What if Bitcoin was centralized?

[mark_salcedo618]

If bitcoin will be centralized, the idea of inventing bitcoin will be a waste because bitcoin was discovered or I might say invented for the concept of decentralized. There will be a middleman which is the government that will put their presence by adding transaction fee instead of having the exact amount of the product and/or services you want to avail... The idea of bitcoin is to have the trading by peer-to-peer and there will be no other to act as middleman.

[bitfocus]

Bitcoin was born decentralized and will remain same, no one can centralize bitcoin for its anonymity and decentralized characteristic.

[hackzang12]

maybe there will be a restriction for bitcoin and history repeat itself they will control the monetary system. poor people get poorer while richer get richer because of paying taxes and hidden money agenda.

[peach56]

If we were subjected to a centralised system for Bitcoin we would see nation states look to tax all Bitcoin holding with national insurance payments etc... We really need to make sure BTC is nicely spread across multiple states so the accumulation or monopoly of these digital coins doesn't just fall into a few select governments / banks hands.

[Cosbycoin]

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.

Why people are demanding its centralization aren’t they satisfied with so much high profit and one thing is sure if bitcoin become centralized this coin will be like cash money having stable price, no volatility will lead to the limited profit whereas decentralization leads to the so much high profit and it is very good that btc is totally depending on the user demands and this is the best thing so far for me to earn and spend.

[ALT67890]

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

If and only if bitcoin is centralized, I’ll accept it and take advantage of it because sometimes the good things with this is much adaptation to and in our community inside the society where living. And regulating cryptocurrency is a must obviously as the scamming came handy and most new investors are being victimized by this people. The control should be not only by the government but by both and the people must have a say to it.

[LogitechMouse]

Bitcoin has the feature of being decentralized so don't even think that bitcoin will be controlled or be centralized because I don't see any reasons why bitcoin will be centralized. No one can control bitcoin and that is forever.

[micleeiu398]

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.

It is the main benefit of the bitcoin decentralization that the use and the profit is getting high because of it now the bitcoin is getting wide and a lot of the people are having the bitcoin at the very low price and the value now I know how fast the bitcoin price is increasing and I know the bitcoin will increase more and more with the time so the decentralization of the bitcoin is very important for the increasing value of the bitcoin.

[Delarock]

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

[Kokoy]

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

Well if thats the case , I think it will be the same as the other Jobs, theres no way for us to invest and be profitable that we can be today if bitcoin was centralized . The idea of profit will be distributed for those who can afford bitcoin well if bitcoin is centralized expect for the long term procedures, taxes , identity related procedures and many more , this will be limited for those who can afford and the limitation is for those people, students and beginners may happened.

[z38630610]

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

If it is happened, bitcoin value may decrease and many investors may lose money. Because people choose bitcoin because of decentralization. Centralization is out of nature of bitcoin. In the future the governments may do it. We can not know.

[rocketbits]

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

I am also strongly in favor of bitcoin to remain decentralized. The centralization of bitcoin is going to badly disturb bitcoin market. People are attracted towards bitcoin just because of its tendency to increase in price over small time which is not possible when bitcoin would be controlled by some person or government. Bitcoin is public currency and it should remain as it was made by its creator.

[fireblond]

Whole point of bitcoin is to eliminate the middle man, but if it were the case it would be a less interesting project as the centralized party.. I like bitcoin since it has that anonymity factor and decentralization makes it way more secure and reliable : )

[KingOfWinterfell01]

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

Bitcoins would be taxed so bad. Transaction fees would be ridiculously high. Supply and demand of bitcoins are very controlled and limited in movement. Prices of bitcoins would be stable. People would actually stop investing in bitcoins and start investing in other coins.

[BossMacko]

If that entity for example is the Government then we will see lots of corruption coming from that and if that happens then value will drop and Bitcoin may die in the long run. Bitcoin price today became like this because no one is controlling it even satoshi nakomoto isn't controlling Bitcoin, all depends on the blockchain itself.

[randal9]

if bitcoin becomes centralized, many people will refuse it, I'm sure...it will cease to bear such a value and cause such interest...in principle, the whole essence of bitcoin will lost

[QuartzMen]

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.

[Nancy Lisa]

Well, bitcoin is mostly framed to be the decentralized.

[Glydel1999]

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

[dsouzac72]

Bitcoin decentralised that means no bank or government controls or regulates it, or even facilitates its transfer. It is transferred person-to-person. If bitcoin becomes centralized there is going to be more of rules and regulations involved and government involvment in the working and trading and owning of bitcoins.