Re: Will Bitcoin become centralized sometime in the future?
As Bitcoin mining is partially controlled by Chinese miners, I have a feeling that sometime in the near future, Bitcoin can become centralized if no solution against this is proposed.
If BTC could manage to bring a solution towards mining centralization by preventing mining pools with the most hashrate to effectively gain control of the network, then it would aim to become more decentralized over the years.
As mining difficulty increases and new ASIC hardware gets developed, it would make it less possible for any average user to mine Bitcoin, thus making it more centralized each day.
Nevertheless, I would like to know your opinion about this, as if BTC becomes centralized, it might cause it to decrease in value, and most of all, violate the principles that it was created for.
I doubt that bitcoin was initially created to be a decentralized cryptocurrency and it would be the overall crash of all system if it will become centralised I don't see the option how it can be performed and who will take advantage.If BTC could manage to bring a solution towards mining centralization by preventing mining pools with the most hashrate to effectively gain control of the network, then it would aim to become more decentralized over the years.
As mining difficulty increases and new ASIC hardware gets developed, it would make it less possible for any average user to mine Bitcoin, thus making it more centralized each day.
Nevertheless, I would like to know your opinion about this, as if BTC becomes centralized, it might cause it to decrease in value, and most of all, violate the principles that it was created for.