Is Bitcoin really still decentralized??

[EdvinZ]

I think that Bitcoin quite objectively reflects the concept of decentralization. For example, large miners can be in completely different countries, besides consisting in economic confrontation. Bitcoin is a phenomenon similar to the Internet. Bitcoin mining is possible by any individual or legal entity, unlike Fiat money, which is printed by Central banks. Yes, I think Bitcoin is truly decentralized.

[1714059883]

1714059883

[Prateek_sharma]

Well!! Did you know?

Bitcoin is decentralized: Bitcoin does not have a central authority. There is no central server; the bitcoin network is peer-to-peer. There is no central storage; the bitcoin ledger is distributed.

[red4slash]

decentralization is the basic nature of bitcoin, but when in a potential market price control can indeed happen, especially for those who have a lot of money. but I believe that the nature of bitcoin is still decentralized, maybe if we look at the market we can assume that the nature of bitcoin is not decentralized because there are many whales there

[Murat]

How do you say that Bitcoin Mining is dead? I don't think so, It's just a matter of time that Bitcoin and cryptocurrency are passing a poor time because of international politics, not only that but also Blockchain system is being a serious issue in recent time around the developed countries, so the last couple of months are nor running with our expectation, This is the reality, you have to face both good times along with bad time also, so you don't have any scope to ignore this situation, I hope at the start of 2020, we will get something special to us regarding this issue.

[paskah01]

After the years in trading Bitcoin it came more and more clear to me that Bitcoin is technically not decentralized anymore... its mainly owned by huge mining farms or early adopters who are able to manipulate the market at will, many exchanges playing with Bitcoin and Altcoins by making fools out of the normal Joe who wants to enter the Crypto world, i know many here will think that you should be ready and get informed before taking any step into the crypto world, but does it not bother anyone that some people are enriching them self by kicking the crap out of your wallets??


Bitcoin Mining is dead unless you own a mining farm with the necessary hashrate, again only big companies having access to Bitcoin!!!


What is your thought about this??

There's been a lot of discussion about it in the past.
Bitcoin is one of the most decentralized currency ever. People may argue large amount of bitcoin is hold by limited individuals and companies and earned by large mining farms. But it's distribution is still much more decentralized than any other currency.
A context, 26 richest people owns more than rest of population
https://www.theguardian.com/business/2019/jan/21/world-26-richest-people-own-as-much-as-poorest-50-per-cent-oxfam-report

As we all know blockchain and cryptocurrency are connected to its consensus alogrithm, ,i think you should check on this video https://blogchainzoo.com/debate-is-proof-of-work-the-ultimate-solution-video/  because there i found what i think is better decentralize mechanism than PoW by Bitcoin lol

[leea-1334]

Miners does not own the bitcoin network.
Bitcoin is still decetralized what is currently centralized are exchange websites and the whole mining industry. Because there are people or group of people who owns various exchange and mining company. So totally the whole bitcoin network is still decentralized for sure.

Yes,,, this is what people think it looks like that miners own bitcoin but all we need to remember is what happened back in 2017,,, miners who were rich and all that they thought they could force a decision with Segwit2x. We all know what happened after that, did not work out and even they split up and could not agree among each other. They all eventually saw the way forward and we are still standing.

[Eugenar]

Miners does not own the bitcoin network.
Bitcoin is still decetralized what is currently centralized are exchange websites and the whole mining industry. Because there are people or group of people who owns various exchange and mining company. So totally the whole bitcoin network is still decentralized for sure.

It is just that, people, businesses, and projects to their best to make bitcoin a center for profits that is why it seems so centralized. But in fact, the way you hodl and store your bitcoin is a sign that bitcoin is still decentralized. This decentralization will just be taken out if you are to allow them to do so, especially if the freedom you have turns you out to invest your money and trade it to centralized exchanges where you don't have your private keys that solely make your account decentralized.

[Distinctin]

Market manipulation is inevitable at this time, cryptocurrency is a big market as I think which we could think that some influential individual would likely to show it's power. Above all, and even bitcoin was meant to have some manipulation but I keep believing that bitcoin still remains to it's decentralized form.

[Bim abk]

Market manipulation is inevitable at this time, cryptocurrency is a big market as I think which we could think that some influential individual would likely to show it's power. Above all, and even bitcoin was meant to have some manipulation but I keep believing that bitcoin still remains to it's decentralized form.

I also believe that bitcoin has a high decentralization nature but the market sometimes says different things, there are quite a lot of manipulations for the price. we must be careful of these price manipulations because those who can manipulate prices are big whales

[FaithInCrypto]

With all the things going on now I'm actually confused with these things. There are times that I feel that it is decentralized but there are also times that it seems controlled by the government. But since most of the countries don't allow crypto to be fully operational, I still see it as decentralized so far.

[Darooghe]

After the years in trading Bitcoin it came more and more clear to me that Bitcoin is technically not decentralized anymore... its mainly owned by huge mining farms or early adopters who are able to manipulate the market at will, many exchanges playing with Bitcoin and Altcoins by making fools out of the normal Joe who wants to enter the Crypto world, i know many here will think that you should be ready and get informed before taking any step into the crypto world, but does it not bother anyone that some people are enriching them self by kicking the crap out of your wallets??
Bitcoin Mining is dead unless you own a mining farm with the necessary hashrate, again only big companies having access to Bitcoin!!!
What is your thought about this??

It depends if you want decentralization at an individual level or organization level. I think Bitcoin should be decentralized at the individual level. Any regular individual should be able to run a full node. and monitor remotely, without anyone's permission and without big hurdles. Same with mining. further, it's decentralized in distribution. whales can still affect the price but the point is there is no central issuance of the currency and no central point of failure and no single entity can decide to control the supply, and if they do we can just make a new currency and ignore the bureaucratic Keynesian bullshit currency. that's what decentralized and permission less.

[Patatas]

After the years in trading Bitcoin it came more and more clear to me that Bitcoin is technically not decentralized anymore... its mainly owned by huge mining farms or early adopters who are able to manipulate the market at will, many exchanges playing with Bitcoin and Altcoins by making fools out of the normal Joe who wants to enter the Crypto world, i know many here will think that you should be ready and get informed before taking any step into the crypto world, but does it not bother anyone that some people are enriching them self by kicking the crap out of your wallets??

Bitcoin was never fully decentralized anyway! Worse is, you can never jump to that conclusion just by trading. You also seem mad because you are a trader and people with more bitcoins are able to manipulate the market. That literally has nothing to do with bitcoin being centralized. You can start a mining farm and control a good proportion of it as well? Or buy some bitcoins now and maybe after 10 years you'd be a whale?

Bitcoin Mining is dead unless you own a mining farm with the necessary hashrate, again only big companies having access to Bitcoin!!!
What is your thought about this??

It is what it is. If you don't like it, move on to something else. There are better coins in terms of security, anonymity, and decentralization if that's your need.

[suvo05]

I see a lot of establishments restricting how their people uses Bitcoin. Some people are making the misconception between regulation inside an establishment using Bitcoin between the actual decentralization of the coin itself.
It will always be decentralized as it is OP. You can hold as many Bitcoin as you want into your hardware wallet and no one would know how much you currently hold.

But that does not describe the real meaning of decentralized. No one knows how much money I have kept in my piggy bank but that does not means the money is decentralized. And not only just the anonymous accumulation a truly decentralized coin is untraceable during the transaction also.  The governments are now trying hard to trace every bitcoin transaction to make it more centralized.

[target]

Manipulation of the market doesn't mean its not decentralized anymore, anyone with a will to manipulate can try to manipulate the market, you can spread fud to manipulate the market even with less BTC in your wallets.

What they mean when it comes to decentralization in bitcoin is that no central authority controls it, not even the miners. It will not even reach to 51 attack and miners will move to another pool.

[sapnu]

After the years in trading Bitcoin it came more and more clear to me that Bitcoin is technically not decentralized anymore... its mainly owned by huge mining farms or early adopters who are able to manipulate the market at will, many exchanges playing with Bitcoin and Altcoins by making fools out of the normal Joe who wants to enter the Crypto world, i know many here will think that you should be ready and get informed before taking any step into the crypto world, but does it not bother anyone that some people are enriching them self by kicking the crap out of your wallets??

Bitcoin was never fully decentralized anyway! Worse is, you can never jump to that conclusion just by trading. You also seem mad because you are a trader and people with more bitcoins are able to manipulate the market. That literally has nothing to do with bitcoin being centralized. You can start a mining farm and control a good proportion of it as well? Or buy some bitcoins now and maybe after 10 years you'd be a whale?

Bitcoin Mining is dead unless you own a mining farm with the necessary hashrate, again only big companies having access to Bitcoin!!!
What is your thought about this??

It is what it is. If you don't like it, move on to something else. There are better coins in terms of security, anonymity, and decentralization if that's your need.

Indeed, there are still no organization or group of people who are taking responsibility about cryptocurrency, there is no person involved taking care about it, the forum itself have moderators but as a whole, there is no one. We can say that there are people you make cryptocurrency possible but where are they now, we did not even know who they are, the only thing we are thinking about behind all these is Satoshi Nakamoto. But we cannot find him, yes we can find the wallets he used and that is actually full of bitcoin.  

[Asmonist]

I think the main concept of bitcoin is decentralization. For now, there are really many people acquiring and mining it. But of course the process of decentralization is still there, otherwise transactions will be more complex. Its about the fast and efficient service that is the goal for decentralization. Those huge miners are most likely have there own but mostly the process is still the same.

[Wintersoldier]

I think the main concept of bitcoin is decentralization. For now, there are really many people acquiring and mining it. But of course the process of decentralization is still there, otherwise transactions will be more complex. Its about the fast and efficient service that is the goal for decentralization. Those huge miners are most likely have there own but mostly the process is still the same.

I do really appreciate the blockchain and cryptocurrency projects that are focusing on creating a system for faster transaction but also, one thing to consider to fully achieve the perfect decentralization for me is to focus on enhancing the security features that they already have and to have a centralized standards on how to build it, as a result, the product or the cryptocurrency will still be decentralized but backed with a strong backbone to secure the funds and security of their users.

[Bitcoinislife09]

After the years in trading Bitcoin it came more and more clear to me that Bitcoin is technically not decentralized anymore... its mainly owned by huge mining farms or early adopters who are able to manipulate the market at will, many exchanges playing with Bitcoin and Altcoins by making fools out of the normal Joe who wants to enter the Crypto world, i know many here will think that you should be ready and get informed before taking any step into the crypto world, but does it not bother anyone that some people are enriching them self by kicking the crap out of your wallets??


Bitcoin Mining is dead unless you own a mining farm with the necessary hashrate, again only big companies having access to Bitcoin!!!


What is your thought about this??

I still have question about bitcoin being a decentralized system, we all know that bitcoin as a digital cash and it could send bitcoin to anyone using the miners which is the one that process the transaction who owns the blockchain if the transactions were all anonymous there could be someone who maintains the system of the bitcoin or is it just the bitcoin wallet that they need to maintain and just using bitcoin as an assets?

[arimamib]

I think the main concept of bitcoin is decentralization. For now, there are really many people acquiring and mining it. But of course the process of decentralization is still there, otherwise transactions will be more complex. Its about the fast and efficient service that is the goal for decentralization. Those huge miners are most likely have there own but mostly the process is still the same.

I do really appreciate the blockchain and cryptocurrency projects that are focusing on creating a system for faster transaction but also, one thing to consider to fully achieve the perfect decentralization for me is to focus on enhancing the security features that they already have and to have a centralized standards on how to build it, as a result, the product or the cryptocurrency will still be decentralized but backed with a strong backbone to secure the funds and security of their users.

the decentralization of the project varies from project to project and I also appreciate projects that build decentralization efficiently outside of bitcoin. and so far I also still see that decentralization is still good in the bitcoin ecosystem, there are no third parties so far and all systems are structured.

[karanggatak]

I think until now bitcoin has remained decentralized. although there are indeed groups of people or large whales who can manipulate the price of bitcoin by buying or selling bitcoin in large quantities but they do not fully control bitcoin. because bitcoin price fluctuations are also influenced by FUD news, FOMO and also small bitcoin traders who make sales or purchases I think also affect the bitcoin market. and bitcoin now has a large community so I don't think it's easy to control.