Post
Topic
Board Bitcoin Discussion
Re: Which other company will support Bitcoin next?
by
Abiky
on 26/04/2021, 22:56:57 UTC
The most interesting point in your topic a question about centralization. We know Bitcoin is a decentralized cryptocurrency, but if a major part of Bitcoin accumulates by all the centralized organizations then we will face a problem. Because due to holding a major part of the Bitcoin they will able to manipulate the Bitcoin market as they want. I know if one or all of these companies invest in Bitcoin then the price would record a new ATH and also it would be a massive adaption. But most probably it would drive to centralization as you said. Rather than accumulate a huge amount, if they accept Bitcoin for payment, then it would be massive and long time adaption forever until they accept.

That should be a huge concern to decentralization proponents in the crypto/Blockchain space. Unfortunately, most people don't care about this. They're only into crypto to make a quick buck in the long run, even if they have to sacrifice decentralization/censorship-resistance for convenience/ease-of-use. Greedy companies will accumulate most of the circulating Bitcoin on the market, effectively jeopardizing its vision of being a decentralized "peer-to-peer electronic cash system". Who knows what the future of Bitcoin will look like as the wealthy controls the whole crypto market?

Nonetheless, we cannot deny the fact that most companies are still hesitant to invest in Bitcoin in the first place. This could be a result of the cryptocurrency's volatility on the market. At least, Tesla and PayPal have joined the game. It's yet the time where Microsoft, Apple, Walmart, Amazon, or Google have yet to announce their support for Bitcoin. Once these companies join the game, prices will pump higher as people gain the "FOMO" sentiment. This will benefit "hodlers" in terms of capital gains, but it will make the cryptocurrency centralized as power concentrates in the hands of a few powerful corporations in the mainstream world. We'll see how this will end in the long run, as Bitcoin goes all the way to the moon. Unless we do something about it, things will not get better (in terms of decentralization) anytime soon. Just my thoughts Grin