Can bitcoin die? - page 3. | Bitcointalksearch.org

Frankolala

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Quote from: PytagoraZ on June 08, 2023, 08:47:58 PM

If all countries make regulations that bitcoin mining is prohibited, is it true that bitcoin will die?

Presently,with the rate of adoption of bitcoin,I don't think that it will die because bitcoin is a digital currency which serves as currency and as a store of value. Bitcoin is inflation resistance,it is most valuable asset in the world due to its volatile nature. All these put together makes it impossible for bitcoin to die,due to its potential value that investors has seen in it. The decentralization of bitcoin is even more unique compare to other form of currency and it is limited in supply.

The only way that bitcoin can die,is if its price goes down to zero,which is impossible to happen. This is when miners will pack up their mining equipment,but as long as this hasn't happen,nothing will make bitcoin die. Another way is if a different currency is invented that surpasses the value of bitcoin. As for government ban,it will be impossible for it to happen in all the countries in the world. Therefore,miners will move to a crypto friendly country if the country they are bans crypto.

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Quote from: PytagoraZ on June 08, 2023, 08:47:58 PM

If all countries make regulations that bitcoin mining is prohibited, is it true that bitcoin will die?

The answer to this question is Yes. Suppose all counties ban Bitcoin Mining and No miner mine Bitcoin anymore. No coins will add to the chain. The network will be congested, and transactions cannot be done. But, this is unlikely to happen, while some countries already seeing Bitcoin as positive innovation.

El Salvador has already legalized Bitcoin. If only El Salvador ran their miners and full nodes, Bitcoin would still be alive. You may see congested networks and high transaction fees. But the network will remain active.

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Quote from: PytagoraZ on June 08, 2023, 08:47:58 PM

If all countries make regulations that bitcoin mining is prohibited, is it true that bitcoin will die?

As long as there is support towards Bitcoin, I don't think that it will die.

Just look at the fiat currency that we are using right now. Many people are still using it, and will be using it even though it has been existing for centuries already. I guess it will be the same as Bitcoin. Many people are still using it, it will not die. Nobody uses? It will die. We might see a new, and better version of Bitcoin in the future we don't know. Adoption is slowly increasing, and it seems like there's no reason for it to decrease so to answer your question, it might be, but with it's current trend, it's almost impossible.

Regulations that Bitcoin mining is prohibited? Well, if all agrees, but what are the chances of that to happen? Close to 0% TBH. In short,

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Everything that is born or created at some point dies or ends, although I think you are specifically referring to whether Bitcoin could "die" in a short period of time, say 10 years from now, not 1,000.

Impossible it is not, but extremely unlikely. It's a question that made more sense in the early years, but now, with the level of adoption, even institutional, with El Salvador having Bitcoin as legal tender, it's extremely improbable.

Wrathofcoins

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Quote from: PytagoraZ on June 08, 2023, 08:47:58 PM

If all countries make regulations that bitcoin mining is prohibited, is it true that bitcoin will die?

What kind of question its this?

Clearly yes, like all we know, nothing its infinite. ITs called entrophy. all its gonna disapear someday, the real question is..... When?

SeriouslyGiveaway

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Quote from: PytagoraZ on June 08, 2023, 08:47:58 PM

If all countries make regulations that bitcoin mining is prohibited, is it true that bitcoin will die?

If all countries ban it, all miners turn off their ASICs, all full nodes shut down, Bitcoin network will die but Bitcoin won't die. Your bitcoin will stay in your wallets forever.

Possibility for all countries to ban Bitcoin is impossible. They won't have a consensus to ban Bitcoin and apply it at the same time. China banned Bitcoin, miners move to the USA., Kazakhstan, etc. and the story of miner migration will continue.

If hashrate drops, Bitcoin network will be lower for a while but after 2016 blocks or 14 days, difficulty will be re-targeted by difficulty algorithm. Not big deal as not all countries ban Bitcoin mining at the same time, there is enough time for difficulty re-target.

Citizens will not let politicians to do everything to harm citizen benefits. It's the world of freedom.

PytagoraZ

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Jolly? I think I've heard that name before. hmm

If all countries make regulations that bitcoin mining is prohibited, is it true that bitcoin will die?

Topic: Can bitcoin die? - page 3. (Read 340 times)