Will Bitcoin become centralized sometime in the future?

[endut15]

it will be nice if this happen at least power of bitcoin will be distributed among all people equally,  and government control will be on it and it can be traded more efficiently and frequently.

our hope is that bitcoin will become centralized, so that the development of bitcoin can grow again, and the government gives the green light to bitcoin. because things like this are very much expected by many people and have been waiting for a long time

[Abiky]

Blockchain, the technology underpinning it, cannot be centralized. Bitcoin in a way already is. Centralized exchanges are how 99% of people trade their cryptocurrency, and they can be forced to accept regulation or be shut down. The only way to truly and permanently decentralize Bitcoin is by setting up decentralized marketplaces…and it is already being done

That's certainly true, mate. Centralized exchanges greatly defeat the purpose of cryptocurrencies since they bring back the middleman. Satoshi's vision was such were Bitcoin could operate independently from middleman or third parties. However, with centralized exchanges dominating crypto land, we're heading back to the way everything was were bankers and governments had full control and custody over our money. Regulations can be greatly enforced within centralized exchanges, which requires them to comply with the government's interests or else they would need to shut down operations (which is unlikely as exchanges want to keep growing their business model).

For such reasons, Bitcoin and other cryptocurrencies need to be traded or exchanged within decentralized exchanges which eliminate the middleman or central operator. Once this is done, then crypto land would become much more decentralized than what it is right now. In addition, Bitcoin's mining process is highly centralized where Bitmain (leading manufacturer of ASIC mining hardware) has a huge monopoly over the same. In effect, if Bitcoin and other cryptocurrencies continue their current path, they could become easily dominated and limited by governments and banks interests.

Hopefully, Bitcoin would keep this in mind, to become as decentralized as possible just like Satoshi intended it to be.

I've thought about this before and I want to tell you that bitkin is really taking very dangerous steps towards centralization. I'm sorry to say it, but it is. I certainly understand that Chinese miners will not affect the value of bitcoin, but it is very dangerous for our community

Yes. The current state of Bitcoin's mining process is highly centralized where Bitmain controls more than 51% of the network's total hashrate. At any given point in time, they could easily destroy Bitcoin due to government interests. As such, I believe that something needs to be done, to include even the smallest miner within the Bitcoin network to help increase decentralization. Because not everyone is able to participate in Bitcoin mining, because ASIC hardware is expensive. On the other hand, ASIC-resistant cryptocurrencies like Monero and Bitcoin Gold are much more decentralized than the original Bitcoin, since they allow anyone with at least a GPU to participate in the network's consensus.

GPUs are much more affordable and accessible than ASIC mining hardware, which I believe that they could become the future of cryptocurrency mining. However, it will all depend on the people's interest to adopt this technology, as currently all the eyes are on Bitcoin (despite it's turning into a centralized cryptocurrency).

Nevertheless, time will tell us if Bitcoin could remain decentralized for the long run or not. Just my opinion

[CoonSoon]

Of course, we cannot rule it out. Moreover, there is information on how it can be and is probably being done. Here's the link:

https://en.wikipedia.org/wiki/Bitcoin#Decentralization_and_centralization

[cerahb01]

I think it's very difficult to see Bitcoin being centered. because if not then the value as crypto will disappear. and It will also be the cause of Bitcoin's value to fail because most people will lose their interest in it, and the government does not seem to have the will and willingness to concentrate bitcoin but they are busy with their projects creating virtual blockchain fiat currencies.

[BronstadID]

Of course, we cannot rule it out. Moreover, there is information on how it can be and is probably being done. Here's the link:

https://en.wikipedia.org/wiki/Bitcoin#Decentralization_and_centralization

Wow. A little unexpected. I never thought it that way. Thanks for sharing!

[CROWN07]

To guarantee a type of centralisation never occur, the most ideal way is still to spread the hashrate fixation to numerous new pools. I figure since there is an ever increasing number of individuals coming into the amusement, and much more will come I think in light of the fact that about the cost rise, activities will never must be taken. furthermore, I think it as of now is concentrated with the likelihood of a decentralized out if that centralization turns out to be excessively self-evident. bitcoin could utilize an authentic startle to strengthen what it should all be about.

[reality18]

The technology itself cannot be centralized but in the event of compromise, the exchange sites, mining industries, and Bitcoin or crypto related platforms will become centralized. The governments can only impose regulations for the mentioned platforms to control the activities of Bitcoin and its transactions.

[mjaranzasu]

The technology itself cannot be centralized but in the event of compromise, the exchange sites, mining industries, and Bitcoin or crypto related platforms will become centralized. The governments can only impose regulations for the mentioned platforms to control the activities of Bitcoin and its transactions.

Yes I think it is nearly impossible to happen in the future but if the government will find its way to centralized it then it will be possible by registering our bitcoin address throug kyc I guess.

[iMark]

Because as soon as it becomes centralized it'll cease being Bitcoin, won't it? I've always thought BTC is decentralized by its nature and hierarchy. If it is, how can it be centralized, anyway? Is that possible at all?

Don't worry dude, nothing will change the nature of bitcoin, even if it's a government. the government can only provide rules for data verification later,
but they will not be able to force it because of anonymous users, centralization is only present when you join in exchanges under the government

[Sarahunter]

I hope that won't happen. We must protect bitcoin by continuing to support it early, this can help many people to use it as an investment and digital currency. Bitcoin is freedom because of decentralization, if it gets centralized, it's not bitcoin anymore but the government tries to control it.

[Futureglory]

That is just a delicate question to digest per now because am sure that has to be unfolded by reason of time and well exposure of btc. We know as the story of btc extends and reach out to a lot of more people and draws people on board then definitely it might be in the making to set that record straight with government support. We hope the future can make it possible for centralization of bitcoin

[Tunapress]

Bitcoin becomes centralized in the future, and I think it's possible. At present, Bitcoin rates are the highest on the crypto-currency market, and if Bitcoin becomes popular in the future, its exchange rate will probably not increase as much as it does now. By that time, people will no longer be interested in investing in bitcoins, as now. And then bitkoyn will become the official currency, for example, offline currency.

[Paanderson]

I think bitcoin cannot be centralized in the future, bitcoin will fluctuate and will be centered by people who invest there depending on the market. I am more worried about the absence of the Internet and cannot trade.

[burakdat]

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 dont think bitcoin will become centralized just because mined by some big parties.
if they mining with a great portion of share, they only have bitcoin more than us, not making bitcoin centralized.
though with the amount of their bitcoin, they can control the market price.

No i do not think that even if  you own the bitcoin because you have mined them that much it is not guarantee that bitcoin will be centralized because it is own by the certain country or national or the miners of bitcoin. And aside from that if they want bitcoin to centralized they should create another crypto but not bitcon because bitcoin is design as the developers wants it to be.

[Kasliono]

In my opinion, actually, it has been started righ now. As we already know there are so many exchangers that centralized. It means that the markets can control the bitcoin which trade in their markets. When we trade in centralized market, it means that the cryptocurrency has been centralized. So, when we wanna make it still decentralized, we should use decentralized market.

[jeromix]

when all the blocks where mined after that i dont think chaina will have  the capibilty they have right now. or if people are thinking about the transaction fee devidation then let me tell you that the compitation level will be highest at that time because the difficulty will remain same and every body can invest a fixed amount on a machine and can mine and get a portion of the total transaction fees

As the other members here in the forum stated so there is no way that all bitcoins will be mined because the supply is that huge and the transaction fee or the mining fee does not compromise the supply of bitcoin. Aside from that there are many miners here coming from around the world so there is no monopoly in mining bitcoin here.

[burakdat]

The technology itself cannot be centralized but in the event of compromise, the exchange sites, mining industries, and Bitcoin or crypto related platforms will become centralized. The governments can only impose regulations for the mentioned platforms to control the activities of Bitcoin and its transactions.

Yes I think it is nearly impossible to happen in the future but if the government will find its way to centralized it then it will be possible by registering our bitcoin address throug kyc I guess.

The government should create a new cryptocurrency and not bitcoin that they should modify. It will take a long process and modifying bitcoin system is difficult than creating another system. As we all know that bitcoin is being design as a decentralized in form so there is no way that governments could modify it. Aside from that it is so hard to unite a governments around the world so definitely it is near impossible to modify and change bitcoin.

[jeromix]

I hope that won't happen. We must protect bitcoin by continuing to support it early, this can help many people to use it as an investment and digital currency. Bitcoin is freedom because of decentralization, if it gets centralized, it's not bitcoin anymore but the government tries to control it.

Well i do not see also that it is good to centralized bitcoin and cryptocurrency because there could be no good when we like to invest in a crypto or ICO project and literally we will use fiat money for it so it would be difficult for an investor to earn because the demand will not increase and the coin market price will stay the same. There could be less profit depending on the goodness of the project being realized.

[pinkpanther03]

Its been a years since 2009 where bitcoin has been established here in this industry. Then from that period of time even up to the present Bitcoin still stand of the concept in decentralization. So what doesn't it mean? meaning, it shows Bitcoin will remain on its concepts in terms of decentralization and centralization will not be happen to it. Base in my opinion, I don't know to other's assessment here they have to your question.

[elwiswoodie]

centrally unofficially, or perhaps almost the same as monopolizing bitcoin. this is indeed very worrying, because the bitcoin market also controls the altcoin market, and all cryptocurrency assets circulating in this world are quite large and dangerous if they fall in the hands of the wrong person
I'm actually not waiting for BTC to become a giant, but I'm waiting for the implementation of blockchain in the government system in all countries in the world