What if Bitcoin was centralized?

[zeaderza]

One unique characteristic of Bitcoin is that it is decentralized. So, if time comes and someone will be controlling it, then it will lose its purpose. It will end up being the same with our current currency.

Decentralization is one of the fundamental unique features of bitcoin. No bitcoiners can even wild dreams think of bitcoin being controlled by someone or some community. Bitcoin is a public currency and public should control it. Decentralized nature has given people a big relief and has developed their trust into bitcoin. As you said, centralization will decrease the popularity of bitcoin significantly.

[Emitdama]

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

Then bitcoins would be controlled. The prices of each bitcoin won't reach economical heights and won't be as profitable as compared to today's profits from bitcoins. However, bitcoin prices will be made more stable by anyone controlling it. The rate of how much bitcoins go out will be very skimp and bitcoins coming in will be controlled as well.

Control on bitcoin is just imaginary because it is impossible to be controlled by someone and this feature of bitcoin is extremely attractive. We are free to enjoy bitcoin business without any restriction/hurdle by a single click on computer.

I think, suppose, if it came into control and policies draw for bitcoin in light of economic rules and regulations, then most probably shut downing of bitcoin will become start and people will withdraw all of their amount from bitcoin business but nothing of the kind is going to happen because bitcoin would be forever decentralized digital currency across the world.

[Rony24h7]

This is not a very simple task anyway. If it begins there will be occurred a big change at cryptocurrency though it is almost impossible.
why are people using bitcoin? By using bitcoin they don't need to pay the taxes to the government but they have to pay the taxes of their incoming amount if bitcoin centralized.

If it centralized then we have to submit our full information to the government but though we can invest the amount into bitcoin with hiding our biological information. Bitcoin will lose that's position because people will leave from here and will choose another system like PayPal or anything but it is so much impossible.

[Viscera]

There will be a regulations and policies and governments will control bitcoin transactions. they will put taxes and big fees in any exchanges. GOod thing bitcoin is decentralized

[deeofficialx]

Then, it won't even reached a hundred dollar value, I guess. ^^

[GoodLuck2]

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

I think even now it being centralized but not by a single person or any private holders. If this could happen, then there would be a massive change and a big impact to the whole economy of bitcoin. The value of it could have boundaries. They could imploy not to take a huge amount of it. But for somehow they could simply protect it and lengthen the possibility of losing bitcoin. Then, making bitcoi  centralized could give a disadvantage and somehow advantage on it.

Everyone knows that bitcoin is decentralized and still it’s very going fast and now its unstoppable the way it’s going forward and going to achieve its goals and targets so it must be appreciated because bitcoin is the only currency which is decentralized but still it’s become very popular and strong in market and day by day countries are going to make it legal so if it became centralized so I think bitcoin can be an international currency.

[ramzhies]

then its useless.. like the usual money

[ctszdj]

Single point of failure

[CryptGuardian]

The goal of BTC can't e attained if that's the case. It's
like a beautiful girl but you can't bang it.

Still many men spend their money on those girls thinking they could.
The only laughing is the girl that puts their money in her pockets.

[CryptGuardian]

it would defeat the purpose of bitcoin

What if the purpose of Bitcoin was all a hoax, a lie.
Just like Internet being 'Free' we now have the end of Net Neutrality

[rodel caling]

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

bitcoin being decentralized cryptocurry i think is hard to control using virtual digital currency, but not possible to control bitcoin in the near fututre because people continue to study how to increase the talent to the new technology advamce searching.

[Walastik]

Bitcoin is preferable if there are many who trust and own it. I'm not saying that many fear invest in bitcoin. The first decentralized currency is soon to implement a contentious upgrade which fundamentally changes its direction from bitcoin cash to a bitcoin settlement network.

[earl07]

It would become completely different crypto currency,we all know that bitcoin decentralization is one of its nature that make it more useful for every individual.Sending money fast from one person to another anonymously without the use of banks and  without the control of the government.Letting some third party to take over bitcoin will just cause hassle and it will also let the user of it to pay taxes.But i think this would not happen,bitcoin will always be decentralized.

[GregH37]

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

I think even now it being centralized but not by a single person or any private holders. If this could happen, then there would be a massive change and a big impact to the whole economy of bitcoin. The value of it could have boundaries. They could imploy not to take a huge amount of it. But for somehow they could simply protect it and lengthen the possibility of losing bitcoin. Then, making bitcoi  centralized could give a disadvantage and somehow advantage on it.

Everyone knows that bitcoin is decentralized and still it’s very going fast and now its unstoppable the way it’s going forward and going to achieve its goals and targets so it must be appreciated because bitcoin is the only currency which is decentralized but still it’s become very popular and strong in market and day by day countries are going to make it legal so if it became centralized so I think bitcoin can be an international currency.

That’s true! It would not have been reached this level because of being centralized. Governments are all the time looking for their profits in latest technologies.

Centralized bitcoin would have been limited to certain class and there had been cases of corruption in this currency as well. It is loved by people because everyone owns it. No one can stop others from using it or can claim it as his or her property.

[jafurih]

If government handle the bitcoin,we have pay more taxes and transaction charges also.i don't want bitcoin is centralized.

[Turkish88]

If bitcoin was centralized from start, i think he can beat max price 1 usd
Something like webmoney system

[Gandalphlegrand]

If it would happen it would mean the force has lost against the dark side. However the force will always be stronger than the dark side.

[Empiretoken]

  Decentralization is the single most important characteristic of Bitcoin. It is the core property of the network on which its entire value is based, regardless of whether you measure that value in economic or social terms. This is what Bitcoin is: a decentralized currency. Everything else, every other property or feature, every other advantage that it can offer, is fed by this singular beating heart.

But decentralization is not a simple black and white thing. It is not a simple matter of a tick or cross in a box as to whether Bitcoin is decentralized or not. There are varying degrees of centralization and decentralization. Crucially, it is important to recognize that Bitcoin is not entirely decentralized, and that the degree to which it is can vary over time and be influenced by a wide range of different factors.

[Chandler32]

If Bitcoin were centralized, then it would have been no different than Fiat where it's being manipulated by a small group of rich people. Bitcoin is what it is today because it is decentralized. Without decentralize, it will not make any sense investing in it.

[TeraBitHoven]

I don't think it will happen since bitcoin is not under government control because of its blockchain system, and if it will be centralized it does not differ to eth then. Decentralize is one of the features of bitcoin.