What could go wrong with Bitcoin?

[BingoDog]

As long as you are watching the bitcoin market closely and are able to react quickly you are safe. Because bitcoin price can change heavily with time both for beter and for worse so it's important that you can take actions not to lose your money. Having 90% of your funds and assets in bitcoin is very brave but risky and personaly I wouldn't do that. I wouldn't feel secure if my retirement funds are based only on bitcoin.

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[denny27]

The point is I think it's depends on ourselves, and I am still convinced that bitcoin can still providing good hope for the future, and even be used for future savings. Do your best and avoid misuse of bitcoin, bitcoin is very special and is very worthy to be earned until can be gain high profits. There is nothing wrong with bitcoin, remain optimistic on bitcoin while learning more about bitcoin that can benefits and trying to be a successful people from the ways to have done. I'm sure Bitcoin will continue alive up to the future, because its superiority will be more sought after by many people (young people, old people).

[Deddi]

There is nothing wrong with Bitcoin .. because we are here to play trading and can invest .. we can sell and buy .. all that there is nothing wrong in the world buying and selling the market, sometimes can go up and sometimes can go down .. it also depends on the enthusiast Bitcoin itself

[zmkriel]

the worst scenario is when government wants to be involved in bitcoins. it is either dissaprove bitcoins and make it illegal or accept bitcoins and collect big taxes from it. that scenario will affect the price of the bitcoins for sure.

[sqid]

I think that the greatest threat too bitcoin will come from those with the most to loose.  These are the financially elite of the elite.   Loosely you can say the controllers of big banks.   Banks have been around for 400 years and the wealth only flows one way with them.    They will not give up their position of power and untold wealth without a fight.

The problem with bitcoin will come from them though I cannot say in what guise.   IMO an example maybe the loosely organised attack by bitcoin cash combined with segwit2x.  I don't think this will succeed but I also don't think the trojan horse will be so easy to spot next time.  Satoshi wrote on the genesis block something about the bank bailouts of 2008.  IMO the largest robbery in history!

A better question might be "how to preserve bitcoin?"

To answer this I would say first and foremost is "decentralisation and beyond censorship or control by a small group of people".  Without this, the genius of bitcoin is erased.  We must be vigilant to put this first before any other factors.

A far second would be "security".  If there is a big fuck up we may loose some money but the community can repair it. We (bitcoin community) get a second chance.

Thirdly "fungibility".  How easy it is to use the money.  Bitcoin is only 9 years old - it will get there in the end.




 

[ArnoldChippy]

Hi (funny username )
You are a smart man if you accumulated BTC since 2013, I wish I did.
IMO the worst that could happen is that all the countries in the world decide that Bitcoin is illegal. This is very unlikely IMO but it would make the price crash. Bitcoin would'nt disappear in such a scenario, but the value of it would return to what it was long time ago.
For me this is the highest risk.
Personal risks for you is to be hacked, of course, but you probably know how to make your bitcoins safe.

I totally agree with this! There are lots of countries which not accepts Bitcoin. The worst case scenario that I can think of is majority of the countries around the world will ban Bitcoin or at least will try to regulate it. If that will happen, many people will be afraid to use it and it will lead to price drop. Bitcoin can lose its value in the future if that will happen. I suggest that you diversify your wealth and not focus purely on Bitcoin.

I dont agree that majority of the countries wilk ban bitcoin, there were only few countries who have done this. Government are now starting to recognized the use of bitcoin as a form of payment of asset. Bitcoin will only be ban once it become a threat to government, thus would become threat once people bitcoin use it in illegal activities.

Going back to main question, the only risk with your wealth is once people stop from using bitcoin. But that would be impossible, instead the opposite happens. The continuously rising and demand increase while supply in limited. I assume that you have big amount of bitcoin for now since you have been saving since 2013. Just avoid lossing your password and suddenly got hacked. That would be the worst thing to happen.

Majority countries will recognize bitcoin formally in their countries and will be treated as a legal currency almost in future. Currently many countries are in thinking process to announce bitcoin a legal currency and most probably they will take a decision about bitcoin legalization in 2018. Why the people will stop business in bitcoin if they are earning a huge amount from it. I don’t think so that people will stop buying bitcoin because they know that future is based on new digital financial system and bitcoin is the mother currency of digital financial system.

[Raegorl]

I think competition is rising quickly with many alts improving their technology while Bitcoin is taking too long to scale. I think btc will eventually head down the right path but i'd rather see it sooner than later...

[virtfund]

     Bitcoin is growing. There is nothing going wrong. However, if a few large countries completely prohibit the purchase and sale of Bitcoin, the countries of the rest of the world can do the same,  in this case People don't want to invest in Bitcoin. But it is very unlikely this  happen.

[zarados]

the worst case scenario is if each country makes their own cryptocurrency, of course the use of bitcoin will decrease around the world and will affect the price movement is very slow, unlike today. But, today, I see bitcoin almost mostly used as an investment facility, rather than a tool for transactions. Therefore, that possibility could be denied because of its use.

[WadeAdam]

Interesting topic.. I haven't even really considered that. Nice reading other opinions on this.

[Guzztsar]

What worries me most about the future of bitcoin are some technologies that are yet to come, like quantum computing
that in fact, one day may be able to break cryptography SHA256.
But fortunately, there are already studies on how to adapt the cryptography to a post-quantum scenario

[aisyah88]

until now I have not found the error of bitcoin ... maybe later every what happened there is nothing perfect but until now there has been no error from bitcoin ... hopefully all goes smoothly until the future ...

[Slark]

I'm now 21, and I have about 99.9% of my wealth in Bitcoin, I started to accumulate since 2013 till today, almost going to buy every time there's a dip (consolidation).

While I understand the concept of having all your money converted to bitcoin and so far it is proven to be the best possible investing solution.
I also want to tell you to never underestimate the power of diversification - in case something drastic happen to bitcoin you will be covered.
At this point in time, there is no one who will tell you what can go wrong with bitcoin in the long run. Most likely it will be internal problems that will bring BTC down.
We have some conspiracy theories and prophets of negativity, scaremongers around though - don't listen to them

[MakeMoneyBtc]

Well, I think the worst thing that could possibly happen is that governments and banks together would create a strategy to remove all of the coins from the market and stop people creating new ones or creating themselves a single powerful one wich all of the people are going to use. Even though it is pretty hard to happen we have to take in consideration that it is possible

The second thing that could happen, hypothetically speaking is that one of the greatest hacker would break into bitcoin security and stole more than 80% out of all wallets. Dont get me wrong, it is super hard to break into a bitcoin wallet but if someone could break into NASA, FBI, US ARMY and absolutely any other great company like Paypal, Google, Visa he could 100% surely hack bitcoin.

[senin]

Keep all your savings in bitcoin, this is a very big risk. If you consider the crypto currency, then a certain part of the funds in any case should be stored in promising altcoyins. It's even better to keep some of the money in ordinary money on deposits. So you can protect yourself from various accidents. Investing in bitcoin now raises the risks associated with the fact that in fact it grows like a financial bubble and as soon as it reaches its price peak, I think it will quickly lose demand and depreciate. He too tore himself away from his real value, and one day he would fall down vseravno. Therefore, this development of events should be prepared well in advance.

[masterchief001]

I'm now 21, and I have about 99.9% of my wealth in Bitcoin, I started to accumulate since 2013 till today, almost going to buy every time there's a dip (consolidation).

Many people have same goal/dream like me, hoping that Bitcoin will grant them earlier retirement or luxury life, but what could go wrong?

What's the possible scenario that could render Bitcoin into worthless, and what're the probabilities of that happening?

Don't get me wrong, I love Bitcoin, and I like how it makes us able to afford luxurious stuff, but I also wanted to be mentally prepared for the worst possible scenario.

Many people think that when they come to bitcoin, they will earn a lot of money. That is absolutely wrong. Bitcoin can convert real money, but no company can intervene and run it. So you have to be very careful before you decide to "play" and invest in BitCon. Remember, no investment is successful without effort and luck.

[Anti-Cen]

"What could go wrong with Bitcoin?"

1. Become a Tulip bubble
2. Bankers pump en dump
3. Fees go stupid
4. Won't scale as it has been designed wrong and is not DNA
5. Banking is built into the network to charge interest on moving money
6. Speed is slow, errors always blamed on other people (See unallocated transaction lists)

Well I have six ticks in my boxes without even trying.

[InvestICO2L]

Choosing the bitcoin and accumulating it is the right thing to do and in the future it will be more potential so don't be too think about negative things.

when someone thinks about what makes a bitcoin fall or thinks something is wrong with bitcoin,
this is a foolish thought.
and it's true you do not think negative about bitcoin.
because bitcoin is a valuable asset that will never die.
and whenever time permits,
there is nothing too late about learning to use bitcoin

Yeah , I agree with you because here no chance to get loss in the bitcoin . If you have fear or already faced any loss in the bitcoin then surely you have not much experience in this field Because a small knowledge and understanding can explain us that how we can handle the flcutuations in the price and how with the down and up in the price we can make profit .
Here we need only a perfect understanding that how the system works .
If you will try to see the negative things then ofcourse you will see negative only but if you will see toward the positive things then surely you will find lots of opportunities to make profit and profit  and new new ideas to generate business  .

Absolutely,I agree with you. You use bitcoin in a long time, I really admire you for owning much more wealth of bitcoin, it’s great. But you still haven’t built experience for yourself, you always keep afraid of some prediction about bitcoin. I think you should keep your thought in the positive way in using bitcoin. I believe that you have both experience and knowledge, thus don’t let your  fear make you lose what you have. It’ also better for you to prepare for the worst ,but you may get more concern and maybe you control your benefits in bitcoin.

[Kevinthestan]

I'm now 21, and I have about 99.9% of my wealth in Bitcoin, I started to accumulate since 2013 till today, almost going to buy every time there's a dip (consolidation).

Many people have same goal/dream like me, hoping that Bitcoin will grant them earlier retirement or luxury life, but what could go wrong?

What's the possible scenario that could render Bitcoin into worthless, and what're the probabilities of that happening?

Don't get me wrong, I love Bitcoin, and I like how it makes us able to afford luxurious stuff, but I also wanted to be mentally prepared for the worst possible scenario.

Im 21 as well. how did you go about living expenses with "99% of wealth" on btc?

[b3llsf1l3s]

the worst scenario is when government wants to be involved in bitcoins. it is either dissaprove bitcoins and make it illegal or accept bitcoins and collect big taxes from it. that scenario will affect the price of the bitcoins for sure.

if government want to dissaprove bitcoin and make it illegal im sure its just for a real trade with goods. like what just happened in my country.
the government just dissaprove for real trade with goods stuff, currently for trading with BTC-FIAT itself in exchangers its still allowed