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Author Topic: In what situation would Bitcoin die?  (Read 94341 times)
Fatanut
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March 11, 2017, 12:06:58 PM
 #301

Bitcoin has already been spread to different parts of the world, only it will die when governments will ban in the online industry.
Once people stop using bitcoin and once people stop mining the bitcoin, it will automatically die.
So no trades, no mining, it will raise the difficulty in transferring the coins.

Take online gambling as an example. A lot of countries don't allow younger people to gamble and some prohibit online gambling. Have you seen anyone that got to jail because of that? I've never seen one. It's because it's online, it's hard to trace people especially if your government don't have a big cyber army.

People wouldn't just stop using bitcoin because the government said so. Once people stop mining, or at least the major miners, people will start mining at their homes since it's their chance to shine. That makes bitcoin even more decentralized.


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March 11, 2017, 12:14:42 PM
 #302

I think it will be the legality issue that will be a problem first but would not kill bitcoin, it will still go on. The thing about the new development of a new coin that will surpass bitcoin will take more years. We know it is too good now and cant be replaced just like that, add up the high value of it now.
Back to legality, almost all countries wont accept it and others just regulate. How many years have bitcoin been here and yet not a lot changed regarding countries accepting it.

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March 11, 2017, 12:18:17 PM
 #303

Bitcoin has already been spread to different parts of the world, only it will die when governments will ban in the online industry.
Once people stop using bitcoin and once people stop mining the bitcoin, it will automatically die.
So no trades, no mining, it will raise the difficulty in transferring the coins.
Bitcoin banning can become real problem to it indeed. I think in the case of high price like 5000$ per 1 BTC government can count bitcoin as something dangerous, something that passing the system without paying taxes to the exchequer. Or to call the banning as antiterror method, cause of all transactions are providing with unknown users and who knows where this money goes.
So, cause of the risk of banning bitcoin I am on the side of those people who don't want the price rise too high.
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March 11, 2017, 12:23:15 PM
 #304

Bitcoin will die if the government officially declared it as illegal. In other ways, it may die if an altcoin replaces it but for me it is impossible because BTC is powerful and strong. There are many happenings that can affect the trend of bitcoin like having a fix value, investors will stop from adopting cause they can't make profits anymore in trading...

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March 11, 2017, 12:29:00 PM
 #305

Bitcoin has already been spread to different parts of the world, only it will die when governments will ban in the online industry.
Once people stop using bitcoin and once people stop mining the bitcoin, it will automatically die.
So no trades, no mining, it will raise the difficulty in transferring the coins.
Bitcoin banning can become real problem to it indeed. I think in the case of high price like 5000$ per 1 BTC government can count bitcoin as something dangerous, something that passing the system without paying taxes to the exchequer. Or to call the banning as antiterror method, cause of all transactions are providing with unknown users and who knows where this money goes.
So, cause of the risk of banning bitcoin I am on the side of those people who don't want the price rise too high.

Do you think its also the reason why some men here only expect BTC to be on the $1300 and it can not exceed that value anymore?
I'm hopeful that BTc can rise more than $2000 but even this value is going to attract the attention of the government. They might want to check every addresses if they can track who owns millions   so IRS will sort things and get what is for them.

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March 11, 2017, 12:46:49 PM
 #306

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

it will happen if people doesnt spend bitcoin, if they will continue to keep it without investing it in any site and if they doesnt spend it, I think it will die.


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March 11, 2017, 12:59:47 PM
 #307

See this kind of thing to happen,
Is almost next to impossible,
But still for the sake of understanding let us consider that something like this might happen.
The possible reasons may be-
1) All the major bitcoin owners just stop using it and just keep it in their USB.
2) There may be some better technology than bitcoins that might show up with the passage of time.
3) And the third and the most obvious is that with the Extinction of human race bitcoins will also die. Smiley
4) Security organisations might recognize Satoshi and get to know all the loopholes of the programing of bitcoins by him.

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March 11, 2017, 01:04:39 PM
 #308

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

it will happen if people doesnt spend bitcoin, if they will continue to keep it without investing it in any site and if they doesnt spend it, I think it will die.
I think it is impossible for other people to don't use their bitcoin because if they do it for at least short time then it will affect the market  and the price will spike up because of shortage of supply and i think the shortage will eventually solved because bag holders will unload their bags because of the price and that is the reason why holding bitcoin for a lifetime by people is not possible.

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March 11, 2017, 01:07:53 PM
 #309

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
I predicted when bitcoin can not make our lives easier then bitcoin will not be used. because the initial goal a digital currency is to facilitate financial transactions. as is the case today that the delivery time bitcoin are experiencing delays, it should be immediately solved the problem.



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March 11, 2017, 01:11:03 PM
 #310

Bitcoin will die if the government officially declared it as illegal. In other ways, it may die if an altcoin replaces it but for me it is impossible because BTC is powerful and strong. There are many happenings that can affect the trend of bitcoin like having a fix value, investors will stop from adopting cause they can't make profits anymore in trading...

i don't think that after getting illegal, bitcoin will die because i am sure that bitcoin user will search another way to use and spend bitcoin in other way so they can still have bitcoin. like what we can see in darkweb, there are many people use for illegal and imagine if bitcoin is only available in darkweb, maybe bitcoin will be reduce the amount of user.

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March 11, 2017, 01:33:56 PM
 #311

Bitcoin will die if the government officially declared it as illegal. In other ways, it may die if an altcoin replaces it but for me it is impossible because BTC is powerful and strong. There are many happenings that can affect the trend of bitcoin like having a fix value, investors will stop from adopting cause they can't make profits anymore in trading...

i don't think that after getting illegal, bitcoin will die because i am sure that bitcoin user will search another way to use and spend bitcoin in other way so they can still have bitcoin. like what we can see in darkweb, there are many people use for illegal and imagine if bitcoin is only available in darkweb, maybe bitcoin will be reduce the amount of user.
Everyone who have been making an earning or profiting through bitcoin surely search for an alternate way to continue using bitcoin. Even in the past bitcoin was used much in the darkweb, but in a short it got used in the open Internet. If entire governments make plan to vanish bitcoin too, the probabilities were very low.

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March 12, 2017, 03:18:14 PM
 #312

There are infinite cases for bitcoin's dead, such as someone finds out how to cheat bitcoin, hack bitcoin from the richs, or people don't trust it and do not use it anymore,...
The value of bitcoin depends on how much people care about it.
There are infinite announcements that bitcoin was dead but btc still raising everyday. You should take it easy, bitcoin cannot be dead. Don't care about annoucement of bitcoin's dead and make yours trades Smiley

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March 12, 2017, 03:47:51 PM
 #313

There are many possible situation would bitcoin die. First, bitcoin users or the community. If we stop using bitcoin it will turn to dead, according to research we are the reason why bitcoin still alive because no one controls it. Like altcoins if the currency is infamous or if the stop using that it will dead, the price will will slowly downing until it became dead. Second, if the bitcoin reach its limit 21 million and I don't know if theres a way to extend.

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March 12, 2017, 04:06:39 PM
 #314

There are many possible situation would bitcoin die. First, bitcoin users or the community. If we stop using bitcoin it will turn to dead, according to research we are the reason why bitcoin still alive because no one controls it. Like altcoins if the currency is infamous or if the stop using that it will dead, the price will will slowly downing until it became dead. Second, if the bitcoin reach its limit 21 million and I don't know if theres a way to extend.
Well, it is unlikely to happen dude. The number of people using Bitcoin keeps increasing day by day. The situation for Bitcoin to be elimated will not happen in the next 200 years. 21 millions is the good way to stop the inflation. If Bitcoin continue to increase, the prices will definitely go down and it will totally destroy Bitcoin.

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March 12, 2017, 05:31:33 PM
 #315

Bitcoin would die when users stop using it and stop believing bitcoins, when people don't trust bitcoin then no investor want to invest their money in bitcoin and as a result the price will drop or decreasing and gradually it will reach the minimum price which is not attractive so people stop using bitcoin. But i don't think so that this will happen because bitcoin is becoming popular day by day.

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RENATA612
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March 12, 2017, 05:37:09 PM
 #316

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

I guess that makes bitcoin die slowly when the user is bitcoin is not there anymore. when the overall legality if bitcoin tdak legal world, it also will make bitcoin so dead.
TheGodFather
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March 13, 2017, 10:00:30 AM
 #317

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

When all of us stops using bitcoin as a currency, when users stops investing using bitcoin, if miners stops mining bitcoin, and if Bitcoin stops from moving. Theres a lot of things to be done to kill Bitcoin. But the question is, when ? When will bitcoin Die ? No one knows, but as long as the bitcoin is still intact with the society, if the bitcoin is still accepting as a method of payment, theres no need to worry about.


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Minimii
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March 13, 2017, 10:05:40 AM
 #318

It will not die, even if government makes it illegal they still don't have control over it, right?

If they want to try take control they will need to buy up the whole amount of the existing Bitcoins. Which will be a bit of a problem as Bitcoins is still being made, and in that case they will push the price up ALOOOT which means miners all around the world will become super rich.

Doubt this will happen guys, though if they make it illegal it will become less popular (of course) but that doesn't mean it will die, right?

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March 13, 2017, 10:07:14 AM
 #319

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

When all of us stops using bitcoin as a currency, when users stops investing using bitcoin, if miners stops mining bitcoin, and if Bitcoin stops from moving. Theres a lot of things to be done to kill Bitcoin. But the question is, when ? When will bitcoin Die ? No one knows, but as long as the bitcoin is still intact with the society, if the bitcoin is still accepting as a method of payment, theres no need to worry about.
Yeah right, as long as there are still people who keeps believing and they are still doing the cycling we dont need to worry it will only happens if wvwryone stops if they are big concerned which will stake the industry of cryptocurrency we just all need to support the flow.

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Minimii
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March 13, 2017, 10:35:25 AM
 #320

But what is the defenition of Bitcoin being dead? Just no miners and no buy or sell power? Who desides what the defenition are as it will always be available it's just up to us, the people.

It will never die in my defenition atleast.

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