Will Bitcoin become centralized sometime in the future? - page 31.

poisonivy77

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Quote from: Abiky on January 02, 2017, 01:05:06 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.

I think it will not be centralize, it is clear that once it became centralized everything about bitcoin may change including the fact that the government will get hold or control over it, and taxes would be implemented.

muhammedb

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i don't really see this happening because if bitcoin is centralized automatically is deviating from blockchain and some person will now be controlling, if this happen that means bitcoin will lose most of it reputation.

jayo89

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Bitcoin no one will become centralized, because it was conceived as a decentralized coin based on the Blockchain, this is the reason for its use!

King Koy

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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.

keeee

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Quote from: twistedvape on June 03, 2018, 05:24:53 PM

may not be centralized, because if the bitcoin is centered, it would be very easy for the government to destroy it, and the user would lose the anonymity done from the past

No, it is possible to happen especially when people will push it. Actually there are some users to want bitcoin centralized because they think that it will be better because government will control but, but the bad side of it if government will not used their power in the good thing. I still want bitcoin decentralized because no one controls it.

SeVenlast

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Quote from: handini on June 03, 2018, 04:56:01 PM

Quote from: Saritelli on June 03, 2018, 07:01:10 AM

I think that bitcoin will never become centralized. This is contrary to its very essence. But even if this happens for some reason, many will give up bitcoin and give preference to another currency.

all these things can happen, but we also never know how bitcoin development is going forward. sometimes it can be centralized and sometimes not, it all depends on the development of bitcoin that has been or is running for this.

So everyone just hopes for Bitcoin development in the future to get better. Only can wait.

mklost

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The governments of many countries are trying to control bitcoin and the crypto currency's market. A few days ago, we didn't see any cop knows well about bitcoin, but now they are making news about bitcoin that it is illegal, not allow and many things. So, if governments or the Interpol wants, then they can move bitcoin from decentralised to centralised. That will be worst for us. But I think they can't control the blockchain technology, and only there has our hope. I don't want to see bitcoin under centralised.

twistedvape

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may not be centralized, because if the bitcoin is centered, it would be very easy for the government to destroy it, and the user would lose the anonymity done from the past

handini

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Quote from: Saritelli on June 03, 2018, 07:01:10 AM

I think that bitcoin will never become centralized. This is contrary to its very essence. But even if this happens for some reason, many will give up bitcoin and give preference to another currency.

all these things can happen, but we also never know how bitcoin development is going forward. sometimes it can be centralized and sometimes not, it all depends on the development of bitcoin that has been or is running for this.

LinkinPrak

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I personally prefer that bitcoins be centered. This is to control the existence of crime and instability in bitcoin. I think that this does not violate the principle of bicoin itself. If this is the right solution, why not? is it even better bitcoin extinct?If bitcoin does not move into centralization, the longer bitcoin will be abandoned because bitcoin can not control fraud and the crime of irresponsible people. Later, many people who are not responsible will be more free to use bitcoin to help transactions. I am very sorry for bitcoin, bitcoin will be a victim again.

Melvin Narag

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If it becomes centralized they will likely function as normal money in the form of Bitcoin, so there's no more holding or more trading in the future since there price will be stable though we can see no decrease or decline on prices but no increase either in value so its kinda boring to go with crypto.

Assface16678

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Quote from: TiffanyLien23 on May 30, 2018, 01:41:40 AM

For me, bitcoin cannot be centralized because the decentralized is the major quality of Bitcoin’s popularity. The demand of Bitcoin is too high because there is no other involvement of any person or third party in Bitcoin transactions. Bitcoin is legalizing in Japan due to its advanced properties. The virtual currency on distributed network is the main feature of Bitcoin.

Very well said, imagine if the bitcoin is centralized, it will never be that popular as it is now. It would be useless if the bitcoin is centralized, the price will be fixed or less volatile, regulations takes over the greatness of bitcoin and worse scenario would be no one will ever use it as mode of payment since it would be most likely as a fiat currency.

Saritelli

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I think that bitcoin will never become centralized. This is contrary to its very essence. But even if this happens for some reason, many will give up bitcoin and give preference to another currency.

dvmd

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To this all and goes. This has been predicted for a very long time. Nothing surprising. Bitcoin will never be the world currency because of its shortcomings.

cosmoo

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Oh man, I hope it won't be. I scared of it too, but it goes against the idea of Bitcoin, so I think that it will not happen. Let's see!

victory1

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Bitcoin is freedom because of it's decentralization, if it will be centralized, it's not bitcoin anymore but it's the government trying to control everything.

We should protect bitcoin by continue supporting it as in the future, it can help a lot of people to benefit from using it as investment or currency or both.

mdrakibul

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To ensure some sort of centralisation never happen, the best way is still to spread the hashrate concentration to multiple new pools.I think bitcoin can make the system in this world more systematic and centralized so manay people will can be longer live without worrying about money.

Haneul

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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.

roborttyler

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I think this is a real problem. Centralizing bitcoin would put all those efforts in vain. Moreover, there is no good thing about bitcoin becoming a centralized coin because this indicates that bitcoin would therefore be easily subjugated.

Mia Wallace

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Bitcoin is a crypto currency which is a decentralized one so it can be operated world wide with out any controlling authority if it is
centralized means who will take the control of the bitcoin world wide. In such a circumstance it will be changing the concept of the bitcoin originators intention . Satoshi Nakamotos intention was to provide a common powerful currency for the global community to operate world wide for spending to their daily requirements.So it is not practically possible.in the future.

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