DECENTRALIZED OR CENTRALIZED?

[T o x i c a l]

I think that in a few years Bitcoin will take a decent position in the global financial system, and I am sure that in 10-20 years all financial settlements in the world will occur using cryptocurrency.

[H1N1]

   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?

im afraid if bitcoin become centralized, it will be profiting for some parties only. Bitcoin should be used by everyone in the world because its decentralized.
My perspective is cryptocurrency should remain decentralized so there is no one can control the cryptocurrency.

[VanityWallets2015]

   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?

We all know this that bitcoin is a decentralised crypto currency and this is all because there is no such proper authentic regulating body over the bitcoin who could keep eye over all its activities and specifically the illegal one like the major issue with the regulation of bitcoin is because of its lack of regulation and thus leading to illegal use like in selling drugs, explosives, money laundering etc and the most importantly the terrorism and because of which almost every country is in against of legalisation of bitcoin and the solution to this problem is the government of each nation keep eye over all its activities.

[demonz666]

I don't think we can change the nature of decentralized bitcoin. and I think bitcoin will be better if it remains decentralized. maybe what some people want is a regulation on bitcoin. if a government can make regulations for bitcoin then this can attract investors. because they feel protected and this investment has also been approved by the government.
if bitcoin becomes centralized, this will cause bitcoin to become the same currency as fiat and one day bitcoin will also experience inflation. so I prefer bitcoin to be decentralized.

[Abiky]

I think that in a few years Bitcoin will take a decent position in the global financial system, and I am sure that in 10-20 years all financial settlements in the world will occur using cryptocurrency.

There's no doubt that cryptocurrency will be integrated within every aspects of the world in the future. If Bitcoin and other cryptocurrencies prove to be as decentralized as possible for the masses, then they'll become successful and highly admired by people in the mainstream world. However, Bitcoin is much more centralized than what it was in its beginnings. Big companies like Bitmain, have taken the opportunity to produce ASIC miners which contribute to Bitcoin's security, but largely affects its decentralization. The reasons for this are obvious, since Bitmain has the most dominance in ASIC hardware production and network hashrate.

Within Bitcoin's early days, it was possible to mine with CPUs and even GPUs. It was easier for anyone to get in, greatly contributing towards the decentralization of the Bitcoin blockchain. Given that now ASIC miners are dominated by Bitmain, it's hard to be able to acquire an ASIC miner for yourself and compete with other miners worldwide with greater capital than you. Which in effect, makes mining only viable to big miners (like Bitmain) while leaving the little guy (average Joe) out of the process.

Therefore, Bitcoin's decentralization may not last for long unless further action is done by devs and the community to put an end to centralized mining pools. Just my opinion

[Sam San]

I think that in a few years Bitcoin will take a decent position in the global financial system, and I am sure that in 10-20 years all financial settlements in the world will occur using cryptocurrency.

cryptocurrencies in the future will also compete with each other. the main competition will be at the level of centralized cryptocurrency and decentralized.

[Gary Levanevskii]

I like the idea of decentralization more. But if you use the blockchain, then you don’t have to be a decentralized organization. You can simply inject a distributed restaurant into your organization’s work.

[Jackolantern]

Btc is the decentralized coin which is why it is the most popular one but the government doesn't like this fact much. I think that it is better to make it centralized with time and government will accept it

[suman mark]

Big corporations are also being used. When it comes to funds, it is the goal of every business to seek security, as well as efficiency, two distinct aspects in a decentralized market rather than a centralized market but the government receives More taxes and control then we have limited access to crypto that needs to exist as the government wants.

[BennyK]

   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?

im afraid if bitcoin become centralized, it will be profiting for some parties only. Bitcoin should be used by everyone in the world because its decentralized.
My perspective is cryptocurrency should remain decentralized so there is no one can control the cryptocurrency.

Centralization about unfair distribution of worth where those in control can manipulate and draw much of it to their side. Bitcoin is controlled by users and not any centralized authoritative body, hence it ensures a fair share where users have full control over their own transactions and money.

[coinnumber]

   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?

I think Centralized system will be a big disadvantage to bitcoin and cryptocurrencies at large as the price will be manipulated easily all like Decentralized system where no one has the power to control or manipulate it price. Bitcoin transaction can be done in any country now but I think it may be affected if opperating in a centralized system .

[ice18]

Decentralized means no one controls it even central bank cannot control it because its run by its users that composed bitcoin if it will become centralized then theres no purposed using it what we need is proper regulation of the government on how we can fully utilised it legally.

[LinkinPrak]

I myself prefer if this bitcoin has a centralized system. I have not been able to withstand the very volatile price of bitcoin at the moment. If this bitcoin is made with a centralized system, bitcoin will be easier to control and of course the price of bitcoin will stabilize. If bitcoin continues to depend on demand and supply, I am very afraid when there will eventually be an overlapping imbalance that makes this bitcoin even more abandoned. That is a bit of my idea.

[Gyromancer]

I am very happy if bitcoin was made decentralized as it is now. This system allows me to control all my crypto currency assets without intervention from various parties. Also with this system, I have proven that I can get a very large profit in accordance with my expectations and beyond my presumption. Of course this system makes me more motivated to actively play in crypto currencies again to get greater profits and myself as the controller.

[Abiky]

Decentralized means no one controls it even central bank cannot control it because its run by its users that composed bitcoin if it will become centralized then theres no purposed using it what we need is proper regulation of the government on how we can fully utilised it legally.

Exactly. There would be no purpose to use Bitcoin if it's centralized. A centralized system is prone to extreme manipulation from governments, and other entities. For example, EOS' Block Producer have been able to freeze accounts and restrict some users access to the "blockchain" because the platform itself is extremely centralized. Because of this, cryptocurrencies such as Ripple (XRP) and EOS are considered by many individuals as another banking system.

On the other hand, Bitcoin has been able to obtain success for quite some time because it has retained decentralization (although the mining process has become more centralized over time due to the creation of mining pools). If by any way, Bitcoin becomes centralized, then it'll be doomed as people would look for other alternatives which are decentralized. Compared with other cryptocurrencies in existence, Bitcoin may not be the most decentralized option nowadays. An altcoin known as Ravencoin is ASIC-Resistant with decentralization in mind. With this, the cryptocurrency could perform at a higher level of decentralization than Bitcoin, since no single entity or company is in-charge of the mining process. In Ravencoin, you only mine with GPUs which is a far more accessible option than Bitcoin's ASIC miners nowadays.

Another cryptocurrency known as Magi, is also more decentralized than Bitcoin, since it has adopted a unique PoW algorithm known as M7M which focuses on small miners rather than big miners with a lot of hashrate. This allows small miners to easily secure the Magi blockchain, as the higher the hashrate on the network, the lower the block reward will be. Being a hybrid PoW/PoS cryptocurrency, Magi balances between mining and staking to obtain a greater degree of decentralization than most cryptocurrencies we know and love today.

Nonetheless, Bitcoin is still decentralized but it could've been better if somehow mining pools would become disincentivized. That way, full decentralization could be ensured as small miners (or the average Joe) would be able to participate in the consensus and security of the Bitcoin blockchain. However, that's up to the developers and the community to decide whenever it's best for Bitcoin or not. Just my thoughts

[willwin66]

   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?

To me, I still like Bitcoin decentralization. If it is centralized, what is the difference between Bank and crypto? Just think about bitcoin decentralization and anonymity, i support decentralization.

[walemil]

Who are the people who want cryptocurrency centralized other than the government that want to have control over it at all cost? Bitcoin is centralized and it will always remain that way with all the benefits that it offers. Any centralized cryptocurrency has lost its purpose.

[Compiler]

Decentralizing is your thing, for that this technological and human revolution. We all know that banks and governments fear decentralization, not all. But for some reason it will be, right?

[globalking]

if bitcoin gets centralized than what is the actual purpose of cryptocurrency it is useless if it gets centralized.

[Abiky]

Who are the people who want cryptocurrency centralized other than the government that want to have control over it at all cost? Bitcoin is centralized and it will always remain that way with all the benefits that it offers. Any centralized cryptocurrency has lost its purpose.

Exactly. That's what governments want all along. If they succeed in making Bitcoin a centralized coin, then they'll be able to shut it down with ease. However, I believe that's not going to happen anytime soon, since Bitcoin is growing every step of the way in usage, adoption, and user support. The more hashrate and nodes become available on the BTC network, the better, as the cryptocurrency would become stronger and unstoppable like never before.

Centralization brings us back to the current corrupt financial system, Bitcoin was intended to overcome in the first place. By eliminating the middleman, Blockchain technology could fulfill its purpose as it provides security, transparency, and immutability unlike any other system known to date. Therefore, if Bitcoin remains a decentralized cryptocurrency, then it'll become highly successful for many years to come. Just my thoughts