Topic: Will Bitcoin become centralized sometime in the future? - page 43. (Read 8114 times)

Bitcoin is somewhat decentralized depending in which perspective you view it from. As a system that allows anyone to use it for sending and receiving money around the world without any external interference, it is considered a decentralized cryptocurrency. However, in terms of mining the cryptocurrency, it is somewhat centralized if you tell me. Due to its current mining algorithm, high end hardware has been designed that only those which have enough capital to afford them, could participate in the mining process.

As Bitmain is the number one manufacturer of ASIC hardware, it gives them power to control most of Bitcoin's total mining hashrate. So, in the case that Bitmain would become shutdown by the Chinese government, or the company decides to perform an attack on Bitcoin, then the pioneer cryptocurrency would be doomed.

That is one of the biggest failures Bitcoin has in terms of decentralization which would need to address before it’s too late. But, despite everything, Bitcoin is considered as a decentralized cryptocurrency when compared against traditional monetary systems. Just my thoughts

I don't think so because bitcoin is decentralized and Bitcoin earns by one person for his own sake, but no one knows if in the future the bitcoin will be centralize and many of the people get a profit from it.

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.

In some point, Bitcoin is becoming distant from its decentralized vision because it has a mining algorithm which gives the power to the miners instead of everyday people. Big mining corporations such as Bitmain have most of the dominance within the Bitcoin network, and the Core team have an effect on this as well. The Lightning Network's model looks centralized, but if it works, it will greatly boost Bitcoin's transaction capacity.

Sometimes, there are improvements which threatens the decentralization of the cryptocurrency, but it is up to the development team and the community to make the right decision towards its long-term sustainability. One of the key value propositions of Bitcoin is decentralization, and if it lacks this, then its purpose for eliminating the middlemen would become in vain.

I'm just hoping that in the future, Bitcoin would make a shift in mining algorithm, as well as implement other key improvements that would further decentralize its protocol. Only time will tell what lies ahead for the future of Bitcoin. Just my opinion

The company and management of bitcoin is decentralized system which in this process they can more focus on how the demands of public can be sustained.
I think bitcoin can make the system in this world more systematic and centralized so manay people will can be longer live without worrying about money.

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 become centralized in the future is what I think is possible. At present, Bitcoin rates are highest in the cryptocurrency market, and if Bitcoin becomes popular in the future, its exchange rate probably will not increase as strongly as it does now. By then, people would no longer be interested in investing in Bitcoin as it is now. And then Bitcoin will become the official currency like offline currency at the moment.

Well the future of technology is becoming less and less predictable and whatever you say can change within hours, so in my opinion there is a chance for btc somehow to be centralized,

I feel bitcoin is moving away from the decentralized vision it had , will see how the ln will work out.
This is the most important feature of bitcoin so i hope it stays.

Agree. The more people join in Bitcoin, the more decentralized and stronger it will be. Bitcoin has helped many unbanked people gain control over their own money, eliminating the needs of a middlemen for the first time in history. While there is no such thing as a 100% decentralized entity, Bitcoin has done its best towards providing a payments solution that it is hard to control, and shutdown.

However, if Bitcoin manages to make drastic changes in its mining algorithm, I believe that it could become much more decentralized than what it is right now. Nowadays, big miners and mining hardware corporations like Bitmain have the lead with Bitcoin's current mining algorithm implementation. It only gives the power of mining to those who can afford expensive mining hardware, leaving any average people out of the equation. In contrast, by implementing an ASIC resistant mining algorithm, the power of mining could be given back to the people so that anyone can mine Bitcoin without spending much of their resources.

Only time will tell if Bitcoin can keep up with decentralization, or not. Just my thoughts

Yes, this is the goal of bitcoin. I think if the whole world embrace the bitcoin there will be start of innovation for a better life in future.
Bitcoin helps the investors and every people in the society to change and make a better version than before.

That is certainly true, mate. I believe that Bitcoin's popularity is because of its ability to provide its users to transact freely in a decentralized fashion. However, the cryptocurrency itself may become closer towards centralization if it implements specific network upgrades which gives power to specific users instead of anyone in the world. Things like The Lightning Network and huge block size increases (where a block size increase in Bitcoin Core would be difficult to reach consensus) will threaten the decentralization of Bitcoin as there would be fewer nodes on the network and micropayments would become handled by specific payment channels which have a centralized model.

In this sense, there may be a possibility of Bitcoin becoming a centralized cryptocurrency in the future. Add to this, its current PoW model (SHA-256) which limits the ability for anyone to mine Bitcoins as big miners and mining companies like Bitmain gain advantage due to their use of highly advanced and expensive mining equipment where an average Joe cannot afford.

Thus, in my own opinion, Bitcoin should have a more decentralized PoW model (probably one which is ASIC resistant) and look for other alternatives than the Lightning Network to remain a decentralized cryptocurrency in the future. Just my thoughts

Yeah you are right that Bitcoin cannot be centralized because the decentralized is the major quality of Bitcoin’s popularity. The demand of Bitcoin is too high because there is no other involvement of any person or third party in Bitcoin transactions. Bitcoin is legalizing in Japan due to its advanced properties. The virtual currency on distributed network is the main feature of Bitcoin. You can use and control your bitcoin at any place and any time.

Bitcoin can never be centralized why becz the whole network runs on decentralized distributed network

Bitcoin never will be centralized. This is nonsense. If some kind of this happen this would be not a Bitcoin yet but only its name, brand. The place of Bitcoin would be taken by another cryptocurrency - Monero, Dash or Sumo coin!

As at today, when more than half of the bitcoin to be mined had already being mined which is spread in the hands of individuals across the world, I winder how government wants to get a hold of it. There are some people who are not driven by profit but freedom and won't give up what they have even if government offers to buy at a premium and this people hold large portion of the already existing bitcoin. It then mean the proportion for control cannot move to government anywhere in the world because the little they have, they would want to outshine themselves in who controls the market i.e governments. I don't see centralization coming soon.

unfortunately that has proven to be ture when a significant amount of miners went over bitcoin cash the last two month and bitcoin price drops to 5k and there was like 160k tansaction on hold that when i noticed that problem but i think they could adjust that problem so easy in the future

I think yes, bitcoin will become centralized in future. Bitcoin helps the society or the whole country in the whole world to a establish a organize and systematic process for the future.
They help to centralized the system for the benefit of the people in future.

Everyone knows that bitcoin will become just like fiat currency once it all belongs to the government's hands. But that's not going to happen in reality. Whales wouldn't sell their coin to the government even if the price is starting to pump really hard because the government is buying bitcoins. Yes, they have to buy bitcoins since they can't just take it away from us. They don't have any power here and they can't even attack someone since it's decentralized or hack the network.

For me, bitcoin will never be centralized even if the government put some law about the use bitcoins. There would always be people like me that wouldn't sell coins to the government to preserve the decentralization feature of bitcoins.

I don't think bitcoin will become centralized, as de-centralized is the most important feature of the bitcoin. That said, there are some issues that are concerning, such as hacking. If we make bitcoin centralized, then the hacked address can easily be excluded and thus there will be much less hacking happening.