Topic: Can bitcoin die? (Read 422 times)

I think the discussion in this thread is quite a lot. Please allow me to lock this thread

Thanks

Nothing is impossible and nothing is possible as you fear because not all countries will ever ban Bitcoin and the total supply of money in the market will never run out. Like money we use when needed but money never ends money goes to you through me and that money reaches others through you but this money is never lost so even if we stop producing bitcoins the supply in the market is never lost from the market won't go. So it is unlikely that Bitcoin will disappear from the market.

While it's true that regulations can affect the accessibility and use of Bitcoin, if you're declaring BTC's demise based solely on a mining ban, that's impossible. Bitcoin's resilience lies in its decentralized nature and global user base. While restrictions can pose challenges, they can also encourage innovation and alternative solutions.

While the road may still be bumpy, it is too early to conclude that Bitcoin's fate is determined by mining restrictions alone. Its survival depends on the complex interplay of technological advances, market dynamics and the regulatory landscape.

You start the question by using the word "if". The definition of your question has no measurable certainty, I don't think bitcoin will die after seeing massive adoption in several countries, there are even countries that have adopted Bitcoin as a legally traded currency. Since its launch over the last decade, Bitcoin has held a place in the hearts of people, companies and countries like gold and silver.
Dollars, Euros and Pounds are the most recognized fiat currencies in the world. This currency continues to be printed or the supply continues to increase every year, big banks can easily launder money without the knowledge of citizens. While Bitcoin transactions are so transparent that citizens prefer Bitcoin over fiat money, for this reason several major countries have allowed payments using Bitcoin. It is very unlikely that Bitcoin will die after being welcomed with open arms around the world.

 Please let me know beforehand brother, are you a Bitcoin Hodl, or are you confused about the security of your funds if you save them to Bitcoin in the long term?
 The role of miners is indeed important, even though it is personal in nature and has not spread widely because various factors from tools to knowledge must be qualified for a surplus of funds to come out, whether it can cover the monthly budget for the mining that is being carried out. Let's just say that there are still quite a lot of miners who are currently active. see the desire generated by a transaction is still high and can cover both time, queue density and costs).

 There is also continuity, let's look at the supply of bitcoin availability. Looking at the history of the first time bitcoin was introduced, there were many ways, including claiming faucets, buying between members, bartering or just a small gift from a friend. Then does innovation stop there? a way to get bitcoins, but if you are used to mining I don't think all countries prohibit it, it could be in other countries that don't regulate or prohibit it.

 there are always pros and cons that prohibit a few, even those who really appreciate, facilitate the community and provide space for developers, have also started in several countries and quite a lot, most of the world.

 see the current trend of trading continues as long as there are sellers and buyers, even though their identities are disguised but look at the small developments in social media, there are even some who buy and sell goods online, they accept payments in bitcoin. that's proof that bitcoin can grow more brilliantly than yesterday.

 I think bitcoin technology can turn into easier transactions in the future, like now regardless of the type but bitcoin's technology (blockchain continues to advance and validates any transaction including Nft, the unexpected thing from the past).

 In terms of government in my country, for local cex, they have received taxes for the country from every withdrawal or deposit transaction, in outline they admit that there is a contribution of funds for the development of the country, if other countries follow the same thing, maybe crypto will be accepted in other countries there is no regulation yet. when the price of bitcoin drops as it is today, in my opinion it is a good idea to make a mining machine even with the availability of hardwhare and the funds we have are limited (Dca).

 At least we can enjoy (buying, fighting for prizes, etc.) also learn about bitcoin for now and let's see.

Not every country will ever ban Bitcoin Mining, Texas in USA promotes Bitcoin mining, El Salvador promotes Bitcoin and their president buy it on frequent intervals.
Dubai is promoting Cryptocurrency and eventually all the big countries will have to stay in the league with the technology or they will fall behind, so no. Not every country will ban Bitcoin.

So no, Bitcoin will never die.

Hello everyone...

I know that it is impossible for bitcoin to die. It's like the question will people die if they stop eating?

I know that the bitcoin community is very large. Bitcoin is the solution, We all love bitcoin


Thank you for every attention

Thank you for the warm welcome and discussion. As a beginner I hope to learn a lot in this forum

Anything that has a beginning will have an end. We cannot totally predict what the future hold for us and not even in the case of bitcoin whose origin and future is controversial.
Bitcoin can die, but the process which Op anticipates that bitcoin will die is not possible. It is not possible for the government of the whole world to have a concensus of simultaneously banning mining across the whole world.

It is not that these new regulations cannot be made even though the chances of it happening is low, it is if they will be followed or obeyed by miners in every country after it has been made. Miners may just decide to set up secret mining sites or choose this relocate to other locations maybe off grid. There are many activities that have been declared prohibited by the government of some countries, even though these activities has been affected, they have not stopped. Bitcoin will not die because not all miners will obey any law prohibiting their activity.

Everything that exists on earth will die, including you, me and other forum users and why don't we also think that bitcoin will also die?

Honestly I want to hear a much more rational question, meaning that we need to discuss what makes bitcoin die and what causes it? Questions like this have also been asked since the beginning of bitcoin was created and even then bitcoin was not as valuable as it is now. The analogy is like this friends, every human being will surely die, but we have sophisticated medical tools that can diagnose what disease a person's death is caused by, even if there are cases of people dying who don't have any disease.

Governments can obviously make any regulations to ban bitcoin, as some countries have done nowadays, but they can't regulate people not to get involved in bitcoin, because of its anonymous nature which can be hidden from anyone. El Salvador is the closest country that can be a reference for legalizing bitcoin for any use, both as an investment and as a legal means of payment. So forget about it, take advantage of what you can do in bitcoin to produce?

Bitcoin will not die even if all countries ban Bitcoin mining. Because Bitcoin is a decentralized digital currency, which means that no one can control it. So I think there is no need to be overly fearful about bitcoin, don't be pessimistic about the future of bitcoin. Bitcoin can die if the internet network on this earth is destroyed.

Because even if all countries ban bitcoin mining it doesn't affect bitcoin the bitcoin network will still work. Moreover, Bitcoin has now been widely adopted and developed and many countries have introduced regulations that support bitcoin, such as El Salvador. Even if the ban does occur and may affect the attractiveness and liquidity of Bitcoin, it is unlikely to completely eliminate the value and use of Bitcoin. In conclusion, bitcoin is not easily lost, so don't speculate strangely about the future of bitcoin. You have to read again the purpose of bitcoin being created and surviving until now.

Even if it happens, we think this is impossible, most of the big countries see Bitcoin as a positive place that they can even rely on, in the sense that they see innovation that is so good in Bitcoin, and not with a positive nature, some big countries have also given access to permissions that are very good for their users they can make payment transactions freely using Bitcoin.

We think that bitcoin has a great struggle and impact on the world, we can say that Bitcoin will not die, and this is impossible, great hopes for the next year will be in the picture of Bitcoin, and with the level of popularity of Bitcoin to convince someone to continue working on it even want to get it, they know the return they will get from Bitcoin.

If only this false principle exists; bergofsky principle, bitcoin would have been dead long ago. For a technology that is getting famous everyday and making daily news I don't think it will die. Even the post office is not yet dead despite the widespread usage of emails. It can only be that a crypto technology that is more sophisticated than bitcoin is created. More users can moveahead to use such technology, but that won't kill bitcoin, it can just reduce in value. As the world of tech is moving too fast people in future can refer back to bitcoin as the source to the technology they're using. Even one node can run the network, so it's very difficult for the network to fail or breakdown.

I agree with you.
Realistically, a lot of people already have bitcoin and no government can do anything about it.
Of course, governments can agree among themselves to disable the public use of bitcoin, close crypto exchanges and exchanges, disable crypto trading and mining, but bitcoin will still exist, it will just go underground and people will directly sell and buy bitcoin between themselves.
I'm sure that all governments and international financial institutions understand this and that is why they are not thinking about banning bitcoin but about its regulation and taxation.

Maybe this issue of exchanges getting caught up by government is really pulling a trigger to there fear of missing out, but they cannot compare bitcoin to other cryptocurrencies, centralized assets or the government fiat and traditional currency as well, bitcoin is decentralized, cannot be controlled, regulated or manipulated by anyone, which means this digital network has a set of protocols that guides it which cannot change anything about bitcoin as long as those protocols are in consensus.

Congratulations, Bitcoin is not a security, that makes it way better than anything ever built on this earth since the past years, this will make Bitcoin a bigger target for huge institutions,  since SEC can't even target Bitcoin, it should clear the fact that Bitcoin will have a longer life span, so cool down and think positively.

The only way that Bitcoin can become a thing of the past is if everyone stop using it and adopting it, I am happy that this call is not in the hands of the government to make, it's very obvious to see reasons why Bitcoin will live longer.

in my point of view, anythings can happen even though we have power to handle it or not. But for this case, the probability of bitcoin die will happen is very low, so as you said before when china banned bitcoin then miner of bitcoin moved to the united states. So so far, the huge community of bitcoin has always found a way to keep bitcoin in existence. But what if all of country banned bitcoin, we the cryptocurrency community will also find their way.

Depends, if there is a single entity that keeps on mining, the Bitcoin network will continue to process its transaction.  That is the beauty of decentralized nature.  Even if the authority banned all kind of mining, there will be someone who will go against the prohibition and keep on mining Bitcoin.  But obviously in reality, not all countries will ban bitcoin mining because bitcoin mining helps in a places where there are small demand of electricity making electricity much more cheaper.

Aside from that Bitcoin mining is helpful to the places where severe cold environment is existing.  These miners can help heating the environment in such cold places.

Banning will not affect mining, there are still many methods that can be used even if access is blocked. But as you said, there will be no ban without reason, everything must have a reason. The current government may only prohibit mass adoption but for mining and trading it is still allowed. Bitcoin will never die and this is still the beginning of Bitcoin's journey. When Bitcoin or crypto technology develops, the government will need it.

It cannot die because of regulations and bans. It can die if the encryption is broken somehow, or of its users abandon it. You can't make people stop mining, but if they decide of their own will to do so, there won't be anyone to process transactions and the network will slowly become abandoned, but an example of Luna that was a scam and its founder got himself arrested proves that it's not easy to kill a coin. Luna is still tradable and continues to have value. Do you believe that bitcoin wouldn't because of a ban?

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!

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.

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.

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,

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.

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?

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.

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