Topic: Will Bitcoin become centralized sometime in the future? - page 38. (Read 8114 times)

There is a big yes from my side and I strongly believe that bitcoin will be centralised by the central government and there is strong intuition coming out from inside but for now there are many negative points about bitcoin that is continuously demotivating governments to ban it and people to not to invest into bitcoin and even the social media is spreading negative rumours about bitcoin and moreover whales are now selling their bitcoins but I feel that the conditions will improve and has started improving because the valuation again started inflated and bitcoin will be centralised world wide in the coming future.

Bitcoin is now using decentralize system and it will be hard to change to centralize as the main reason why bitcoin created is because they don't want to be centralize. The decision making is better to be all the holder an not single person.

The trolls will wade into this thread quickly, saying: "development is centralised, let's run multiple conflicting rulesets on the network!", but of course, development has always been centralised to however many people have the private keys to commit code to the github.com/bitcoin repo.

The ability to create a fork away from github.com/bitcoin should only be used if those developers start behaving in bad faith. Only the would-be usurper devs (XT, Classic et al) have demonstrated bad faith, by proposing (likely deliberately) stupid ideas to "improve" Bitcoin that would in fact cripple it.

No, it cant be.

In no way do I think bitcoin would be centralized any time soon. First of all bitcoin was widely accredited and widely regarded because of its decentralized feature that gives numerous benefits to the users. So 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.

no Bitcoin will never be centralized in any time future bitcoin is built on the decentralized network with no intermediate involving in between moreover we can see more decentralised applications coming within the form of wallets in bitcoin ecosystem

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.

It might and ther eis a big % it will, but it will ruin the whole idea of blockchain.

The cost of technology? Do you mean cheaper mining or do you mean a lower btc price?

Definitely with Asic's its moving very much to be centralized system and it’s not going to get better. Bitcoin is being adopted rapidly and if you are betting on Bitcoin to reach mainstream adoption as fast as possible, you are also betting on the cost of technology to drop even faster.

There are a few dozen people in the world who control most of btc supply and that's about as centralized as it gets. Its concept and infrastructure is decentralized and that's what counts. The more time passes the more decentralized it will get as more and more people will be investing in it.

              Bitcoin is Bitcoin due to its decentralized nature if it is centralized what will it be the nature of Bitcoin . If bitcoin is centralized the value will also depreciate centralization means the identity of the person is revealed and there will be no privacy for Bitcoin users. Bitcoin is trusted only with the internet not trusted under any institutions. If Bitcoin is centralized it means it is worthless and and it will be a failure for Bitcoin for ever.

no, it will worst if that happened. the most important value about cryptocurrency is decentralized.
if bitcoin become centralized, then no point to create it from the first place.

I don't think so. Bitcoin technologies were originally created in such a way that there were no third parties. How do you imagine making it centralized?

Bitcoin could be unified however it wouldn't be Bitcoin according to Nakomoto's White Paper it at that point would have formally fizzled bitcoin is the motivating force to keep the Bitcoin blockchain secured. Without that motivator there would never again be the put stock in factor the system would have lost security

In that case, then Bitcoin mining would be decentralized like it used to be within its early days. Competition is needed to eliminate the occurrence of a monopoly (in this case Bitmain). If Samsung gets into the game, then I believe that mining hashrate would be greater in different geographical areas of the world.

Another thing that Bitcoin would need to improve would be its distribution of nodes across the world. Recent studies around the web, have shown that a huge percentage of Bitcoin nodes rely on data centers while Ethereum has more geographical distribution than Bitcoin. In this sense, Bitcoin is more centralized than Ethereum since most nodes are not widely distributed. Perhaps, in the future, this would no long become an issue as people across the world start setting up full nodes to help support the network.

I guess that if Bitcoin would've had a rewarding model like Dash and ZenCash, many people would be running nodes to support the cryptocurrency's network. However, since there's no incentive to run a Bitcoin full node, people would think twice before doing such task.

Nevertheless, only time will tell us what lies ahead for Bitcoin's decentralization. If the community involved acts against measures that will further centralize the cryptocurrency, then Bitcoin will continue to prevail for years to come. Just my thoughts

Bitcoin centralization would never happen. First of all, it is not suitable for a cryptpcurrency as big as  itcoin to undergo a centralization process and become a standad coin, it would hurt its dignity and reputation as a coin. Anitger reason why it would never be is because there is really no benefit to bitcoin becoming a centralized coin. Unlike decentralized currencies that could be used anywhere on the world and be used for transactions without any issue.

I believe that the centralization of bitcoin you are mentioning will not happen again in the future because electronics manufacturing companies like samsung are starting to develop hardwares that are use exclusively for mining. It will make the whole network more decentralized and powerful when it comes to processing transactions leaving the hashrate for china be in minimal.

I think that this option is possible if the government finds a way to control all cryptographic processes

I still don't think it's possible. Because it violates the basic idea bitkine - decentralized currency.