Topic: Will Bitcoin become centralized sometime in the future? - page 24. (Read 8114 times)
I think there is no way to be centralized it ,because as of now no one can own it specificaly,only the buyers of it and the investors i think if this will happen its takes more years and more approval for the other people.
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.
centralized in the sense and category of what I think if centered in a country and government that would not be possible because bitcoin is free and global for anyone who accesses bitcoin 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.
In my perception, 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 you look at the statistics, many cryptocurrencies are owned in majority by few entities, Bitcoin is no exception to this. A new report out recently by Finance Magnates actually highlights that overall, less than 1% of Bitcoin investors actually have the capacity to control over 35% of the network, therefore one could argue that Bitcoin really isn’t so decentralized after all.
10 boys are not sour. the future is not
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.
I think there will always be degrees of centralization in terms of mining concentration and distribution of ownership, among other factors, but bitcoin will always be more or less free of central bank control, which counts for a lot.
Looking at the way governments are banning bitcoin and cryptocurrency usage in many countries, I think they will only accept it when it becomes centralized to control monetary affairs. If those plan will come in real then I think another revolution will happen. And, iI hope after June, we will see results of this step
You have made some excellent points. However, one of the reasons people invested in Bitcoin was that it was a decentralized system. People don't trust centralized platform as they think it can be manipulated by a bunch of people.
I believe it will not. The only possible thing that will happen is that exchanges all over the country can be decentralized in order to get tax from the crypto community.
I don't also believe that Bitcoin or maybe other crypto currencies in the future will be centralized since out of the most popular features of these crypto currencies are it's decetralization and it's anonymity. With crypto currency centralized, there will be no more decentralization, that is obvious and no more anonymity and especially no more volatility.
I am hopeful that bitcoin, or any other virtual currency will replace the need for banks. Another thing is that these systems can switch to block-based technology for distributed data storage.
With increasing cost of mining and increasing resources for bitcoin mining, centralization is possible. In this case, the brain production centers of bitcoin will control its production no more than
Despite the fact that the issue of regulation has long been the main one on the agenda, there is not yet a single system that would allow the development of legal cryptography. Basically, operations performed with bitcoin are defined in different countries in different ways, which significantly complicates market regulation.
Nevertheless, the Asian region is today the most active in the mining of bitcoin and other digital coins, and in terms of the volume of transactions.
Nevertheless, the Asian region is today the most active in the mining of bitcoin and other digital coins, and in terms of the volume of transactions.
I believe it will not. The only possible thing that will happen is that exchanges all over the country can be decentralized in order to get tax from the crypto community.
When all the blocks where mined after that i dont think china will have right now. or if people are thinking about the transaction fee devitation then let me tell you that the compatition level will be highest at that time because the difficulty will remain same and every body can invest a fixed amount on a machine and can mine and get a portion of the total transaction fees.
Centralization would not allow bitcoin to grow better. The reason is that controlling authority always aims at more and more profit, which affects the common users.This fiat virtual currency is centralized and unlike bitcoins it is controlled by banks and by the government. It is controllable, monitored to combat tax evasion, money laundering and forgery.
The definition of decentralization is that no one can control the system,It means that there is no and will not be the central administrator,But it will be decentralized only in this situation if you mean of its technical issues and regulations,In my opinion it can not be centralized by the regulations,even if they are very strict...but what about market psychology, of course by the speculative behaviors it may be centralized,but I think its not correct to say that it will be controlled by this opinion,It would be better to say partly ,,influenced''.
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.
Will bitcoin become centralized in the future? i think it wont be happen because if that happen bitcoin will lose its freedom and also if it becomes centralized it will affect thedemand of bitcoin.
This can be of course. That’s one of the predictions that bitcoin enthusiasts already saw. It will replace a lot of things like banks and physical money, and probably a source of corruption if everything get’s outta hand. But that’s just a theory. So just live the life that you’re living now in this community.
No it won't occur if the bitcoin group on the whole not assist any power with collecting the information of the clients of bitcoin. Till the time when there will be mysterious wallets and trades will be accessible then bitcoin is a decentralized while in other way it will have a tendency to be brought together which isn't positive.
I also do not think so , to me I think that bitcoin is not going to centralize, it will remain as decentralize forever, and even if it will even happen then bitcoin will lose its value and originality. Therefore we are not expecting that bitcoin is going to centralize.
More than 50% of the mining is done by Chinese pools. That means that they control the network - who's transactions get in, whose transactions are left out. Since the block reward was reduced to 12.5BTC, they are completing it with transaction fees - the bigger the transaction you're sending - the bigger the fee you need to pay them. Last time I've checked I've seen some transactions with fees of more than $1000 worth of BTC in them. It also depends on the BTC price.
So in a sense, Bitcoin is starting to act like a traditional banking system - owned by Chinese people.
Blockchain size is increasing rapidly and soon to reach 200GB of storage - when the size will get ever larger, especially assuming that people that host the entire chain on their computer do not get rewarded for it and maintaining a full node requires electricity + storage + network uptime, it will soon be costly to run a full node. 200GB and even 1TB of storage is no problem for a central authority to run, and it seems to be going in that direction. How can the network continue to be P2P like that? And especially what happens if that main storage will be taken over by the authorities and be shut down?
Downloading and installing a node is costly and difficult, most of the wallets being opened by people today are online wallets, most likely under the main site [Suspicious link removed], and this site seems to be run by ghosts - there's no actual person there that you can contact in case of problems with your wallet, and the only way to contact them is through a Luxembourg court order (see "Legal" section on their site). Same goes for the bitcoin.org domain - there's no person that can take responsibility for these operations. What happens if tomorrow [Suspicious link removed] gets shut down for legal actions? What will happen with people's wallets and their funds then?
There is no governance, and the only thing that governs the entire network is mathematics. What happens if tomorrow all Chinese pools collaborate together, make a Bitcoin transaction of 1M Bitcoins, and after 5 or 6 blocks (confirmation) they start to re-mine all the blocks again in order to erase that transaction from the chain? Assuming that they outline all the other competitors, I can't think of a scenario where they won't catch up and even win over the honest chain, assuming the difficulty changes only every 2016 blocks. If I was the owner of these pools, what can prevent me from deliberately ceasing all my mining power? wait for the net difficulty to lower, and then do this attack?
So in a sense, Bitcoin is starting to act like a traditional banking system - owned by Chinese people.
Blockchain size is increasing rapidly and soon to reach 200GB of storage - when the size will get ever larger, especially assuming that people that host the entire chain on their computer do not get rewarded for it and maintaining a full node requires electricity + storage + network uptime, it will soon be costly to run a full node. 200GB and even 1TB of storage is no problem for a central authority to run, and it seems to be going in that direction. How can the network continue to be P2P like that? And especially what happens if that main storage will be taken over by the authorities and be shut down?
Downloading and installing a node is costly and difficult, most of the wallets being opened by people today are online wallets, most likely under the main site [Suspicious link removed], and this site seems to be run by ghosts - there's no actual person there that you can contact in case of problems with your wallet, and the only way to contact them is through a Luxembourg court order (see "Legal" section on their site). Same goes for the bitcoin.org domain - there's no person that can take responsibility for these operations. What happens if tomorrow [Suspicious link removed] gets shut down for legal actions? What will happen with people's wallets and their funds then?
There is no governance, and the only thing that governs the entire network is mathematics. What happens if tomorrow all Chinese pools collaborate together, make a Bitcoin transaction of 1M Bitcoins, and after 5 or 6 blocks (confirmation) they start to re-mine all the blocks again in order to erase that transaction from the chain? Assuming that they outline all the other competitors, I can't think of a scenario where they won't catch up and even win over the honest chain, assuming the difficulty changes only every 2016 blocks. If I was the owner of these pools, what can prevent me from deliberately ceasing all my mining power? wait for the net difficulty to lower, and then do this attack?
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