In what situation would Bitcoin die? - page 21.

Despacito

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Quote from: weblouartisan on January 23, 2018, 10:54:23 AM

Quote from: geschtonkenflapped on February 09, 2017, 11:14:05 AM

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?

The only thing that will kill cryptocurrency is lost of interest of the people who are keep on believing in bitcoins. There are a lot of consumers who already invested tons of money in this industry so it was very far from dying and do not think about bad things on bitcoins because it will surely have a bright future and every one will earn a lot of profit.

Losing the internet connection would make the market collapse and bitcoin would die in this case. At least it would be out of service in case of a serious internet connection.

BadGuy1945

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I dont see any issue being able to let bitcoin die, there are thousands of milions invested over bitcoin, i doubt any of those companies that had reached Roi they will let the most profitable investment to die due some issue. We are facing the split of opinions at the core, something that damage bitcoin, but this were inevitable, since we are different.

lordpidey

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There are many different situations and aspects for bitcpin to die. First one when all bitcoins are mined : Now we all know bitcoin has a supply limit so after all bitcoins are mined people will start selling their coins as price growth will be low and mostly by 2060 it will be over.
Other thing that can happen is countries banning the use of bitcoin or actually holding any coins or in online wallets.

weblouartisan

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Lets Go Adab

Quote from: geschtonkenflapped on February 09, 2017, 11:14:05 AM

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?

The only thing that will kill cryptocurrency is lost of interest of the people who are keep on believing in bitcoins. There are a lot of consumers who already invested tons of money in this industry so it was very far from dying and do not think about bad things on bitcoins because it will surely have a bright future and every one will earn a lot of profit.

baho11

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Bitcoin base on the developer and mining network. Since, we have the developer and miner working collectively, there's no reason why bitcoin will die. Therefore, one of the situation which could make bitcoin actually die would be if nobody was willing to operate the mining infrastructure or developing a new software.

DevilSlayer

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Quote from: geschtonkenflapped on February 09, 2017, 11:14:05 AM

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?

Bitcoin will die if the people will stop to patronize the bitcoin. I am really sure that bitcoin will die in that situation but I think it is really impossible because I know that people will not stop patronizing bitcoin because bitcoin has many benefits to the society.

lfc_san

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Quote from: geschtonkenflapped on February 09, 2017, 11:14:05 AM

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?

I think bitcoin security affects the continuation of the bitcoin because if it is not secure then the customers will no longer believe in bitcoin. The next effect is bitcoin will be sold on a large scale and no one bought it again.

seoincorporation

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Quote from: geschtonkenflapped on February 09, 2017, 11:14:05 AM

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?

There are multiple situations where bitcoin can disappear, but all there are in relation to a lot of other stuff going on. Let me explain myself: if there is a really great attack on the internet, maybe all transactions could die, as well as a lot of other uses of the internet. If internet falls for a couple of hours, will be the same when it restarts again?

What I mean is: Cryptocurrencies are a part of the internet. They are here to stay. They can’t be just banished, they can’t disappear. Humanity already has created it as an important part of how we see the internet, transactions, money, fees…

So, the only way I can imagine cryptocurrencies can disappear is doing so along with the whole system.

Nyenyepogi

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For me the only ways bitcoin would die as a currency is one: if it loses all of its users, and two: if the whole world bans the usage of it. This would either illegalize the bitcoin world or it would demonitize the value of bitcoin, rendering it useless. We just have to hope we stay patronizing bitcoin as it is today and no more government would ban the usage of it.

DoublerHunter

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Quote from: Janation on January 23, 2018, 04:18:44 AM

Quote from: Mrsun78 on January 23, 2018, 04:05:55 AM

There will be some reasons but most probably value decrease and government legalization issues. hope it will not happen though.

I think government legalization will not be a problem since there are a lot of people that say that even Bitcoin is banned in their country, they can still use it as an investment online but just can't use Bitcoin in their country. Value decrease is happening mostly, and I think a lot of investors are taking it as an advantage since they want to invest on it. If there is something that will bring bitcoin to die, I think that will be no development and no upgrade for Bitcoin.

That is one of the major possible situation to happen that will make the life of bitcoin to an end. If there will be no development or even upgrade for bitcoin then it will be impossible for bitcoin to just continue living. I think that the banning of the government will be a huge thing in the future because even though they can still use it, they will be having hard time in using it which is just useless because you will experience difficulties too in cashing it out because of the law that the government implement to a certain country.

Janation

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Quote from: Mrsun78 on January 23, 2018, 04:05:55 AM

There will be some reasons but most probably value decrease and government legalization issues. hope it will not happen though.

I think government legalization will not be a problem since there are a lot of people that say that even Bitcoin is banned in their country, they can still use it as an investment online but just can't use Bitcoin in their country. Value decrease is happening mostly, and I think a lot of investors are taking it as an advantage since they want to invest on it. If there is something that will bring bitcoin to die, I think that will be no development and no upgrade for Bitcoin.

maikelujang

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Well, maybe when the situation began to lose confidence in the bitcoin users. people tend to leave bitcoin, because bitcoin is no longer provide benefits to users. but, I think it will not happen, because bitcoin will always provide many benefits to the users if we use it properly.

Mrsun78

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There will be some reasons but most probably value decrease and government legalization issues. hope it will not happen though.

Taskford

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Bitcoin can easily die if the government will have an order that the bitcoin and other cryptocurrencies will be no longer allowed to their country and that will become the start for the cryptocurrency to die and have its end and that is my main reason why i am not putting all of my money into cryptocurrencies because there is still chances that they could die.

JPCain

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It depends what you mean. You are seeing a lot of FuD at the moment. There will always be a demand but it depends on if it can continue to grow.

If there's no money in it for miners that would be an issue.

Pamela Jobelle

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That could be much more dramatic, because it's very probable that there would be still people trying to use it. Although in this case if the bug can be solved, the blockchain can be started again, although there would be, for sure, a big price crash. There are some countries still don't legalize Bitcoin and they even admit that the person who invest Bitcoin is a criminal. If Bitcoin is ban in every country, it will be an extinction of Bitcoin. However, it is impossible and it won't happen in the future.

fizzylizzya

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In the situation where there's no one would touch this bitcoin = zero demands. or when there's no internet connection anymore in this world (that is kinda impossible). or bitcoin holder is dumping their coin so the market is flooded with supply when less demands. or maybe when bitcoin bubble has popped. kinda impossible that bitcoin will died.

deviltasha

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One of the main reasons could be political decisions of governments, if they will ban bitcoin, or set restrictions to it, which will influence the market.

boakyei

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Bitcoins will die if miners stop mining and confirming transactions. Though government can be though on bitcoin holders but if miners and holders still have interest in it,it will be hard for bitcoins to vanish completely.

Pasadoble

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I think main reason will be low demand, and low demand itself might be caused by different other issues, fore example legal issues.

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