What if Bitcoin was centralized?

[doblok]

there may be congestion and it is difficult to get this low priced and unpopular pricing project is very sad

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[teejayrichard2]

I don't think this will be possible. But if it happens then that will be the fall of btc

[Gimpeline]

2x was called off by 6 people. Something to think about. If it had taken over bitcoin would be centralized.
Luckely it didn't happen. Well it never had a chance, but we must always be on the lookout for take over attempts like that

[Mrengage]

It wont work because that will end the reign of cryptocurrency

[rayneh]

They numerous administrations can meddle in light of the fact that unified things are dependably in a control so it will be not that much good and the cost of bitcoin will never reach to that level so it's better that bitcoin is decentralized and everybody is getting a charge out of opportunity of bitcoin.

[nanaliepaloma]

well many will withdraw their investments and the value of bitcoin will surely drop if that happen.

[Rishabh riyz]

In my personal views, if Bitcoins would have been centralised then:-

• the Value would become stable or less fluctuating than it was .
• teh security would then be lower in panel than earlier one because in decentralised way their is no main unit to hack in and mess up with data , but if we centralise bitcoins the hackers would only have e to focus on a single unit.

[Aleister Crowley]

what do you think would happen to bitcoin economy if someone would actually take in control of it?

I think bitcoin can be easily controlled by very rich people, rich people can easily dump and pump bitcoin prices, but they can control themselves and keep the bitcoin getting better. I guess the bitcoin will not be centralized.

bitcoin may not be centralized ,,. because some of the richwho may be able to control their bitcoin value will definitely lose if the bitcoin is centralized., some of their fortunes earned through bitcoin will end if this happens ,, maybe they will control the price to get better in each period. which makes us more profitable

Bitcoin may be centralized by a manipulation of its code. But I don't think one can do this because it's an democratic environment with tons of participants. It will stay decentralized.

but it is highly unlikely anyone can manipulate the code from bitcoin. this may take a very long time to be able to study it ,, and surely if this is the case maybe bitcoin will be very critical at an indefinable time, but I hope it never happens, even if in a long time vulnerable

[senne]

well many will withdraw their investments and the value of bitcoin will surely drop if that happen.

First of all, how Bitcoin will become centralized when government cannot track your transactions. Bitcoin is made in such a way so that users can send money without the need of a centralized system and if somehow it becomes centralized which is not possible according to me then also people may continue to use further there will be less effect on its value as then it will be widely accepted by people as government will allow its usage under centralized system.

[AlexandrInt]

well many will withdraw their investments and the value of bitcoin will surely drop if that happen.

First of all, how Bitcoin will become centralized when government cannot track your transactions. Bitcoin is made in such a way so that users can send money without the need of a centralized system and if somehow it becomes centralized which is not possible according to me then also people may continue to use further there will be less effect on its value as then it will be widely accepted by people as government will allow its usage under centralized system.

Now many investors believe that bitcoin is a centralized coin. Why? Because China has too much influence on this coin and miners. They manage the market. This suggests that bitcoin is not as unmanageable as we think

[bitcoinmaniac52]

If Bitcoin was centralized it wouldn't be where it was today. All the previous forms of money were centralized and this is what lead to it's downfall. If it can be tampered in any way by a group of people or a group of private organizations, then it can not be the world's reserve currency as it is not sound money. Gold is the closest thing, but we mine more and more of that every year.

[googs84]

The reason behind such rise in bitcoins price/popularity is only because of its features, Decentralised nature, peer to peer exchange, less transaction fee ant less transaction time, strong security system blockchain. Centralised system is controlled by a person or an authority. They can manipulate or bend the rules as per their requirements. Bitcoin is a decentralised currency its price is determined by flow of demand and supply, no one can control it. Many countries are trying to bring btcoin under their regulations by giving reasons that bitcoin is a threat to economy. If they get successes then bitcoin will lose its charm as well as popularity.

[johnleo]

let see the process how he/she will control it
first he must buy bitcoin in the market, it will pump the price
then only few people will use it maybe will make no demand anymore
my conclusion this question is just joke.

[darkangel11]

2x was called off by 6 people. Something to think about. If it had taken over bitcoin would be centralized.
Luckely it didn't happen. Well it never had a chance, but we must always be on the lookout for take over attempts like that

It had a chance. Don't forget that it was set up to fork months ago and the pressure against it wasn't big enough during those months to make them give up. If people were standing strong against it the price wouldn't go up like it did before the expected fork. Now they recalled it and we got ourselves a correction, so the news increased the uncertainty of the market. At least that's how I see it.

[Zorbak]

If bitcoin were centralized then it will be like bitcoin cash, the interest of bitcoin others than technology it's to be censorship resistant and decentralized.

[rohqit]

2x was called off by 6 people. Something to think about. If it had taken over bitcoin would be centralized.
Luckely it didn't happen. Well it never had a chance, but we must always be on the lookout for take over attempts like that

Completely agree with first 2 sentences but I don't understand how that doesn't mean Bitcoin is centralized. What definition of centralized are folks using here ?

cen·tral·ize
ˈsentrəˌlīz/Submit
verb
past tense: centralized; past participle: centralized
concentrate (control of an activity or organization) under a single authority.

[HasHe]

If bitcoin gets centralized,then a particular group would try to rule bitcoin.They would implement frequent changes in the network for their benefits.People would lose faith in bitcoin and would leave the network.bitcoin would no more remain a unique coin.It would just turn in to an altcoin.Very soon,its price would crash and bankers would start enjoying the end of bitcoin.But,thanks to satoshi,it was created as a decentralized currency.

[wismases]

Bitcoin not be as good and popular as it. Even its value may not be above $500 if bitcoin is centralized. The value that occurs now is purely without any party influence or control and this is the advantage of bitcoin.

[Blue Bell]

It would crash. One of its biggest selling points is that it's decentralized. If people caught wind of some group holding enough coins to control the market, they would likely panic sell, causing its value to plummet. It might as well be dead then. This is never going to happen, thankfully.

I think a time will come that bitcoin will be centralized because bitcoin is almost in many countries and bitcoin proof to world that its very stable and powerful currency so as some countries have make bitcoin legal so I think it’s a very safe way for bitcoin to make bitcoin centralized and once if it became centralized it will be on the top of all currency.

[dificanovi]

what do you think would happen to bitcoin economy if someone would actually take in control of it?

if there are people who control it then maybe our bitcoin will be lost or stolen. from the information I know the bitcoin is run by sophisticated technology, the stand-alone bitcoin no one controls it.