What if governments make Bitcoin centralized?

[herurist]

I don't think something like this will ever happen, the price of bitcoin is now too high even though it will be even higher but there is only a little left because most of it has been mined and of course the government doesn't want to bother making something like this happen right now.
on the other hand I feel that bitcoin will still be bitcoin like now there will be no system that supports the government to make btc centralized

It will bring huge impact in the price of bitcoin. It will became trusted a by many of the governments. The price of bitcoin is not purely on adopted altcoin.Can the centralization will bring new people to the investments of crypto tradings.If more people get into investments,the price of bitcoin will increase automatically and gives you more profit.

If I had to trade instant government trust with bitcoin being centralized then I personally would reject things like this because I really think when they become centralized it means it's the same as fiat today and bitcoin won't be anything unique anymore.
but this is my opinion which is what i feel will be.

on the other hand now the bitcoin adoption rate is getting better from year to year and there is no need for government intervention to make it happen because from the start without any government intervention bitcoin can become what it is now

It's true that if the government wants to make Bitcoin centralized, it makes Bitcoin no different from fiat. This means that Bitcoin's original purpose
as a decentralized currency has changed, and I don't think that's what Bitcoin users want. After all the government will not be able to make
Bitcoin centralized, the government may only limit the use of Bitcoin, by not legalizing Bitcoin completely. Then governments will create their
own cryptocurrencies, which makes the most sense, rather than centralize Bitcoin. Although there are still many rejections of Bitcoin from
several countries, the Bitcoin adoption process continues and Bitcoin is increasingly expensive. So Bitcoin really can't be stopped by anyone,
and will get bigger in the future.

That's right, even without government intervention bitcoin will still be green and will continue to do so, so why force them to accept bitcoin in the near future, especially by making bitcoin centralized this is something I can't accept.

even though we still need legality, but to do something like that is a loss for me personally because I am very sure that sooner or later adoption will continue to go in a better direction and like it or not if the government does not want to be left behind they must be able to make regulations on bitcoin legalization and I'm sure it will happen

[temple]

Have you ever thought about Bitcoin becoming centralized someday? The ever-growing mainstream adoption of Bitcoin worldwide will only lead us closer to such scenario. To our surprise, El Salvador became the first country to adopt Bitcoin as legal tender. The more popular the cryptocurrency becomes, the more countries will be tempted to follow El Salvador's footsteps. Imagine governments making their own mining facilities, or even buying pre-established mining companies in order to gain a piece of the pie. If they manage to control more than 51% of Bitcoin's hashrate, the cryptocurrency will effectively become centralized. That, and the fact that they already control centralized exchanges is a very alarming situation for the future of Bitcoin.

Of course, the only way governments worldwide will be able to control 51% of Bitcoin's hashrate is if they unanimously agree on using Bitcoin is a "One World Currency". This may all sound crazy, but we cannot ignore it from happening in the future.

What are your thoughts? Will Bitcoin be able to remain decentralized for the foreseeable future? Or not? What do you think will happen if governments fully embrace Bitcoin as the replacement of Fiat? Your input will be greatly appreciated. Thanks.

Good thing that bitcoin is decentralized already and there's no way they could make it centralized by cheating or hoarding coins, it would totally make no sense even if they wanted to, bitcoin had far started more a decade ago, government would take action at large as late as today.
Take for example China, we all knew that they're trying to control cryptocurrencies or atleast make them an overseer or middleman about the transactions, but look at China now, they have given up already and took a legal action to ban bitcoin across mainland China.

And I don't even trust that move by the Chinese government. Do you really think they don't possess any Bitcoin? I just can't believe that. China is a big player in literally any important game all around the world and just think about the idea that they gobbled up loads of Bitcoin when it was between $500 and $5000. 200k BTC at $5000 is just a billion USD. That's pocket money for them. Now think about the idea that they started way earlier than that. There is a real possibility that they own enough Bitcoin to certainly not miss out on the incredible potential it has financially and perhaps even geopolitically.

[Mahanton]

Have you ever thought about Bitcoin becoming centralized someday? The ever-growing mainstream adoption of Bitcoin worldwide will only lead us closer to such scenario. To our surprise, El Salvador became the first country to adopt Bitcoin as legal tender. The more popular the cryptocurrency becomes, the more countries will be tempted to follow El Salvador's footsteps. Imagine governments making their own mining facilities, or even buying pre-established mining companies in order to gain a piece of the pie. If they manage to control more than 51% of Bitcoin's hashrate, the cryptocurrency will effectively become centralized. That, and the fact that they already control centralized exchanges is a very alarming situation for the future of Bitcoin.

Of course, the only way governments worldwide will be able to control 51% of Bitcoin's hashrate is if they unanimously agree on using Bitcoin is a "One World Currency". This may all sound crazy, but we cannot ignore it from happening in the future.

What are your thoughts? Will Bitcoin be able to remain decentralized for the foreseeable future? Or not? What do you think will happen if governments fully embrace Bitcoin as the replacement of Fiat? Your input will be greatly appreciated. Thanks.

Good thing that bitcoin is decentralized already and there's no way they could make it centralized by cheating or hoarding coins, it would totally make no sense even if they wanted to, bitcoin had far started more a decade ago, government would take action at large as late as today.
Take for example China, we all knew that they're trying to control cryptocurrencies or atleast make them an overseer or middleman about the transactions, but look at China now, they have given up already and took a legal action to ban bitcoin across mainland China.

And I don't even trust that move by the Chinese government. Do you really think they don't possess any Bitcoin? I just can't believe that. China is a big player in literally any important game all around the world and just think about the idea that they gobbled up loads of Bitcoin when it was between $500 and $5000. 200k BTC at $5000 is just a billion USD. That's pocket money for them. Now think about the idea that they started way earlier than that. There is a real possibility that they own enough Bitcoin to certainly not miss out on the incredible potential it has financially and perhaps even geopolitically.

Lots doesnt have that trust on the government specially on banning something but they do actually possess something which it isnt really that surprising for that kind of behavior.
You couldnt really trust up on any decisions that they would make and of course they would do actions that they would benefit them out and wont really be tending to go
to the path on which they do seems that it will really be a disadvantage to them.
Making bitcoin centralized? We know it is technically impossible thats why they do focus on platforms that is attached to it.

[V-t.Ester]

How governments can make decentralized system centralized? To make this they perhaps need to have one center. You know, if a conspiracy theory about one world government and “golden billion” will embody than BTC really can become one world currency of one huge country on the Earth controlled by center by some law. Can you imagine such huge reconstruction of the world? As for me, it sounds fantastic but no one (among ordinary mortals) knows what is really planned.

[Wipeout2097]

I belive that Government won't and they can't do such a thing to form bitcoin centralized, there will be much more and vitality and control for it and that's what they do not have, the as it were thing they can do is to keep attempting to ket control over their useless fiat monetary forms and keep these monetary standards centralized something else they can just trying running absent from bitcoin by forbidding bitcoin a bit like we take case What they do in most dveloped contries but since they are beyond any doubt that they cannot make it centralized or take control over it which is still inconsequential.

[Gyfts]

I'm thinking of any way that the governments can centralized Bitcoin but I can't think of any (or just that I'm not that good at thinking ).
Anyway, first they didn't create the coin. Second how can they get all those 18,881,100 BTC that are in circulation right now because if you want a currency to become centralized, you must have a full access to it and to start that you must have all or  if not most of the coins.

I don't think that this is ever possible but they can try if they want to. I mean companies are using a huge portion of their money just to mine crypto coins and get profit so the government can do it too.

With how centralized exchanges are holding large amounts of Bitcoin, it's easy enough for governments to centralize the Blockchain in its entirety. There's unequal distribution in Bitcoin's supply as we speak. At least, Bitcoin's mining hashrate is widely distributed thanks to China's full government crackdown. The more miners we have from different areas of the world, the better it'll be for Bitcoin's decentralization. El Salvador already announced a Bitcoin mining initiative using Volcanoes as a source of power. As long as governments don't control more than 51% of the hashrate, Bitcoin will do fine for many generations. Just my opinion

With wider adoption the mining system becomes more robust, so in the event of mass adoption, I wouldn't be concerned about miners being centralized to one area, theoretically there'd be more around the world. Using volcanoes as a power source sounds like some PR strategy oppose to a legitimate source of energy, but nuclear energy technologies are rapidly being developed and I expect nuclear powered mining facilities to be a real thing in the future.

[Ryker1]

Well, though there are too many countries trying to do that it has been always contradicting to the bitcoin nature, the decentralized nature of bitcoin will hardly become a centralized one. Government has its own centralized currency and I don't think this is necessary that they will have to pursue centralized bitcoin which is heavily regulated by them. However, in fact, bitcoin can be regulated by the government but not directly on it, they can do that on their citizen.

[songchunlai]

I think you are saying that more than 200 countries are uniting to control Bitcoin's computing power, which is hard to imagine.

[Dhaniii]

Have you ever thought about Bitcoin becoming centralized someday? The ever-growing mainstream adoption of Bitcoin worldwide will only lead us closer to such scenario. To our surprise, El Salvador became the first country to adopt Bitcoin as legal tender. The more popular the cryptocurrency becomes, the more countries will be tempted to follow El Salvador's footsteps. Imagine governments making their own mining facilities, or even buying pre-established mining companies in order to gain a piece of the pie. If they manage to control more than 51% of Bitcoin's hashrate, the cryptocurrency will effectively become centralized. That, and the fact that they already control centralized exchanges is a very alarming situation for the future of Bitcoin.

Of course, the only way governments worldwide will be able to control 51% of Bitcoin's hashrate is if they unanimously agree on using Bitcoin is a "One World Currency". This may all sound crazy, but we cannot ignore it from happening in the future.

What are your thoughts? Will Bitcoin be able to remain decentralized for the foreseeable future? Or not? What do you think will happen if governments fully embrace Bitcoin as the replacement of Fiat? Your input will be greatly appreciated. Thanks.

Good thing that bitcoin is decentralized already and there's no way they could make it centralized by cheating or hoarding coins, it would totally make no sense even if they wanted to, bitcoin had far started more a decade ago, government would take action at large as late as today.
Take for example China, we all knew that they're trying to control cryptocurrencies or atleast make them an overseer or middleman about the transactions, but look at China now, they have given up already and took a legal action to ban bitcoin across mainland China.

And I don't even trust that move by the Chinese government. Do you really think they don't possess any Bitcoin? I just can't believe that. China is a big player in literally any important game all around the world and just think about the idea that they gobbled up loads of Bitcoin when it was between $500 and $5000. 200k BTC at $5000 is just a billion USD. That's pocket money for them. Now think about the idea that they started way earlier than that. There is a real possibility that they own enough Bitcoin to certainly not miss out on the incredible potential it has financially and perhaps even geopolitically.

Lots doesnt have that trust on the government specially on banning something but they do actually possess something which it isnt really that surprising for that kind of behavior.
You couldnt really trust up on any decisions that they would make and of course they would do actions that they would benefit them out and wont really be tending to go
to the path on which they do seems that it will really be a disadvantage to them.
Making bitcoin centralized? We know it is technically impossible thats why they do focus on platforms that is attached to it.

I think, not all countries can think like the country of El-Salvador which legalized bitcoin as a legal currency. every country has strong fundamentals and of course every country has a different philosophy. so to become one world currency, it is really impossible except to make bitcoin a legal digital business in every country and not as a legal currency to be transacted.

[goldkingcoiner]

Well, my opinion on the matter of government centralization of Bitcoin is that even if they were to control the right amount of hashrate to take control, why would they do so for a currency which is already mostly mined and the attempt of centralization alone will only incentivize people to switch to a different crypto on another blockchain, thus plummeting the value of Bitcoin and making it something that nobody wants to use.

The attempt itself would be a huge waste of time and funds. In the end, a fruitless endeavor.

[deadmousehat]

this sounds really hard to happen but it never hurts to fantasize about it for a while. What makes bitcoin special is that it is decentralized. but if the government made it centralized would people still use bitcoin? seems to be slowly abandoned and the price will drop drastically.

[jaberwock]

this sounds really hard to happen but it never hurts to fantasize about it for a while. What makes bitcoin special is that it is decentralized. but if the government made it centralized would people still use bitcoin? seems to be slowly abandoned and the price will drop drastically.

Although I don’t see how that is going to be possible for the government, but let’s just imagine that the government in one way or the other succeeds in making Bitcoin or the whole crypto currencies become centralized, would people still make use of it? My answer to that would be a yes. And of course we are not going to like it that way, but people will still make use of it.

We are not going to be happy that it has become centralized, but I don’t think that would be enough reason for us to abandon it and stop investing in it. Even if such things should happen, people will still continue to invest their money in Bitcoin. But then, I believe that it is not going to be possible that the government would turn Bitcoin from decentralized to being centralized. I am open to any opinion that can prove me wrong on this.

[whynotBTC]

Have you ever heard about WBTC? No one can centralized the Bitcoin in a De-Fi world.

[Rufsilf]

Well, though there are too many countries trying to do that it has been always contradicting to the bitcoin nature, the decentralized nature of bitcoin will hardly become a centralized one. Government has its own centralized currency and I don't think this is necessary that they will have to pursue centralized bitcoin which is heavily regulated by them. However, in fact, bitcoin can be regulated by the government but not directly on it, they can do that on their citizen.

Even if a government do owns a cryptocurrency and they regulates the whole structure and frameworks, it wouldn't mean that they can amass supporters who will invest on it. Personally, people nowadays are into cryptocurrency because of the reason of liberty and a secure space that no one is a boss, and because it is a decentralized platform. If government will continue this one, who would actually support them if the reasons and facts are against it.

[UmerIdrees]

Well, though there are too many countries trying to do that it has been always contradicting to the bitcoin nature, the decentralized nature of bitcoin will hardly become a centralized one. Government has its own centralized currency and I don't think this is necessary that they will have to pursue centralized bitcoin which is heavily regulated by them. However, in fact, bitcoin can be regulated by the government but not directly on it, they can do that on their citizen.

Even if a government do owns a cryptocurrency and they regulates the whole structure and frameworks, it wouldn't mean that they can amass supporters who will invest on it. Personally, people nowadays are into cryptocurrency because of the reason of liberty and a secure space that no one is a boss, and because it is a decentralized platform. If government will continue this one, who would actually support them if the reasons and facts are against it.

You can think of every government have its own crypto alternative to fiat currency but this model won't be so easy to implement. Consider if a rich county buying all the cheap coins of a poor country and virtually overcome it.
Even if this happens, bitcoin will still remain popular and people would not stop investing in it.

[breathlessz]

Well, though there are too many countries trying to do that it has been always contradicting to the bitcoin nature, the decentralized nature of bitcoin will hardly become a centralized one. Government has its own centralized currency and I don't think this is necessary that they will have to pursue centralized bitcoin which is heavily regulated by them. However, in fact, bitcoin can be regulated by the government but not directly on it, they can do that on their citizen.

Even if a government do owns a cryptocurrency and they regulates the whole structure and frameworks, it wouldn't mean that they can amass supporters who will invest on it. Personally, people nowadays are into cryptocurrency because of the reason of liberty and a secure space that no one is a boss, and because it is a decentralized platform. If government will continue this one, who would actually support them if the reasons and facts are against it.

I don't think that will happen. Of course, cryptocurrencies will remain in their nature, although currently many governments are creating their own digital currency, but when it is still centralized, the government doesn't seem to want to leave fiat currency, doesn't want to lose control.

[TheGreatPython]

I don't think that will happen. Of course, cryptocurrencies will remain in their nature, although currently many governments are creating their own digital currency, but when it is still centralized, the government doesn't seem to want to leave fiat currency, doesn't want to lose control.

The government will only grant their own digital currencies, and then they will try to force people to make use of their own currencies instead of decentralized cryptocurrency like Bitcoin. But, we all know that it is not going to be possible for them to stop people from making use of bitcoin and other truly decentralized crypto currencies that we have now, because no matter how much they try people are still going to continue making use of these currencies, and there are so many ways that this crypto currencies can be used without the government finding out that people are using it, which is the good part of it.

The only time that the government will know that you are making use of crypto currency is when there are middle men involved, such as coinbase.com and the rest of them that are centralized.

[LUCKMCFLY]

I am one of those who think that governments would find it impossible to centralize Bitcoin, it would be something that is not within the ranges, a government or several governments could not control all the supply and demand of btc, if not even the richest in the world can have the control of the market, a government or several cannot agree to do so, it is as if the whales agreed together with the institutions to decide the movements of the BTC market, then in a case out of the real world, if it happened In the case of centralism, I believe that governments could not control such power.

[Victorik]

I do not see that happening in the future. Bitcoin can not be centralized. No amount of regulation can make it centralized.

[skarais]

No amount of regulation can make it centralized.

Government can't control the bitcoin network, but they can still control you with regulation. See now, the government has managed to control the majority of bitcoin users by making regulation on KYC compliance on a centralized exchange for all users. Anyone who uses this exchange service then they must comply with the rule. They don't create a centralized bitcoin network like bank, but they can regulate bitcoin users living in their jurisdiction. This happen in most countries and mine is no exception.