OuterTech
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January 08, 2018, 11:29:53 PM
Last edit: January 09, 2018, 08:11:11 AM by OuterTech |
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Bitcoin become centralized in the future is what I think is possible. At present, Bitcoin rates are highest in the cryptocurrency market, and if Bitcoin becomes popular in the future, its exchange rate probably will not increase as strongly as it does now. By then, people would no longer be interested in investing in Bitcoin as it is now. And then Bitcoin will become the official currency like offline currency at the moment.
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cryptopuma
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SIMPLE SHOPPING AND SAFE PAY
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January 09, 2018, 12:23:39 AM |
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It shows from the past months that BTC can easily be manipulated by the whales and financial institutions,so its morelikely being centralized currency now bigplayers always wins.
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Genosx
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January 11, 2018, 09:08:00 PM |
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The company and management of bitcoin is decentralized system which in this process they can more focus on how the demands of public can be sustained.
I think bitcoin can make the system in this world more systematic and centralized so manay people will can be longer live without worrying about money.
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Abiky (OP)
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January 12, 2018, 10:19:07 PM |
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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.
In some point, Bitcoin is becoming distant from its decentralized vision because it has a mining algorithm which gives the power to the miners instead of everyday people. Big mining corporations such as Bitmain have most of the dominance within the Bitcoin network, and the Core team have an effect on this as well. The Lightning Network's model looks centralized, but if it works, it will greatly boost Bitcoin's transaction capacity. Sometimes, there are improvements which threatens the decentralization of the cryptocurrency, but it is up to the development team and the community to make the right decision towards its long-term sustainability. One of the key value propositions of Bitcoin is decentralization, and if it lacks this, then its purpose for eliminating the middlemen would become in vain. I'm just hoping that in the future, Bitcoin would make a shift in mining algorithm, as well as implement other key improvements that would further decentralize its protocol. Only time will tell what lies ahead for the future of Bitcoin. Just my opinion  |
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Danglen1010
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January 16, 2018, 08:32:51 AM |
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I don't think so because bitcoin is decentralized and Bitcoin earns by one person for his own sake, but no one knows if in the future the bitcoin will be centralize and many of the people get a profit from it.
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Abiky (OP)
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January 24, 2018, 04:28:50 PM |
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I don't think so because bitcoin is decentralized and Bitcoin earns by one person for his own sake, but no one knows if in the future the bitcoin will be centralize and many of the people get a profit from it.
Bitcoin is somewhat decentralized depending in which perspective you view it from. As a system that allows anyone to use it for sending and receiving money around the world without any external interference, it is considered a decentralized cryptocurrency. However, in terms of mining the cryptocurrency, it is somewhat centralized if you tell me. Due to its current mining algorithm, high end hardware has been designed that only those which have enough capital to afford them, could participate in the mining process. As Bitmain is the number one manufacturer of ASIC hardware, it gives them power to control most of Bitcoin's total mining hashrate. So, in the case that Bitmain would become shutdown by the Chinese government, or the company decides to perform an attack on Bitcoin, then the pioneer cryptocurrency would be doomed. That is one of the biggest failures Bitcoin has in terms of decentralization which would need to address before it’s too late. But, despite everything, Bitcoin is considered as a decentralized cryptocurrency when compared against traditional monetary systems. Just my thoughts  |
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WhaleSlayer
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January 25, 2018, 06:45:19 PM |
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Bitcoin IS becoming more and more centralized as far as the mining is concerned. One day we may even have to face the risk of a 51% attack - even though probably nobody who could put it in practice would probably actually do it, since this would mean killing a coin which is making them rich.
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Carlsen
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January 25, 2018, 06:56:05 PM |
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One thing that centralizes bitcoin is the money you have to invest to make mining profitable.
Ordering a few hundred miners lowers the cost per miner. Using more electricity lowers the price per kilowatt hour.
Then you have to keep in mind that cooling becomes more and more important, so countries with a high temperature are not very suitable for building mining farms.
To me that leads to a concentration of big mining companies in a few countries.
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Abiky (OP)
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February 02, 2018, 02:27:10 AM |
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Bitcoin IS becoming more and more centralized as far as the mining is concerned. One day we may even have to face the risk of a 51% attack - even though probably nobody who could put it in practice would probably actually do it, since this would mean killing a coin which is making them rich.
Agree. If Bitmain, and other mining manufacturers have the power to manipulate Bitcoin with their large share of hashpower, the pioneer cryptocurrency may not be considered at all fully decentralized. It needs a radical change in its protocol, to become ASIC resistant and prevent others with big mining hashpower to take over. Perhaps, sometime in the future the devs at Bitcoin will realize this and come up with a solution to further decentralize the cryptocurrency. Speaking of decentralization, I'm admired with Magi's mining algorithm which gives the power to the small miners and leave the big ones out of the equation. In here, the bigger the network's hashrate is, the lower the reward per block will be, allowing anyone to mine it from anywhere. Maybe, Bitcoin could adopt such model, or perhaps it could transition to PoS like Ethereum in the future. Nevertheless, while Bitcoin is not 100% decentralized, it still has some level of decentralization which many traditional payment systems lack of. By eliminating the middleman, Bitcoin has the potential to radically transform our economy as we know it. Just my thoughts |
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levvv
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February 02, 2018, 04:39:07 AM |
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Bro, if bitcoin gonna be centralized,
there is no point of mining bitcoin. it is processed centralized,
so it doesnt need miner. the miner will lost its functions.
but i think thats not gonna be happen.
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bttcoin
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February 02, 2018, 04:43:11 AM |
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Bro, if bitcoin gonna be centralized,
there is no point of mining bitcoin. it is processed centralized,
so it doesnt need miner. the miner will lost its functions.
but i think thats not gonna be happen.
I agree that if bitcoin is concentrated, then the bitcoin does not exist anymore, and maybe that's when bitcoin died. No one will have confidence in it, bitcoin will be monopolized, such a cryptocurrency is only a personal or team's personal product. |
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iyanfoursix46
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February 02, 2018, 05:05:24 AM |
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development is always focused on some people who have a private key to code into github. com, I think it has been centralized with the possibility of decentralization if centralization becomes very clear.
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luckybegum3907
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February 06, 2018, 02:38:42 AM |
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people are thinking about the transaction fee deviation then let me tell you that the competition level will be highest at that time because the difficulty will remain same and everybody can invest a fixed amount. mean for the bitcoin community? can we still buy and sell stuff with it? do we need to pay much higher fees? do we need to pay taxes somehow? From the beginning, the whole blockchain tech is a decentralized tech. Each and every BTC user is controlling BTC.
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gcckpxm62308
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February 06, 2018, 02:58:54 AM |
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It shows from the past months that BTC can easily be manipulated by the whales and financial institutions,so its morelikely being centralized currency now bigplayers always wins.
In fact, I do not want bitcoin to be concentrated sometime in the future, this is not the same as the original character of bitcoin. Bitcoins become bad, not serving the ordinary people, but in the hands of whales and financial institutions, Operation, Bitcoin lost its meaning, if bitcoin becomes the official currency, I will not be interested in it. |
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Abiky (OP)
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February 06, 2018, 12:17:34 PM |
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Bro, if bitcoin gonna be centralized,
there is no point of mining bitcoin. it is processed centralized,
so it doesnt need miner. the miner will lost its functions.
but i think thats not gonna be happen.
I hope so. Because if Bitcoin becomes centralized in the future, then there would be no point in using it and even mining it, as the cryptocurrency would become the same thing as traditional financial systems. The whole purpose of Bitcoin was (and still is) to decentralize finance and eliminate external control. As such, it should not rely on politics, governments, or any external entity to ensure its survival in the mainstream world. Just as Gold is decentralized (nobody can control or issue more Gold than what it already exists), Bitcoin is the same in the way that no one controls it. Of course, it still has some things that need to be addressed to ensure full decentralization, but until now, it has been doing fine and it's the strongest cryptocurrency to date. Thus, the more geographically placed nodes and mining hashrate appear on the Bitcoin network, the more stronger and decentralized it will be. Time will tell when Bitcoin becomes virtually unstoppable on planet Earth. Just my opinion |
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fatema
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March 23, 2018, 07:50:13 PM |
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Concentration Bitcoin will not normally allow for good. Because those who control Bitcoin always think of Bitcoin's profit. Which usually affects the user. This bitcoin needs to be kept decentralized. Occasionally Bitcoin community raises the transaction free. They will not support centralized measures and are affected by the mining earnings.
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BrentMack
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March 23, 2018, 08:23:16 PM |
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It was already created to be decentralized, that is the whole point of bitcoin in the first place. I don't think there is a way to make it centralized they can just put regulations on it.
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Proton2233
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March 23, 2018, 08:29:39 PM |
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It was already created to be decentralized, that is the whole point of bitcoin in the first place. I don't think there is a way to make it centralized they can just put regulations on it.
Perhaps you have not noticed the changes in bitcoin but it is gradually becoming centralized. In the beginning, large miners seized a monopoly on bitcoin mining. You don't think this is centralization? Now governments are developing mechanisms for regulating the bitcoin market. And the worst thing is that a lot of users support it. |
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irenegaming
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March 28, 2018, 04:59:52 AM |
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If BTC becomes centralized it will lose its cryptocurrency status, but it will come with its benefits, the legislation battles will be a thing of the past and probably the value will be slightly higher but highly regulated, BTC will lose its freedomn
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Rishabh riyz
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March 28, 2018, 05:06:21 AM |
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In my personal opinion I don't think that the nature of bitcoins will shift to any other than decentralised.
Yes , the government bodies may get some powers to track transaction ID's , so that they may track and stop the illegal fundings done through bitcoins , using its anonymous nature in an inappropriate content.
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