Bitcoin is decentralized, right? Free from control, right? Well, that's what they want you to believe. The truth is, Bitcoin may not be as decentralized as it seems.
Here's what nobody talks about:
Just 2% of Bitcoin addresses control over 95% of the entire supply of the coin. These are the so-called “whales.”
Giant mining companies, such as those in China (and now other countries), control over 50% of the network’s hashing power. This means that few hands have control over the security and validation of transactions on the blockchain.
Why does this matter?
1. Market manipulation:
Whales can cause Bitcoin’s price to rise and fall dramatically with simple moves. While you panic, they profit.
2. Centralization in mining:
If a few entities control the computing power, they have direct influence over the network. A coordinated attack? Nothing prevents it from happening.
3. The promise of decentralization is under threat:
Bitcoin was created to empower people, but the structures that have sprung up around it replicate the same patterns of concentration we see in the traditional financial system.
The paradox:
Bitcoin remains the best alternative to the current system, but ignoring this reality is dangerous. If we want to preserve Bitcoin’s original ideal, we need to question these dynamics and support truly decentralized solutions, such as new cryptocurrencies that learn from past mistakes.
The question is:
Will you continue to blindly believe that you are in control or will you start looking beyond the rhetoric?
The future of decentralization depends on your attitude today.
#2024withBinance #BecomeCreator #Bitcoin❗
