DECENTRALIZED OR CENTRALIZED?

[Abiky]

day by day btc becomes more centralized as there are just some mining companies that want to become the monopol in mining or claim that they own some true companies which will make it centralized one way or another.

Yes. That's very unfortunate for Bitcoin, as now big mining pools have the most dominance over the Bitcoin network. This in effect, removes small miners (or everyday people) from participating on the security of the network, increasing the risk of 51% attacks over the long term. As such, Bitcoin can be considered as a semi-decentralized cryptocurrency, instead of an 100% decentralized cryptocurrency.

The way I see it, a decentralized cryptocurrency would need to have a fair consensus algorithm, fair distribution, and geographically distributed nodes. In this sense, it would be completely impenetrable against external attacks, making a full decentralized cryptocurrency that's built to last.

Despite this, it's better for Bitcoin and other cryptocurrencies to preserve their decentralization, as that's the purpose why blockchain technology was created in the first place. Being censorship resistant, immutable, and transparent, is what makes a blockchain highly secure, efficient, and successful for years to come. Therefore, I believe that decentralized cryptos like Bitcoin will most likely succeed over centralized payment processors in the future. Just my thoughts

[crypto reva]

I think Bitcoin is good as it is, there is no reason to change it and make it centralized.
All Bitcoin users want it to remain decentralized because they hate banks policies and seeing their money being controlled by someone else.

[bigjake89]

It's own authority over their finances if centralized there will be governing the finances of the State over other countries, perhaps with the existing system is good only I think the existence of bitcoin amid advances in technology good in facilitation so that no negative news stories about the existence of bitcoin and bitcoin can also stimulate the economy with the help of investors so much development of technology-based projects

[Narutofuc]

Bitcoin is decentralized everything

[Supreemo]

day by day btc becomes more centralized as there are just some mining companies that want to become the monopol in mining or claim that they own some true companies which will make it centralized one way or another.

Yes. That's very unfortunate for Bitcoin, as now big mining pools have the most dominance over the Bitcoin network. This in effect, removes small miners (or everyday people) from participating on the security of the network, increasing the risk of 51% attacks over the long term. As such, Bitcoin can be considered as a semi-decentralized cryptocurrency, instead of an 100% decentralized cryptocurrency.

The way I see it, a decentralized cryptocurrency would need to have a fair consensus algorithm, fair distribution, and geographically distributed nodes. In this sense, it would be completely impenetrable against external attacks, making a full decentralized cryptocurrency that's built to last.

Despite this, it's better for Bitcoin and other cryptocurrencies to preserve their decentralization, as that's the purpose why blockchain technology was created in the first place. Being censorship resistant, immutable, and transparent, is what makes a blockchain highly secure, efficient, and successful for years to come. Therefore, I believe that decentralized cryptos like Bitcoin will most likely succeed over centralized payment processors in the future. Just my thoughts

,whether we like it or not, those companies has something and they can afford to make it in their own hands, since they have enough money to sustain mining rigs and we all knew what's next of it. sadly but that is the reality of how the social and financial standards affects certain areas such as bitcoin itself.

[Keerthika]

Check my article on decentralized exchange

https://medium.com/@keerthika.v.24/decentralized-exchange-how-it-works-e172b4c1e550

[135cc]

To be honest, i think decentralized system is better. Because, it can give us more freedom and easiness regarding to our financial transactions.

[crypto3644]

the bitcoin must be decentralized, but it did not make sense to have invented the bitcoin, it was created with the aim of extracting the power that the governments have over the fiat money, if you centralize the bitcoin you are giving power to those who have more money.

[Stavr1992]

I believe that decentralization is more important for bitcoin than just centralization. However, not all exchanges have become good in terms of decentralization.

● ● NODEhaven | EMPOWERING THE BLOCKCHAIN ◤ Crypto Mining Equipment Co-Operative ◢

[Emilyp]

Remember the popular adage, "don't fix what isn't broken". Bitcoin is best the way it is, centralising bitcoin will defeat the purpose it was created for in the first place.

[Pourmeacup]

we're all here for decentralisation!!!
a centralised Bitcoin doesn't not have any sense imho...
Is like creating a competitor of USD, EUR, GBP etc...
also a centralised BTC is easier to shut down!!!
so... DECENTRALISATION IS THE WAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Abiky]

I think Bitcoin is good as it is, there is no reason to change it and make it centralized.
All Bitcoin users want it to remain decentralized because they hate banks policies and seeing their money being controlled by someone else.

Exactly. People are tired of banks, and governments taking over their freedom and hard-earned funds. That's why the blockchain was presented with Bitcoin in the first place, to show the world that a financial system could exist without the need to trust a single entity. With this, no middleman or third-party would be able to interfere in such system, giving the power back to the people. Such model is decentralized, and it's one of the reasons why Bitcoin and other blockchain-based cryptocurrencies are successful. But, if Bitcoin becomes centralized, then it wouldn't be called a blockchain as it would require the trust of middlemen just like the bank.

And if this happens, people would stop using Bitcoin as their funds would be at risk. Therefore, Bitcoin is fine as is, and there's no need for it to become centralized in the future. However, it depends if the people want to keep it that way or not. Just my thoughts

[PeRo]

The whole point of Bitcoin and most of cryptocurrencies is decentralization and freedom. We have a currency that isn't controlled by anybody, why would we want goverment to take it over, they would most likely shut it down. We already have centralized money, so Bitcoin would be just digital money, nothing innovative.

[athiftammam2018]

In my opinion, the decentralization system is better because it is safer and transparent. Because both parties are not in control of the transaction being executed. So the results of transactions are stored on their computers.

[Abiky]

The whole point of Bitcoin and most of cryptocurrencies is decentralization and freedom. We have a currency that isn't controlled by anybody, why would we want goverment to take it over, they would most likely shut it down. We already have centralized money, so Bitcoin would be just digital money, nothing innovative.

Exactly. It wouldn't make sense for Bitcoin or any other cryptocurrency to become centralized, since the whole purpose of blockchain's inception was to provide a payment system free from middleman, and central control. A centralized cryptocurrency would have the same characteristics of a government-issued fiat currency, making it worthless over time. We already have a centralized "cryptocurrency" called Ripple which is dominated by its own internal company. However, it's level of success would be determined on the number of people using it in the mainstream world. If we compare decentralized cryptos vs centralized cryptos, then we'll notice that decentralized ones are much stronger and have greater adoption than centralized ones.

Therefore, I strongly believe that Bitcoin should remain as decentralized as possible, because that gives it a fair advantage over fiat or centralized payment processors like VISA. Only time will tell how everything will end up, whenever centralized systems would take over, or decentralized ones will win. Just my thoughts

[Finestream]

In my opinion, the decentralization system is better because it is safer and transparent. Because both parties are not in control of the transaction being executed. So the results of transactions are stored on their computers.

I agree.Bitcoin is better to stay as being decentralized because that would make our transactions more safe and secured compared to fiat that is centralized and are monitored by the government and its central banks.Decentralization gives me more freedom on what i should want with my own income without having known to other entities or group.

[LeGaulois]

Bitcoin will lose it uniqueness if it allows it to be centralized and controlled by government. It is superior currency due to its nature of decentralize and anonymous transaction and I don't think that should be altered.

Bitcoin is not anonymous and governments can't control Bitcoin unless they hijack the blockchain which is impossible. And in terms of decentralization Bitcoin is less and less decentralized. Zencash is leading the crypto industry with decentralization.
I hope in 2018 you will understand that Bitcoin is not anonymous dude.

[Nasty23]

In my opinion, the decentralization system is better because it is safer and transparent. Because both parties are not in control of the transaction being executed. So the results of transactions are stored on their computers.

I agree.Bitcoin is better to stay as being decentralized because that would make our transactions more safe and secured compared to fiat that is centralized and are monitored by the government and its central banks.Decentralization gives me more freedom on what i should want with my own income without having known to other entities or group.

Yes decentralized system is better than centralized on which everyone have a chance to send or receive money without the permission of the others and also it is become transparent on which can avoid any malicious transaction than centralized system. Bitcoins is more safe in decentralized because every transaction there is no middlemen who sometimes make transaction slower and malicious that helps everyone to stop worrying in their transactions.

[itsmejan]

we are all here because we want a new better decentralized system!
a centralized bitcoin has no sense.
if you want a centralized cryptocurrency go and buy ripple.

[LinkinPrak]

Honestly, I prefer if bitcoin is made in a centralized system. I choose centralization because I pity bitcoin longer to be a victim of bad guys who use bitcoin for negative transactions. If bitcoin is made centralized then these bad guys will think twice in using bitcoin for transactions. Crime through bitcoin is also getting easier to track if implementing a centralized system. Then, another centralized advantage is that the price of bitcoin will tend to be stable. If there are parties that set the bitcoin then the determination of the price will be more controlled so that no longer guided by the supply and demand to the market.