DECENTRALIZED OR CENTRALIZED?

[rakesh6162]

Decentralized currency or peer to peer money is a bank free method used to transfer wealth or ownership of any other commodity without the need of a third party. But most nations adhere to the fiat currency model. What this means is that all currency value such a nation is held by a central bank, with that value being backed only by the central bank's willingness to honor the obligation. This value is represented in physical currency- paper bills, coins, and bank instruments such as bank transfers and certificates of deposit. The value of the money in your pocket right now will always be controlled by a central bank that may be acting outside your best interest. And Decentralized currency is different. decentralized currency value is represented by the currency coin an encrypted piece of computer code that is difficult to reproduce, easy to verify.

[Abiky]

Both decentralization and centralization systems both have positive and negative sides. If bitcoin wants to maximize its function for investment so it is better to make it with a decentralized system because full control is in the hands of our as the owner of bitcoin. But if bitcoin is more functioned into the future as a currency then I prefer to be made with a centralized system. This is to keep bitcoin prices stable. If bitcoin is used for payment instruments but the price is still fluctuating then it is risky to harm one party.

That's certainly true, mate. Decentralized and Centralized systems may have their respective advantages/disadvantages, but it's best to balance between both to create a an effficient cryptocurrency. Bitcoin being a decentralized cryptocurrency, has some areas of it which are centralized. While there's no such thing as 100% decentralization, Bitcoin has managed to balance between both decentralization and centralization to create an efficient and stable system for the enjoyment of all.

Many would agree that Bitcoin's mining process is quite centralized. However, at some point, it's necessary to bring unmatched security to the cryptocurrency itself. Because of the many ASICs available right now on the network (although being mostly controlled by Bitmain), Bitcoin has managed to become extremely secure against external attacks. However, there could exist the possibility that Bitmain could attack Bitcoin with its 51% control of mining hashrate, effectively centralizing the cryptocurrency.

Making Bitcoin 100% decentralized, is nearly impossible, IMO since there will always exist a level of centralization within any kind of system. The most important thing is that Bitcoin stays as decentralized as possible, to prevent external manipulation and allow people from around the world to use it safely without worries. Just my opinion

[FlexBrah]

Bitcoin and other crypto currency should be decentralized this basis of the idea of ​​cryptography industry, do not depend on government structures

[jorgelugra]

I think that the btc is good because it is decentralized but in the nearest future it may become centralized and we will see how this happen in the nearest future. to my mind, governments will soon accept it

[Abiky]

I think that the btc is good because it is decentralized but in the nearest future it may become centralized and we will see how this happen in the nearest future. to my mind, governments will soon accept it

It's up to the people to decide whenever they would want to keep Bitcoin as decentralized as possible or not. AFAIK, most people don't care about Bitcoin's decentralization, and only see it as a tool to make money in the long term. They don't believe in the benefits of Bitcoin as a cryptocurrency free from middleman, but just as a money-making machine. For these reasons, Bitcoin could become centralized in the future, if there's no supportive force to preserve its decentralization.

To contribute with this, I believe that Bitcoin needs an incentive structure for nodes, to attract anyone into running a full node and further decentralize the network. On the other hand, ASICs should be more accessible as nowadays not anyone is able to afford such equipment to help secure the network. Bringing equality on all sides (node and miners) will make sure that Bitcoin remains as decentralized as possible within the future. While there's no such thing as 100% decentralization, I believe that Bitcoin could do better to reduce central control as much as possible.

Nevertheless, time will tell us what will happen with Bitcoin's long-term stability as a decentralized cryptocurrency or all the way around it. Just my opinion

[Devawnm367]

That is very easy decentralized, decentralization is what helped shape and form and make Bitcoin what it is today, people like to be able to stay under the radar and that is why I truly believe bitcoin will flourish..

[idex100]

There can be no centralization as everyone own a piece of it and you do not need any central authority to approve or reject your transactions as you do with banks

[Abiky]

There can be no centralization as everyone own a piece of it and you do not need any central authority to approve or reject your transactions as you do with banks

Probably. However, anything could happen as everything is driven by greed nowadays. If Bitmain sees Bitcoin as the perfect opportunity to expand its profits over time, then they'll do whatever there is in their disposal to centralize the pioneer cryptocurrency for their own interests. Even worse, if the Chinese government starts pressuring Bitmain to attack the Bitcoin blockchain, it could successfully do so since it owns more than 51% of the total hashrate on the network. Nowadays, many people aren't concerned about this because they only care about making money with Bitcoin but not about its future and longevity as a currency for the enjoyment of everyone worldwide.

As soon as the negative effects of centralization are experienced in Bitcoin, then you'll see everyone worried about it, but it'll be too late. That's why I believe that developers and the community need to work together to help decentralize Bitcoin's mining process. By changing the PoW algorithm to an ASIC-resistant one, or simply devising an algorithm which makes mining pools useless, Bitcoin could achieve greater decentralization over the long term.

Nevertheless, Bitcoin is still considered as a decentralized cryptocurrency as it's open for anyone to join it. However, it's not as decentralized as it used to be in the past, since Bitmain has taken control of the mining process. Only time will tell us what lies ahead for the value proposition of censorship resistance within Bitcoin's blockchain. Just my thoughts

[mangsitin]

I really feel bitcoin should remain decentralized,as no Central Bank,or government can decide its value,it should only be centralized when it's value is being converted into fiat currencies

Yes, I agree with you, because Bitcoin was created by someone named Satoshi Nakamoto in 2009, Bitcoin has the nature of Decentralization and is not centered on any Bank institution. That's because the initial purpose of Bitcoin is an anonymous transaction without meeting people directly when transacting anywhere. so it's impossible for bitcoin to become centralized in any institution.

[ajiejot]

Decentralized is mucb better than centralized because in decentralized, you can avoid price manipulation, we are all free to manipulation. It is very helpful for community, no one owns us.

[Rauxanhinu]

They have become successful in their lives because of the benefits and opportunities that the bitcoin decentralization system has. So, bitcoin decentralization is the factor why most people like to deal with this because spending less time getting their financial freedom.

[ace4549]

If i would be choosing between Decentralize and Centralize I prefer to choose Decentralize. First, It is a good thing that not only few will be helped by the project or thing that will be created. Second, as business was Decentralized the amount of profit is more than one country you will be offering. And lastly, commercial product will be popular like western products here in Asia. More and more people will prefer to buy and use that product.

[anitaraymonds]

The fundamental principle of bitcoin is the anonymity and decentralized nature which empowers bitcoin to be able to empower the poor and makes it possible for money to be in the hands of the people. If Bitcoin becomes centralized then the principle is destroyed and there will be nothing like bitcoin again.Because bitcoin is decentralized is major reason why the government is fighting the it. The government wants to control bitcoin and  as far as they can not arm twist bitcoin to control it the next move is to destroyed bitcoin which is where we are now. Centralized currency is being control by the central banks of the various governments making them the agents of government to carry out the government bidding.

[evichi]

Bitcoin is designed to be peer to peer (send /receive). It is designed to be decentralized. That is why the technology behind it is BLOCKCHAIN. No 3rd party is involved to confirm transactions. The blockchain technology confirms the transactions. However, when exchanging form one coin/token, the services of a 3rd party may be involved. The exchanges now become centralized because a third party has come in. The idea behind bitcoin is:  “Be your Own bank”. No third party involved.

[coinnumber]

I will go for Decentralized, there are many advantages in a decentralized system such as avoiding price manipulation, venturing into transaction at any time of your choice. There's privacy as it does not involved third party.

[Haliburton]

Yes, I agree with you, because Bitcoin was created by someone named Satoshi Nakamoto in 2009, Bitcoin has the nature of Decentralization and is not centered on any Bank institution. That's because the initial purpose of Bitcoin is an anonymous transaction without meeting people directly when transacting anywhere. so it's impossible for bitcoin to become centralized in any institution.

Blockchain technology can become centralized in the future, even if its purpose was to become a decentralized system after all. We've seen that private blockchains are a reality, as companies and even governments have established their own blockchains which only they have access to. Considering how centralized Bitcoin mining is becoming each day, there's a huge possibility that the original cryptocurrency would become a centralized system controlled by a few select individuals.

The problem here is the unfair mining process designed into Bitcoin itself, which has promoted mining pools with a lot of hashrate leaving the little guy (or small miner) out of the system. If somehow Bitcoin devs could devise a solution to put an end to mining pools, then without a doubt, Bitcoin will remain decentralized for a very long time. But until this happens, I don't see any improvement towards full decentralization, in my own opinion. All in all, I hope that won't be the case as Bitcoin remains decentralized for the benefit of everyone around the world.

[raidarksword]

Bitcoin was created for the purpose of getting away from banks, which is a centralized system wherein banks had a full control of your assets which means having centralized is no financial freedom to begin with. By all means, decentralized would be solution for all of that without manipulation and we have full control of our assets and have a freedom too. So i go with decentralized for the sake of bitcoin's ideology.

[liseff3]

   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.

In my opinion, bitcoin will be better if still use the element of decentralization. Because, by utilizing the decentralization element it's claimed to have many advantages, some of which can cut costs incurred and maintain other losses.

   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's natural that many citizens want bitcoin to be centralized, maybe they still doubt about the security of bitcoin, both against hackers, manipulation, etc. Actually, that thing can be done if bitcoin has obtained its legitimacy rights.

[ClassyDancer]

Bitcoin or any other cryptocurrency is decentralized in nature and that’s probably it’s best feature. No middleman or third party means faster and cheaper transactions. Doesn’t that sound more practical and convenient in the long run?

[Janation]

Bitcoin or any other cryptocurrency is decentralized in nature and that’s probably it’s best feature. No middleman or third party means faster and cheaper transactions. Doesn’t that sound more practical and convenient in the long run?

Faster and cheaper transactions? Well, in the past it is but with a lot of transactions being made every single minute, I don't think the Blockchain can take it. That is the reason why some developments are made to make a solution to these problems.

It is efficient and so convenient but the problem is that it has still it's fees. There are a lot of other payment methods, faster and cheap, free in fact. So I don't think we need to say Bitcoin is great in terms of transactions or payment method. Bitcoin is a great investment, an asset that grows through time and I guess let's just stick to that.