Humberto Alvarez

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Bitcoin is totally working on Blockchain architecture. Bitcoin is the first crypto currency which support and working on Blockchain. As the very basic fundamental of Blockchain architecture, there is no any possibility being distributed. The concept of Blockchain totally builds up as distributed manner. As you have explained, for being centralized or handling Blockchain of bitcoin, it is required to have more that 50% of computational power. With considering number of stakeholders or miners in bitcoin Blockchain currently available all over the world, getting more that 50% of computational power to one person or group is impossible.

Nope it wont happen because this is the reason why bitcoin is being implemented and that is to decentralized its transaction to reduce the transaction fee being made in the centralized form of money. Anyway there are many people here trying to state an argument like this of when does bitcoin will be centralized. Well i bet they had misunderstood what is decentralized all about and we should let them be.

I don't think and don't see that bitcoin will go centralized, Bitcoin is made to be centralized in its feature. This is one of the reason why people choose to invest on it. Instead of making it centralized, creation of new kind coin that is centralized will be available. Ripple is a good example of a centralized coin, it has good demand in the market but people still choose bitcoin even decentralized.

The whole idea behind Bitcoin was to create a decentralized currency, a currency free from the Governments and banks. If someone somehow managed to centralized it, that would mean Bitcoin has failed its original purpose and it will become worthless. Bitcoin is very much the future of finance and it will become your go-to currency in near future.

0. 14/10/2020 1. huberalvarez 2.

What are you talking about? the only Paypal 2.0 is the big blocksize approach, just like the ones proposed by Bitcoin Unlimited. Again, I literally put a link where Roger Ver (guy that is blocking segwit and pushing for whatever gets rid of Bitcoin, in the past was XT, then Classic, then Bitcoin Unlimited and then they will try again with god knows what) says that its ok to turn Bitcoin into Paypal 2.0... what more do you want?LN is way more decentralized than bitcoin with big block sizes that dont allow for people to run nodes, but even if you are too paranoid about LN, you can still send money directly through the blockchain paying the fee and waiting extra time, because it doesn't come cheap to have world class encryption backed by the biggest decentralized network on earth. There are no magic solutions unfortunately.

a simple rule that would avoid mining centralization would be that no pool can submit a block hash solution if it has already solved 2 out of the last 6 blocks. that way a pool will never get more than 33% control, they would automatically get rejected at the 3rd attempt within the last 6 blocks.seems like a simple rule that solves the 51% attack worry right??though that can be worked around by a pool running 20 pools and quickly pool hops as soon as it solved 2 blocks.so for every problem there would be a work around, found.the problem is not that one pool hits 51% to do something. its the extra fact that a couple separate pools can agree to do something if their manage to control a majority of the blocks that are being solved.and no matter what solution you find. someone else WILL find a work around. or a way to twist the rule in their favour EG if a rule is created to reject a block if the submitter is submitting too many. that same rule can be abused to deny independence , much like gmaxwell proposes to intentionally reject blocks if they do not collude with core

when all the blocks where mined after that i dont think chaina will have the capibilty they have right now. or if people are thinking about the transaction fee devidation then let me tell you that the compitation level will be highest at that time because the difficulty will remain same and every body can invest a fixed amount on a machine and can mine and get a portion of the total transaction fees

It would still remain as it should be and im strongly believing on that thing because no matter how difficulty increases and miners would be more developed or upgraded it doest really mean that it will make bitcoin to be decentralized and we all know that bitcoin cant be hardly controlled by any 3rd party.If they would plan to control or centralized it then they will have a hard time on cracking it for sure.

Bitcoin could be replaced by another cryptocurrency if another one does it better it's that simple.Just like google copies alot of idea's but just improves them so much that they become the mainstream. Who knows what will happen if there's alot of bitcoin hacking going around maybe another currency will be more safe.

I do not know in future but it may happen I am not sure. At present in cryptocurrency world, btc is the leader for all coins. Yes there are many cryptocurrencies there, but no one can touch the Bitcoin price. And the usage of Bitcoin is very easy. All gamblers are like to use this Bitcoin for betting. So I think now no other currency will replace Bitcoin.

With the unstable conditions of other cryptocurrencies it is possible for other cryptocurrencies to take over bitcoin in the virtual currency world. Bitcoin has become more stronger and become the standard for cryptocurrency economy, all other currencies are now dependent to bitcoin. But who knows, the future is unclear and full of surprises maybe in the future it may happen.

People follow the volatility and profitability of certain coins. If in this case Ethereum brings them profits in the time that Bitcoin is slow and barely moving, then of course they hype up Ethereum. People haven't been any different. From the very beginning of my time in crypto people have always been running to the coin(s) with the most volatility. If it gives them profit, then it's a fantastic coin according to them, but if the party is over, then they drop that coin real hard and move to the next target.

People follow the volatility and profitability of certain coins. If in this case Ethereum brings them profits in the time that Bitcoin is slow and barely moving, then of course they hype up Ethereum. People haven't been any different. From the very beginning of my time in crypto people have always been running to the coin(s) with the most volatility. If it gives them profit, then it's a fantastic coin according to them, but if the party is over, then they drop that coin real hard and move to the next target.