Topic: Will Bitcoin become centralized sometime in the future? - page 19. (Read 8114 times)
Despite the fact that bitcoin is now decentralized, it is easily managed by large players. They control the price of bitcoin. I see this as the main problem.
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.
The future of bitcoin and this industry is still untold so many things are still possible to happen. But centralization of bitcoin is so ironic to happen. Chinese miners make up a significant population of miners but there are also independent and dispersed miners around the globe. I personally don't think that those Chinese miners can directly affect the market for bitcoin.
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.
Bitcoin is not controlled by the government, but bitcoin is based on market demand and supply, and bitcoin will not be centralized.
Logically it can not, because the bitcoins themselves are created decentralized. Creating centralization takes a lot of effort and effort in my opinion, besides you have to manage all the bitcoins you also have to have all the bitcoin in circulation right now.
What is needed is centralization.After all, large investors do not go into this game,because they are afraid of losing money.The market is very volatile.A lot of scams.We need leverage to get the big players in.And that means we need centralization.
Bitcoin is made on the Blockchain decentralized technology and that is why Bitcoin go too much popularity in the digital world, I think the concept of centralized sometime in future is wrong it will be same as decentralized in future,
I think it could happen in the future. The bitcoin problem is concentrated by the miners. I think maybe in the future China will do this because there are many bitcoin mining plants being built in China. and this can negatively impact the bitcoin value.
Yes, I do believe that it will be centralized soon and it will more regularion about it, But I dont knkw if its good lr bad for the bitcoin and the bitcoin users. Surely there are many people will be affected especially miners when it was being centralized and the value will be manipulate and control that time.Good luck getting all the miners on that "centralized" fork.
If it go centralized truly it won't be valued big, being decentralized is the one thing that makes most of the cryptocurrencies successful. When it begins to function on the centralized platform automatically the respective government will get the best earning out of it leaving nothing to the user community.
That's certainly true, mate. What keeps cryptocurrencies alive and running, is their decentralization. Their openness allows anyone to support it regardless of their economic status, race, etc. That's the reason why they're much stronger and resilient against attacks than centralized systems. However, if centralized control is enforced over a cryptocurrency then it would most likely fail or stale in growth and user adoption. This has been the case with Ripple's XRP token, which is extremely centralized and hasn't been able to grow in value at an exponential rate than most cryptocurrencies we know and love today.
The reason is simple. People don't want to trust a middleman anymore since, they want full control over their funds. And the better way to achieve this would be via a decentralized cryptocurrency like Bitcoin. While it's said that Bitcoin's mining process is centralized, Bitcoin as a cryptocurrency for daily use is still decentralized, and I hope that it would stay like that for the long term. The community and development team would be responsible for avoiding Bitcoin to become centralized in the future. However, it all depends whenever they want to keep it that way, or not. Just my opinion
I think it could happen in the future. The bitcoin problem is concentrated by the miners. I think maybe in the future China will do this because there are many bitcoin mining plants being built in China. and this can negatively impact the bitcoin value.
Yes, I do believe that it will be centralized soon and it will more regularion about it, But I dont knkw if its good lr bad for the bitcoin and the bitcoin users. Surely there are many people will be affected especially miners when it was being centralized and the value will be manipulate and control that time.
I don't think that bitcoin could become centralized anytime in future. Bitcoin is the prototype of all blockchains and cryptocurrency and just look at the white paper. It stands for a decentralized network and I think making in centralized would kill the whole project and damage all other blockchains and cryptocurrency as well. I would even personally feel very disappointed and that we have failed Satoshi Nakamoto. I rather support the statements of Buterin that it is also about time to reduce the power of centralized exchange platforms.
I think it could happen in the future. The bitcoin problem is concentrated by the miners. I think maybe in the future China will do this because there are many bitcoin mining plants being built in China. and this can negatively impact the bitcoin value.
Yes, I do believe that it will be centralized soon and it will more regularion about it, But I dont knkw if its good lr bad for the bitcoin and the bitcoin users. Surely there are many people will be affected especially miners when it was being centralized and the value will be manipulate and control that time.
In some countries Bitcoin is already centralized. Globally, not but let's say sometime in the future, maybe. Centralization of Bitcoin will happen in the far future not nearest future. We are hoping it does get centralized, the more people get involved the more the possibility.
It could happened for the future.
As long as bitcoin made an impact around the world, many organization or government gave an attention on controlling bitcoin.
But if it is true, is true worth it to use bitcoin? It will gave us a good impact or opposite of that.
But as long as it is a decentralized it will make us all satisfied on it.
As long as bitcoin made an impact around the world, many organization or government gave an attention on controlling bitcoin.
But if it is true, is true worth it to use bitcoin? It will gave us a good impact or opposite of that.
But as long as it is a decentralized it will make us all satisfied on it.
In the future, bitcoin will become centralized and controlled by greedy people in the government. I guess they can also determine the identity of each user. These transactions may be discovered after the transaction.
It can be in the future. But the best way to use bitcoin for us we'll be creating a system that includes using it without centralised system, it is very hard to explain but I guess you know what I mean.
I agree that it is a real possibility. It's not too hard to imagine a government wanting to take control of something within its own jurisdiction. People like to think that things like that won't happen, but it's a very real possibility. Of course like you mentioned, we all hope it can stay as decentralized as possible.
In the future, bitcoin will become centralized and controlled by greedy people in the government. I guess they can also determine the identity of each user. These transactions may be discovered after the transaction.
It can be in the future. But the best way to use bitcoin for us we'll be creating a system that includes using it without centralised system, it is very hard to explain but I guess you know what I mean.
I agree that it is a real possibility. It's not too hard to imagine a government wanting to take control of something within its own jurisdiction. People like to think that things like that won't happen, but it's a very real possibility. Of course like you mentioned, we all hope it can stay as decentralized as possible.
If the bitcoin is centered in the near future then it loses its ideology because decentralization is catching crypto currency. So I really do not see it happening anytime.
For the moment i don't think that even Chinese miners can influence on bitcoin price, or making it centralized even when they have over 80% of current bitcoin hash power.
Even the % of hash power is huge, there are different people who control it in China.
As long as someone from Chinese miners won't gain 51% of hash power in his pool, we should be okay i guess.
I do truly hope that bitcoin will remain a decentralized cryptocurrency, just how it's mean to be from the day 1.
PS: Why 80% of hash power belongs to China miners? proof > https://www.buybitcoinworldwide.com/mining/pools/
Even the % of hash power is huge, there are different people who control it in China.
As long as someone from Chinese miners won't gain 51% of hash power in his pool, we should be okay i guess.
I do truly hope that bitcoin will remain a decentralized cryptocurrency, just how it's mean to be from the day 1.
PS: Why 80% of hash power belongs to China miners? proof > https://www.buybitcoinworldwide.com/mining/pools/
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.
It seems that bitcoin will not be centralized because the system is decentralized, bitcoin will not be controlled by the command and will stay like this.
Bitcoin will never be centralized, since this is one of its main features. If bitcoin becomes centralized, its value will be lost and bitcoin will cease to be used.
There is a chanced that it will become centralized as anything could be possible to be done especially in goverment. But as of now, it will not going to happen because the volatility of bitcoin is very high and it will not be a good impact to the people.
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