Bitcoin is one of the very first cryptocurrencies to exist and is also often regarded as the most decentralized blockchain platform, but should you really give in to “what they say” about Bitcoin. With new and better cryptos coming into the market, Bitcoin’s principle of decentralization is being questioned, traders and researchers have raised concerns over bitcoin mining. With the growing demand for crypto mining, the average cost of bitcoin mining has also gone up significantly.
Traders and Researchers fear that bitcoin mining might be a very expensive affair ten years down the line if the market situation for bitcoin mining continues to be the same, making it a “Rich man’s business.” Adding the current situation with what it is predicted to be like, the bitcoin mining market will belong only to the richest of the league, making them more potent than now.
With the growing prices of bitcoin mining, environment enthusiasts have also been raising concerns over bitcoin mining energy consumption; popular studies even suggest that if Bitcoin’s seigniorage income will become unviable unless the current methods are substituted with more energy-efficient methods. Tesla’s CEO Elon Musk also announced that the American electric vehicle manufacturing company would no longer accept payments in Bitcoin.
Researchers suggest that technological advancements in the form of faster and more energy-efficient hardware will bring down the price of Bitcoin over time; this suggested influence in the market price of Bitcoin implies subtle traces of centralization in the future.
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