DECENTRALIZED OR CENTRALIZED?

[Abiky]

bitcoin is decentralized yet, but if 51% of all bitcoins fall into one hand, it will automatically become centralized.

Bitcoin is getting near to a 51% control in network hashrate by a single mining entity called Bitmain. This is very bad, because if Bitmain's monopoly over ASIC hardware expands, then it would have complete control over the Bitcoin network. At any moment, China could force Bitmain to shut down all its mining operations, severely affecting Bitcoin's security and long-term sustainability. On the other hand, China could force Bitmain to perform a 51% attack on the Bitcoin network to disrupt it and turn it into a useless chain.

As such, any possibility could exist for Bitcoin to become centralized because of its current PoW algorithm. If Bitcoin were like other decentralized coins in the market today, which have implemented ASIC-resistant algorithms, then it wouldn't have the risk of a 51% attack since the hashrate would be spread out by people around the world with access to CPUs or GPUs. However, the way Bitcoin is leading to, is towards centralization unfortunately, as big mining pools (mainly operated by Bitmain) have the most dominance on the Bitcoin network.

Therefore, what once started as a decentralized cryptocurrency, could turn out to become centralized in the future if the developers and the community don't do something about it. This is like the internet where it once started as a decentralized system, but now it's highly centralized controlled by big corporations like Google, Microsoft, and Facebook. Just my thoughts

[DunnDy]

Perhaps, indeed, Bitcoin's centralization would break some barriers that are bothering at the moment, but it seems to me that the decentralized form of Bitcoin is much better. Decentralization ensures that everyone is equal to the blockchain and that no fraud or theft is usually possible. Furthermore, Bitcoin's decentralization defends us against a 51% attack that would violate all of the mechanics and deprive a lot of people around the world.

[tunapa]

The main aim of cryptocurrency is decentralization, personally I think  bitcoin is decentralized and I think centralization is going to defeat its purpose as it will allow for enhanced manipulation and capable controlling it . so its more better and fulfilling for decentralization is the future of peer to peer transaction.

[Harith65]

Decentralize is better and butin the future it is not famouse more because there are some faliures of decentralizing such as it may be hacked some times. But this peer to peer transaction method is better and easier. it should be developed in the future.

[princebridge7]

if only so centralized maybe Bitcoin will lose its indigo because Bitcoin's basic nature does not want to be set by others or set by Bank and Financial Institution.

Bitcoin has also been centralized when entering the Exchange to trade with Altcoins, so the Exchange was in lieu of a conventional Bank.

[beliomir]

bitcoin is decentralized yet, but if 51% of all bitcoins fall into one hand, it will automatically become centralized.

Bitcoin is getting near to a 51% control in network hashrate by a single mining entity called Bitmain. This is very bad, because if Bitmain's monopoly over ASIC hardware expands, then it would have complete control over the Bitcoin network. At any moment, China could force Bitmain to shut down all its mining operations, severely affecting Bitcoin's security and long-term sustainability. On the other hand, China could force Bitmain to perform a 51% attack on the Bitcoin network to disrupt it and turn it into a useless chain.

As such, any possibility could exist for Bitcoin to become centralized because of its current PoW algorithm. If Bitcoin were like other decentralized coins in the market today, which have implemented ASIC-resistant algorithms, then it wouldn't have the risk of a 51% attack since the hashrate would be spread out by people around the world with access to CPUs or GPUs. However, the way Bitcoin is leading to, is towards centralization unfortunately, as big mining pools (mainly operated by Bitmain) have the most dominance on the Bitcoin network.

Therefore, what once started as a decentralized cryptocurrency, could turn out to become centralized in the future if the developers and the community don't do something about it. This is like the internet where it once started as a decentralized system, but now it's highly centralized controlled by big corporations like Google, Microsoft, and Facebook. Just my thoughts

Thanks for the detailed explanation, I agree with you. This is very bad, I hope this does not happen

[TheBraveDesolator]

It is decentralized in nature and if anyone wants it to be centralized, it won't really happen. They can't remove or freeze anything inside the blockchain.

[Rustamm]

   Many individuals agree and have the same opinion about bitcoin as decentralized digital asset, a system without a central bank or single administrator is more favourable.
   But somehow, numerous citizens want also the bitcoin to be centralized, because others believes it can remove barricades and walls to allow more easily reached and democratized financial and economic infrastructure.
   For you what is your own perspective regarding this matter?

It is important for us to preserve the decentralized nature precisely in bitcoin as the first and the main crypto-alaite. Let the states create their centralized coins, let them walk parallel to each other. It will be a good healthy competition. However, bitcoin should remain decentralized.

[mikehersh2]

Although there is tremendous potential in e-commerce, the real potential is held within the blockchain itself. This technology is beneficial to all business, including large corporations in which it is already being utilized.
For example, NASDAQ unveiled it's use of blockchain technology when they launched its "Nasdaq Linq blockchain ledger technology", which is used to successfully complete and record private securities transactions for Chain.com—the inaugural Nasdaq Linq client.

https://www.nasdaq.com/article/how-stock-exchanges-are-experimenting-with-blockchain-technology-cm801802

It is the ability of the blockchain technology to create a ledger on all bitcoin-using platforms that shines light on the many possibilities that a decentralized marketplace has for businesses and e-commerce.
When it comes to funds, it is the goal of every business to seek security, as well as efficiency, two aspects that are more evident in a decentralized marketplace rather than one that is centralized.

[burgerpatty]

I am with favor of bitcoin should be decentralized because now there is no control of any government also exchanges are giving facility do trade make profit but some countries are trying to do ban cryptocurrency so if they centralized their is no barrier for cryptocurrency but government get more taxes and controlled then we have limited access of crypto we need to survive as government want.

[iamwagner]

Bitcoin must be decentralized and must be able to be transacted with without KYC.  Once you expose yourself and attach yourself with that address Bitcoin is no longer decentralized (governments will arrest you) nor private.  KYC is the enemy of crypto. 

[pushups44]

There will always be a degree of centralization with cryptocurrencies such as bitcoin, given that centralization generally improves efficiency. The issue with bitcoin is how it has undertaken resolving its scaling issue. Obviously mining has become centralized, but the transactions on the main chain are currently decentralized. Hopefully the mining issues can be resolved.

[morenho]

I want to see Bitcoin in every country but I really don't want to see Bitcoin as a centralized Coin. Bitcoin's most unique feature it is decentralized and no one knows about its transactions. That's why we feel safe and secure about our information. If Bitcoin goes under regulation and centralized then the crypto market will not be like now.

[skibikipapa69]

   Many individuals agree and have the same opinion about bitcoin as decentralized digital asset, a system without a central bank or single administrator is more favourable.
   But somehow, numerous citizens want also the bitcoin to be centralized, because others believes it can remove barricades and walls to allow more easily reached and democratized financial and economic infrastructure.
   For you what is your own perspective regarding this matter?

Bitcoin will not be bitcoin if it is centralized. Decentralized is one of the main selling point of bitcoin and is the biggest reason why people are crazy about it. Centralization can definitely kill bitcoin. Those who say that centralization of bitcoin can destroy barricades and walls will be the one responsible for its fall.

[Layers318]

   Many individuals agree and have the same opinion about bitcoin as decentralized digital asset, a system without a central bank or single administrator is more favourable.
   But somehow, numerous citizens want also the bitcoin to be centralized, because others believes it can remove barricades and walls to allow more easily reached and democratized financial and economic infrastructure.
   For you what is your own perspective regarding this matter?

Bitcoin does not need to be centralized before it can reach its full potential. The power of Bitcoin reaching its potential lies in the hands of the people and not any central authority body. The governments can only alleviate the FUD it has created in some people by announcing the legitimacy of Bitcoin after a number of checks have been implemented on our various exchange sites to check KYC and AML.

[leoasdnedc]

to me, I still support bitcoin to be decentralized technology because with its decentralization, no one or group can control it. As a result, It will always alive

[interestinglie]

At any time, China could force Bitmain to shut down all its operations, severely impacting Bitcoin's security and long-term sustainability. As such, all possibilities exist for Bitcoin to become focused on its current PoW algorithm. However, the way Bitcoin is leading, is toward the unfortunate focus, because the largest exploitable tanks have the most dominance on the Bitcoin network. This is like the internet where it has started as a decentralized system, but now it is highly concentrated by big corporations like Google, Microsoft and Facebook. Perhaps, indeed, Bitcoin's focus will break some of the barriers that are bothering at the moment, but it seems to me that the Bitcoin hierarchy is much better. In addition, Bitcoin's decentralization protects us against a 51% offensive that may violate all mechanisms and deprive many people around the world.

[PAES23]

One of the best feature of bitcoin aside from it being limited is bitcoin being decentralized. This is the reason bitcoin fluctuate so much there is no government controlling it. When bitcoin became centralized expect the price of bitcoin being stable.

[dlouulmusthofa]

I think if bitcoin is centralized, it is likely that there will be a monopoly system, so bitcoin prices can be manipulated by this monopoly system

[Sema1984]

In my personal opinion, if we are talking about cryptocurrency as a future payment method - it must be decentralized, so we don't have a huge risks in the future, that someone can easily manipulate with emission