Bitcoin Forum

Hey! What do you think would happen if BTC "died"?

I don't think it will but just play with the thought.

Only because BTC would die doesn't mean cryptocurrencies would die. I actually think LTC would take over.
People would panic and sell all their LTC, I'd put my miners there (people will stop mining too since it's not profitable) and start buying LTC.
Price of LTC will skyrocket in 2-3 months when people see that the cryptocurrency isn't dead, just the "main"-currency.

FIAT-currencies has died before too but that didn't mean the whole country died. It just went down for a time.

I would say LTC is as big as BTC already (worth less but almost as known as BTC).

Bitcoin will die one day, it's 100% sure but that could be in 1 year, 5 years, 10 years... Nobody knows. The first cryptocurrency is not perfect, I mean god damnit the professional alt-coins released today isn't perfect.

Cheers!

BTC will never die as long as there is several peers...

i guess something like this on a greater scale but decentralized on the planet (unless we'll organize a big funeral-party):
https://en.wikipedia.org/wiki/Jim_Jones#Deaths_in_Jonestown (https://en.wikipedia.org/wiki/Jim_Jones#Deaths_in_Jonestown)

its not going to dead if you want to kill this then first kill this Internet then may be this also dead 

Other coins will pass it but it will always be there IMO

Bitcoin will eventually die.. Once the 21 million bitcoins are produced, the price will skyrocket, once it skyrockets, only a handful few would actually be able to invest in Bitcoin. I don't see Bitcoin having much of a future, after say 2018 or so.. Another Alt-coin with an actual purpose, such as being able to use it buy to groceries or a videogame in real life at a store will take the lead...Open up your eyes guys.

Bitcoins primary purpose is being AN INVESTMENT. (It's 10 minute block time makes it highly impractical to be used to buy, say clothes at a retail store, or coffee at starbucks....)
Other alt coins will become number 1 when they have actual real world purposes.

Bitcoin could die if there was a serious problem with the protocol.  Something like the current transaction malleability that defies and easy work around (as is the case here).  However, as tornstaf said, I can see it moving to a reserve type currency status where it becomes too valuable with too long of a confirm time, to be used in common transactions.

Ironically, that is an area where the much malaigned DOGE could come in handy.  Without a hard cap on the number of coins, people should be much more willing to actually spend it.  It has faster confirm times and so I can easily envision a system where people HOLD BTC but USE DOGE (or something along those lines.)

I think BTC has been way more successful than anyone ever anticipated.  It will be interesting to see if the Foundation can make it work under the stress of broad (potential) adoption.

This is nonsense. I bought the HumbleBundle with BTC and got it right away. Nobody needs to wait n-confirmations for a coffee at Starbucks, and otoh people want very strong security for large transfers.

Not sure if LTC would take over, but another altcoin will.

we can always agree to do a hard fork where the 10 minute block reward gets split by 10 and then bitcoin has 1 min confirms...

Now plenty of other alt coins. But once bitcoin die all others will follow suit. My prediction is bitcoin will not die for another 5 years.

Bitcoin mining may die, but trading will continue.

Betacoin will be the King as it deserves it :) ::)

How can Bitcoin die? this is a silly question. The world uses it. If it were to die that would mean that all of us are dead first, hence no one to use it.  ::)

Planet killer comet/astroid impact is my prediction for when Bitcoin dies.

well the price has drop a lot but it will raise
if someday dies another coin would take over
the world of cryptocoins will live forever ;D

Is this easily possible? Would it also be possible to change the max quantity to lets say 21 billion by simply moving the colon by three digits? Actually messing around with milli and micro bitcoins is too annoying imo.

no..if btc die..that mean ltc will die after pretty soon...may be the most secure coins will be the quark base coins stand still :)

The price skyrocketing will only make the currency more stable - the fact we can divide them up so much means they'd need to go up by a factor of about 10000 before it became impossible to divide them up enough to express the smallest real world amounts such as 1 cent/pence, so we have until then at least. And if/when that happens, people will just use BTC as a 'gold' currency, with other currencies like LTC/DOGE being the 'silver'/'bronze' currencies.

I think the more-likely threat to BTC would be legislation (which would apply to all exchanges) - we've already seen minor dents in the price after China and Russia made their announcements. Other more 'western'/capitalist countries are much more tolerant at the moment, mostly because it takes a lot of effort to push through legislation and most of the politicians aren't that aware of BTC. Eventually, however, as the total volume of trading increases, the government will want a slice of the pie and demand taxation. It will become worth their effort to pursue the main traders. How do you tax something that is effectively anonymous? They'd go after the exchanges and any companies selling real-world goods and services for virtual currency.

If virtual currency is going to survive in the LONG term then it must be possible to effectively tax it, or the governments will see it as a threat and outright ban it.

They will initially tax it by demanding trade information from the exchanges, in much the same way as they currently do with stockbrokers to enforce capital gains tax. If/when that happens I'd expect the value to drop quite a bit, and people would be much more interested in spending their BTC on goods/services directly rather than exchanging for USD or whatever. When that happens the government will start demanding that businesses provide detailed BTC trade information.

All this speculation relates to all online currency, not just BTC. Any laws/taxation will be worded in such a way as to apply to ALL currencies, for future-proofing.

Personally I'll hold on to some LTC (as it is by far the main contender to BTC in terms of 'market capitalisation'), and DOGE because it is another main contender, and LTC tends to track BTC value VERY closely (so whatever tragedy befalls BTC will also impact LTC), whilst DOGE seems to go up and down fairly independently of BTC

Riots I hope. Otherwise, total enslavement.

you are predicting for 5 years but I can say its not going to die in next 50 years because its a future currency  ;)

The biggest threat to BTC is the 51% attack, as huge corporations and very rich people already have tons of high tech computers mining Bitcoin everyday, the threat of a 51% attack is not that far in the future. That is the ultimate fail for Bitcoin, as new better alt coins will take up the lead.


Bitcoin serves no real purpose in Real Life, 10 minute block time is extremely impractical, that's why many Real life business don't accept bitcoin for small purchases.

Bitcoin's main job is a means of investment, with only 245k people worldwide having at least 1 bitcoin in their wallet.

Bitcoin is very vulnerable, especially to a 51% attack, compared with other Alt coins

Bitcoin has had a 6 year start, or rather 2 and a half year start compared to other alt coins such as Litecoin etc etc

Bitcoin's price can fluctuate unknowingly/uncontrollable such as when it dropped from over 600 usd to under 300 usd in a matter of hours on Mt.Gox. That's also a reason real world business Do Not Accept Bitcoin as a means of payment(They don't want you to spend 1 bitcoin buying a laptop worth 700 usd for example, and the price of bitcoins crashes the next day to under 200 usd, that'll mean they lost over 500 usd)

OVERALL DIAGNOSIS: Bitcoin is doomed to fail...soon (anyone saying otherwise is either 1) Investing their money in Bitcoin, an admirable short term way to make money with Bitcoins fluctuating prices, from 200usd to over 1k usd in a few hours sometimes such as in November.. or 2) Delusional.)

Open your eyes, new better Alt coins are being thought of are worked on everyday, they are the future of virtual currency, Not Bitcoin.

I think BitCoin will die... This kind of challenges are not good for such a mature coin.
Today it took 8 hours to get my transfer fully confirmed with 0.005 BTC fees... Was my fee too low or why on earth it took so long.

The coin I see the most potential nowdays is WorldCoin. It has proven no matter what challenges it faces, it will last and survive.

When speculators enter the alt market for their trades, they convert their fiat into... Doge...Nxt...MaxCoin...Litecoin...Vertcoin...HBN? No, Bitcoin. Bitcoin is the gateway to the rest.

Oh, and if Bitcoin price falls, that's an easier entry for people with fiat! If my same 1000€ or Goldman Sachs $1B buys more BTC, that means more alts, more flexibility and volatility, higher chances of profit! "My", so to speak, because I don't speculate with fiat. If Bitcoin fails, other coins can't stand on their feet alone.

As said before, nobody needs n-confirmations for a cup of coffee. I got some PC games and didn't need confirms. Small items do not need them!.

Regarding the 51% attack, it's not needed. All it takes is being banned/criminalized by law, a SWAT team to force who's-who in Bitcoin to make destructive changes at gunpoint, or hacking whatever distributes Bitcoin software. The day it happens, you will be worried with much more than cryptos either way.

Edit: nowhere I'm suggesting anyone to hold all your crypto-money in BTC, that's just my opinion. Be careful   :)

All the miners of the planet will unite under Betacoin and this fabulous
cryptocurrency will take the credits it deserves  ::)