What will happen to the concept of decentralization if Bitcoin die today?

[pimkobai]

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.

[BitcoinNewbie15]

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

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.

[Quinni]

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.

[sugarpie2018]

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.

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

[CoinstarF]

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

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.

[Ilegendph]

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.

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.

[Kimchu kuno]

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

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

[Sanjida]

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.

[AliMan]

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.

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.

[BrewMaster]

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

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.

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?

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.

[South Park]

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

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.

[ResuLT]

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

[Bitcoin_trader2016]

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.

[Bitcoin_trader2016]

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.

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.

[yayat]

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

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.

[vladmamedov657]

I think, that then dies all

[A Feeder]

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.