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.
If they were so united and so willing to use one world currency, there would never have been any need of bitcoin itself, the problem is for one single country it's going to be impossible to cover up the 51% hash rate alone, and eventually, if multiple countries began to do this they would face clashes with each others and will never be able to form any consensus, moreover, it's not at all financially wise for any country today to make such a heft investment, because the returns aren't going to be that exciting for them considering that not a lot of bitcoin are left to be mined now. If countries would really want one world currency they would simple legalize bitcoin as a legal tender and they will be easily successful in their mission.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.