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.
As to the best of our knowledge, bitcoin is a decentralised crypto currency and thus there is no such proper authentic regulating body over the bitcoin who could keep eye 👁 over all the bitcoin activities thus leading to its illegal use and this is the reason why most of the countries do not want to legalise bitcoin in their nation and inspite of all these there are few nations that has legalised the bitcoin after getting the fate and potential of bitcoin and I am sure that in the future bitcoin will get centralised all over the world.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.