Topic: Will Bitcoin become centralized sometime in the future? - page 42. (Read 8103 times)
There is a medium posting created by cobra the co-founder of this forum. In the article he cited that the bitmain company which is based in china have almost produce most of the mining hardware. And they also control one of the largest mining pool. Indeed, when you buy a miner to them the default setting would be directed to their mining pool. With this scenario they have a greater control of bitcoin compare to other company. Let just hope that they won't reach the 51% dominance of it. And if that reached, that could be said that bitcoin can be controlled and manipulated by a single company.
Bitcoin is as virtual as credit cards and online banking networks that people use every day. Bitcoins can be used for online payments and in real stores, as well as any other kind of money.
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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.
It going to be centralized for the future because a lot of citizens are already using it and a great investor to 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.
Hi, in my opinion, Bitcoin can not be centralized otherwise it would lose one of the key points on which the blockchain technology is based.
Bitcoin has its own subjective advantage in the market. It is not easy for more than 200 countries to accept Bitcoins in their countries. There are many countries and regions that accept payment, Bitcoin business and even many major hotels encourage the use of Bitcoin to make reservations and payments will be reduced to%.
But Bitcoin has become a focus in the future I'm not sure. Because Bitcoin was born and developed as spontaneous, anarchistic; Bitcoin's market is new and dangerous to people. Do not use real name for transactions, unsecured Internet transactions, limited transaction speed ... But when the founder overcomes the disadvantages of Bitcoin in the future Bitcoin is focused.
I really hope!
But Bitcoin has become a focus in the future I'm not sure. Because Bitcoin was born and developed as spontaneous, anarchistic; Bitcoin's market is new and dangerous to people. Do not use real name for transactions, unsecured Internet transactions, limited transaction speed ... But when the founder overcomes the disadvantages of Bitcoin in the future Bitcoin is focused.
I really hope!
In my personal opinion I don't think that the nature of bitcoins will shift to any other than decentralised.
Yes , the government bodies may get some powers to track transaction ID's , so that they may track and stop the illegal fundings done through bitcoins , using its anonymous nature in an inappropriate content.
Yes , the government bodies may get some powers to track transaction ID's , so that they may track and stop the illegal fundings done through bitcoins , using its anonymous nature in an inappropriate content.
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
It was already created to be decentralized, that is the whole point of bitcoin in the first place. I don't think there is a way to make it centralized they can just put regulations on it.
Perhaps you have not noticed the changes in bitcoin but it is gradually becoming centralized. In the beginning, large miners seized a monopoly on bitcoin mining. You don't think this is centralization? Now governments are developing mechanisms for regulating the bitcoin market. And the worst thing is that a lot of users support it.
It was already created to be decentralized, that is the whole point of bitcoin in the first place. I don't think there is a way to make it centralized they can just put regulations on it.
Concentration Bitcoin will not normally allow for good. Because those who control Bitcoin always think of Bitcoin's profit. Which usually affects the user. This bitcoin needs to be kept decentralized. Occasionally Bitcoin community raises the transaction free. They will not support centralized measures and are affected by the mining earnings.
Bro, if bitcoin gonna be centralized,
there is no point of mining bitcoin. it is processed centralized,
so it doesnt need miner. the miner will lost its functions.
but i think thats not gonna be happen.
there is no point of mining bitcoin. it is processed centralized,
so it doesnt need miner. the miner will lost its functions.
but i think thats not gonna be happen.
I hope so. Because if Bitcoin becomes centralized in the future, then there would be no point in using it and even mining it, as the cryptocurrency would become the same thing as traditional financial systems. The whole purpose of Bitcoin was (and still is) to decentralize finance and eliminate external control. As such, it should not rely on politics, governments, or any external entity to ensure its survival in the mainstream world.
Just as Gold is decentralized (nobody can control or issue more Gold than what it already exists), Bitcoin is the same in the way that no one controls it. Of course, it still has some things that need to be addressed to ensure full decentralization, but until now, it has been doing fine and it's the strongest cryptocurrency to date. Thus, the more geographically placed nodes and mining hashrate appear on the Bitcoin network, the more stronger and decentralized it will be. Time will tell when Bitcoin becomes virtually unstoppable on planet Earth. Just my opinion
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.
In fact, I do not want bitcoin to be concentrated sometime in the future, this is not the same as the original character of bitcoin. Bitcoins become bad, not serving the ordinary people, but in the hands of whales and financial institutions, Operation, Bitcoin lost its meaning, if bitcoin becomes the official currency, I will not be interested in it.
people are thinking about the transaction fee deviation then let me tell you that the competition level will be highest at that time because the difficulty will remain same and everybody can invest a fixed amount. mean for the bitcoin community? can we still buy and sell stuff with it? do we need to pay much higher fees? do we need to pay taxes somehow? From the beginning, the whole blockchain tech is a decentralized tech. Each and every BTC user is controlling BTC.
development is always focused on some people who have a private key to code into github. com, I think it has been centralized with the possibility of decentralization if centralization becomes very clear.
Bro, if bitcoin gonna be centralized,
there is no point of mining bitcoin. it is processed centralized,
so it doesnt need miner. the miner will lost its functions.
but i think thats not gonna be happen.
I agree that if bitcoin is concentrated, then the bitcoin does not exist anymore, and maybe that's when bitcoin died. No one will have confidence in it, bitcoin will be monopolized, such a cryptocurrency is only a personal or team's personal product. there is no point of mining bitcoin. it is processed centralized,
so it doesnt need miner. the miner will lost its functions.
but i think thats not gonna be happen.
Bro, if bitcoin gonna be centralized,
there is no point of mining bitcoin. it is processed centralized,
so it doesnt need miner. the miner will lost its functions.
but i think thats not gonna be happen.
there is no point of mining bitcoin. it is processed centralized,
so it doesnt need miner. the miner will lost its functions.
but i think thats not gonna be happen.
Bitcoin IS becoming more and more centralized as far as the mining is concerned. One day we may even have to face the risk of a 51% attack - even though probably nobody who could put it in practice would probably actually do it, since this would mean killing a coin which is making them rich.
Agree. If Bitmain, and other mining manufacturers have the power to manipulate Bitcoin with their large share of hashpower, the pioneer cryptocurrency may not be considered at all fully decentralized. It needs a radical change in its protocol, to become ASIC resistant and prevent others with big mining hashpower to take over. Perhaps, sometime in the future the devs at Bitcoin will realize this and come up with a solution to further decentralize the cryptocurrency.
Speaking of decentralization, I'm admired with Magi's mining algorithm which gives the power to the small miners and leave the big ones out of the equation. In here, the bigger the network's hashrate is, the lower the reward per block will be, allowing anyone to mine it from anywhere. Maybe, Bitcoin could adopt such model, or perhaps it could transition to PoS like Ethereum in the future.
Nevertheless, while Bitcoin is not 100% decentralized, it still has some level of decentralization which many traditional payment systems lack of. By eliminating the middleman, Bitcoin has the potential to radically transform our economy as we know it. Just my thoughts
One thing that centralizes bitcoin is the money you have to invest to make mining profitable.
Ordering a few hundred miners lowers the cost per miner. Using more electricity lowers the price per kilowatt hour.
Then you have to keep in mind that cooling becomes more and more important, so countries with a high temperature are not very suitable for building mining farms.
To me that leads to a concentration of big mining companies in a few countries.
Ordering a few hundred miners lowers the cost per miner. Using more electricity lowers the price per kilowatt hour.
Then you have to keep in mind that cooling becomes more and more important, so countries with a high temperature are not very suitable for building mining farms.
To me that leads to a concentration of big mining companies in a few countries.
Bitcoin IS becoming more and more centralized as far as the mining is concerned. One day we may even have to face the risk of a 51% attack - even though probably nobody who could put it in practice would probably actually do it, since this would mean killing a coin which is making them rich.
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