It seems like you have thought deeply about this and I am pretty sure anyone who wanted to and is skillful enough can actually implement this but I think bitcoin has left such a mark to our world that the financial system will never be the same again.

Even if bitcoin becomes centralized I am pretty sure there would be more altcoins being developed thanks to what we have learned from bitcoin’s network.

satoshi was very intelligent, I highly doubt that he didn't foresee that in the future governments would force bitcoin exchanges to request documents, I highly doubt that he thought that bitcoin regulation would be inevitable. satoshi is not someone from the third world, 10 years ago in third world countries like my country, the government of my country had many limitations in regulating many things, because they did not have people with technical training to carry out inspections and create rules adequate about a lot of things. but in first world countries, 10 years ago governments already regulated everything they saw, so satoshi would not be naive to think that bitcoin would be a currency used in all countries without governments not putting their rules in their countries about how citizens of that country should use bitcoin

he was a genius so he must have thought of it. Today Bitcoin remains decentralized and is doing very well that way. now for people to buy bitcoin, sell bitcoin and buy things using bitcoin, governments have set their rules, laws. As exchanges are owned by private people and need banks, they had to give in, and this was inevitable from the day bitcoin was created. No government would let its citizens deal with a currency without putting in place rules on how that currency should be dealt with in their country. That's why, in my opinion, I don't see any reason for us to complain about anything today. bitcoin is being well regarded by governments, by large investors and this is a very good thing, because it allows bitcoin and fiat to both be used without people fighting and getting into paranoia that fiat should end, when they know that fighting with governments about ending fiat, and useless. That's why in my opinion no one would think of centralizing bitcoin

Don't just bring in some ideas that are not possible or being realistic about bitcoin, for someone who understand what bitcoin is and how decentralized it has always been, then there is no how we can make an application for the use of this p2p network under a centralized network, we shouldn't bother ourself on anything regarding that, bitcoin network follows the consensus of bitcoin protocols with the blockchain network, which as long as this remain, there i no how we can have it centralized.

While you have clearly given it a lot of thought and time, OP, I don't think it will happen. Centralizing bitoin goes against its essence. Its selling points are that it is decentralized, secure, and verified. Centralizing it would defeat its very point and the allure it holds over crypto investors as the original decentralized currency.

Are these hypothetical situations or problems you have highlighted in Bitcoin? If it's the latter, let me argue some of them;

• This is true for most but it is still being used as a currency. When you factor in the number of years since it went life we are still right on track in terms of adoption.
• True and this is problematic to the network.
• False. This was never the original purpose of Bitcoin and it was never private either. Chain analysis is just a fancy word for reading an already public chain and drawing connections base of previous transactions.
• Haven't read the link yet,
• The world is not in need of a fast and cheap means of transacting, they already have a variety of option, Bitcoin will not still finish top if it becomes centralized.
• An even more volatile means of paying for a cup of coffee?

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In essence it will become just like any of the thousand other worthless altcoins.

I tend not to read when I see things that are not clear since the very beginning! That's why!

Bitcoin is slower and more expensive to transact than ever before. I think it's very safe to assume that Bitcoin will never be used as a mainstream currency as long as it uses the blockchain architecture in the backend.


I find this rather bizarre, and I didn't think what I had said was particularly controversial. Bitcoin was invented in the context of P2P networks, which are only necessary when you don't want governments able to observe or stop the transactions. Otherwise there is no reason to just use a central server, which is the way almost all of the internet works already. The p2p approach is slower, more expensive, more complicated, harder to use, and can easily be very dangerous for end-users. The only reason you resort to something like that is because you have to, e.g. you could be prosecuted if you don't.


This reminds of me of a famous quote: "640k ought to be enough for anybody" .

Credit card transactions are still pretty slow in computing terms, and are still pretty expensive. But more importantly, they require an exchange of personal information in the transaction, which is a major limitation.


Touché .

But if transactions are fast and cheap enough, you can presumably have processes inside of your wallet to move your store of value to thing(s) that are more stable. Then you could only expose yourself to Bitcoin's volatility when that's what you wanted.


Maybe. Or maybe Bitcoin being used by 100x more people in the world will make the price go way up. Who knows.

There are no banks in the world that offer instant (viz. sub-millisecond) transactions, and no banks that offer transactions for free, or pay you to transact with them. I don't know where you got that.

I think that changing its architecture to a centralized one would not be that easy - both technically and politically - and I'll tell you why: a change like this would require consensus and if consensus is not reached you'll get a hard fork, i.e. an altcoin, losing all the "magic" that comes with being the actual Bitcoin.

Then, I've seen during the history (alt)coins that - in a way or another - gave up PoW. The result was that their price went down the drain.


So no. In this scenario you will obtain an altcoin nobody would use because its price will be small and dropping to smaller and, sadly, most people are in for bitcoin not because it's a currency you can use for payments, but because it's "digital gold".

Let's get to the point if Bitcoin is centralized, no one will use Bitcoin anymore or invest because they know it is centralized and anyone can easily manipulate the network or even the price.
So for me, it is an easy answer. Bitcoin has value right now because it is decentralized because if not, there are lot of alternative to use it.