Topic: Will Bitcoin become centralized sometime in the future? - page 7. (Read 8114 times)

There's nothing stopping Bitmain from centralizing Bitcoin anytime soon. Slowly but surely, Bitmain has been having a negative influence over the pioneer cryptocurrency's hashrate. This becomes worse when no other ASIC hardware manufacturer could outpace Bitmain in terms of energy efficiency and performance.

By effectively creating a monopoly over Bitcoin's mining process with pools being centralized, there's a huge probability that Bitcoin would become a centralized cryptocurrency in the future. Developers and the community would need to work together to stop this from becoming a reality or else it will be too late for the world's biggest cryptocurrency in market cap.

Nevertheless, I believe that is in the people's interest to keep Bitcoin as decentralized as possible. However, only time will tell us what lies ahead with the longevity of the most prominent cryptocurrency in existence to date. Just my thoughts

No, this can not be. Bitcoin can not be made centralized ... it will not be bitcoin anymore. I admit that the bitcoin may not be able to break out into the masses ... and then I do not believe that this will happen, but it is possible. However, it is exactly bitcoin that is centralized ... it is impossible

Probably it won't. However, if there's interest from governments and banks worldwide to destroy Bitcoin, then they'll try to centralize it by manipulating companies which produce ASIC hardware (such as Bitmain). Since there's a monopoly over the mining process of Bitcoin, the company responsible (Bitmain) could adhere to the government's interest. As such, if China pressures Bitmain to effectively destroy Bitcoin by performing a 51% attack, then the pioneer cryptocurrency will become centralized and doomed for good.

That's the only concern many Bitcoin enthusiasts like me have, as mining is not accessible to anyone in an equative manner. Perhaps, in the future, if developers and the community see the centralization of mining as a threat, they could come up with solutions to maintain the pioneer cryptocurrency as decentralized as possible. It could either be a change in the PoW algorithm, or simply make a switch to PoS (like Ethereum). When this is done, then Bitmain's monopoly would be destroyed for good.

Unless other ASIC hardware manufacturers come up with better specs while reducing energy consumption, Bitmain will remain in the lead unfortunately. There needs to be a competitive environment where every mining company has a share in Bitcoin's hashrate to reduce the risk of centralization over the long term.

Nevertheless, everything will depend on whenever devs and the community would want to keep the current PoW algorithm to preserve decentralization or not. Just my thoughts

Yeah that might happen but the government will not change the centralized system into an internal blockchain or bitcoin system,
because that won't work. the government will do that by using an exchange or wallet to request data verification like id card

For many, mining hash control is a meaning of centralization!
But in fact, this does not apply according to the valorization of the BTC, many whales are seduced to exchange for fiat.

At a time when bitcoin is becoming a centralized system as we know today bitcoin is decentralized with many countries or governments with this system. It might be possible to later make bitcoin legally in many countries turn into a centralized system.

It is possible so as to curb the issue of embezzlement , using it to finance terrorism and others social vices , it will also expand the usage and let more countries adopt it as a medium of payment

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.

I don't think that bitcoin will change its nature and become centralized. High security, transparency and trust are the three main advantages of blockchain and bitcoin. And all this is provided by decentralization. However, confrontation between a centralized system and bitcoin is unlikely to disappear.

Anything is a possibility in the Cryptocurrency market. For Bitcoin to become a centralized system, the banks will have to be involved. And if the banks get involved, people will be very cautious as majority of the investors don't trust banks. What are your opinions about the whole centralized debate?

I don't think bitcoin will be centered someday because all countries mine bitcoin and trade bitcoin. in my mind now that bitcoin in the future will be more expensive when all countries have used bitcoin to trade, mine and for payment.

If bitcoin becomes focused, expect it to be managed by a good organization. Don't for personal benefit that bitcoin price

As with any new technology, Bitcoin gives rise to some interesting – and in some cases entirely new things.

Truth be told, the chances of Bitcoin becoming centralized in the near future is highly inevitable.  If the above allegation is true it suggests bitcoin is vulnerable to market manipulation not just by traders who hold large stores of bitcoin, but also by miners like Bitmain and others in china.

If bitcoin becomes focused, expect it to be managed by a good organization. Don't for personal benefit that bitcoin price

If bitcoin becomes focused, expect it to be managed by a good organization. Don't for personal benefit that bitcoin price

I think it is very difficult for a bank to accept Bitcoin as a deposit.

I don't think that this will happen soon but in the future this is possible. to my mind, this is the best way to control currency for the government i mean making it centralized which I don't consider the best solution

Most governments do not consider the MOF to be an asset, so it is difficult for banks to accept bitcoin deposits.

Probably. However, if big corporations like Bitmain sees a huge opportunity of doubling or even tripling their money with Bitcoin, then they'll do whatever it is to make Bitcoin centralized. I'm sure that many people won't allow this to happen since they prefer Bitcoin to remain decentralized and free from middleman just like Satoshi intended it to be. It will all depend if a consensus is reached whenever to further decentralize Bitcoin or turn it into a centralized banking system like fiat.

Hopefully, with the emergence of new ASIC hardware manufacturers, Bitmain's monopoly would be no more as decentralization is improved. For the benefit of all, Bitcoin should remain as decentralized as possible for years to come. In the future, Bitcoin could remain decentralized if the community and development team work together to make it that way. All the way around it, if Bitcoin fails to achieve decentralization, then it'll be doomed, IMO. Just my thoughts