What if governments make Bitcoin centralized?

[GoldenLady]

If the government could gain some form of control over BTC, they would have done that by now. As it's obvious they can't, they are going for the next possible option, that's controlling the exchanges used to transact it.

 

[greenie]

The government will have control over the supply of Bitcoin and other cryptocurrencies in the market place. This will give me them chance to manipulate the price of Bitcoin to their own advantage. Bitcoin will become a tool of international politics just like crude oil.

 

[Syldan]

I dont think, the good can have a control over the transaction or to centralized the bitcoin. Because of they have the chance or power to centralized it, the will have great benefits in manipulating the crypto operation.

 

[ganibade]

If government centralise Bitcoin it would have been better but it will be very hard to accept by people. This will be a general currency that will be spent or recognised let people of that particular country.

 

[Kingsley]

If that could be achieved it will be one of the best things things to ever hit the crypto space and that will give a very big boost to the market, since it is been controlled by the forces of demand and supply. In fact it will elevate billions of people out of poverty. We are all looking forward to such an announcement.

 

[joy101]

I don't think that bitcoin can be centralized because it has become designed because if actually government wants to create centralized currency, they will have create their own.

 

[Sotherefore]

This Is not likely be possible because bitcoins was created to be decentralized and encrypted , bitcoins has been doing this ,there is no possibility of it being subjected to centralisation again, that was not the main purpose for which bitcoin was created.

 

[Syldan]

O dont think, the operation of bitcoin can be centralized by the government at any means. This is because if the operation of bitcoin is centralized, it will be manipulated for the internet of few government officials.

 

[Sincerem]

The decentralized nature of Bitcoin is one of the reasons why it hasn't crashed as predicted by some institutions and individuals. Centralized crypto currency would still retain and behave as the fiat currency but would be digitally transacted.

 

[tyrim88]

This Is not likely be possible because bitcoins was created to be decentralized and encrypted , bitcoins has been doing this ,there is no possibility of it being subjected to centralisation again, that was not the main purpose for which bitcoin was created.

Definitelly it was not the main purpose of cryptocurency to be centralised or controled by a third force,because one of the things that makes cryptocurency unique is the decentralised nature,which bring in volatility to the market.

 

[Smiles20]

The blockchain technology is not something that can be controlled by external factors unless they are going to do it in such a way that they will control physical factors that can affect it.

 

[Sotherefore]

Definitelly it was not the main purpose of cryptocurency to be centralised or controled by a third force,because one of the things that makes cryptocurency unique is the decentralised nature,which bring in volatility to the market.

So you really think that if bitcoins is brought to centralisation that the volatility will cease to exist ? . Because for me I believe it will still be but the government will be monitoring everything that will be going on in the crypto space.

 

[Shigobad2020]

The centralization of crypto currency by the government will never erased the volatility of the market , though it will just help them get their own share of the coin by getting tax ,

 

[Nomad]

It is not possible to make it centralized. That's because Bitcoin has a Proof of Work Consensus mechanism, which means everyone can mine bitcoin. In order to make Bitcoin centralized it should be converted to Proof of Stake consensus mechanism and control all nodes.