Topic: Will Bitcoin become centralized sometime in the future? - page 21. (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. Thus, we are dealing with the rule of the majority.
not anytime soon, but it could
This is very likely to happen when the reward for the found block is only the transfer fee. Then, many miners because of the disadvantages will no longer mine.
I don't think so, it will just defeat the purpose of Bitcoin as a decentralized currency. This will also be the cause of Bitcoin's value to fail since most of the people will lose their interest to into it. I think that best we can do it to ensure that we keep tha natural feature of Bitcoin being decentralized just how it is when the people loved it, but we can also have some few regulations, again regulations not to control or manipulate it but just to ensure that we will have a guidelines as to what are the things that we should do and not to do about Bitcoin, that way we can also increase the trust of the people since we can also have guidelines and terms for those who are using Bitcoins in illegal activities.
As such, we don’t quite know what was said in the most important bitcoin meeting so far. A meeting which shouldn’t really be possible if we are to truly call bitcoin decentralized.
Because in the same way they reached this agreement, they could reach many different agreements, including a raising of bitcoin’s 21 million limit.
Because in the same way they reached this agreement, they could reach many different agreements, including a raising of bitcoin’s 21 million limit.
I don't think so, it will just defeat the purpose of Bitcoin as a decentralized currency. This will also be the cause of Bitcoin's value to fail since most of the people will lose their interest to into it. I think that best we can do it to ensure that we keep the natural feature of Bitcoin being decentralized just how it is when the people loved it, but we can also have some few regulations, again regulations not to control or manipulate it but just to ensure that we will have a guidelines as to what are the things that we should do and not to do about Bitcoin, that way we can also increase the trust of the people since we can also have guidelines and terms for those who are using Bitcoins in illegal activities.
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 bitcoin become centralized in the future because many people patronized it and many people love the bitcoin. Bitcoin help us to provide what is our needs and wants so why not give it a chance to be centralized in the future? But I don't know if the government and banks allow it especially they are not leading the money game.
If you looked at the whole picture we can think that it's not decentralized at all because big companies and whales are coming to control the hashrate and the price of Bitcoin, this is the reason why need new coins that can challenge Bitcoin supremacy if ever Bitcoin become totally centralized.
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.
Centralizing bitcoins will kill bitcoins. Bitcoins were intended to be decentralized in order for it to serve its purpose; a decentralized form of money transfer without the aid of banks or middlemen. Yes, the benefits are there like control and balance, but it kills bitcoin.
For my opinion If bitcoin become a centralized then the anonymity by Itself will be gone and It will be easily be manipulate by the Government. So, I think Its Impossible to be happen.
when all blocks where mined after that I do not think chaina will have the capibilty they have now. or if people think about the cost of a devidation transaction then let me tell you that the comparation rate will be highest at that time because the difficulty will remain the same and everyone can invest a fixed amount on the machine and can mine and get some of the total transaction costs
this phenomenon is technically impossible, since its strength lies precisely in the fact that this peer-to-peer network does not have a centralized node. many people just got carried away by the topic of crypto currency due to its ability to remove a third party from all transactions.
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.
for me bitcoin will be for general trading just like today it won't be the general digital currency around the world because of the volatility, what i see is that in the future every country will have their own digital currency for payment in most of transactions of course there will still be fiat money. 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 what you said it will violate the principles it was made for, it wont happen and aslo the blockchain will always be decentralized
Even until now, there is already a sense of centralization in Bitcoin. We know of how the Bitcoin whales can make a big difference in its price. We know that there is a central or core team behind Bitcoin. We also know that there are large Bitcoin mining whales that are also playing a very vital role in the decisions of the Bitcoin core team. So more or less, there is a sense of centralization.
Bitcoin is decentralization at first man , not centralization like you said but it's just because those rich people owner the big percents of Bitcoin and it becomes centralization.But their effects are not that seriously for us to care about.
I think it will not centralized because there are a lot of peoples are there in the world that they are using bitcoin and doing bitcoin transaction for only one reason that they are fully controlling the transaction of bitcoin and no one controlling to them all over is in the control so that is why this is the good feature if you think it will become centralized than this huge community starting dislike.
Centralization might happen in some point or just in some aspects of bitcoin because regulations is going to be imposed everywhere. We can't outwin the government and we can only changes some things. It's either they make bitcoin centralized or they find or create another suitable.
Even until now, there is already a sense of centralization in Bitcoin. We know of how the Bitcoin whales can make a big difference in its price. We know that there is a central or core team behind Bitcoin. We also know that there are large Bitcoin mining whales that are also playing a very vital role in the decisions of the Bitcoin core team. So more or less, there is a sense of centralization.
Yes, there are many possibilities that Bitcoin could become centralized. This is because the governments are not going accept it to let it operate as it is, that is, decentralized. This would defeat the basic principle of cryptocurrencies. But obviously why government will give the reigns of financial system in the hands of public? This will also ensure lesser price crashes in the price and will increase the confidence of the people while investing in Bitcoin.
As much as i would love Bitcoin to be centralized sometimes in the future, i'm not sure the government and the Banks will actually allow that to happen because most of them now are actually threatened by Bitcoin because people may not deal in local currencies again. I fear the government will put a such of regulation on bitcoin so that it can not be centralized.
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