Bitcoin Forum

While appreciating the difference between Bitcoin and Blockchain a while ago, i found out that these two are no much of a different at all.

Reasons?
The major reason is that, the survival of both are hugely contingent on the survival of Either. if Blockchain dies Bitcoin and all other coins die too. if Bitcoin dies aint sure what will happen to Blockchain.

Refresh
Blockchain was built because of Bitcoin as a digital currency. With the intention of aiding the smooth use of Bitcoin.

Now, i want to believe that Bitcoin just as man can not live with out breath of life (Blockchain). Hence, in events when Blockcahin is down, Bitcoin suffers greatly.

This is evident in many real life crypto trading scenarios. in events when Blockchain has some technical problems transaction either go to halt or resort to delay.

My thought
And so i got thinking. Since it is significantly obvious what will happen when Blockchain goes down, it is not entirely clearly what exactly will happen should Bitcoin loss it value or dies.

My question?
Will the concept of decentralization die with it because Bitcoin failed?
what will happen to people funds stored and distributed on the Blockchain?

You got it all backwards.
If the so-called blockchain technology will fail to get adopted by the industry in general, it would have absolutely no effect on Bitcoin. Why? Because Bitcoin is already stable from day one, it never failed in all these years and it is always working as intended - enabling global electronic transactions without centralized middleman.
If Bitcoin will fail, the effect it would have on blockchain industry will depend on the exact reasons of Bitcoin's failure: maybe it will be minimal or maybe it will be devastating if there are some fundamental flaws.

While i may agree with you that i may have gotten it all backward. my point is not actually focused on the "adaptability of Blockchain technology" by global industries. My point is focused on the unforeseen technical challenges that Blockchain technology might pose in future. I refer you that Blockchain technology is not absolute in its nature. The flaws incumbent in the technology, however, yet unseen may inevitably have tremendous effect on all/most  projects run on this technology. Hence my point is- a technical cliche in Blockchain technology for just a minute might amount to the loss of billion of investors fund, should that cliche is not identified and settled on time.

Obviously Bitcoin has shown quite impressive stability since its introduction. But records shows that the price of Bitcoin keep falling form it $20,000 to roughly $6000 and still falling in this recently periods.Well, i'm i saying that Bitcoin is not serving its functionality regardless its current market price? No! that's not what i'm saying...

This is what I'm... Bitcoin Obviously, over the years has faced and continue to face many global challenges which undoubtedly have had significant effect on the price of Bitcoin. But then, have this identified challenges been addresses yet? Not at all!
and so my point and question is: Regardless what will cause Bitcoin to extinct- whether elementary, apparent or emerging flaws- what will be the fate of Blockchain technology.

Prompt
Will Blockchain technology continue to thrive to support other Altcoins? or the whole concept of decentralization will die with Bitcoin?

Actually I do not know what is the possibility to happen to the concept of decentralization if bitcoin die today because I do not think about it and I think if it happen that it all gone. All the things that is connected to bitcoin will gone.

why would bitcoin die? you can't just ask a question and leave the most important part out.

if 1 person dies in the middle of street would the human race end?
did that 1 person die of heart attack or the T-Virus? the second one can end the human race :D

it is the same for a cryptocurrency too. altcoins are dying every day and nothing in the world changes. but if it is a flaw in the technology then the technology dies and everything with it.

how is decentralization and BTC related?
each coin is a particular example of a blockchain. he can die only when everyone who uses it dies.

It may fail but we now know how to do it


Genie is out of the box.

The whole concept of decentralization, it was there before Bitcoin, but to bring it to an economic standard where day-to-day activities can be achieved through decentralization with a DB is what Satoshi Nakamoto introduced and that's a very big deal. Ten years, the basic idea has spread out. There are undersea cables, same with a decentralized Blockchain, would be futile to target when it's spread across globally.

https://medium.com/opacity/bitcoin-1537e616a074

Here's also an article on how Blockchain's differ,

https://www.forbes.com/sites/briankelly/2017/10/24/why-bitcoin-matters-more-than-blockchain

You can't ignore the reasons of hypotethical Bitcoin death, because that's the key to your answer. If Bitcoin would die because it would turn out that all the consensus algorithms (PoW, PoS, DPoS, etc.) are inherently flawed, then decentralized blockchains would become impossible. There are also centralized blockchains that will probably be unaffected by it because they have some hard-coded centralized consensus. On the other hand, if Bitcoin would die because some other coins will be overall better, than there's no reason why blockchain technology should be affected.

But this is all highly hypothetical, because at the current moment Bitcoin is the best blockchain application in the world, it's one of the few that are truly decentralized and working, while 99% of other blockchains exist only on paper.

Blockchain is still remain even if Bitcoin will die today, because the experience of Bitcoin being popular is starting the same of some other altcoin, all crypto currency has determination and wanting to be a popular but some of them are did not succeed.all the adoption of crypto currency is depending upon the people which they think the better crypto for the future.

well said.
the T-virus really got me laughing.
well that aside, while i may agree with you that the death of one person will not wipe the human race. i refer you that human race is not dependent on the life of that individual. hence, his or her death will literally have little or no effect on human race.

i am not however, oblivious of the fact that many Alt coins are dying and nothing in the world has change. 

Bitcoin on the other hand is not like any ordinary Altcoin. it was purposely created to run on the Blockchain technology. therefore, would Blockchain technology (flawless) out leave its usefulness if Bitcoins extinct? or it will still serve its purpose regardless the existence of Bitcoin?

'Blockchain' is just an overrated buzzword these days. Bitcoin itself obviously relies on its blockchain, but the idea that the data structure itself is what's really powering the growth of cryptocurrency and supposed to radically change everything is wildly overstated imo.

Impressive!
That so interesting.
From this its very clear that the cause of Bitcoin hypothetical death (type of flaws in Bitcoin consensus algorithms)  will determine the magnitude of effect on Blockchain technology.
Obviously the death of Alt coin have had no effect on Blockchain technology. Hence, my hypothetical death of Bitcoin was not related to other coins overrunning Bitcoin.

Bitcoin undoubtedly is the best Blockchain application in the world. its functionality is overwhelming.

I appreciate your responses hatshepsut93. it is breath taken learning from you.
Thank you

bitcoin is the most widely known block chain because it is also the first,However,we can still have a decentralized (or several) by developing other blockchains.Bitcoin is just one of the many possibilities.

Assuming that the scenario that you are proposing becomes true even if the likelihood of that happening is very low, the whole ecosystem of cryptocurrencies will change, however the cat is out of the bag and the Pandora box is open and there is not going back, we can use the fall of bitcoin as a lesson of what not to repeat when a new and improved decentralized currency emerges.

Both will not die because no one can control it, it may just become obsolete and forgotten from some pages of the book, but the original nature will always exist in the network, and in fact Blockchain and Bitcoin is a future technology that will be very good in the future, many people are adopting Blockchain technology and at the same time for Bitcoin as well, the future development is very fast, do not think about it exactly as many years ago.

yes, blockchain and bitcoin have a very important relationship, both make the system become perfect, and work very well.

the explanation is that decentralized or blockchain systems will die if all the big investors or whales that control and dominate the bitcoin market go leave the bitcoin.

and all other negative factors will affect the bitcoin, so it will affect the blockchain, so blockchain cannot store assets and commodities properly.

   Blockchain is the technology we use and very important in cryptocurrency because it is the digital ledger in which the transactions made in bitcoin or another cryptocurrency are encoded chronologically and publicly. So,if ever bitcoin die of course the decentralization will be worthless in terms of bitcoin and other cryptocurrency but it is impossible to happen and it won't be happen as long as there is an internet we can use to make bitcoin transactions. Bitcoin will never die

Bitcoin can not just die in a moment. Even if miners cease to serve the network, new ones will appear. The concept of decentralization does not die as bitcoin is not the only currency on blockchain

I really don't see the possibility of Bitcoin dying as it has now gained more ground and adoptability than before. But should it die, I believe Blockchain and it's decentralized concept would still survive. This is because the technology as it has evolved today is not just all about Bitcoin alone, and there is a possibility that more greater projects might hook up to it in future. Maybe the global information database might later be on the blockchain too.

In my opinion, bitcoin will live and survive in  decades as I believe the blockchain technology is designed not to make any flaws in it's system and that is why until today it is doing better. Many alternative coins had adopted the blockchain technology because it had proven it's success during the start of bitcoin in the crypto market.

This is not true all of the time. There are some scenarios where this wouldn't hold up. If many (80%+) miners cease to serve the network it would have to be for a major reason. If there is a major issue with the network, or demand is rapidly decreasing, other miners wouldn't step in and start mining the Bitcoin network. If the price is crashing to zero dollars why would they? This also assumes that there are people with mining hardware on the sidelines that aren't already mining Bitcoin for some reason.

The only thing that would make something like this true is, say, if only a few miners switched off the network. If it is a small minority shutting off the miners, it wouldn't be too big of a deal. The difficulty would adjust downwards and profitability would increase for those that continue to mine.

There is a nightmare scenario where say if 90% of the hashrate were to disappear, the network would substantially slow down. It would take significantly longer to mine the next blocks and in turn, it would take significantly longer for the difficulty to adjust. This would decrease profitability for the remaining 10% of the miners and they would be mining at massive losses. If the difficulty is too high it could even be computationally infeasible for them to mine the next block. Because of this, the network would freeze completely until more hashrate was brought on board.

This is a highly unlikely scenario, but it has been postulated for quite some time now. The point of this, though, is to show that there always isn't magical miners that step in out of nowhere. Chances are, they are already participating in the network and are currently mining. There is no reason for hashrate to drop dramatically anyways though, so don't worry about it. Just keep hodling on, hash rate has been growing (and maintaining) during this bear market, and that is a really good thing! Miners have faith in BTC, no reason for them to stop believing all of the sudden. Even with a bear market.

If BTC perish, block chain technology will be replaced, then BTC and altcoin will become worthless, most people including me, bankruptcy so invested in encrypted do not want BTC to perish.

Very said.
i agree that we ought to take lessons from flaws.
I appreciate your contribution South Park.
thank you

If ever bitcoin will die today the memory still remain and it's concept appears  by taking in place of some other alts although descentralizaton of alts are came from bitcoin and bitcoin is the root causes of having alternative descendants.

The probability of bitcoin to fail nowadays is very low and so the blockchain technology but for the sake of the discussion I will give my opinion to your "if's". Blockchain technology will survive with or without bitcoin because most of the interest of companies are in blockchain technology and not in bitcoin. Speculators are the one that is much more interested in bitcoin.

Don't die bitcoin many are dependents of your good technology and chances for me to know  a good business.

We are not happen the concept of decentralization does not die as bitcoin in today.bitcoin is the most extensively close block chain because it is also the first.and I also believe he can die only when everyone stop use bitcoin.

I think the system won't die along with bitcoin so it will still be with us. For sure another system will rise and I think it will just apply the rules of decentralisation. It's a good type of ruling so I think other system will just adopt it to reach what bitcoin has done. The concept is so great so I think it will not die just like that and will still continue.

that example wasn't meant to be funny but it turned out to be ;)
what i am trying to say is that the reason is the most important thing.  that is also why i mentioned the altcoin deaths. those deaths is mostly because of lack of usability and sometimes because of flaws.
if bitcoin stops being useful and dies becaues of that then nothing will change. but if a flaw in the technology it is using is found (like a workaround the ECC or a flaw in it) then all the altcoins would die with bitcoin.

The OP gave us an scenario but it is very difficult to picture an scenario in which bitcoin just dies after all why the miners are going to stop mining bitcoin, their mining hardware is only useful for one thing and that is mining and if they stopped mining bitcoin then they will lose money as a result of their actions and they are not in this market to lose money.

The blockchain is the decentralized itself, there is no such a reason that make the concept of decentralized make Bitcoin died.

It will continue to the other coins or crypto currency and it wont stop even bitcoin die already the best thing happen in bitcoin is he already made a history and no one can ever replace that even if bitcoin will die today.

Lol! Where did you get that imaginary words you have? Even bitcoin or etherium or any other top crypto currency will die now blockchain will still remain because all crypto currency are connected in blockchain every transaction they have it will goes to blockchain.

I think Bitcoin is created after there is Blockchain. It could have been after Blockchain was not named Bitcoin, like its KingCoin or any other strange name in this world.

Bitcoin is just a name, and it's all in a strong blockchain path that can not be faked.
And I say again that Bitcoin will not die for many people who want to buy it.

I think, that then dies all :'(

In my own opinion, bitcoin will never die because many people are still hoping that bitcoin is stays and don't leave. They says bitcoin will die because of the price that going down but they wrong that is only the price of bitcoin that the whole bitcoin and because of technology to our generation bitcoin will survive.