Post
Topic
Board Bitcoin Discussion
Re: What if governments make Bitcoin centralized?
by
Abiky
on 14/12/2021, 13:10:51 UTC
I don't understand what made you jump to that conclusion. If governments all over the world suddenly made bitcoin legal tender, that would force almost all population, that is, banks, businesses, individuals, merchants, etc., to switch to that new legal tender.  Not only would it result in a higher price and greater awareness of bitcoin, but also it would result in more people willing to mine bitcoin or run their own bitcoin full node, which would make the bitcoin network even more distributed and decentralized. It is pointless for governments, especially big ones, to promote bitcoin by making it a legal medium of exchange because once people learn about how to be their own banks, they will no longer need to rely on centralized government-controlled entities. Why would they shoot themselves in the foot?

Governments control centralized exchanges so it's easier for them to control most of Bitcoin's supply. The mining part would be harder to achieve, especially when hashrate is scattered all over the world. But I get your point. Bitcoin empowers anyone to be their own bank, so it wouldn't be wise for governments to support Bitcoin as Fiat's successor. It goes against what was established in the first place. While centralization looks highly unlikely, we cannot discard it from happening in the future. The community must always be on alert in order to help maintain Bitcoin as decentralized as possible. Mining pools encourage centralization, so it would be best if people began solo mining the cryptocurrency to prevent this from happening. Fortunately, developers are working on improving the stratum mining protocol to further encourage decentralization. As long as Bitcoin remains decentralized and censorship-resistant, nothing will be able to stand on its way. Just my thoughts Grin