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[happietappy]

As we all know that all data/informations on Bitcoin Blockchain are permanent and can't be altered, i recently checked size of Bitcoin Blockchain data and i saw that it was above 211GB. Although currently it might be possible for an individual to easily save all current Blockchain data, am imagining a future whereby Bitcoin has gained wide adoption and it Blockchain data size is going to the Terabytes or even Petabytes, it will become impossible for a normal individual to run a full bitcoin node and Bitcoin full node can only be ran by big companies with huge data centers. Isn't this a bit of centralization and is this not the kind of problem Bitcoin is trying to solve?

Am not an expert in issues like this and will love to hear your opinions.

 

[karthik999]

no , according to me , bitcoin and aany other cryptocurrency remains decentralised , government can nevr ban cryptocurrency thats the rule of bitcoin .

 

[happietappy]

no , according to me , bitcoin and aany other cryptocurrency remains decentralised , government can nevr ban cryptocurrency thats the rule of bitcoin .

This is not about banning of cryptocurrencies, the point am trying make is that it might get to a point whereby bitcoin transaction data will become so large that it will become almost impossible to run a full node as an individual instead bitcoin full node can only be managed by big cooperations from huge data centers. IMO isn't this also a bit of centralized if this happens?

 

[alexsunny123]

This is not about banning of cryptocurrencies, the point am trying make is that it might get to a point whereby bitcoin transaction data will become so large that it will become almost impossible to run a full node as an individual instead bitcoin full node can only be managed by big cooperations from huge data centers. IMO isn't this also a bit of centralized if this happens?

thanks my issue has been fixed.

 

[Rollerkid]

As we all know that all data/informations on Bitcoin Blockchain are permanent and can't be altered, i recently checked size of Bitcoin Blockchain data and i saw that it was above 211GB. Although currently it might be possible for an individual to easily save all current Blockchain data, am imagining a future whereby Bitcoin has gained wide adoption and it Blockchain data size is going to the Terabytes or even Petabytes, it will become impossible for a normal individual to run a full bitcoin node and Bitcoin full node can only be ran by big companies with huge data centers. Isn't this a bit of centralization and is this not the kind of problem Bitcoin is trying to solve?

Am not an expert in issues like this and will love to hear your opinions.

I agree. The future of bitcoin will be centralized in the since that those that have large number of them will be determining the price of it and whatever they do with their bitcions, it will affect the price.

 

[achawaskey]

I think it might come to that in future because everything is innovating, the data size can not remain the forever, I think what is keeping it now is bitcoin acceptability.

 

[SCAMEXPOSER]

I think if the government of different countries begins to regulate cryptocurrencies then they will definitely become centralised because they will be one way or the other be controlled.

 

[Josemendez]

This is not about banning of cryptocurrencies, the point am trying make is that it might get to a point whereby bitcoin transaction data will become so large that it will become almost impossible to run a full node as an individual instead bitcoin full node can only be managed by big cooperations from huge data centers. IMO isn't this also a bit of centralized if this happens?

Majority of bitcoin in existence has been mined , the ones remaining out of the total 21 million is very small ( not up to 20% ) . The issue may result in bitcoin mining becoming difficult , but the 20% node to be mined is smaller than the total amount , thus centralization is not feasible

 

[SCAMEXPOSER]

Majority of bitcoin in existence has been mined , the ones remaining out of the total 21 million is very small ( not up to 20% ) . The issue may result in bitcoin mining becoming difficult , but the 20% node to be mined is smaller than the total amount , thus centralization is not feasible

Mining will surely become more difficult in coming years and the possibility of bitcoin going as high as we can imagine, so holding now will be great.

 

[Josemendez]

Mining will surely become more difficult in coming years and the possibility of bitcoin going as high as we can imagine, so holding now will be great.

Sure . Long term holdling will be very profitable in the long run . A time may come when people will not easily let go off their bitcoin , this will affect bitcoin price positively.

 

[SCAMEXPOSER]

Sure . Long term holdling will be very profitable in the long run . A time may come when people will not easily let go off their bitcoin , this will affect bitcoin price positively.

This happened during this dip not very many people made panic sales because they had the experience in the month of January. Patient is very important.