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Author Topic: In what situation would Bitcoin die?  (Read 101257 times)
gordoh
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May 16, 2017, 03:23:58 PM
 #1001

I think the outrageous transaction costs and the slow transfer times is causing serious harm to Bitcoin. I don't think it could possibly die but its flaws are starting to become obvious. There might be room for another coin to take over if this gets worse.
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May 16, 2017, 04:56:50 PM
 #1002

I think the outrageous transaction costs and the slow transfer times is causing serious harm to Bitcoin. I don't think it could possibly die but its flaws are starting to become obvious. There might be room for another coin to take over if this gets worse

This is not a big issue so far

At least, not as big as it could be in the future and not a big issue as long as Bitcoin price continues to increase. Indeed, you can claim that the price might have been a lot higher if not for these drawbacks and shortcomings, and I will likely agree with you (if only purely hypothetically). In practice, though, we have what we have and changing things (which could be construed as directed toward fixing these issues) might (potentially) cause new problems, perhaps even more severe, and then you would be happy that you stayed with "old" Bitcoin. At least, as long as its price continued to rise

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May 16, 2017, 05:07:23 PM
 #1003

Can someone please explain to me what is meant by "die"?  Disappear totally? Out of usage?

That's what I think the word die should mean.

The only scenario I can think of outside of end of the world scenarios is if a huge bitcoin crash of 95% or more leads to a similar amount of mining systems coming offline due to no longer being profitable enough to pay for even electricity in cheap electricity areas. This would cause confirmation times to skyrocket and unconfirmed transactions would increase more than it is now. What would follow is a panic where everyone is selling and eventually the price could get so low the mining difficulty will more or less never adjust and everyone quits bitcoin.

That's the only realistic scenario I can think of but there are many flaws to it too such as people that mine for altruistic reasons, people who don't pay for electricity etc, so it should always be possible to fix these issues within a reasonable timeframe.
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May 16, 2017, 05:33:18 PM
 #1004

Can someone please explain to me what is meant by "die"?  Disappear totally? Out of usage?

That's what I think the word die should mean.

The only scenario I can think of outside of end of the world scenarios is if a huge bitcoin crash of 95% or more leads to a similar amount of mining systems coming offline due to no longer being profitable enough to pay for even electricity in cheap electricity areas. This would cause confirmation times to skyrocket and unconfirmed transactions would increase more than it is now. What would follow is a panic where everyone is selling and eventually the price could get so low the mining difficulty will more or less never adjust and everyone quits bitcoin.

That's the only realistic scenario I can think of but there are many flaws to it too such as people that mine for altruistic reasons, people who don't pay for electricity etc, so it should always be possible to fix these issues within a reasonable timeframe.

Then smart people would start buying all of it up for cheap and start mining. Bitcoin will never end.
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May 16, 2017, 06:01:03 PM
 #1005


Maybe bitcoin will die if everyone stops using it and think about it but I see otherwise bitcoin is even more popular out there and there is the possibility of bitcoin in the future will be more useful for any needs.

yes i don't  think that the users of bitcoin will stop using bitcoin because the users of bitcoin is increasing very much and with the passage of time the bitcoin is gaining more and more popularity, people are using bitcoin for many purposes such as they are using bitcoin as employment, investment, trading and for many other purposes and also the services of bitcoin will be increasing in future much more, so i don't think that bitcoin will die.
yeah its impossible to stop using bitcoin because bitcoin is very much useful currency nowadays i also feel that bitcoin is very much important currency for online transaction and a lot of people invest their money in huge amount in bitcoin to get some profit in future from bitcoin.

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May 16, 2017, 11:13:23 PM
 #1006

:'(I think that the bitcoin would die if there is no such thing like this forum to promote bitcoin and other cryptocurrencies. This forum has big advantage when it comes to promoting bitcoin through the use of different campaigns, with that lot of users and investors have been interested in having their own coin or investing in bitcoin which makes the bitcoin grow.

I dont think Bitcoin is alive only because of a forum. Bitcoin is a currency and it has multiple advantage and usage. Forum is just used to promote bitcoin dealing companies and information about the coins, but this is not directly related to existence of bitcoin. I always think that Bitcoin is now at a stage where it can never die, no matter what happens.

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May 17, 2017, 02:40:06 AM
 #1007

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
At the moment there is no way for bitcoin to die, someone is always going to keep using bitcoin, the legality of bitcoin seems to be leaning to bitcoin being considered a legal currency rather than the opposite and there does not seem any technology is going to overtake it anytime soon.

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May 17, 2017, 02:56:48 AM
 #1008

i think bitcoin can die if user not choose bitcoin again.

Because the price of a bitcoin is determined by the request, so if the user does not select bitcoin then the demand will decrease and bitcoin will slowly disappear

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May 17, 2017, 03:06:12 AM
 #1009

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, it would die is a situation of huge problem transaction such as being hacked or big issue on big syndicate who uses bitcoin for money laundering. However, we don't look forward for that since they are handling everything good.

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May 17, 2017, 03:09:16 AM
 #1010

i think bitcoin can die if user not choose bitcoin again.

Because the price of a bitcoin is determined by the request, so if the user does not select bitcoin then the demand will decrease and bitcoin will slowly disappear
Its not too possible to happen that a people to not choose bitcoins. In fact if we see the bitcoins now it is more growing .The demand continuously increasing . Bitcoin will die in such situation where internet is no present .

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May 17, 2017, 03:09:51 AM
 #1011

Same as wannacry if a scenario arises affecting lots and lots of transaction and the entire network getting stuck will cause a downfall. But it won't cause a complete destruction, development team is strong enough to overcome such issues. Even the wannacry ransomware is cleared in a simple manner.

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May 17, 2017, 05:40:24 AM
 #1012

I think the outrageous transaction costs and the slow transfer times is causing serious harm to Bitcoin. I don't think it could possibly die but its flaws are starting to become obvious. There might be room for another coin to take over if this gets worse

This is not a big issue so far

At least, not as big as it could be in the future and not a big issue as long as Bitcoin price continues to increase. Indeed, you can claim that the price might have been a lot higher if not for these drawbacks and shortcomings, and I will likely agree with you (if only purely hypothetically). In practice, though, we have what we have and changing things (which could be construed as directed toward fixing these issues) might (potentially) cause new problems, perhaps even more severe, and then you would be happy that you stayed with "old" Bitcoin. At least, as long as its price continued to rise

I honestly disagree. I think its fast becoming a big issue. One of the things that made Bitcoin great was the instantaneous transactions. I have been waiting 2 days already for my tiny little transaction to go from my wallet to an exchange. I already paid $0.78 for that transaction, It wouldn't be worth it for me to pay more. So now I have to sit and wait 3 days for my money to transfer. That's slower and more expensive than a bank... Sad
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May 17, 2017, 06:45:34 AM
 #1013

i think bitcoin can die if user not choose bitcoin again.

Because the price of a bitcoin is determined by the request, so if the user does not select bitcoin then the demand will decrease and bitcoin will slowly disappear
Its not too possible to happen that a people to not choose bitcoins. In fact if we see the bitcoins now it is more growing .The demand continuously increasing . Bitcoin will die in such situation where internet is no present .

No internet pressence will be the worst case scenario for bitcoins since how can we do some transactions with it if we doesn't have any access on digital world? Aswell as not only bitcoins will die if their will be no internet since i think the global economy will also suffer to since mostly of business existing for now are relying on internet to create fast communication and surely we will be in economic crisis if that time will happen.

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May 17, 2017, 08:17:35 AM
 #1014

Same as wannacry if a scenario arises affecting lots and lots of transaction and the entire network getting stuck will cause a downfall. But it won't cause a complete destruction, development team is strong enough to overcome such issues. Even the wannacry ransomware is cleared in a simple manner.
Wannacry is not an issue for bitcoin because it is the os users fault, if they will update their os regularly and also do some security practices then they will not get infected by the wanna cry ransomware. Wannacry is not a big deal for bitcoin either because bitcoin is just used and there is no connection between them.

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May 17, 2017, 08:19:28 AM
 #1015

I think the outrageous transaction costs and the slow transfer times is causing serious harm to Bitcoin. I don't think it could possibly die but its flaws are starting to become obvious. There might be room for another coin to take over if this gets worse

This is not a big issue so far

At least, not as big as it could be in the future and not a big issue as long as Bitcoin price continues to increase. Indeed, you can claim that the price might have been a lot higher if not for these drawbacks and shortcomings, and I will likely agree with you (if only purely hypothetically). In practice, though, we have what we have and changing things (which could be construed as directed toward fixing these issues) might (potentially) cause new problems, perhaps even more severe, and then you would be happy that you stayed with "old" Bitcoin. At least, as long as its price continued to rise

I honestly disagree. I think its fast becoming a big issue. One of the things that made Bitcoin great was the instantaneous transactions. I have been waiting 2 days already for my tiny little transaction to go from my wallet to an exchange. I already paid $0.78 for that transaction, It wouldn't be worth it for me to pay more. So now I have to sit and wait 3 days for my money to transfer. That's slower and more expensive than a bank... Sad

I understand your butthurt

But you should understand it as well that microtransactions ("my tiny little transaction") are pretty inconsequential in the grand scheme of things (this doesn't make it good, of course). In other words, that may be your little, personal tragedy, but it is not a tragedy on the scale of Bitcoin as such. But don't get me wrong either, the current situation is far from acceptable. I just point it out that while Bitcoin prices are rising, it is somewhat alleviated via this growth (read made bearable). Apart from that, Bitcoin was never instantaneous in the past or just more instant than it is now. It is the same 10 minutes on average that it takes to generate a new block (it is your transactions that might have been faster in the past)

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May 17, 2017, 01:47:31 PM
 #1016

Can someone please explain to me what is meant by "die"?  Disappear totally? Out of usage?

That's what I think the word die should mean.

The only scenario I can think of outside of end of the world scenarios is if a huge bitcoin crash of 95% or more leads to a similar amount of mining systems coming offline due to no longer being profitable enough to pay for even electricity in cheap electricity areas. This would cause confirmation times to skyrocket and unconfirmed transactions would increase more than it is now. What would follow is a panic where everyone is selling and eventually the price could get so low the mining difficulty will more or less never adjust and everyone quits bitcoin.

That's the only realistic scenario I can think of but there are many flaws to it too such as people that mine for altruistic reasons, people who don't pay for electricity etc, so it should always be possible to fix these issues within a reasonable timeframe.

People will pick bitcoins up and support the network. Supposed that all of these major mining farms went down, people are just going to run a full node on their computers. Read the bitcoin whitepaper and you'd see that people can go in and out of supporting the bitcoin network. It will be even more decentralized (meaning even better for bitcoins) if regular people started supporting the bitcoin network instead of just a couple of large ones.

On a side note, these major mining farms have already made money from bitcoins especially if they convert their bitcoins to fiat today. Even when the price of electricity has increased, I'm pretty sure they can manage to pay all of that.

                           
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May 17, 2017, 04:02:50 PM
 #1017

:'(I think that the bitcoin would die if there is no such thing like this forum to promote bitcoin and other cryptocurrencies. This forum has big advantage when it comes to promoting bitcoin through the use of different campaigns, with that lot of users and investors have been interested in having their own coin or investing in bitcoin which makes the bitcoin grow.

I dont think Bitcoin is alive only because of a forum. Bitcoin is a currency and it has multiple advantage and usage. Forum is just used to promote bitcoin dealing companies and information about the coins, but this is not directly related to existence of bitcoin. I always think that Bitcoin is now at a stage where it can never die, no matter what happens.
yes that is pretty right and there is no doubt about that. bitcoin is a currency a lot of people using bitcoin for different purposes but they are not here in the forum, but  we also have to accept the fact that this form is really a good source of introducing  bitcoin in the people, most of the people know about bitcoin because of this forum.

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May 17, 2017, 04:08:06 PM
 #1018

Can someone please explain to me what is meant by "die"?  Disappear totally? Out of usage?
I think it is about the price. And I believe that when the prices are less than $1, Bitcoin will definitely die. That is why we should encourage more people to join this place and teach them how to make money with Bitcoin

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May 17, 2017, 04:11:04 PM
 #1019

Can someone please explain to me what is meant by "die"?  Disappear totally? Out of usage?
I think it is about the price. And I believe that when the prices are less than $1, Bitcoin will definitely die. That is why we should encourage more people to join this place and teach them how to make money with Bitcoin

Unfortunately bitcoin has bad news which will decrease their popularity as great investation.
For example , ransonware require bitcoin as payment , it become bad reputation for people so they become afraid of bitcoin before try to invest

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BitcoinFutureCoin
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May 17, 2017, 04:23:00 PM
 #1020

I heard that bitcoin died already about 200 times hehe.It is really weird but it is truth.Price falls down and they say bitcoin will die and then it grow then say bitcoin go to 1 million $ and after that again big drop comes and they say again bitcoin dead and this happents in circle so only best marketers can know that bitcoin will not die.
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