As professional mining groups with specialized computer chips emerged. Bitcoin mining is gradually becoming centralized. News about how bigger and influential companies in the bitcoin economy by virtue of their sheer amount of processing power, or hash rate, are taking controls over the Bitcoin mining continue to widespread, making more undeniable. Just to clear on this topic, Help me understand whether the above topic is entirely true. And if it is true, what is the its implications.
It is True , the Chinese Miners have had over 51% for the past few years.
So Bitcoin is centralized, and you are totally dependent on the Chinese miners to maintain bitcoin, as they could 51% attack it at any time.
However doing so , destroys their business model unless they decide to kill bitcoin and move to bitcoin cash.
No different that using any other payment service that you have no control over.