Will Bitcoin become centralized sometime in the future?

[The_Dark_Knight]

Possibly if the centralization goes to china, and the anonymous satoshi is from America, and the relationship of america and china gets worse because of the new president. It wont be good for bitcoin. If I am afraid of any intelligence in the world NSA tops the list. One wont be able to guess the outcome if they plan to attack bitcoin from there. Centralization won't be good for bitcoin in the future

We don't know the nationality of satoshi nakamoto because we don't know who he is, and even if he was american it will be irrelevant in the context of Chinese miners getting more and more hash power.

[dearbesz1219]

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. 

Well, I guess all of us here are free to give our own opinion or side comment about this matter, For me in my own understanding about in bitcoin since this is decentralized originally, it will never be changed at all. Because that's the main reason why many investors came in to this bitcoin community due to they want a secure and safety about their investment.

[Rizky Aditya]

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.

[millgates]

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.

I think bitcoin will not become centralized. I really sure if more countries accept bitcoin china will not able to control/influence bitcoin price anymore. Anyway minning is not forever, isn't it?

[Kevin77]

as they are in the control of the large bitcoin mining we can really feel that in the future bitcoin will become centralized and as they are in control I guess they can also determine the identity of every users and can be able to impose a tax to any individuals who are using bitcoin .

It is true that the mining power will definitely determine whether or not the bitcoin will be centreized or not, since it is becoming more and more harder to mine and china holds the largest share of hashing power since the electricity there is very cheap, there will be no surprise that it will become the center of bitcoin.

Still, fork or anything similar big decisions will not be possible as long as we will having more number of full nodes world wide. I mean to say just having big share of mining power alone will not decide the power of authority.

(51% attack is only possible when a single person or group of people controls that much hash power. There will be less chances for all Chinese miners to unite for such attack after having half of bitcoin network's hash power).

[BillyBobZorton]

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.

I don't think the chinese ever had any spectacular plan to dominate the mining industry, they having a deeper insight in bitcoin and thinking long term has nothing to do with it. They simply were at the right place at the right time, that is, in a place where the electricity is cheap as fuck. So what do they do? start mining and start investing in more mining equipement for constant gains... that's all. The chinese aren't that bright, they just found a good business. It will stay like that as long as the electricity price in china is cheaper than everywhere else, is that simple.

[digaran]

We need at least an authority because I think only the jungles on earth are decentralized , lets imagine a centralized bitcoin, now what does that 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?
Do you think people controlling bitcoin want those things? you think they want a successful bitcoin or a failed one?

[poplolnman]

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.

I think bitcoin will not become centralized. I really sure if more countries accept bitcoin china will not able to control/influence bitcoin price anymore. Anyway minning is not forever, isn't it?

even though there is mining period ended , there is a circulation after that and it's wouldn't make bitcoin centralized yeah. bitcoin would keep circulate on different hands . even i believe if then someone have the majority of total bitcoin available , i don't think it could change the fact that bitcoin are decentralized not centralized.

[mrbigmugs]

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.

[Abiky]

Bitcoin mining follows similar rules than mining gold, when the price of gold is low then you need to find places with a high concentration of gold, as gold becomes more expensive then you can begin to mine other places that may not have such a high concentration of gold, with a bitcoin price that high it may be possible for investors to start mining operations in other countries besides China.

You do have a point there, mate. As Bitcoin rises more in price, people outside of cryptocurrencies will become more interested into mining Bitcoin as it would become more profitable to do so, thus making the network more secure.

As US has high energy costs, miners will look further into countries with cheap rates such as Venezuela and China, to expand their profits. In addition, I hope that more miners would join BTC to help decentralize it even further.

Nevertheless, I'm looking forward for Bitcoin to continue its growth over the years, as well as for its mining process to become more accessible for everyday people. Just my opinion. 

[bncbnc]

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.

I think bitcoin will not become centralized. I really sure if more countries accept bitcoin china will not able to control/influence bitcoin price anymore. Anyway minning is not forever, isn't it?

yes i am also agree with you. although states and governments will like to centralize bitcoin so as they have control over it if they are going to turn it as legal currency but still i will say that bitcoin is not going to become centralize and will stay as decentralize currency of the world.

[GMPoison]

Bitcoin mining follows similar rules than mining gold, when the price of gold is low then you need to find places with a high concentration of gold, as gold becomes more expensive then you can begin to mine other places that may not have such a high concentration of gold, with a bitcoin price that high it may be possible for investors to start mining operations in other countries besides China.

You do have a point there, mate. As Bitcoin rises more in price, people outside of cryptocurrencies will become more interested into mining Bitcoin as it would become more profitable to do so, thus making the network more secure.

As US has high energy costs, miners will look further into countries with cheap rates such as Venezuela and China, to expand their profits. In addition, I hope that more miners would join BTC to help decentralize it even further.

Nevertheless, I'm looking forward for Bitcoin to continue its growth over the years, as well as for its mining process to become more accessible for everyday people. Just my opinion. 

There needs to be more competition in the mining space I think. There aren't enough companies making asics for mining. I don't know how much of the market bitmain's antminer's have, but it has to be huge.

[Bitcoinsummoner]

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.

I think bitcoin will not become centralized. I really sure if more countries accept bitcoin china will not able to control/influence bitcoin price anymore. Anyway minning is not forever, isn't it?

yes i am also agree with you. although states and governments will like to centralize bitcoin so as they have control over it if they are going to turn it as legal currency but still i will say that bitcoin is not going to become centralize and will stay as decentralize currency of the world.

Honestly we do not know what will happen in the future but i think bitcoin can be still centralize in the future.. for now we are using it anonymously and i think if almost all country are using it with government i think it can be centralize by government and we will pay for taxes and fee for transactions.. that i hope it will not happen in the future..

[Cereberus]

Bitcoin mining follows similar rules than mining gold, when the price of gold is low then you need to find places with a high concentration of gold, as gold becomes more expensive then you can begin to mine other places that may not have such a high concentration of gold, with a bitcoin price that high it may be possible for investors to start mining operations in other countries besides China.

You do have a point there, mate. As Bitcoin rises more in price, people outside of cryptocurrencies will become more interested into mining Bitcoin as it would become more profitable to do so, thus making the network more secure.

As US has high energy costs, miners will look further into countries with cheap rates such as Venezuela and China, to expand their profits. In addition, I hope that more miners would join BTC to help decentralize it even further.

Nevertheless, I'm looking forward for Bitcoin to continue its growth over the years, as well as for its mining process to become more accessible for everyday people. Just my opinion. 

There needs to be more competition in the mining space I think. There aren't enough companies making asics for mining. I don't know how much of the market bitmain's antminer's have, but it has to be huge.

I think this is a real problem. There are only a few companies that produce miners like Bitmain, Spoondolies, KNC. I think we are not looking into alternatives. Chinese are also selling one litecoin miner with 250 Mhsh and only 400 Watt power usage. Sounds like the most profitable one to have these days and it's cost if you buy from factory in China is 1200 USD only.

This would give us more than 200 USD monthly in bitcoin pure profit.

Back in topic I don't think bitcoin needs to be centralized. When one thing is centralized especially in the financial world it usually is the mother of all evil. Bitcoin is great the way it is now, decentralized.

[ifightformerkel]

I have also the fear about that bitcoin will be in some time centralized.
But the faster it grows, the heavier it becomes to centralized bitcoin.

And when it should be so anyway than it will be no problem,
the mass will then use another altcoin which eradicate all errors and so on.

A not not centralized coin is not longer sustainable.

[malekbaba]

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 

[mrbigmugs]

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  

although the government will try their best to make bitcoin centralize and they have the command of bitcoin, but still i will like to say that bitcoin is really not going to centralize it will remain as decentralize currency of the world.

[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".

[sportis]

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.

[BeGoods]

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