Topic: Will Bitcoin become centralized sometime in the future? - page 36. (Read 8114 times)
I think bitcoin reaches point to be centered is not easy. Everything takes a long process, but with the passage of time I'm sure bitcoin in the future will be better and many are interested and centered on bitcoin. But it took a long time for it all.
Development are always focused on some people who have a private key to code into github.I think it has been centralized with the possibility of decentralization if centralization becomes very clear.The whole purpose of bitcoin was to decentralize finance and eliminate external control.
maybe someday bitcoin will become in a centralized system, as we know right now bitcoin is decentralized and many of country and government is now like with this system, and maybe someday to make bitcoin is legal in many countries it will change from decentralized into centralized system
The development of Bitcoin is very fast. Within 3-4 years, the value of Bitcoin soared to thousands of US Dollars. The price growth can even compete and at one point managed to outperform gold. Given the decentralized Bitcoin system and its value is determined by the level of demand and supply, it is reasonable to reason that the growth of global interest in Bitcoin is estimated to be the culprit of the phenomenon. Seeing how valuations, the amount of demand and supply, and the technology that could be a conventional alternative currency, Bitcoin can be said to be a potential for future investment assets. But if it concerns the potential of Bitcoin as a means of payment in the future, there is little chance that can be discussed, given the Bitcoin system itself is free from any regulatory authority.
How can bitcoin ever become centralized when its true concept and the idea it was built on is 100% decentralized? The fact that some whales control most of the supply does not make it centralized. Sooner or later, more and more people will own btc and split the supply between more and more people.
If it is already destiny like what else. Maybe that will happen when some currency from the country falls.
it can't be centralized the only revolution we will see that will look like centralizing it is when its regulated by the government. ..
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.
maybe someday bitcoin will become in a centralized system, as we know right now bitcoin is decentralized and many of country and government is now like with this system, and maybe someday to make bitcoin is legal in many countries it will change from decentralized into centralized system
We all know that the governments have the ultimate goal of being able to control and manipulate Bitcoin and the entirety of the crypto system. Though this may have a glimpse of possibilty, I highly doubt that this coul be done anytime in the near future. Governments do have a lot of things up their sleeves! So they will find ways. And imposing regulations and restrictions is just the start.
Yeah. One thing for sure is that there's nothing that would be impossible for governments to achieve. Given that they could give pressure against something that threatens them easily, there's nothing that could stop them from getting what they want. However, due to the decentralized nature and security of the Bitcoin ledger, it's practically impossible for any government to shutdown Bitcoin all together.
The real threat against the decentralization of Bitcoin comes from the way Bitcoin is currently mined. Since there's a single ASIC mining company which has the most dominance in BTC's network hashrate, it can do as it pleases to destroy the Bitcoin network. Therefore, I believe that the mining monopoly of Bitmain should be stopped or else Bitcoin would turn out to become more centralized each day. When Bitcoin finally acts against big miners, it will be such were it'll be one step closer to full decentralization. Just my thoughts
I'm sure that forever bitcoin will be decentralized, if someday bitcoin be centralized of course will make users not interested because there will be no hope to get big profit.
You are right. Moreover, the bitcoin system has been decentralized since the beginning of its creation. It will remain and will not change, anyway for what? If a decentralized system is more transparent and profitable. Is not it?
I think that the way of cryptocurrency management can be centralized, the essence of the amount of money. If we are talking about billions of dollars, then the richest people do not have enough incentive to get together to do strange things. But if we assume that in the future there will be trillions at stake, then the reasons will appear.
The cryptocurrency is decentralized, therefore, suitable for the adventurous minority rather than for most people who need large centralized systems. Citizens want to work in corporations or stable institutions and know that they receive money provided with something material.
I think it is impossible, because the principle of bitcoin system is already decentralized patent. and until when bitcoin will remain a digital financial asset.
I think it is centralized with the possibility of decentralization if the centralization becomes too obvious. So Bitcoin can use original fears to reinforce what should happen. Then I want to know what you think about this, as if BTC is centered, it's likely to cause its value down, and most importantly do not violate the principles created. Unless there is a way to compete with the advantages miners like cheap electricity, ASIC results produced in the same country and many investors, I doubt anyone can beat miners chinise in mining.
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.
We all know that the governments have the ultimate goal of being able to control and manipulate Bitcoin and the entirety of the crypto system. Though this may have a glimpse of possibilty, I highly doubt that this coul be done anytime in the near future. Governments do have a lot of things up their sleeves! So they will find ways. And imposing regulations and restrictions is just the start. 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.
Its difficult to see bitcoin being decentralized in the near future, if it does, its loses a very important aspect of cryptocurrency, It can however be possible if the governments makes it a condition of operation
I'm sure that forever bitcoin will be decentralized, if someday bitcoin be centralized of course will make users not interested because there will be no hope to get big profit.
I do not think that the developer the founder and the management of bitcoin will approved and like that bitcoin will be centralized , it cannot move by itself because there agency that monitor the working environment of bitcoin and other cryptocurrency.I think it will remain with the originsl concepts and platform when this bitcoin and other cryptos were launched.
Honestly, you did not list the proper persons that would be the deciding factor to approve a move for bitcoins to be centralized. Although those on your lists may be influential, but they are not necessarily the people that would be able to decide the changes to bitcoins. To change the bitcoin code to be come centralize it requires a consensus either from the miners or the users and that is how the bitcoin code may allow centralization. However, it basically is a radical change which destroys the fundamental features of bitcoins which made it popular in the first place.However, I think there is some level of centralization when it comes to using bitcoins, these would be whenever we make use of services where we deposit our bitcoins. When we do deposit them to said services, localbitcoins or paxful for example, we are subjected to centralization because we agree to their terms and conditions which destroys some features of bitcoins theoretically like anonymity and total control over our funds.
If bitcoin will become centralized all of us will be benefited. Because as we see the bitcoin wallet system especially it looks very safe and the payment is very easy. Maybe bitcoin will become the center of the future because of its advantages.
I do not think that the developer the founder and the management of bitcoin will approved and like that bitcoin will be centralized , it cannot move by itself because there agency that monitor the working environment of bitcoin and other cryptocurrency.I think it will remain with the originsl concepts and platform when this bitcoin and other cryptos were launched.
The bitcoin was conceived as a completely decentralized crypto currency. Therefore, any changes that affect its decentralization - is unacceptable. If it is at least partially centralized, it will not be the bitcoin that Satoshi Nakamoto wanted to see.
However, on the other hand, the decentralized bitcoin greatly affects its legalization by various states.
However, on the other hand, the decentralized bitcoin greatly affects its legalization by various states.
Jump to: