YouKnowMe (OP)
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October 14, 2017, 07:38:18 AM |
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Is there a chance that Bitcoin will be removed in the system or somehow degraded?
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nesterpu
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October 14, 2017, 07:54:13 AM |
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Is there a chance that Bitcoin will be removed in the system or somehow degraded?
This is unlikely to happen in the next few years as too many potential investors are holding and boosting its value at current levels so it is unlikely to end. But maybe after the hard fork event the value of it will decrease. |
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raiblock
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October 14, 2017, 07:54:22 AM |
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Removed from the system? Which system? It only takes one PC in the whole world to run a node and it will exist. Sure, governments can ban it but the chance of ALL governments to ban it is getting very slim and more so by the day. As a wild example, Vanuatu announced that they are accepting BTC payments for their citizenship. Thailand shows signs of openness towards crypto as well.
What I mean is that even if big countries like China and US prohibit it, there are options.
So the chance of Bitcoin "to be removed" is almost the same as the chance of humanity to be removed, I would say.
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Aikidoka
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October 14, 2017, 08:16:29 AM |
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I do not think it will likely possible for bitcoin to end or be removed. And even if that happens, there are many other digital currencies that exist beside bitcoin as well as many currencies to be created to replace the dead one. That means, there is no why for digital currencies to be removed. Furthermore, there are many countries which recognized bitcoin as a form of payment such as Japan, and many other countries that are going to accept it, even if the government bans it, people will find another way to use it.
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YouKnowMe (OP)
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October 14, 2017, 08:43:04 AM |
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Removed from the system? Which system? It only takes one PC in the whole world to run a node and it will exist. Sure, governments can ban it but the chance of ALL governments to ban it is getting very slim and more so by the day. As a wild example, Vanuatu announced that they are accepting BTC payments for their citizenship. Thailand shows signs of openness towards crypto as well.
What I mean is that even if big countries like China and US prohibit it, there are options.
So the chance of Bitcoin "to be removed" is almost the same as the chance of humanity to be removed, I would say.
That was very informative, the "humanity" reference wrapped it up. Thumbs up! |
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YouKnowMe (OP)
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October 14, 2017, 08:49:34 AM |
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I do not think it will likely possible for bitcoin to end or be removed. And even if that happens, there are many other digital currencies that exist beside bitcoin as well as many currencies to be created to replace the dead one. That means, there is no why for digital currencies to be removed. Furthermore, there are many countries which recognized bitcoin as a form of payment such as Japan, and many other countries that are going to accept it, even if the government bans it, people will find another way to use it.
That makes sense, that encouraged me to invest on crypto currencies. Yes, you can actually trade your degraded coins to other crypto currencies to make use of it. Thanks a lot. |
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krauzzer02
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October 14, 2017, 08:52:52 AM |
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We can't tell yet if the bitcoin will be removed from the market or degrade from its value and demand but i will surely say that from these days it is impossible for bitcoin to cease to exit and if that happens the blockchain technology will still be useful to the society as it have a great potential and traits over the bitcoin currency, the chance of the bitcoin to degrade will depends on the influence of the Government and countries that bans the digital currency and views it as a threat.
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YouKnowMe (OP)
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October 14, 2017, 09:08:10 AM |
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We can't tell yet if the bitcoin will be removed from the market or degrade from its value and demand but i will surely say that from these days it is impossible for bitcoin to cease to exit and if that happens the blockchain technology will still be useful to the society as it have a great potential and traits over the bitcoin currency, the chance of the bitcoin to degrade will depends on the influence of the Government and countries that bans the digital currency and views it as a threat.
How will it become a threat to the government? Besides being decentralized. Thanks for the info. |
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ged00u
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October 14, 2017, 10:00:48 AM |
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No, there is no way to remove bitcoin since it always exists on the internet as well as the blockchain. So, basically, it can not be removed from the system. However, bitcoin still has its end, but not now. In the future, if bitcoin can not compete to other coins such as ethereum or zcash or litecoin ( They are all potential coins), it will be replaced and it will be the end for bitcoin.
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Lieldoryn
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October 14, 2017, 10:13:31 AM |
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No, there is no way to remove bitcoin since it always exists on the internet as well as the blockchain. So, basically, it can not be removed from the system. However, bitcoin still has its end, but not now. In the future, if bitcoin can not compete to other coins such as ethereum or zcash or litecoin ( They are all potential coins), it will be replaced and it will be the end for bitcoin.
I am sure that this will never happen. Bitcoin currency is more promising than other altcoins all together. I'm not advocating that bitcoin was legalized but I recognize that it will happen. Then maybe bitcoin will gain more popularity and will forever be the leader among all cryptocurrencies. |
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FasTroy
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October 14, 2017, 10:17:52 AM |
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It's hard for bitcoin to be removed from the system, because people can control that and not the government, but when we talk about the "end" , I think that is right, but not soon. Bitcoin is still a new cryptocurrency and this technology it's still not famous enough in the whole world, so i predict that bitcoin will last more than 15 years.
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YouKnowMe (OP)
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October 14, 2017, 11:01:14 AM |
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So far all the answers i received increased my confidence in investing on bitcoin.
Thank you for all the useful information shared on this thread.
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krauzzer02
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October 14, 2017, 11:28:05 AM |
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We can't tell yet if the bitcoin will be removed from the market or degrade from its value and demand but i will surely say that from these days it is impossible for bitcoin to cease to exit and if that happens the blockchain technology will still be useful to the society as it have a great potential and traits over the bitcoin currency, the chance of the bitcoin to degrade will depends on the influence of the Government and countries that bans the digital currency and views it as a threat.
How will it become a threat to the government? Besides being decentralized. Thanks for the info. Because bitcoin has no regulation and has no central authority that controls it, they can't impose tax to bitcoin as it is decentralized and anonymous that's why it can be a tool for unlawful criminal activities like scamming, fraud, money laundering and tax evasion that's why some countries like china bans bitcoin based on their statements but we know that they have their own motives and selfish reasons why. Regulation and Control that's what the Government wants specially to our currency that's why they hate it mostly the central banks. |
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aryaadikariyansyahsuwarto
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October 14, 2017, 11:38:28 AM |
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I do not think maybe bitcoin removed, because the more advanced the internet then I think bitcoin will also follow it. Unless a government in a country abolishes it, it can happen.
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ChristianPogi
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October 14, 2017, 11:49:13 AM |
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Removed from the system? Which system? It only takes one PC in the whole world to run a node and it will exist. Sure, governments can ban it but the chance of ALL governments to ban it is getting very slim and more so by the day. As a wild example, Vanuatu announced that they are accepting BTC payments for their citizenship. Thailand shows signs of openness towards crypto as well.
What I mean is that even if big countries like China and US prohibit it, there are options.
So the chance of Bitcoin "to be removed" is almost the same as the chance of humanity to be removed, I would say.
Well done buddy, everyone loves bitcoin. So the chance of bitcoin being removed to the system is also like dreaming that Adult frog can have a wings  Sooner or later, other countries will accept bitcoin as one of their payment options. |
Ahhh.. ok
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Rebellious
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October 14, 2017, 11:50:02 AM |
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I don't think we'll see that happen
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germa66
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October 14, 2017, 11:58:37 AM |
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if you talk about the possibility it will be there but it will be very difficult to be true because usually the removed coin has an excuse because it is not desirable anymore, but if we see bitcoin is in its peak and more famous.
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DoublerHunter
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October 14, 2017, 01:26:01 PM |
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I don't think that bitcoin will end or be removed in the system as of now because it is impossible to imagine since bitcoin is performing pretty well. I think bitcoin will continue to prosper in these coming years and it will become impossible for the government to stop bitcoin or end it since it is untouchable for being decentralized.
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Images21
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October 14, 2017, 01:31:47 PM |
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Is there a chance that Bitcoin will be removed in the system or somehow degraded?
It is highly improbable. For what reason or perhaps reasons would you think bitcoin will be removed? If bitcoin will fall down, do you think the entire world of cryptocurrencies will not be affected? I would even think that so many cryptos will also die along with bitcoin. But again, this is too improbable to happen. |
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