Will Bitcoin become centralized sometime in the future? - page 30.

Kotone

hero member

Activity: 1372

Merit: 503

Quote from: Abiky on January 02, 2017, 02:05:06 PM

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.

With how bitcoin is made and its purpose is I don’t think that it would get centralized. I think that it would stay decentralized and its anonymity would be the selling point even of it is the controversial factor that turns off most of the investors. But, with regulations and policies that would be fair to both parties I trust that this would make bitcoin be more than what it is now and would be able to keep its personality whilst being legitimate

shainasaz

member

Activity: 372

Merit: 12

I don't have any ideas on this question but i don't think it will happen bitcoin is made by decentralized currency and all blockchain is also decentralized so it is impossible to be happens. If they do that it will take a long time to process it because no one can control and touch bitcoin. So i believe it won't happen even in the near future.

zelda131292

member

Activity: 126

Merit: 10

it wont be centralized because the entire system has been built in order to make it be a decentralized currency, why do you think that it is very different from all the other currencies?

Sevarchik

member

Activity: 420

Merit: 10

It cant be happen, because if 51% of bitcoin network centralized you know whats happened.
All blockchains live while it decentralized

kirito1614

full member

Activity: 336

Merit: 107

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.

fire rab1

member

Activity: 179

Merit: 10

If bitcoin become centralized not only government can easily destroy it but also users anonymity will be gone as more information would be needed. 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. To eliminate this bitcoin needs to continue as a decentralized currency.

LKingLion

newbie

Activity: 125

Merit: 0

Once bitcoin become centralized it will be crash severely to the point of corrupt people will take the chance to steal whatever that they can through government services such as helping the poor, senior citizen program and more.

prediction on bush

member

Activity: 231

Merit: 10

Quote from: Abiky on January 02, 2017, 02:05:06 PM

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.

Bitcoin will become centralized in the future? I think it would not be happen because bitcoin is already decentralized and this is created in full with a decentralized system.

dragon 88

jr. member

Activity: 72

Merit: 1

Its hard to see Bitcoin Being centralized coz if it does then its value as a crypto will be lost, But again if you look closely, centralization of Bitcoin is probably the only way in which the governments will fully legalize Bitcoin operations, the rest remains to be seen as the legislation Battles take center stage

djmixen

member

Activity: 518

Merit: 11

Well, it is possible to happen because most of the country now accept bitcoin as digital currency, and they saw how big is the help of bitcoin in other country. Bitcoin now will make many changes like having a crypto currency card whereas anytime you can withdraw and anywhere it is a big help to make bitcoin become centralized.

jean messi

newbie

Activity: 101

Merit: 0

My country doesn't even mention bitcoin on the newspaper frequently. A few mentions here and there and our government said just to be careful and never looked back to it. Absolute freedom that I hope lasts for more months or years.

Ambrosius

jr. member

Activity: 196

Merit: 2

“Revolutionising Marketing and Loyalty”

It seems imposible to happens, the bitcoin becomes centered. There will be nothing more special than bitcoin if it becomes centralized and there is bound to be a war between countries scrambling to become a bitcoin control center.

qiman

hero member

Activity: 1036

Merit: 504

Although Bitcoin is decentralized in the sense that it does not fall under any government or central bank it is becoming centralized in a way that the Elite holders of Bitcoin are in a sense in full control because they know when to bring the price down and crash it then accumulate more and more so that way they control it to their advantage and the smaller holders are at their full mercy. The biggest whales and sharks are always in control. It happens to all money. Only thing with Bitcoin is some basement kids were lucky to mine it in the early days and become very rich from it.

kristen09192

newbie

Activity: 93

Merit: 0

Bitcoin is starting to spur representation from within start-ups that contain economic standards which aim at putting new people into currency circulation.As US has high energy costs, miners will look further into countries with cheap rates such as Venezuela and China, to expand their profits. In addition, I hope that more miners would join BTC to help decentralize it even further.

Linanak

newbie

Activity: 65

Merit: 0

However, bitcoin is a decentralized currency, and its developers will do their best to keep it that way. Otherwise the whole point of it is lost.

alvinmtp

hero member

Activity: 658

Merit: 505

i have a feeling that sometime in the near future,bitcoin can become centralized if no solution against this is proposed...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 would still remain as it should be and im strongly believing on that thing because no matter how difficulty increases and miners would be more developed or upgraded it doest really mean that it will make bitcoin to be decentralized and we all know that bitcoin cant be hardly controlled If they would plan to control or centralized it then they will have a hard time on cracking it for sure.

mware

full member

Activity: 390

Merit: 100

Initially everybody could mine Bitcoin with their CPU’s. And everybody who owns computer, have CPU. but currently, only efficient way to mine Bitcoin is to have ASIC miner, which is dedicated miner only for Bitcoin. now not everyone can mine bitcoin because expensive equipment. in china the miners can get cheap cost for electricity, this can reduce operating costs and this is why many bitcoin miners from china

Briella18

member

Activity: 308

Merit: 10

bitcoin system will not be changed. bitcoin will always be decentralized although the government requested to be converted into centralization it would never happen.

tuliobrothers

member

Activity: 185

Merit: 10

Well, there is a great chance that in the future bitcoin will become centralized and will rule our world but it is not easy and will take lots of years before it happen.

danielwang2112

newbie

Activity: 44

Merit: 0

Yiu made some nice observation,bitcoin is to a large extent centralised due to asics mining hardware.SOme large companies own very large share of the network as opposed to everyone sharing a tiny bit.Maybe bitcoin will become the center of the future because of its advantages.

Topic: Will Bitcoin become centralized sometime in the future? - page 30. (Read 8103 times)