Topic: Will Bitcoin become centralized sometime in the future? - page 35. (Read 8114 times)
If the bitcoin turns into centralozed then there will be changes to the system and what about the other coins? will it be centralized too? as long as bitcoin can still provide benefits and benefits then the user will not leave bitcoin, whatever happens even if the bitcoin becomes centralized.
Bitcoins and other crypto-currencies are private and open systems. Their ideology is that anyone can become an issuing center. Classical monetary mechanisms, on the contrary, are centralized: central banks are responsible for the issue. I believe that the philosophy of centralized systems in the near future will not go anywhere. Another thing is that these systems can switch to block-based technology for distributed data storage.
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.
I completely agree with you on the issues raised here. I believe the developers are aware of problem with mining and other issues affecting bitcoin. If they failed to work out a solution and China went ahead to control the mining of bitcoin then it will be come centralized and control by Chinese miners and definitely the fundamental principles of bitcoin would have been shaken.
I think bitcoin cannot be centralized because bitcoin is already decentralized and the government cannot control bitcoin or change some code in the blockchain to just make it as a centralized cryptocurrency.
To ensure some sort of centralisation never happen, the best way is still to spread the hashrate concentration to multiple new pools. I guess since there is more and more people coming into the game, and a lot more will come I think because of the price rise, actions will never have to be taken.
i think it eill not possible to ne centralized since bitcoin smart contract can't be modified anymore its was maxd fixed as is. if ever they are planning to centralized maybe tjey well release a new coin or new bitcoin update representing new coin.
Certainly the bitcoin can be a centralized sometimes in the future because that's what's going to happen
Well, i think this will be possible because as we can see that bitcoin is popular now and there are many user of bitcoin every month they increase, i think its not possible that someday bitcoin will become centralized digital currency.
I am hopeful that bitcoin, or any other virtual currency will replace the need for banks. Once bitcoin reaches the the point where hundreds of transactions can be settled per second, the decentralized nature of bitcoin could provide general consumers with a more efficient, secure, and cost-efficient financial framework as an alternative to the global banking infrastructure.
I don’t think this will happen because all the popularity bitcoin has gained from last 8 year is because of this decentralized technology and if it becomes centralized it will affect the popularity of bitcoin.
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.
Yes the may reason while bitcoin was created is not what people are using it for now, bitcoin was created to help the average people move on, but now this average person can't long buy 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.
Bitcoin been centralized will really cause harm to it reputation because it will been rule those who has the highest number automatically the value will die
The growth rate of bittcon too fast in recent times, the regulators have put in place regulations to make bitcon prices. But the future of bitcon is still a very interesting money
No doubt the bitcoin has been centralized.
The price is manipulated by the miner pool owners and whales.
More and more investors joined in and the situation has not been changed.
The price is manipulated by the miner pool owners and whales.
More and more investors joined in and the situation has not been changed.
Agree. At some point, Bitcoin has been centralized especially in its mining process within mining pools and value within the exchanges. Mining pools have most of the dominance within Bitcoin's network, making it a risk for 51% attacks and centralization. The dominant player here is Bitmain with its AntPool, leaving it with power and control over the Bitcoin network to do as they please.
The more hashrate they get, less opportunities there will be for small miners to participate in the Bitcoin network. As such, only wealthy people and corporations with a lot of power would be able to mine Bitcoins effectively, while the rest of the people stays behind with their small and inefficient miners.
Therefore, I believe that there should be "One CPU, One Vote" in the Bitcoin mining process like it used to be within its early days. This way, small and big miners could participate effectively on the network giving a greater level of decentralization and equality on the cryptocurrency. On the other hand, with decentralized exchanges, I think that prices cannot be manipulated by whales as it would be out of their control.
Nevertheless, I hope that Bitcoin would stay as decentralized as possible within the future. Because if it doesn't, it will fail as it can easily be taken down by a third party. Just my thoughts
I think bitcoin is decentralized and bitcoin can also connect and have connections that always connect with some point of server that there is so make bitcoin can be used where ever asset always same.
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.
No! It is not possible! Bitcoin cannot become centralize in the future! Bitcoin will become ordinary currency if it is centralized. The reason why many people are keep buying bitcoins because it is decentralized. 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 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 am sure bitcoin will never change from decentralized to centralized. because the miners are not just from china, the change of bitcoin properties from decentralized to centralized miners must control more than 50% hashpower .. in this question how many hashpower that has been controlled by mining equipment china right now, this need to have data that hashpower power accuracy is controlled by china with its mine tool so we can deduce bitcoin will be centralized what notIf 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.
yes maybe because bitcoin now has soared up and top so most likely and in my opinion could be bitcoin so centered in the future and the benefits are also big that can invest using bitcoin
I do not think so. Bitcoin is created in full with a decentralized system. There is no official institution that regulates it, and is not related at all to any government and will forever be like that. Bitcoin has become a breakthrough in the centralized system that has been dominating the world.
It is not easily possible unless all Bitcoin lovers and holders give up bitcoin for big money and sell all bitcoins to really big banks, who can buy all those bitcoins. But unlikely this will happen. for example, I will never sell all my bitcoins in any case. I want to hold some just to be proud of it and don't want to be one of bitcoin looser. it's not about money.
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yes maybe because bitcoin now has soared up and top so most likely and in my opinion could be bitcoin so centered in the future and the benefits are also big that can invest using bitcoin
Of course, the likelihood that Bitcoin will be centralized is extremely high. Personally, my opinion is that better regulation and stability than complete chaos and constant price differences.
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