Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: rizqillah on November 14, 2018, 08:05:15 AM
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For now, I see as per governments view.
The Gov in several country ban bitcoun and altcoun because they cannt control crypto over.
so do you all think bitcoin can be centralized ?
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The Government afraid bitcoin will be used by illegal activities.
I assume that government is not afraid of illegal used of bitcoin rather they are more concern of huge gain from bitcoin earnings. If they are really afraid of illegal used, then why they can't stop the criminals to used legal money into illegal things that against the law of humanity?
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Never! Bitcoin is based on the technology called Blockchain which relies on the principle of decentralization so in any case, Bitcoin won't be centralized as it will kill the core purpose of it. There is a theoretical possibility of 51% attack but again, it will need high amount of resources and money to attempt such attack and Bitcoin will fall to 0 soon after such attack so it would be like a suicide for anyone along with the network so practically it is not possible.
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The matter is that now it is impossible to say without doubt that Bitcoin is absolutely decentralized, unregulated and independent. When the crypto-exchange rialtos appeared, they killed the decentralization of bitcoin. And the mining of bitcoins has now become almost inaccessible to the average person, mining "centralizing" is taking place. Bitcoin will not become completely centralized, because it will kill its purpose and features. But the elements of centralization can be traced already now.
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For now, I see as per governments view, they never accept decentralized bitcoin. the major reason is they unable to track the sender and receiver. smuggling and black money can send anywhere without third party knowledge.
The Government afraid bitcoin will be used by illegal activities.
so do you all think bitcoin can be centralized ?
No, I dont believe bitcoin will be centralize. Bitcoin is so popular now because It is decentralize.
If the bitcoin be used for illegal activities, I think It will happen in every where. Not only in bitcoin.
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For now, I see as per governments view, they never accept decentralized bitcoin. the major reason is they unable to track the sender and receiver. smuggling and black money can send anywhere without third party knowledge.
The Government afraid bitcoin will be used by illegal activities.
so do you all think bitcoin can be centralized ?
No, I think Bitcoin will not centralize. Bitcoin is block chain paltform with decentralize system. It is the future technology.
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Anything can be happen if the government will push it. Yet as of now, we should have to enjoy and freely trade our bitcoin as long as it is decentralized.
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I think Bitcoin will not be centralized as the Government afraid that this will ne used to illegal activities.But for now there are already counries who are accepting Bitcoin and some banks are accepted it.
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This is something difficult for the government because of it,s decentralized nature,it will not enable the government control the currency.
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No, states and their governments do not have the ability to centralize bitcoin. They can only release their centralized cryptocurrency. Bitcoin was created as an alternative payment system and as a decentralized cryptocurrency and should always remain decentralized.
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I think No, because the states and their governments don't have the ability to focus bitcoin. Because they can only release their centralized cryptocurrency. So I think Bitcoin was only created as an alternative payment system and as a cryptocurrency that is decentralized and must always remain decentralized.
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Tracking the trading history is not the issue here why government wants to centralized bitcoin. The main reason is profit that can earn in crypto. This is not about penny but it is about huge money once centralized. There are advantage and disadvantage of centralization of bitcoin.
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It won't be centralized. Satoshi created bitcoin with decentralized system to avoid someone or group of people controlling it for certain purposes. It has proven resulting good impacts for the development of bitcoin globally. If it is centralized, I am afraid the bitcoin will have no power and values anymore.
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If bitcoin ever becomes centralized then its power and value will be lost. Satoshi foresaw this and decided to create something that cannot be controlled by anyone which is the attractiveness of bitcoin.
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It would be similar as the trust we are supposed to have in banks and authorities.Bitcoin was designed to move away from the trust through institutions to trust through networks.