Will Bitcoin become centralized sometime in the future?

[denzkilim]

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.

How do you know that is partially controlled by Chinese miners? Every time I read some news about mining, price, exchange etc 99% of the cases mention Chinese. And the majority of the time after some months/year we find out that Chinese have nothing to do or have a minimal impact of this or that situation. They're becoming like something mythological...

I think he said that Bitcoin is controlled by the Chinese people is because that the majority of Bitcoin Mining giants are from China, In my conclusion, decentralized currencies like Bitcoin can be controlled by a group of people if they have a huge amount of this and they are hoarding it. For example, in my country, there are a lot of basic goods hoarders, what they do is they hoard a certain kind of goods either it's a vegetable or anything else and with this technique they tend to increase its value by up to 50% to 100% and in my own opinion if this thing happens to Bitcoin the price might increase too but still too risky.


(PS: hoarding goods is illegal)

[SistaFista]

Bitcoin should be decentralized so we can freely use it. If bitcoin become centralized, then there will be a possibility the entire cryptocurrency can become centralized too. If this happening, i think there won't be freedom in using crypto anymore. The centralized system is bad.

[Remainder]

We can't really predict the future of bitcoin, it is created for a decentralized system but we can't remove the possibility of it to be used in a centralized system if it is forcefully enforce with the government.

[Samuel188]

From my point of view, It's really hard to control Bitcoin so making bitcoin become centralized will never happy.

[IndigoRed]

Bitcoin should be decentralized so we can freely use it. If bitcoin become centralized, then there will be a possibility the entire cryptocurrency can become centralized too. If this happening, i think there won't be freedom in using crypto anymore. The centralized system is bad.

Exactly. Decentralization is the best feature of cryptocurrency. People use bitcoin because they trust it. They trust the bitcoin protocol and they value the Bitcoin currency. Once the system starts to centralize, it will lose trust, and eventually lose value as well. We don't want that!

[M0N3YMAGNET]

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.

How do you know that is partially controlled by Chinese miners? Every time I read some news about mining, price, exchange etc 99% of the cases mention Chinese. And the majority of the time after some months/year we find out that Chinese have nothing to do or have a minimal impact of this or that situation. They're becoming like something mythological...

Yes.

[JesseHenderson]

Bitcoin is still alive just because of its decentralization. If Bitcoin is centralized, It will be destroyed by the government

[skibikipapa69]

I believe that will never happen. Being decentralized is one of the major selling points of bitcoin and people bought bitcoin because of that. I believe if bitcoin was not decentralized the concept will not even succeed at all and become big right now.

[Tiger Junk]

I do not know what will happen in the future when Bitcoin becomes centralized.

it might happen like a whale monopoly at any time ready to ascend down the Bitcoin price. and it's very dangerous for those of us who have a bit of Bitcoin.

Yes. Whales are the ones usually manipulating Bitcoin's price, which poses a huge risk for the cryptocurrency's long-term stability. The most centralized part of Bitcoin is its mining process, and the way it is traded on centralized exchanges (since it was created to eliminate the middleman after all). There's a single ASIC hardware manufacturer (called Bitmain) which has the most dominance in Bitcoin's hashrate. Like I said before, this is a serious risk as it centralizes Bitcoin even further. However, most people don't care about this because they're all after making money instead of looking what's best for the future of Bitcoin.

Once the true consequences of centralized mining occur, then it might be too late as Bitmain can do as it desires to either destroy Bitcoin or perform double spending. On the other hand, people still trade Bitcoin in centralized exchanges whereas the true purpose of the cryptocurrency was to eliminate the middleman. As such, this constitutes a single point of failure (although there are decentralized exchanges but are not liquid), since the middlemen (Bitmain and centralized exchanges) are still present within our very eyes.

Hopefully, Bitcoin would take the necessary measures to prevent its centralization over the long term before it's too late. Just my opinion

In my opinion, I think it would be possible someday especially when a lot of countries along with their government keep on banning bitcoin and the only way to compromise is to make it centralized in control where they could have say and control with regards with its operations.

[amberwang120009]

I am thinking about it. And I also think that with the development of internet. Bitcoin may be centralized in near future.

[Almirante3]

The battle between centralized and decentralized ideas has been going on for a long time, and many are already familiar with the differences between them. In fact, most people already use centralized and decentralized concepts at some point, or at least heard of them.

[angchosenone]

concur that it is a genuine plausibility. It's not very difficult to envision an administration needing to take control of something inside its own particular ward. Individuals jump at the chance to believe that things like that won't occur, however it's an undeniable plausibility. Obviously like you specified, we as a whole expectation it can remain as decentralized as could be allowed.

[chadwicknomad]

If bitcoin becomes centralized, then a 14 year old kid which read books about bitcoin in his hostel room, and create something more powerful than bitcoin.. Since it is open sourced, you will not really need to worry about it.

[cuplisbird]

We must remember that everything may be related to the bitcoin system, as well as the possibility that a bitcoin will be centered in the future. But, I think I would be more amenable if the bitcoin system is still based on decentralization, since decentralized systems can eliminate the roles of third parties. In addition, decentralized systems can give us more freedom and convenience when using bitcoins for our financial lives.

[jakedeez]

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 think it will never happen as well because bitcoin was initially created to be a decentralised cryptocurrency and it became a centralised is the stupidest thing ever.

[Pantastikman]

I don't think so, I believe that one of the reason why people love Bitcoin is because of its decentralized nature. Most of the people already lost their trusts of banks, governments and other financial institution, that's why they would want to transact on Bitcoin and cryptos. Making it centralized would defeat that feature and what would be its difference to fiat if that happens.

[necessaryyou]

It is hard but it can happen because of the development of internet

[nx24tan180n]

There is a very little chance that it would happen but there is still a possibility that it will occur in the very near future.

[Viendong6158]

If you looked at the whole picture we can think that it's not decentralized at all because big companies and whales are coming to control the hashrate and the price of Bitcoin, this is the reason why need new coins that can challenge Bitcoin supremacy if ever Bitcoin become totally centralized.

[Gayas]

Bitcoin can't become centralized now! That is, until the mining - bitcoin is a decentralized. But I don't know what will happen to bitcoin when the mining is completed.