Starving_Marvin
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May 29, 2018, 08:41:01 AM |
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There is no way for the bitcoin to become a centralized crypto currency since initially it was invented as an independent coin that would not be connected to any financial institution at all.
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Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
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Regenmacher
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May 29, 2018, 09:41:42 AM |
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Even the techlogy itself, which BTC is based on, excludes such an opportunity. There can be some limited version, where number of clients would be lited to dozens, not millions, but that won't be a coin we all know and love
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Dingdong7
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May 29, 2018, 10:55:15 AM |
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I don't think and don't see that bitcoin will go centralized, Bitcoin is made to be centralized in its feature. This is one of the reason why people choose to invest on it. Instead of making it centralized, creation of new kind coin that is centralized will be available. Ripple is a good example of a centralized coin, it has good demand in the market but people still choose bitcoin even decentralized.
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nicko122
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May 29, 2018, 11:00:27 AM |
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It seems to me that many countries would like a centralized control system for bitcoins. But this is not so simple, since the idea is based on decentralization. If bitcoin becomes centralized, it will be completely different.
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Cryptpopo
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May 29, 2018, 11:34:55 AM |
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Very soon bitcoin will be centralized,this is as result of the famous of it globally. It has been centralized in Chinese miners
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anitaraymonds
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May 29, 2018, 11:39:40 AM |
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If whatever is the reason and bitcoin becomes centralized then that will be the end of Bitcoin and subsequently all altcoins. Bitcoin is meant to be decentralized to enable it achieve it aim of balancing the unjust financial situation in the world where the poor get poorer while the rich keep getting richer.
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jeromix
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Ako Bayot!
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May 29, 2018, 11:44:29 AM |
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Nope it wont happen because this is the reason why bitcoin is being implemented and that is to decentralized its transaction to reduce the transaction fee being made in the centralized form of money. Anyway there are many people here trying to state an argument like this of when does bitcoin will be centralized. Well i bet they had misunderstood what is decentralized all about and we should let them be.
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mensha
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May 29, 2018, 01:41:44 PM |
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Bitcoin is totally working on Blockchain architecture. Bitcoin is the first crypto currency which support and working on Blockchain. As the very basic fundamental of Blockchain architecture, there is no any possibility being distributed. The concept of Blockchain totally builds up as distributed manner. As you have explained, for being centralized or handling Blockchain of bitcoin, it is required to have more that 50% of computational power. With considering number of stakeholders or miners in bitcoin Blockchain currently available all over the world, getting more that 50% of computational power to one person or group is impossible.
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Abiky (OP)
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May 29, 2018, 10:30:05 PM |
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I think it will be ironic if bitcoin or any other cryptos will be decentralized if they are originally made as a free currency. Being decentralized is an important feature because it lessens the expenses and speeds up the transactions. Hopefully, cryptos will keep improving but I like its characteristic as decentralized to remain.
Yes. Decentralization is key for Bitcoin's success in the future, and if that's taken away, then the pioneer cryptocurrency will fail. I've always been concerned about the level of centralization inherent within Bitcoin's mining process, especially when a mining company controls most of the cryptocurrency's hashrate, but I think this could easily be solved if other ASIC manufacturers start to appear on the market. Last time I've heard, Samsung is working on making chips for ASIC mining. This could help bring in some competition to the space, and take down the level of monopoly Bitmain has over the Bitcoin network for good. I know that ASICs greatly contribute towards the security of the cryptocurrency's network, and if measures are taken to ensure decentralization, then there should be nothing to worry about in the future. As more people start to use Bitcoin, and more nodes start to appear on the network, Bitcoin would become more decentralized and stronger than ever for years to come.  |
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naily
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May 30, 2018, 04:36:48 AM |
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people who download the entire blockchain become smaller and smaller. In addition, whales swallow more coins by speculation. In fact, Bitcoin is much more centralized than some other cryptocurrencies. Not only miners are getting less and less and bigger and bigger
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tatvuong7
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May 30, 2018, 04:41:29 AM |
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Bitcoin doesn't have the capacity to be centralized, but rather decentralized, we can see alot of people trying to control the market, this is not because bitcoin is becoming centralized but because bitcoin is a decentralized
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laiya94
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May 30, 2018, 04:54:03 AM |
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I don't think it will be happening within my lifetime. Even big miners are trying to do so still there are millions of users who helping mining process. I think still bitcoin remains number 1 because still it is decentralized so once it became centralized there will be a huge dump.
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Thanasis
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May 30, 2018, 05:12:15 AM
Last edit: May 30, 2018, 06:43:28 AM by Thanasis |
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It can never be centralized because it doesn't have any central authority so the market just flow with the demand and supply of the coins.That is the reason many countries are scared and trying to dump the bitcoin usage in their countries by implementing regulations heavy taxes and shutting down the exchanges.But nothing can stop us from using the bitcoins.
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Starving_Marvin
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May 30, 2018, 06:39:26 AM |
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I am pretty sure that the bitcoin will always be a decentralized coin which is based on the platform that does not need any third party interference. This is why there is no need to change its form because it has a lot of advantages now.
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TiffanyLien23
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May 30, 2018, 06:41:40 AM |
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For me, 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.
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Analea1
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May 30, 2018, 07:01:25 AM |
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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.  i think will be centralized to in the near future. But i think better to stay decentralized because it is the key to it's success. It works in digital world independently far from supervision , monitoring and government. |
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bitbunnny
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May 30, 2018, 07:05:16 AM |
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I don't see that possibility.
The very essence of Bitcoin and blockchain is decentralization so if we loose this Bitcoin will become something totaly different.
But to my opinion the whole system is functioning on the way that can't be actualy centralized and this is not going to happen now or in near future.
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baho11
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May 30, 2018, 07:11:02 AM |
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In the future, there is a possibility for bitcoin to be centralized. Under centralized system, there must a regulator and formal issuer of bitcoin may be bitcoin price can be controlled by the regulator. Under centralized system, bitcoin price tend to be more stable and lower in its price or value. As far the formal regulator and issuer can ensure bitcoin can operate better, faster and can improve public service to all users of bitcoin, it will be useful and supported fully by people outside there and especially by bitcoin lovers.
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Zahrowil Qolbi
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May 30, 2018, 07:18:30 AM |
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I think it is already centralized with the possibility of decentralization if the centralization becomes ever more apparent. bitcoin can use original fears to reinforce what should happen. I think it can reduce value because it is centralized and I think people who use their bitcoin want privacy and become anonymous.
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jhonvir666
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May 30, 2018, 12:58:45 PM |
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To be sure that a kind of centralization should never happen, the most excited of all means is to spread the hash rates of concentration in many computing changes. As for me the reason is that more and more people are coming to play, and there are so many that come to my mind because of the sudden increase in prices, actions should never be taken into consideration.
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