Topic: In what situation would Bitcoin die? - page 112. (Read 101822 times)
If the demand decreases in numbers, i think bitcoin will die because no one will buy bitcoin and everyone has been panic selling and yet no one demanded to buy. No profit will be circulated to digital currency market, and the price will not move; economy of bitcoin could possibly die.
BTC would definetly die when Electric Energy wouln't be available at any Time/any given Place.
In Addition to that i wonder what would happen when Electric Energy would 3x-5x their price.
I'm not sure wheter BTC would adopt or BTC would just die out because its not worth the mining anymore.
To be honestly i don't think a government could "forbid" someone to use BTC's.
This can't be declared illegal. The only thing that could happen would be that BTC wont be accepted Online..
But "killing" BTC with regulations and laws is not possible, i think.
In Addition to that i wonder what would happen when Electric Energy would 3x-5x their price.
I'm not sure wheter BTC would adopt or BTC would just die out because its not worth the mining anymore.
To be honestly i don't think a government could "forbid" someone to use BTC's.
This can't be declared illegal. The only thing that could happen would be that BTC wont be accepted Online..
But "killing" BTC with regulations and laws is not possible, i think.
in case of world catastrophe and power shut down it could happen. Or if it starts to cause to much trouble to economy and it would get banned.
But we are living in a time where Bitcoin is possible and there aint lot of things that can stop it. But this is a wide , cosmic view on this question, not a real scenario
But we are living in a time where Bitcoin is possible and there aint lot of things that can stop it. But this is a wide , cosmic view on this question, not a real scenario
If the transactions will be slower and slower and if that happens then it means that the miners are getting few and the foundation of the network will be weaker and weaker and that will be the start for bitcoin to die because there nothing who supports bitcoin and maybe bitcoin users will transfer to another and better coin.
When the bitcoin block reward is over and only transaction charges are paid out to miners then bitcoin will die. To fix this they will need to add a tail emission to each block, thus breaking the 21 million limit. Otherwise all of those large mining farms will be turned off as overhead will cost more than what is being mined
I don't see much plausibility behind this claim
If miners are not happy with just the fees they receive for confirming transactions, they may leave. And if many of them leave the mining difficulty will readjust in a matter of a few weeks and the fees that the miners which decided to leave will go to remaining miners thereby boosting their earnings. Since it is highly unlikely that all miners (or the best part thereof) are going to leave simultaneously, the adjustment will go smoothly and mostly unnoticed
How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
I don't think the bitcoin would die in any reason and even the most pessimistic thinking. As what you see, the bitcoin is (maybe) prohibit in some country but still stands in high value and increasing day-by-day. In case of disaster, there are some attacks to bitcoin mine, then ALL of the mines are broken down so the bitcoin will not be transferred, stop immediately... but how can it happen? Other hand, cryptocurrency will shut down if the internet is no more, and yes, that is another impossible instance. nowadays, bitcoin is the main coin thats used to valued other cryptocurrency, thats mean bitcoin is the best option that people choose to use, and if there are any new coin knock the bitcoin down, that coin have to be very strong,...
When the bitcoin block reward is over and only transaction charges are paid out to miners then bitcoin will die. To fix this they will need to add a tail emission to each block, thus breaking the 21 million limit. Otherwise all of those large mining farms will be turned off as overhead will cost more than what is being mined.
Bitcoin could die if there is no one left who uses it. Until at least one person uses it, Bitcoin can't die. So obviously Bitcoin never die 
Of course that is not true. Bitcoin would probably die if there will be just a few users, like 10 to 100, if they are not having the complete sum of bitcoin and making it circulate between each other. And even if they keep circulating it it wont have the same value. Where will they spend bitcoin if they are the only users of it? Complete world is not using bitcoin and just a few of them are doing, and bitcoin would start dying from price day by day as there will be no demand and supply at all.
Will die when a solar storm creates an huge magnetic field and leave the world without electricity. Then Bitcoin dies, banks and the world as we known. haha Something unlikely to happen in the short-term
Honestly, besides people en masse across the world not having internet, the only other "killer" scenario I can think of is a massive confidence shift due to an epic bug, for example. Like ETH, despite the innovation, once people got scared their funds weren't safe, they got out. If bitcoin developed a serious exploit of this nature, we would see flight into other well established cryptos, however, not complete abandonment of the market.
Bitcoin has been there for years and there was no exploit so far. I don't think you should worry about bitcoin developing an exploit since you're not the only one that's going to be affected. I'm pretty sure if they are going to patch something or they are going to update the bitcoin network, they are going to try it out somewhere else for hundreds of times until they know that it's perfect. They don't just update things especially when it's on the Internet, when people are relying on it, and when money is involved.
Honestly, besides people en masse across the world not having internet, the only other "killer" scenario I can think of is a massive confidence shift due to an epic bug, for example. Like ETH, despite the innovation, once people got scared their funds weren't safe, they got out. If bitcoin developed a serious exploit of this nature, we would see flight into other well established cryptos, however, not complete abandonment of the market.
Some altcoins died due not having no user base. As for bitcoin, i doubt there would be a dead end. The volume of BTC trading speaks volume.
Suppose bitcoin is not supported by altcoins, whether the volume is still much?
Bitcoin will be limit after 2020. And at that time, many big companies are trying to control total of amount present, they will begin to make a monopoly (in trade). No doubt, it was a moment bitcoin will die. Have you ever thought about it?
I have thought about it and because of btc scarcity, the price will go higher. the fact is that btc is not simply a financial tool. blockchain technology can be used in other areas too. Bitcoin tech doesn't solve only the issue of mistrust, it completely omit the the third party services (any kind of) thus there is no more need about trust among any kind of transaction between two parties. This is simply an opinion, of course. we still have to see the other uses of blockchain tech. It's very easy for example to use blockchain tech in voting systems, for example. no more rigged election and no more dead people voting hahahaha
Dead people may want to vote too
But this is a nice idea, after all. Though I don't think that any government would ever agree to that, especially such rogue governments as Venezuelan. Further, their disagreement may well be an indicator of overall corruption and rogueness. If you ask me, I think Switzerland comes closest to having the most fair election system. On the other hand, it is still debatable whether democracy is the best system out there (personally, I opt for meritocracy)
Bitcoin would only die if everyone would stop using it or buying it,
In short if there is no demand for it bitcoin would be worth nothing.
I think it will never happen.. since bitcoin still have a value and if you think it can be worth nothing its impossible we are too many to dont use bitcoin.. In short if there is no demand for it bitcoin would be worth nothing.
The possible that i think bitcoin can be die if the whole blockchain was hacked and penetrating and destroying the system can be affected the bitcoins life and push it to die..
Whats been said is a reason that bitcoin will never disappear. One thing that I believe, till the day we have internet connectivity the digital currencies won't die. Day by day the development in the connectivity is getting improved in a better way than going downwards. Even in countries where the economic growth is not upto the mark too gaining improvement in the connectivity. So bitcoin will live forever.
Some altcoins died due not having no user base. As for bitcoin, i doubt there would be a dead end. The volume of BTC trading speaks volume.
Suppose bitcoin is not supported by altcoins, whether the volume is still much?
Bitcoin will be limit after 2020. And at that time, many big companies are trying to control total of amount present, they will begin to make a monopoly (in trade). No doubt, it was a moment bitcoin will die. Have you ever thought about it?
I have thought about it and because of btc scarcity, the price will go higher. the fact is that btc is not simply a financial tool. blockchain technology can be used in other areas too. Bitcoin tech doesn't solve only the issue of mistrust, it completely omit the the third party services (any kind of) thus there is no more need about trust among any kind of transaction between two parties. This is simply an opinion, of course. we still have to see the other uses of blockchain tech. It's very easy for example to use blockchain tech in voting systems, for example. no more rigged election and no more dead people voting hahahaha
Another crypto overtaking its market cap
But I guess it is impossible that another Cryptocurrency would just come up out of the blue and will replace bitcoin, maybe it can, but it would be hard for this to happen. Bitcoin is already living for almost 9 years, and yet no Altcoins can replace it and overcome bitcoin for its being superior to all the coins out there in this Cryptocurrency world. It's solidity can't be easily broken, because bitcoin's have us, and we are not going to let that happen, that time would come and bitcoin will die because another crypto would replace it, and after bitcoin died then this certain coin will be just a Scam?
The worst enemy of Bitcoin is Bitcoin itself
What I mean to say is that Bitcoin may get replaced though not for the superiority of some other cryptocurrency but rather through the lack of its own development, if it gets stuck where it is now. After all, Bitcoin is the king because it was the first coin to use a decentralized approach to the issuance of new coins into circulation as well as confirmation of payments. All other cryptocurrencies are doing basically the same, so they can't even pretend to make or be a revolutionary step forward beyond what Bitcoin has already achieved. That's mostly why all other potential Bitcoin killers failed miserably at delivering on their promises
How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
Bitcoin may become too expensive
I understand that this is highly debatable but still. If Bitcoin costs, say, 10k dollars per coin (let's remain realists here, more or less), people may not be very inclined to buy it. After the hike always comes the plunge, but in the latter case, the price going down will not cause enough interest to go up again (as it happens today). So, after attracting max interest at the top, the hype and hysteria will subside, and Bitcoin may start going down the hill
Some altcoins died due not having no user base. As for bitcoin, i doubt there would be a dead end. The volume of BTC trading speaks volume.
Suppose bitcoin is not supported by altcoins, whether the volume is still much?
Bitcoin will be limit after 2020. And at that time, many big companies are trying to control total of amount present, they will begin to make a monopoly (in trade). No doubt, it was a moment bitcoin will die. Have you ever thought about it?
Some altcoins died due not having no user base. As for bitcoin, i doubt there would be a dead end. The volume of BTC trading speaks volume.
Bitcoin would only die if everyone would stop using it or buying it,
In short if there is no demand for it bitcoin would be worth nothing.
I think it will never happen.. since bitcoin still have a value and if you think it can be worth nothing its impossible we are too many to dont use bitcoin.. In short if there is no demand for it bitcoin would be worth nothing.
The possible that i think bitcoin can be die if the whole blockchain was hacked and penetrating and destroying the system can be affected the bitcoins life and push it to die..
If Bitcoin doesn't get a revamp or some surplus update, the 21,000,000 supply will likely be the death of BTC long term. In no way are users able to continue growth if they can't get anywhere when the full amount has been transferred into a large split.
Wallets have the largest supply, but if some small amounts are to be split and never used by millions of inside inactive desktop wallets, this'll eat up its use.
Wallets have the largest supply, but if some small amounts are to be split and never used by millions of inside inactive desktop wallets, this'll eat up its use.
Jump to: