Will Bitcoin become centralized sometime in the future?

[mrcash02]

Price, popularity and future of any Cryptocurrency depends mainly on some whales, and miners. But BTC is not a small currency. BTC will not rely on a certain class of people, anymore. It is already a huge, popular currency. From beginning, the whole block chain tech is a decentralized tech. Each and every BTC user is controlling BTC. In my opinion BTC will never be considered as a currency/asset controlled by any centralized authority  

I know it's decentralized, nobody controls it, etc... But sometimes I think this is just an illusion, the true is that the whales control Bitcoin, those who controls big amounts change the course of the currency and the little fishes just can choose the right side to make the profit with the whales.

So I think Bitcoin is "indirectly centralized".

I believe that your opinion is related to the fluctuation of the price of bitcoin. But if we continue to see it only as commodity and not as payment system then we will  always speak only about the price. I live in a European country. Last months the exchange rate of euro had gone down more than 35% compared with USD. Except the brokers a few people have concerned about it.

No problem at all with this, I just think it's not so decentralized as people say. Some rich people holding many BTCs can organize themselves to control the Bitcoin flutuations, prices... It's not forbidden and that is the free market rules, I don't complain about it, just observe and write to see what others will say about... 

Who controls BTCs can predict better what will happen, and force some events to make them happen and give them the result they are looking for. (That can be not only a rich person, but a fellowship).

[1714679367]

1714679367

[1714679367]

1714679367

[1714679367]

1714679367

[Natalim]

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.

I doubt that will happen. The Chinese seem really persistent on controlling the Bitcoin mining industry. I think that something really big has to be done if we want Bitcoin to stay as a decentralized currency. And I don't see many more people getting into the Bitcoin mining business because the Chinese look like such a dominant force.

but i do not thing that it will ever happen, hope that in future the government also have to accept bitcoin as an anonymous character because of the pressure of the people on governments.

bitcoin system will not be changed. bitcoin will always be decentralized although the government requested to be converted into centralization it would never happen. forever bitcoin will be anonymous and decentralized #imo

Exactly, and I believe no one of us will want to change the system. Bitcoin is freedom because of it's decentralization, if it will be centralized, it's not bitcoin anymore but it's the government trying to control everything. We should protect bitcoin by continue supporting it as in the future, it can help a lot of people to benefit from using it as investment or currency or both.

[rajasumi3]

I dont think that bitcoin will be centralized , as some people will never understand the importance of it and government will also never want it too.

[aarturka]

if bitcoin become centralized nobody will use it, it would have no different from fiat

[Kevinde]

yes, I think so. Bitcoin will be a central digital currency in the future Once it has reached the government's conditions prescribed.
But there are still some problems for bitcoin such as money laundering, drugs, taxes, smuggles... it must pass over these problems to become a central digital currency in the future.

[Finestream]

I dont think that bitcoin will be centralized , as some people will never understand the importance of it and government will also never want it too.

When it comes to the discussion of government, it's already understood that it's centralized and bitcoin has no government so it's decentralized. That two aspect needs to be known by all of us, it will never be possible that bitcoin will be centralized, we are happy using the current nature of bitcoin and  that's what makes us support it, there's nothing to change or else it will not progress like we see now.

[Patatas]

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.

Where are you getting your stats from ? Vaguely put.No logical dependencies found.

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.

From a bitcoin users point of view,it is still decentralized as long as I don't have to pay extreme high fees for transactions.There is nothing much could be done for the mining part.It's general,area with cheap electricity costs will always have a dominance.
 

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.

I agree ,somewhat.

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. 

No.The value wouldn't be affected.But that will open up huge opportunities for the altcoin market.

[marseille]

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.

[Xenophoto]

yes, I think so. Bitcoin will be a central digital currency in the future Once it has reached the government's conditions prescribed.

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.

[Jombrangs]

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.

[kiver]

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

[olubams]

yes, I think so. Bitcoin will be a central digital currency in the future Once it has reached the government's conditions prescribed.

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.

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.

[biletskiy]

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!

[bitcoinveda]

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

[Vikingr]

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

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.

[Abiky]

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.

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

[loof99]

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.

[Abiky]

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.

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

[Scallywag]

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.

[arlington]

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,