If the bitcoin is going to be centralized in the future it is sure its price will not rise and fall. It's easy to manipulate and it is now available as a payment method that is actually used by bitcoin.
It's frightening if it's going to happen because the bitcoin price drops quickly and many people lose interest to use it.
Topic: Will Bitcoin become centralized sometime in the future? - page 5. (Read 8103 times)
Nope. According to my understanding of Blockchain technology and Bitcoin, it's technically impossible. Am I wrong?
to make it right, the creators of bitcoin must really appear and be responsible for everything, centralized currency means having to connect with policies that have been agreed by many countries. there must be an MoU to make it feasible, but I am skeptical this will happen because bitcoin is made only for decentralization and economic independence.
Because as soon as it becomes centralized it'll cease being Bitcoin, won't it? I've always thought BTC is decentralized by its nature and hierarchy. If it is, how can it be centralized, anyway? Is that possible at all?
Well, maybe, because it will make it much easier for cryptocurrency to become globally accepted full-fledged substitute of money
Despite the fact that the issue of regulation has long been the main one on the agenda, there is not yet a single system that would allow the development of legal cryptography. Basically, operations performed with bitcoin are defined in different countries in different ways, which significantly complicates market regulation.
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.
I've thought about this before and I want to tell you that bitkin is really taking very dangerous steps towards centralization. I'm sorry to say it, but it is. I certainly understand that Chinese miners will not affect the value of bitcoin, but it is very dangerous for our community 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.
I can say for sure only that Bitcoin haters will use every single opportunity to take that step against it, but the initial core of Bitcoin, is to be centralised!
Yes, I think so. Bitcoin will become the central digital currency in the future. As soon as he reaches the conditions set by the government.
To ensure some sort of centralisation never happen, the best way is still to spread the hashrate concentration to multiple new pools. I guess since there is more and more people coming into the game, and a lot more will come I think because of the price rise, actions will never have to be taken.
Blockchain, the technology underpinning it, cannot be centralized. Bitcoin in a way already is. Centralized exchanges are how 99% of people trade their cryptocurrency, and they can be forced to accept regulation or be shut down. The only way to truly and permanently decentralize Bitcoin is by setting up decentralized marketplaces…and it is already being done
there must be a long process in this case, I believe if for altcoins, but bitcoin is something different that is only devoted to decentralization, I think this is impossible because the government also does not want it, just let bitcoin run naturally and will eventually be regarded as assets like gold, the currency system only runs in the crypto world.
I hope not. Centralizing is not for cryptocurrency. I really hate Ripple because it's centralized coin. Let fiat money be centralized, not crypto!
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.
I think this is a real problem. 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.
Several Heads Of States and Governments do not need bitcoins in the country because of its decentralized nature. Bitcoin is not going to be an asset of any bank or government, not for their selfish invest.
Truly, there are numerous conceivable outcomes that BTC could end up centralized. This is on account of the governments are not going acknowledge it to give it a chance to work as it seems to be, that is, decentralized. This would vanquish the fundamental standard of digital forms of money. In any case, clearly why government will give the reigns of budgetary framework in the hands of open? This will likewise guarantee lesser cost crashes in the cost and will build the certainty of the general population while putting resources into BTC.
Yes, bitcoin will become centralized sometime in the future because of being systematic in their business and also the blockchain market can regulate and centralized the transactions in the business.
No it will not happen because centralized currency are those fiat money and we had already so we do not need it actually to centralized bitcoin and aside from that if you will going to change the system as it is right now there will huge job to do. It is better to create a digital centralized currency than to modify bitcoin system.
Well I think what you have predicted is really possible. To the number of mining operation and because only one country has been doing it in a very large scale, I think it is possible. And yes, the problem is that if that happens, it really violated the reason in the first place on why it was created and simultaneously will decrease the value of bitcoin. It will really lose its meaning. We couldn't reply control on what would happen to bitcoin in the future so we must actually do some actions on it, like what you have mentioned. But if that is a way of development for bitcoin, then we cannot avoid it.
This is impossible, because bitcoin was originally conceived as a decentralized coin, which lacks any control from the states and banks. Why should bitcoin be centralized? You do not have enough fiat currency? Or the same ripple - absolutely centralized coin.
of course, that won't happen, because if Bitcoin will become a decentralized cryptocurrency then it has happened since the first Bitcoin appeared, but what I think can be wrong, and we don't know how the development of Bitcoin will be in the future, now we can only go through it because all possibilities can happen in the future.
This is impossible, because then it will lose its meaning. Bitcoin was created as a decentralized currency, this is its advantage. However, assuming that someone buys more than 50% of the bitcoins, this person will be able to influence its cost. In fact, bitcoin will become centralized. I do not think that's possible.
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