A L I E N
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Merit: 1000
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September 15, 2018, 01:17:11 PM |
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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 Bitcoin has gained the popularity only because of its decentralized nature. The cryptocurrency cannot be centralized (Ripple is not the real crypto). That is why BTC will remain the same digital money as we know it. |
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Gagah119
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September 15, 2018, 01:25:14 PM |
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If bitcoin is to be centralized, it means it has deviated from the concept of creating bitcoin, I think slowly, many will leave bitcoin.
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adpinbr
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September 15, 2018, 01:54:58 PM |
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if we keep being optimistic there will always be a chance that bitcoin will be a huge deal in the future we just need a proper promotion of bitcoin through our achievements and commercials and advertisement via magazines, newspapers etc.
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deepakg2m
Copper Member
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September 15, 2018, 01:58:25 PM |
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No body or organisation is capable to control cryptocurrency or BITCOIN as the whole world is not ready to accept cryptocurrency and also because all the governments would not join hands to form such an organisation.
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🔴🔴🔴🔴🔴 Global Sharing App / RENTO / Share, Rent, Profit - Everything You want 🔴🔴🔴🔴🔴 Website |
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SilverCup08
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September 15, 2018, 03:04:51 PM |
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I hope it's not going to happen because it will then defeat the purpose as to why bitcoin has been created in the first place. It was created for decentralization and it should remain that way.
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Lazada
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September 15, 2018, 03:08:57 PM |
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Very possible if in the future Bitcoin can become a centralized financial system.
With the various features that are owned at this time it can all be a very strong capital.
Flexibility, convenience, speed and security become a slogan when we conduct digital financial transactions.
With the support of all of us, Bitcoin can become bigger and will try to digitize in the financial system in the world.
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Star_Bucks
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September 15, 2018, 03:12:11 PM |
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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.
Bitcoin becoming centralized sometime in the future has a high possibility. Becoming Centralized takes time and it cannot happen in just a snap of your fingers so when we give time to bitcoin to become centralized it can come true later on |
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Viperziper
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September 15, 2018, 07:24:09 PM |
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I've read an article about Bitcoin centralization and I was really surprised. I couldn't believe it was possible. Now I know for sure it is possible even with a decentralized crypto, but I'm not sure about the future. Anything could happen, you know...
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DJ_Rick
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September 15, 2018, 09:22:49 PM |
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I think that there is such a possibility but this will happen a bit later in the future, not now as people aren't ready for such experiments today. Government also doesn't want to take part in all this
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edsnowangel
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Citowise-Developing Crypotpayment Infrastructure
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September 16, 2018, 02:43:01 AM |
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I think that there is such a possibility but this will happen a bit later in the future, not now as people aren't ready for such experiments today. Government also doesn't want to take part in all this
yes there is the probability in making bitcoin centralized but the problem if the bitcoin become centralized coin then the main reason why bitcoin exist will be disregard since bitcoin was made to provide private trade of assets in an anonymous way if there is a point of control then the privacy will be gone. |
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Sarahunter
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September 16, 2018, 03:23:36 AM |
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This is not possible because bitcoin already built on decentralized blockchain and not easy to change to centralized unless if there is a fork to correct it.
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resty
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September 16, 2018, 05:20:02 AM |
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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.  You know even if decentralized purpose of bitcoin it doesnt work for progress in general because every individual should work in their own effort how did the government help to indigence people if bitcoin still decentralized? I think if ever bitcoin become primary use it needs to be centralized to help in general community. |
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Blackredeemer
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September 16, 2018, 04:16:44 PM |
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I got confused: some people say it can't be centralized, some say it can. Can anybody explain whether or not it is possible technically? Does centralization/decentralization depend on where the mining equipment is concentrated?
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Webberson
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September 16, 2018, 04:25:03 PM |
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The nature to which bitcoin was designed was to be decentralized, which is why it stands different from the usual centralized mode of operation. For it to become centralized would mean for it to lose its purpose, to which it was initially designed and i really do not see it getting centralized in the future. Its anonymity, fast and secure mode of operation is certainly why most people embrace it.
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Abiky (OP)
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www.Crypto.Games: Multiple coins, multiple games
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September 17, 2018, 08:28:20 PM |
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I've read an article about Bitcoin centralization and I was really surprised. I couldn't believe it was possible. Now I know for sure it is possible even with a decentralized crypto, but I'm not sure about the future. Anything could happen, you know...
Yes. Anything could happen in crypto land, especially if there are a lot of haters (Banks, Governments, Companies, etc) that want to destroy Bitcoin's true value proposition. Depending on their interests (whenever it is political interests, economical interests, etc) they'll try to centralize Bitcoin, effectively destroying it in the future. We've already seen how big mining pools have had a negative influence over Bitcoin's decentralization, as the small miner (the average person) is left behind, while corporations with a lot of money able to afford expensive mining equipment, will be able to participate in Bitcoin's mining consensus. As far as I know, Satoshi intended Bitcoin's mining process to become accessible to anyone in the world. In the whitepaper, it states: "One CPU, one vote", which clearly shows the whole purpose of Bitcoin which is decentralization. Considering how far ASICs have been developed mostly by a single company (Bitmain), I'm afraid that Bitcoin is heading towards the path of centralization as we know it. Unless further action is done by developers and the community itself to help decentralize Bitcoin, it's future will be such, where Banks and companies will control Bitcoin for their own benefit. Nevertheless, I believe that if Bitcoin wants to remain decentralized, then it would need to adopt an ASIC-resistant algorithm, or simply change its mining protocol to avoid the creation of mining pools. Other than that, it'll become worse as it heads towards full centralization in the long run. Just my opinion |
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EmiLien
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September 17, 2018, 08:31:27 PM |
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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. Centralize the system that was conceived decentralized. What for? This will not lead to a decrease in volatility. Just a single center will appear that can dictate to all of us its rules and steal money from the total capitalization) |
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EmiLien
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September 17, 2018, 08:43:32 PM |
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I've read an article about Bitcoin centralization and I was really surprised. I couldn't believe it was possible. Now I know for sure it is possible even with a decentralized crypto, but I'm not sure about the future. Anything could happen, you know...
Yes. Anything could happen in crypto land, especially if there are a lot of haters (Banks, Governments, Companies, etc) that want to destroy Bitcoin's true value proposition. Depending on their interests (whenever it is political interests, economical interests, etc) they'll try to centralize Bitcoin, effectively destroying it in the future. We've already seen how big mining pools have had a negative influence over Bitcoin's decentralization, as the small miner (the average person) is left behind, while corporations with a lot of money able to afford expensive mining equipment, will be able to participate in Bitcoin's mining consensus. As far as I know, Satoshi intended Bitcoin's mining process to become accessible to anyone in the world. In the whitepaper, it states: "One CPU, one vote", which clearly shows the whole purpose of Bitcoin which is decentralization. Considering how far ASICs have been developed mostly by a single company (Bitmain), I'm afraid that Bitcoin is heading towards the path of centralization as we know it. Unless further action is done by developers and the community itself to help decentralize Bitcoin, it's future will be such, where Banks and companies will control Bitcoin for their own benefit. Nevertheless, I believe that if Bitcoin wants to remain decentralized, then it would need to adopt an ASIC-resistant algorithm, or simply change its mining protocol to avoid the creation of mining pools. Other than that, it'll become worse as it heads towards full centralization in the long run. Just my opinion The centralization of mining was only a matter of time. This is the nature of people, grouped together. Singles-miners are pooled, pools are transformed into organizations. All this is built on greed and the desire to receive benefits. The lone men will be squeezed out of the market very soon. |
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EmiLien
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September 17, 2018, 08:55:12 PM |
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I've read an article about Bitcoin centralization and I was really surprised. I couldn't believe it was possible. Now I know for sure it is possible even with a decentralized crypto, but I'm not sure about the future. Anything could happen, you know...
Yes. Anything could happen in crypto land, especially if there are a lot of haters (Banks, Governments, Companies, etc) that want to destroy Bitcoin's true value proposition. Depending on their interests (whenever it is political interests, economical interests, etc) they'll try to centralize Bitcoin, effectively destroying it in the future. We've already seen how big mining pools have had a negative influence over Bitcoin's decentralization, as the small miner (the average person) is left behind, while corporations with a lot of money able to afford expensive mining equipment, will be able to participate in Bitcoin's mining consensus. As far as I know, Satoshi intended Bitcoin's mining process to become accessible to anyone in the world. In the whitepaper, it states: "One CPU, one vote", which clearly shows the whole purpose of Bitcoin which is decentralization. Considering how far ASICs have been developed mostly by a single company (Bitmain), I'm afraid that Bitcoin is heading towards the path of centralization as we know it. Unless further action is done by developers and the community itself to help decentralize Bitcoin, it's future will be such, where Banks and companies will control Bitcoin for their own benefit. Nevertheless, I believe that if Bitcoin wants to remain decentralized, then it would need to adopt an ASIC-resistant algorithm, or simply change its mining protocol to avoid the creation of mining pools. Other than that, it'll become worse as it heads towards full centralization in the long run. Just my opinion Then it turns out that it is vitally important for us to support the community of miners split. In the opposite case, through the miners, all bitcoin holders will be put on their knees. And if through pressure on miners, governments will begin to regulate bitcoin and block transactions - bitcoin will cease to be used. The death of bitcoin will be a strong blow to the entire crypto-currency market. |
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EmiLien
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September 17, 2018, 09:00:15 PM |
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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. Centralization will be the end for bitcoin. But if such an opportunity arises, the authorities will press on it to hang a lot of regulatory jokes. I'm not against "moderate regulation." And I think that if the government of any country wants to profit from the crypto currency, then it should be marketed as an independent player. And do not sit around the neck of traders / miners and collect taxes |
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EmiLien
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September 17, 2018, 09:27:16 PM |
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I've read an article about Bitcoin centralization and I was really surprised. I couldn't believe it was possible. Now I know for sure it is possible even with a decentralized crypto, but I'm not sure about the future. Anything could happen, you know...
After centralization, bitcoin has no meaning. Without decentralization, you can block other people's transactions inside the network. When exchanging a certain purse of bitcoins for fiat currencies on the card, it will be possible to track the electronic trail of a person, and then attach its data to the bitcoin wallet. So we lose our anonymity. |
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