Topic: Will Bitcoin become centralized sometime in the future? - page 41. (Read 8114 times)
It shows from the past months that BTC can easily be manipulated by the whales and financial institutions,so its morelikely being centralized currency now bigplayers always wins.
Bitcoin doesn't have the capacity to be centralized, but rather decentralized, we can see alot of people trying to control the market, this is not because bitcoin is becoming centralized but because bitcoin is a decentralized, it works in a free market where anyone anywhere can do what ever he or she pleases. This manipulations done by people in the crypto space is always for a while before another comes in.
That is certainly true, mate. However, while anyone can do anything they like with Bitcoin, not everyone would be able to participate in the mining process. That is simply because mining hashrate is mostly controlled by Chinese mining hardware manufacturer Bitmain, leaving small miners (like most people) out of this system. This situation makes it somewhat centralized as Bitmain would be able to decide whenever to make a 51% attack on Bitcoin or not. ASIC mining equipment is not very accessible to anyone, unlike CPUs, GPUs and even HDDs (with PoC coins like Burst).
Other than that, Bitcoin is a decentralized cryptocurrency which allows anyone to transact without limitations or restrictions. With it, anyone can be their own bank, and can buy or sell their coins whenever they want to. Also, there is zero risk of getting your funds frozen (unlike Bank accounts) and manipulation in the market. Also, Bitcoin is a deflationary currency which means that it would become more valuable and scarcer over time unlike traditional fiat currencies we know and love today.
For Bitcoin to be completely decentralized, it would need to implement an ASIC-resistant algorithm, and become traded in decentralized exchanges (instead of centralized ones). If Bitcoin makes the shift towards this (which is highly unlikely), then it would be much more decentralized than what it is right now.
Nevertheless, time will tell us if Bitcoin will remain as a decentralized cryptocurrency for years to come, or it will become a centralized coin manipulated by big corporations, governments, and even central banks in the future. Just my opinion
Bitcoin already now can be said become centralized due to that fact that a handful of people concentrated a large number of bitcoins, as initially there was an unfair distribution of these coins.
Bitcoin doesn't have the capacity to be centralized, but rather decentralized, we can see alot of people trying to control the market, this is not because bitcoin is becoming centralized but because bitcoin is a decentralized, it works in a free market where anyone anywhere can do what ever he or she pleases. This manipulations done by people in the crypto space is always for a while before another comes in.
That would be better isn't it because anyway then some sort of legalisation would be impacted on it
I think that ASIC’s are evil, and if Satoshi wouldn't be anonymous hi would make a hard fork that obsceletes bitcoin ASICs, because mining should be available to everyone on their home computer, this is one of the main principles of decentralization.
Exactly. I think that Satoshi never intended for Bitcoin to become centralized with specialized mining equipment such as ASICs. In the whitepaper, it states: "One CPU, one vote", which means that anyone in the world could mine Bitcoin with just their CPU (like it was in the early days). Now, Bitcoin mining is partly controlled by a Chinese hardware mining manufacturer called Bitmain which has the most hashrate on the network. At any moment, it could perform a 51% attack whenever the company pleases to do so (due to political interests, etc), and destroy Bitcoin before we know it. They're releasing new miners for other cryptocurrency algorithms which were known to be ASIC resistant by design.
A new Ethereum miner is on the way, as well as a CryptoNight miner for Monero. Luckily, the Monero team did the right thing to put an end to ASIC mining via a hard fork, as ASICs would centralize the mining process by leaving small miners (which are those who use CPU and GPUs) out of the equation.
Bitcoin could do the same by hard forking into an ASIC resistant algorithm, but given that it's practically impossible to reach consensus (like the scaling event), I doubt that Bitcoin would make the shift anytime soon. As such, Bitcoin mining would become more centralized as Bitmain takes the lead over ASIC miners. It would become unstoppable and manipulated by Chinese government's interests in order to destroy Bitcoin in the long run.
Other than that, Bitcoin would be completely decentralized where no single entity (regardless of mining hashrate, political influence, etc) could gain control over it. That was Satoshi's vision in the first place, where one CPU would be one vote. Hopefully, we could see a more decentralized version of Bitcoin in the long term. AFAIK, Bitcore is a fork of Bitcoin which has implemented an ASIC resistant algorithm called TimeTravel which is hard for ASICs to come by. Finally, Ravencoin has also an ASIC resistant algorithm called X16R which serves such purpose.
Therefore, there are a few cryptocurrencies out there which are far more decentralized than Bitcoin in terms of mining. Only time will tell if Bitcoin would do the right thing to put an end to mining centralization provided by Bitmain. Just my opinion
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.
Should this happen, I think its main investors already pulled out there investments. Centralization of cryptocurrencies mainly bitcoin, is a bit difficult because it has to go along with the government. And to do this, a law must be ratified and disseminated and I am pretty sure prior to the release of that law, bitcoin is already done.
We have to stop it somehow or there would be no difference among fiats and btcs 
If BTC becomes centralized it will lose its cryptocurrency status, but it will come with its benefits, the legislation battles will be a thing of the past and probably the value will be slightly higher but highly regulated, BTC will lose its freedomn
There is no sense in making Bitcoin a centralized currency. It attracted the first investors as it offered the coolest scheme of transactions, low fees for these operations and the highest speed
Never it would happen because Govt is well aware of its citizens safeguard that he will noot try to take one of the futile currency within themselves
Its better as it is now because more of it can result to even extinction of btcs interest someday
If BTC becomes centralized it will lose its cryptocurrency status, but it will come with its benefits, the legislation battles will be a thing of the past and probably the value will be slightly higher but highly regulated, BTC will lose its freedomn
If it happens (hope never) Bitcoin will be not interesting investment anymore. Now, staying decentralized, it gives us the freedom to make any operations with it.
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.
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.
do not be afraid of course bitcoin can be anything you want if anyone wants to make a project centralized, obviously bitcoin should be no good news to be in use in all countries for safe transactions and prices can be stable on top.
As of now, the government tried to control cryptocurrency by imposing a tax and other regulations too. G20 summit proves that in the future, cryptocurrency will also be centralized.
As what we can see, the government uses their power to manipulate the bitcoin. Some countries banned already bitcoin. They used their power to control the decentralization and turns it into a centralized monetary system.
As what we can see, the government uses their power to manipulate the bitcoin. Some countries banned already bitcoin. They used their power to control the decentralization and turns it into a centralized monetary system.
It is like a solar calculator that become calculator with battery, although its good that you know it does function during the nigh but you don't know when the battery will run out. same with bitcoin, if you know how does it operate then suddenly it will be change its original maneuver then you don't know tomorrow it will just stopped.
Bitcoin has already being created to be a decentralized currency, I don't think there is a way to make it centralized and changing it's core program. Although anything could happen and someone would find a way.
If bitcoin become centralized not only government can easily destroy it but also users anonymity will be gone as more information would be needed
As the miners are mostly Chinese so it could become centralized
If this will happened a part of the essence of bitcoin is lost. For sure if it will be centralize it will now be controlled by greedy persons in the government. The transactions will be known possibly upon making transaction one must provide additional personal information etc. And for sure it will cost more so i guess if this will happened then it is just the same as fiat money. As the miners are mostly Chinese so it could become centralized
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. Bitcoin is just bitcoin and it will not change especially the status of bitcoin if it is centralized or decentralized.
I think that ASIC’s are evil, and if Satoshi wouldn't be anonymous hi would make a hard fork that obsceletes bitcoin ASICs, because mining should be available to everyone on their home computer, this is one of the main principles of decentralization.
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