Topic: Can bitcoin die? - page 2. (Read 422 times)

Bitcoin cannot die
It also depends on what you mean by the word "die" ... It cannot cease to exist but can surely be shunned. If transaction are not running anymore, that cannot pullout 'em coins from Thier owners wallets...
If every country decides to stand against Bitcoin - which I know that's not possible - then, a means to keep the Blockchain flowing will be improvised since bitcoins won't worth anything if they're left in Thier wallets. Everybody is talking about the price too...YEAH? The price will be affected and it'll certainly drop - a great deal!! ...now the question comes; why would everyone stand against Bitcoin after it' has proven its durability over a decade and more now?? Does that connotes Bitcoin could possibly turn into a scammy project someday?? THATS IMPOSSIBLE!!

Sandra 🧑‍🦰

Bitcoin cannot simply vanish into thin air. I feel this is merely your imagination, and you'd like to know the chances of it happening. There is no guarantee that it will last forever, but discussing it dying now is inconceivable. With the amount of continuous adoption with acceptance of bitcoin gradually worldwide, it makes little sense for governments to outright ban it. Because of the future potential of blockchain technology, some governments are already interested in educating their citizens about it.

At some time in the future, miners will eventually atop mining, but that does not mean bitcoin will cease to exist. Consider bitcoin to be similar to the paper money you use in your country; when asked when will it die? what would be your reply or imagination of the possibilities of it happening?

Just a country?
Bitcoin  is way bigger for just a singular country's  decision  to have a direct impact on it or even send it to extinction.
I don't think even if America  decides to ban cryptocurrency  or bitcoin  that it will send bitcoin  to extinction. Yes it is true  that the impact will definitely  be felt but I don't think just a single country's decision  can push bitcoin  away.

I will in one way advice that rather than pushing out energy towards imagination ls that aren't positive  like that of bitcoin  dying off, while not use that same energy to strategize on how to accumulate more of bitcoin  now were still in the bear market.

It's never going to happen the way you describe it because of the following reasons:
1. All countries cannot even agree what the age of consent is, if jihadists are terrorists or not, if Russia should be condemned for starting a war, if drugs should be banned, capital punishment, abortion...
If they can't speak with one voice in these terms they will never agree in softer topics like bitcoin, that isn't killing anyone but enabling freedom and banking the unbanked.

2. There are already countries where bitcoin is accepted and regulated and the right to own bitcoin and mine is protected by law, so even the rest of the world turns against it, there will always be places where it's allowed.

Let's say it would get banned in 100% of the world, which is impossible, but let's imagine that it for a moment. It would go to the underground, like torrents and dark web markets. It wouldn't die but it would become hard to get and would lose most of its trading volume and take a price hit, but it would still be there waiting for better days.

While technically speaking if no miner is there then the network will eventually stopped but it won't die if it gets back again. But you have to bear the reality that no gives a thing from these regulators if it's about bitcoin mining. You'll never know who are those miners from country to country that has set their basements, quarters and rooms into a mining facility without even telling it to the closest people of theirs.

Right. But just like the old times, when there will be a drop of hash rate, you'll get to see that increase quickly because of how Bitcoin has already been set and a few words: it's here to stay.

Not all countries support banning bitcoin mining because some countries are still friendly to bitcoin, so this will never happen until whenever miners will continue to exist they will always have a way with the safest place if the country itself prohibits it.

The demand for bitcoin is still quite a lot so it is very likely that this will grow even faster even though there is a ban from a country with a well-known and strong bitcoin will continue to exist anytime and that is what I am optimistic about bitcoin at this time.

Bitcoin still remains on where it is but there will be no more transaction that is the actual answer. Bitcoin will stay forever but in terms of value it has chances to come to zero even Satoshi mentioned about it.

But is it possible to make all the miners to shut down?

Nope! So Bitcoin will not die.

No, because miners can carry out their mining in a hidden way without being noticed by anyone, including the government. And I think that for every ban there must be a more logical reason because if it was only banned without any detrimental cause, it would sound very ridiculous. So any ban, of course, must have a clear basis so that everyone can understand it, but in this case I'm sure that Bitcoin will never die if all the government prohibits Bitcoin mining.

Bitcoin cannot 'die' because the things that can make it go extinct are almost certain never to happen. Of course if there's no more mining, there'd be no Bitcoin, but it is quite impossible that all the countries in the world are going to ban Bitcoin mining. To add to that, miners will also always have the urge to mine because of the reward they get, even when they no longer receive block rewards, they'll get transaction fees.

Another reason that can make Bitcoin to 'die' is if there is no more demand for it, but Bitcoin has an actual utility and solves problems, thus i don't think its demand can drop to zero.

thanks everyone. Meaning it is true that bitcoin would die if there were no miners, even though that would be impossible

I beleive the countries are on verge of making regulations to accept it although mining can be concern for them due to carbon footprints and the environmental part they always put forward as an excuse but still unlikely all will ban mining operations.The bitcoin in the circulation will still be in usage but the miners may opt out making network unsecure to some extent but still there would be people who will perform these operations due to profitability so bitcoin won't die at all which is certain.But if we are seeing long term approach then can't say exactly anything because nothing is certain in the future so will see at that time.

I'd say it's very unlikely.
One day pephaps.
It's propagated to the point it's almost unkillable. Entire economies/countries run on it now.

I'm inclined to believe Bitcoin/Blockchain will stick around a while. Quantum could change this paradigm.

Can you also looked at the possibility to how this can ever happened? What bitcoin could have done so bad to affect everyone on earth to receive such karma, bitcoin is not a global traitor or disaster that it will unanimously get such red card from the world, take a look at it acceptance, adoption, and impact over the years since 2009 till date, compare the good that have comes out of bitcoin from the bad.

You can see you that you will hardly find tangible wrongs associated with this digital decentralized currency, the second fact is about bitcoin being decentralized, secured and immutable, all these are what hodl the network to stand out because it will never go against it protocols which it operates with, know this that bitcoin has come and to stay.

Let's think positively bro about Bitcoin.
What haunts your mind that makes you think that way?
Bitcoins will exist as long as you don't sell them.
Read more about how Bitcoin existed from the beginning to survive today.
I don't want to explain too long because one day you will find the real answer. I just want to say stay away from FUD and anything else that makes us pessimistic about the future of Bitcoin.

"What Is Dead May Never Die" - bitcoin has no physical mortal shell.

In order for all countries to regulate bitcoin mining, for this they will first have to agree among themselves on how to do this. As practice shows, even a couple or two countries can't agree among themselves, not to mention all countries at once. Therefore, if some countries ban bitcoin mining, then there will always be countries loyal to this, who want to receive taxes from this. For small and weak countries, this is an opportunity to somehow get money into the budget, which they will not neglect. So, I don't expect one-time regulation of mining, not only in all countries, but even in most of them.

In fact, I would prefer a scenario where bitcoin mining is banned in all countries. This would allow large mining companies to be ousted from this market, and then ordinary users would take on the entire burden of ensuring mining performance. Bitcoin network would become much more decentralized when almost every person on earth would have btc mined on their home PC. I believe that the founder of bitcoin expected to see something like this, and not the dominance of a few industrial mining centers.

As a result, I can conclude that even despite the regulation, itcoin death will not happen, because ordinary bitcoin enthusiasts will put this function of ensuring the operability of the BTC-network on their shoulders. I will say this as long as at least one bitcoiner, btc will live.

Thanks for pointing this out your way, I understand everything as well, only that you got "the game continues" used wrongly. This has made me edit my post a bit to avoid misconceptions by using 'hope' instead of 'game.' I fully understand the situation this will cause to the Bitcoin network, yet the coin will still of course remains in our wallets, which is what I meant by that phrase.

And who knows, things can change in the future and our Bitcoins will always remain ours.

No, the Bitcoin network will not die, but everything that happens is that mining will move from one country to another, for example North Korea, and even if all countries ban bitcoin mining, some may run mining farms in the jungles, or internationally unrecognized areas, or private islands, in the end the activity is profitable Whenever there are profits, you will find some willing to take risks.

The bad side is that the network will be more centralized as most of the hashrate will be in the hands of one mining pool, so then some people may stop using bitcoin, the value of bitcoin will drop sharply and we will need more than 6 confirmations to complete the transaction.

mining is a very important part of the Bitcoin Network's function and if all countries prohibited Bitcoin mining and all people actually followed it and everyone stopped mining, it could lead the Bitcoin Network to a complete stop as no one is there to verify the transactions being made.

The game cannot continue in that hypothetical situation. Without miners there are no new blocks confirmed and no new bitcoin added. Yes we have over 19 million units already but without miners no transaction can be confirmed and your bitcoins have no practical use in your wallet. The hashrate would drop massively and any malicious player (government themselves even) can attack the network.

This situation is not likely to happen but if it does it can be the end or would temporarily halt the network.

- Jay -

You called it "all countries," therefore the effect on Bitcoin would be severe, and even the price would fall so much on the announcement and will keep a low value. But Bitcoin would continue to exist if it's only mining they ban as there are over 19 million Bitcoins mined already, so the hope continues (you still own your coin but can't just use it). Anything could still happen in the future. However, one thing I would like you to know is that Bitcoin is striving because people value it, but if all countries could declare their ban on more than mining but the coin itself, then I personally believe it would seize to exit, especially if they are totally clamping on the holders and the companies dealing with it.

I hope this does not happen, ever!