrate. Like I said before, this is a serious risk as it centralizes Bitcoin even further. However, most people don't care about this because they're all after making money instead of looking what's best for the future of Bitcoin.
Once the true consequences of centralized mining occur, then it might be too late as Bitmain can do as it desires to either destroy Bitcoin or perform double spending. On the other hand, people still trade Bitcoin in centralized exchanges whereas the true purpose of the cryptocurrency was to eliminate the middleman. As such, this constitutes a single point of failure (although there are decentralized exchanges but are not liquid), since the middlemen (Bitmain and centralized exchanges) are still present within our very eyes.
Hopefully, Bitcoin would take the necessary measures to prevent its centralization over the long term before it's too late. Just my opinion
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.
it is possible that bitcoin can be centered in a part because we know that bitcoin has the same properties and all risks and advantages wherever the bitcoin is unchanged in name or form 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 do not know what will happen in the future when Bitcoin becomes centralized.
it might happen like a whale monopoly at any time ready to ascend down the Bitcoin price. and it's very dangerous for those of us who have a bit of Bitcoin.
it might happen like a whale monopoly at any time ready to ascend down the Bitcoin price. and it's very dangerous for those of us who have a bit of Bitcoin.
How do you know that is partially controlled by Chinese miners? Every time I read some news about mining, price, exchange etc 99% of the cases mention Chinese. And the majority of the time after some months/year we find out that Chinese have nothing to do or have a minimal impact of this or that situation. They're becoming like something mythological...
Well, if you look at Blockchain.com site, you'll notice that Bitmain's top mining pools such as AntPool, BTC.com, and ViaBTC have the most dominance in Bitcoin's hashrate. You can see this here: https://www.blockchain.com/pools
This all means that mining is partially controlled by Chinese miners (since Bitmain is from China) and Bitcoin could easily become attacked at any moment. This is considered a huge risk, especially since Bitcoin's true purpose was to decentralize the economy. As such, we could say that Bitcoin is partially centralized as not anyone can participate in the mining process, and it's largely dominated by a big company known as Bitmain. Unless the community reaches a consensus to improve Bitcoin's mining process, it'll become more centralized as time passes by.
Most recently, I've seen new proposals that would aim to further decentralize Bitcoin's mining process. Such proposals are known as BetterHash (a stratum protocol alternative) and PoWx (Optical Proof of Work). If successful, they could make Bitcoin mining great again, as the hashrate becomes widely distributed across different areas of the world. Hopefully, Bitcoin would turn itself more decentralized over time with the upcoming improvements, than turning itself into a centralized cryptocurrency controlled by a few large players. Just my thoughts
I believe that bitcoin will never become centralized, since I believe that it was with this purpose that the system of blockades was invented, and in parallel with it, bitcoin itself
But I think it is a long process to be possible because all we know is that the government is against bitcoin because there is no permission to operate that comes from legal government on every bitcoin operation. If bitcoin will become central we will all benefit because bitcoin usage will widen and this will become more convenient and we will have a smoother and faster transaction.
bitcoin will never become centralized coin in the coming future moreover bitcoin is a decentralised coin with no governments or central banks involved
I think it will not happen that bitcoin will be centralized in the future , because this technology are design to be decentralized digital currency anfd if it will centralized ,the secrecy of the design technology will be gone and it will come true ,if it would be centalized successfully in the future.
This is not likely to happen because it was already built for the purpose of decentralized tech, it will only be possible to be regulated.
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.
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 think no, the decentralized thing is what makes bitcoin so popular now and has many users.
But if bitcoin want to be a global currency, it's must be has a regulation to rule it and probably it will go centralized
Maybe in the future some organization will regulate the crypt and carry out all operations. Most likely it will work with the government to solve these problems.
I doubt it could ever become fully centralised. Yes, it is possible that there are only a few big players in the market but true centralization will not happen
I dont think so because this will break the concept and beauty of the bitcoin which commonly known as a decentralized digital cryptocurrency using the block chain technology.I think if this -will happen many people will used this as an advantage to the fall of bitcoin or any decentralized cryptocurrency.
Never. If this nutsupit then the whole essence of bitcoin is lost, which was created in order to be used decentralized.
On the off chance that bitcoin end up brought together government can without much of a stretch annihilate it as well as clients obscurity will be gone as more data would be required. As the miners are for the most part Chinese so it could end up brought together
Well, i think this will be possible because as we can see that bitcoin is popular now and there are many user of bitcoin every month they increase, i think its not possible that someday bitcoin will become centralized digital currency. 
Bitcoin become centralized....this sounds suspiciously like Visa, MasterCard, and the modern banking system. Do we need Visa 2.0? I'm not sure.
If it becomes centralised, people won't want to use it and the price will drop and those who have a vested interest in it will lose out so it's highly unlikely to become centralised.
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