What if Bitcoin was centralized?

[Melquart]

It will become another digital bank like neteller or skrill.

[mozillaspez]

bitcoin is open source currency it's can't be centralized.

Huh it is impossible to be centralize because it was designed in such a way that no system control them it could never be centalized and in case if it were then we would not be here because it would be the same as normal papper currency and would not have such great demands

[justdimin]

bitcoin is open source currency it's can't be centralized.

Huh it is impossible to be centralize because it was designed in such a way that no system control them it could never be centalized and in case if it were then we would not be here because it would be the same as normal papper currency and would not have such great demands

First of all it is impossible that bitcoin will be centralized in future and if it centralized by force or anyhow then bitcoin will be like other currency and I think that time people will think to left bitcoin and invest money in other business. People with bitcoin is due to feature of  decentralization and people hope that bitcoin would be decentralized forever.

[natka]

bitcoin is open source currency it's can't be centralized.

Huh it is impossible to be centralize because it was designed in such a way that no system control them it could never be centalized and in case if it were then we would not be here because it would be the same as normal papper currency and would not have such great demands

First of all it is impossible that bitcoin will be centralized in future and if it centralized by force or anyhow then bitcoin will be like other currency and I think that time people will think to left bitcoin and invest money in other business. People with bitcoin is due to feature of  decentralization and people hope that bitcoin would be decentralized forever.

not all hope And that's for sure. I think that many people generally use Bitcoin at the moment because of the fact that in a quick way to earn and leave. There are certainly fanatics who are very much satisfied with cryptography today. But such people are one.

[Kim Domingo]

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

I really won't support for bitcoin to become a centralized money because if it is been centralized in any place then taxation will be applicable to use bitcoins and service tax to trading site and many more things have been initialized.
Banks will try to regulate and they will increase the fees to send the bitcoins to internationally transferred address.

That's a mere fact, if bitcoin was centralized probably just simply making an account requires payment tht most of the people cannot afford all the transanction are vividly monitored by the authorities and even the money that you have gained will be monitoed and it may also be manipulated by them that people dont want it to happened . Information of every people will be collected and the vulnerability for us from hackers will raise.

[Sadnu]

It's likely that the value will fall and people will no longer have the interest to invest in it. Because we know that it will also lose its meaning. Why do we invest in bitcoins? Because of the increase in its price and we have invested money. So if it becomes centralized you can manipulate its price and become a Shitcoins.

[UsernameBitcoin]

If Bitcoin was centralized then it would honestly be just another currency as it is susceptible to single point of failure attacks as well as inflation of money supply from the centralized group that controls it.

[JohnLHarvin]

I think, if the bitcoin will be focused, we will not see the price as it is now and we will have to pay taxes to the government from this income. You can block anyone's transaction because you have a focus, a central point or a central point, so each transaction will go through the central point and you can easily block or redirect the transaction. It will take it's character and investors, it will pour many people who are holding it. A lot of people will den bitcoin

[aizen10]

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

when bitcoin was centralized, i think it is good for us to be use and legalized on some other part of the globe. we all people have a freedom to use bitcoin wherever we are and whenever we want. but there are a few worst in it if someone can takes control bitcoin in our country, one is they break the privacy of our used bitcoin wallet for easy to them to know who is the persons who hold that amount of bitcoin and some other personal information to us. they also control the value of bitcoin from its original price in the market and they implement a tax to done in every single of us.

[Rinaze]

What's the difference between cash and Bitcoin if BTC is centralized? Being decentralized is one of BTC biggest selling point at the moment.

However being that said, more than 70% of the current miners (despite different entities) are actually from China so I am not so sure if BTC is truly decentralized in the way that we all thought it is.

[erickkyut]

One of the main features of Bitcoin is decentralization and it is also one of the main reasons why lots of people use it. If it will be centralized, I think it will decrease its value because Bitcoin users might switch to use other coins. Also, once it is centralized, the givernment may tax Bitcoin and it will lead to higher transaction fees.

[Harrisonimo]

Hmmn... If Bitcoin ever becomes centralized (which isn't possible because itz main purpose itself will then be defeated) it will pathetically lose itz value. I believe the only way a country's government might want to benefit from this is via taxation which hasn't been implemented. Centralising Bitcoin is centralising the whole of cryptocurrency itself! Making it have some form of limitations.

[hari9981]

for me bitcoin is not centralized problem. but does not affect the price of bitcoin. bitcoin remains the best even though someone set the bitcoin.

[Burks]

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

when bitcoin was centralized, i think it is good for us to be use and legalized on some other part of the globe. we all people have a freedom to use bitcoin wherever we are and whenever we want. but there are a few worst in it if someone can takes control bitcoin in our country, one is they break the privacy of our used bitcoin wallet for easy to them to know who is the persons who hold that amount of bitcoin and some other personal information to us. they also control the value of bitcoin from its original price in the market and they implement a tax to done in every single of us.

As you said when the bitcoin was centralized we can use it on anywhere in the world .But if it was centralized the taxation will come into play.When there will be the taxes for using the bitcoin then thr bitcoin will lose its potential that it have today in the world market.so its better that it dont have to centralized.

[CryptoBry]

In my little noob unterstanding it is not possible to take control of it. Only if you own 51% of all BTC

Yes, but the point here is "what if". So, I think if bitcoin would be centralized we would not see such prices as now and we would have to pay taxes to the government from this earnings. Those two things would change bitcoin totally and I doubt that it would stay so attractive as it is now.

There's really no 'what if' here. Should an entity (let's say Bitcoin Core) take control of Bitcoin by forcing their changes without consensus, then the community forks and the centralized version dies instantly.
There can only be a decentralized Bitcoin. There is no room for centralization even hypothetically.

Decentralization is what makes Bitcoin a Bitcoin...meaning it is the heart and soul of the whole thing and if you take away that from Bitcoin then it is quite possible that you let it slowly die as there would then just be another payment facility system. Taking away decentralization means someone or a group of people would be controlling Bitcoin and that alone can make Bitcoin not anymore the Bitcoin we know.

[BrewMaster]

if bitcoin were centralized or someday become centralized then it will be the death of it. it may not exactly die and disappear but i am sure that most people will leave it behind and move on to the next best thing that remains decentralized. it can even be litecoin which is very similar and still decentralized.

one of the reasons people are interested in bitcoin is the decentralization.

[aencarnaci]

If Bitcoin was centralized then it would honestly be just another currency as it is susceptible to single point of failure attacks as well as inflation of money supply from the centralized group that controls it.

Centralized bitcoin is not what we want, if so we have our other currencies, people invest in it due to its opposite behavior they want it because it give them ease that physical currencies cannot. So it will stay like this for the betterment of investor and for the betterment of people, if it get centralized investors will take off their money from it and it will be like paper money.

[audaciousbeing]

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

If that should happen, then its going to happen now in which its not going to go well because alot of people have come to understand how the whole chain works with several development which have even contested the dominance of bitcoin in terms of anonymity and other factors. It then means if that should happen, it gives way for migration to other platform. One key reason why bitcoin is generally accepted is because of the fact that no one can lay claim on how its distributed unlike Central Banks controlling the flow of money in the economy.

If that key characteristics is taken away, then there is really no need to avoid fiat in the first instance. Lets hope it doesnt get to that.

[malikusama]

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

Bitcoin would never be the same as it is now, the decentralized characteristic of bitcoin made it more popular and attractive. The growth of bitcoin price and community( number of users) will be low as compared to now if it would happen.

[Opquar]

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.