Questions tagged [degree of decentralization]

MysticGlider Sun Jul 07 2024 | 6 answers 1179

Inquiring minds often wonder about the true nature of Bitcoin's decentralization. The cryptocurrency, touted as a peer-to-peer electronic cash system, promises to empower individuals and remove the need for traditional intermediaries. However, with the emergence of mining pools and the concentration of hash power in a few entities, one may ask just how decentralized is Bitcoin really? Does the dominance of a select few miners threaten the core principles of the network? Or does the open-source nature of the Bitcoin protocol and its global participation still ensure a robust level of decentralization? These are pertinent questions that delve into the intricate dynamics of Bitcoin's decentralized landscape.