Will Bitcoin become centralized sometime in the future? - page 9.

Jimitieu

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Activity: 141

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Quote from: Abiky on January 02, 2017, 02:05:06 PM

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 see the nature of bitcoin is like gold or oil. When available, people exploit and exchange them as a high value item, as a kind of mineral resource of the technological world. So people use it as a type that can help you make money and then to the end, the value of it will be increased.

Ladyechy

newbie

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I hope that won't happen. We must protect bitcoin by continuing to support it early, this can help many people to use it as an investment and digital currency. Bitcoin is freedom because of decentralization, if it gets centralized, it's not bitcoin anymore but the government tries to control it.

Pattart

hero member

Activity: 1190

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Quote from: CryptoLifeEase on August 08, 2018, 04:40:36 PM

Centralization would not allow bitcoin to grow better. The reason is that controlling authority always aims at more and more profit, which affects the common users. To eliminate this bitcoin needs to continue as a decentralized currency.

Of course all Bitcoin users want decentralization to still exist and it will indeed continue to exist, bitcoin's internal system will not be
intervened by anyone, including the government. so anyone will not be able to eliminate decentralization from the nature of bitcoin..

edutBTC

sr. member

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It’s hard to tell. I mean it seems like everything is possible in future but on the other hand i don’t believe that it’s gonna be centralized. Otherwise it won’t fit why they created btc first.

hastag_80

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Quote from: Abiky on January 02, 2017, 02:05:06 PM

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.

Actualy being a centralized about in cryptocurrency especially in mining investment is a far speculation because,before we become centralized its needed to become regulated and legalized by the world government to operate all over the worlds,and maybe soon it will be happen thats everythings is become centralized under the control of the worlds government.

CryptoLifeEase

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Centralization would not allow bitcoin to grow better. The reason is that controlling authority always aims at more and more profit, which affects the common users. To eliminate this bitcoin needs to continue as a decentralized currency.

Zodiaclo

newbie

Activity: 16

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I don't think so. It's against the initial idea.

Babatunde1989

newbie

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I don't think bitcoin can be centralised because its able to provide interest that’s higher than the market average. Also, the fact that they are expanding their services globally helps us to accelerate and reach new heights.

Chrystora123

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why is Bitcoin Cash, Diamond, Gold, and others created? because Bitcoin cannot be centralized, so they make hardfork coins, until whenever Bitcoin will continue to be a decentralized cryptocurrency and cannot be regulated and centralized.
this is my opinion CMIIW Wink

Direwolve735

full member

Activity: 448

Merit: 232

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, the confrontation between centralized systems and bitcoin is unlikely to disappear. Since centralized governments will always keep a monopoly on the issue of money, bitcoin can never replace national currencies.

delphic

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Even if bitcoin is centralized,it should not affect its value.I think the opposite is true.Other factors may affect the price.If we want to develop cryptography,then centralization should not be afraid.

Abiky

legendary

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Quote from: Irvinn on August 07, 2018, 09:49:29 PM

Bitcoin in no case should be centralized, and by its nature it is designed in such a way that it is almost impossible to centralize it. There will be a lot of different forks of bitcoin, which, for sure, will try to cetralize to reduce. its volatility. It's hard to say what will happen, but it will be another bitcoin. The present needs to be improved, but it is by no means impossible to change its nature. Even if it eventually loses functionality. He will find his admirers and with minimal technical characteristics. There is also a demand for antique cars and other old things and items.

That's certainly true, mate. I believe there should be no reason to centralize Bitcoin, as it would totally defeat the whole purpose of a blockchain. Even if this were to happen, users would fork the Bitcoin blockchain into a decentralized one, separating themselves from the main chain's decentralization. It's like true democracy where you get to vote on what's best for the cryptocurrency's network. As such, Bitcoin may remain a decentralized cryptocurrency after all.

There's a lot of interest from people in the mainstream world, into keeping Bitcoin as decentralized as possible to help it succeed for the long term. While big mining pools pose a threat to Bitcoin's decentralization nowadays, I'm sure that there are already solutions being worked to help Bitcoin become more decentralized over time. However, only time will tell us for sure, what lies ahead for the future of Bitcoin and other cryptocurrencies. Just my thoughts Grin

EEE14

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I think it is unimaginable, in light of the fact that the standard of bitcoin framework is as of now decentralized patent. also, until when bitcoin will remain an advanced money related resource.

nangiarushali

copper member

Activity: 257

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Never. The basic difference between other currencies and Cryptocurrency or Bitcoin is that other currencies are centralised and there is some third party between people and their money controlling it, which is not the case with Cryptocurrency.

adnandanish102

newbie

Activity: 67

Merit: 0

My opinion is, bitcoin is a great assest and it is introduced well among the world's investors and chinese minners also proclaim about the centralization of bitcoin as, they are well known about bitcoin sale among countries but the minners also afraid of its unexpected decentralization because of the restrictions that the US and other countries have imposed on bitcoin.

samsul1234

member

Activity: 532

Merit: 11

the miners are now greedy, if the cross section every day increases the possibility of bitcoin prices going down

hammo

sr. member

Activity: 493

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Cryptocurrency market will be stable in future of course, If those plan will come in real then I think another revolution will happen. And, iI hope after August, we will see results of this step.

rakesh6162

newbie

Activity: 27

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Bitcoin is a decentralized currency , a currency free from the Govt. and banks. if somebody trying to centralized it, that would mean Bitcoin has failed its original purpose and it will become worthless. Because Bitcoin is based on blockchain technology and blockchain the technology underpinning it, cannot be centalized.

lavara

full member

Activity: 532

Merit: 102

I doubt that bitcoin will become centralized - it was created for the opposite purpose - to make it free from monopoly. Its demand will be as long as the time will be of interest to people to use. It is convenient quickly and safely. Now its not the best time and price, look today 6511 is not at all good: o But soon everything will recover. Cheesy

bitterdog

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Quote from: Abiky on January 02, 2017, 02:05:06 PM

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 think its not going to be happen. Because the initial goal of making bitcoin is to give people the new form of financial transactions which more easy, effective, no need a lot of third party (decentralized system). So i thought if one day bitcoin turn out into centralized, it will not make any differentiation with the existing financial system that often high in cost, expensive, and uneffective.

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