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Author Topic: Will Bitcoin become centralized sometime in the future?  (Read 8097 times)
Bitinator
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September 27, 2018, 08:10:14 PM
 #901

To be honest i’m not sure what to think about this but basically everyone likes bitcoin because its decentralized. It would be bad if it becomes centralized one day in future.

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yoseph
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September 27, 2018, 08:15:24 PM
 #902

To be honest i’m not sure what to think about this but basically everyone likes bitcoin because its decentralized. It would be bad if it becomes centralized one day in future.
A centralized Bitcoin will see a lot of people who really care about their anonymity ditching the currency for another that crypto currency that can give them good anonymity
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September 27, 2018, 09:39:47 PM
 #903

Bitcoin’s popularity is all because of its decentralised nature. People feel more relaxed in making transactions as compare to banking. If someday it will become centralised then there will not be any difference b/w bitcoin and the bank. They will be played by govt and corrupt officials and at the end of the day common man ends up in big and lengthy waiting lines. So I dont think, it will get centralised.
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September 28, 2018, 06:12:13 AM
 #904

It seems to me that bitcoin will not become centralized sometimes in the future because it is really hard
No one can change the nature of bitcoin, it's here to change the usual way of transaction and it's here to give us benefits.
With decentralized system, this is more reliable compared to our current centralized system, free from manipulation and everyone can transact without 3rd party involved.

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Mandarava
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September 28, 2018, 06:20:22 PM
 #905

Centralization bitcoin is something that is very often and very much spoken. I believe that this will happen inevitably because despite the fact that at the heart of bitcoin lies a chain of blocks and it is decentralized, but with the necessary software - all transactions on the network can be easily tracked, and therefore - taken under control. Many will want to take advantage of this.
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September 28, 2018, 06:31:15 PM
 #906

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.  Smiley

Of course seeing the development of Bitcoin from year to year makes me more confident that Bitcoin will become center transactions later. With the price of bitcoin now I believe bitcoin will become centralized in the future.
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September 28, 2018, 08:19:32 PM
 #907

It seems to me that the creators of bitcoin will prevent this situation. Centralization of bitcoin is absolutely illogical for him and contradicts the idea of this technology.

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Dondisimo
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September 28, 2018, 08:41:06 PM
 #908

I'll just hope that doesn't happen. Otherwise, bitcoin will simply lose its uniqueness and it is possible that this will be the reason for its end. It should not belong to any one country.


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bitvelk
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September 28, 2018, 08:42:44 PM
 #909

I don't know if this is possible at all, since bitcoin was conceived as a decentralized currency. It got its popularity and success because decentralization is one of the main aspects of bitcoin.

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