Topic: Will Bitcoin become centralized sometime in the future? - page 2. (Read 8114 times)

Bitcoin does not have a centralized system that would be managed by one organization. Security control and, indirectly, the way the development of the currency is carried out by the participants - people who are engaged in "digging", launching Bitcoin software on their computers.
Sure in future it will become decentralized

This can not happen because Chinese investors need large amounts of money to maintain their plants so they accept their Bitcoins at a lower price than they are trading because of the volume Bitcoin needs vast liquidity.

The bitcoin is essentially decentralized. I do not think that it will become centralized, then it will lose its original essence. No, you can not allow centralization of bitcoins.

This is possible , no one knows but in my opinion yes. But I know that many of us that if that happens it will be the end of bitcoin. It will take a long time process before this happens. If bitcoin was controlled by government there will be a lot of changes that will happen.

Well according to me, getting centralized of anything is the wish of government, but yes one day it will come in mains as it's results are quiet good and more over public  too doing its advertising through their profits.

We have to protect bitcoin by continuing to support it earlier, this can help many people to use it as an investment and digital currency. bitcoin is freedom because of decentralization, if it gets centralized, it's not bitcoin anymore but the government tries to control it. If Bitcoin becomes centralized it defeats the core features that make people like it in the first place. I will be happy to stay the same and only improve things they can improve such as transaction time and high fees .

if that happens, there will be many systems that change and make a lot of policies that are not profitable for many parties, besides that, bitcoin is also made to be decentralized. for altcoins it may indeed have a tendency to be central, they have active CEOs who can intervene at any time through many parties and even pressure the local government.

Yes. Depends. In order to centralize the system, you need power over the miners. This is easier to achieve if a pool appears on the network with most of the hash of the network.

They can. Through mining.
We are waiting when there is a mining giant with the largest hash rate in the network. We begin to regulate crypto currency. We hang tax collections on traders and miners. The main pool with a big percent hash rate offers benefits for mining. You will receive a state-controlled system in which it will be able to block transactions, and monitoring exchanges - attaching data from bank cards to bitcoin wallets.

After centralization, bitcoin has no meaning. Without decentralization, you can block other people's transactions inside the network. When exchanging a certain purse of bitcoins for fiat currencies on the card, it will be possible to track the electronic trail of a person, and then attach its data to the bitcoin wallet. So we lose our anonymity.

Centralization will be the end for bitcoin. But if such an opportunity arises, the authorities will press on it to hang a lot of regulatory jokes. I'm not against "moderate regulation." And I think that if the government of any country wants to profit from the crypto currency, then it should be marketed as an independent player. And do not sit around the neck of traders / miners and collect taxes

Then it turns out that it is vitally important for us to support the community of miners split. In the opposite case, through the miners, all bitcoin holders will be put on their knees. And if through pressure on miners, governments will begin to regulate bitcoin and block transactions - bitcoin will cease to be used. The death of bitcoin will be a strong blow to the entire crypto-currency market.

The centralization of mining was only a matter of time. This is the nature of people, grouped together. Singles-miners are pooled, pools are transformed into organizations. All this is built on greed and the desire to receive benefits. The lone men will be squeezed out of the market very soon.

Centralize the system that was conceived decentralized. What for? This will not lead to a decrease in volatility. Just a single center will appear that can dictate to all of us its rules and steal money from the total capitalization)

Yes. Anything could happen in crypto land, especially if there are a lot of haters (Banks, Governments, Companies, etc) that want to destroy Bitcoin's true value proposition. Depending on their interests (whenever it is political interests, economical interests, etc) they'll try to centralize Bitcoin, effectively destroying it in the future. We've already seen how big mining pools have had a negative influence over Bitcoin's decentralization, as the small miner (the average person) is left behind, while corporations with a lot of money able to afford expensive mining equipment, will be able to participate in Bitcoin's mining consensus.

As far as I know, Satoshi intended Bitcoin's mining process to become accessible to anyone in the world. In the whitepaper, it states: "One CPU, one vote", which clearly shows the whole purpose of Bitcoin which is decentralization. Considering how far ASICs have been developed mostly by a single company (Bitmain), I'm afraid that Bitcoin is heading towards the path of centralization as we know it. Unless further action is done by developers and the community itself to help decentralize Bitcoin, it's future will be such, where Banks and companies will control Bitcoin for their own benefit.

Nevertheless, I believe that if Bitcoin wants to remain decentralized, then it would need to adopt an ASIC-resistant algorithm, or simply change its mining protocol to avoid the creation of mining pools. Other than that, it'll become worse as it heads towards full centralization in the long run. Just my opinion

The nature to which bitcoin was designed was to be decentralized, which is why it stands different from the usual centralized mode of operation. For it to become centralized would mean for it to lose its purpose, to which it was initially designed and i really do not see it getting centralized in the future. Its anonymity, fast and secure mode of operation is certainly why most people embrace it.

I got confused: some people say it can't be centralized, some say it can. Can anybody explain whether or not it is possible technically? Does centralization/decentralization depend on where the mining equipment is concentrated?

You know even if decentralized purpose of bitcoin it doesnt work for progress in general because every individual should work in their own effort how did the government help to indigence people if bitcoin still decentralized? I think if ever bitcoin become primary use it needs to be centralized to help in general community.

This is not possible because bitcoin already built on decentralized blockchain and not easy to change to centralized unless if there is a fork to correct it.

yes there is the probability in making bitcoin centralized but the problem if the bitcoin become centralized coin then the main reason why bitcoin exist will be disregard since bitcoin was made to provide private trade of assets in an anonymous way if there is a point of control then the privacy will be gone.