The Biggest Risk To Bitcoin?

[CryptoBry]

Bitcoin, though about to celebrate its first decade of existence next year 2018, by all comparison especially with the fiat money, is still considered a relatively very young form of currency or a store of value (you can take a pick or get the two) and we are now witnessing its own evolution and dynamism.

We have been told of the many risks that Bitcoin can be facing today and then into its future. But what is the biggest risk that Bitcoin is currently facing? Aside from government intervention (just like what China did in September), one of the other big risks is the governance within Bitcoin.

There is no question that regulatory risk is obviously visible on many countries where Bitcoin got into. We had witnessed this in China and even South Korea as well as insignificant countries are also closely looking at Bitcoin maybe for clamping down. There are always regulatory risk involved but I think that governance is the greatest risk to Bitcoin and other decentralized entities. Right now, Bitcoin is governed by exit. There’s a consensus mechanism but when people disagree on consensus, they have three choices: Just suck it up,  get away from Bitcoin or sell or they can get into the open source code and fork it.

People in Bitcoin know what forking is. We are facing here the technical risk and community risk. The Segwit2X debate, which could result in a hard fork this November 18, is highlighting the possible risk involved in the governance by exit.

We are experiencing the so-called Balkanization (fragmentation or division) of Bitcoin is not good for the future of Bitcoin and the whole cryptocurrency community.

[1714833091]

1714833091

[1714833091]

1714833091

[Latviand]

Bitcoin, though about to celebrate its first decade of existence next year 2018, by all comparison especially with the fiat money, is still considered a relatively very young form of currency or a store of value (you can take a pick or get the two) and we are now witnessing its own evolution and dynamism.

We have been told of the many risks that Bitcoin can be facing today and then into its future. But what is the biggest risk that Bitcoin is currently facing? Aside from government intervention (just like what China did in September), one of the other big risks is the governance within Bitcoin.

There is no question that regulatory risk is obviously visible on many countries where Bitcoin got into. We had witnessed this in China and even South Korea as well as insignificant countries are also closely looking at Bitcoin maybe for clamping down. There are always regulatory risk involved but I think that governance is the greatest risk to Bitcoin and other decentralized entities. Right now, Bitcoin is governed by exit. There’s a consensus mechanism but when people disagree on consensus, they have three choices: Just suck it up,  get away from Bitcoin or sell or they can get into the open source code and fork it.

People in Bitcoin know what forking is. We are facing here the technical risk and community risk. The Segwit2X debate, which could result in a hard fork this November 18, is highlighting the possible risk involved in the governance by exit.

We are experiencing the so-called Balkanization (fragmentation or division) of Bitcoin is not good for the future of Bitcoin and the whole cryptocurrency community.

Biggest risk in bitcoin? For me, i think the biggest risk in the bitcoinbis when you decide to turn all your money to bitcoin because you'll hope that it can be higher up soon. The risk is it. All of us know about the fluctuating and unstable. Why if it become falling down ans all your monry invest inthe bitcoin. This is the big risk for me. To turn out all my money in bitcoin

[pooya87]

Bitcoin, though about to celebrate its first decade of existence next year 2018,

a "decade" is a period of 10 years. bitcoin was created (the fist block aka genesis block) on January 2009 which means it will be 9 years old in 2018.
even if you want the paper release time, that was in November 2008 which means there is still 12 months to go

(sorry for nitpicking...)

We have been told of the many risks that Bitcoin can be facing today and then into its future. But what is the biggest risk that Bitcoin is currently facing? Aside from government intervention (just like what China did in September), one of the other big risks is the governance within Bitcoin.

what China did was nothing, it is not a risk at all. unless you are talking about the price because that is all they could affect and that was only short term and small!

We are experiencing the so-called Balkanization (fragmentation or division) of Bitcoin is not good for the future of Bitcoin and the whole cryptocurrency community.

i agree with this part. sadly it seems to be true. the whole community could not stay united and that is everyone not just users, but also developers, businesses and miners. and i personally blame BIP148 also known as UASFers who broke the consensus mechanism and caused the creation of bitcoin cash (aka UAHF as a mocking fork) and all the follow up forks (bitcoin gold and the upcoming bitcoin silver and all other possible future forks).

[N@p$t3r]

I doubt, Bry. I don't think there is a risk with these forks. It's all in your head, zombie.

[jseverson]

Bitcoin is not relatively young. It's young, period. If it were human, it would still be in grade school. It has much more room for growth, both in value and in technical features.

Other than that tiny detail, I agree with what you're saying. The problem with decentralization is that it's basically anarchy. There's no clean way to settle internal disputes. Everyone can do whatever they wish, including supporting a new forked coin. The users basically hold all the power. What's sad is that a lot of these users would rather not wield it. All they know and care about is that they're getting free coins once the fork drops, nevermind the precedent the fork sets. This problem will only get larger as the userbase gets larger.

[fiulpro]

I think the biggest risk factors for bitcoins are:-

1. Possibility of them getting hacked in the near future.

2. Decreasing demand due to forked coins like segwit2x

3. Banking sector and enterpeuners taking a stand and planning things against bitcoins.

4. Illegal marketing and drug dealing through bitcoins that could cause a major ban.

5. Not receiving support from government thus leading to a ban in a whole country.

6. CME and other big investment companies and groups trying to use it for their Personal profit at a big level.

[Jake052478]

If bitcoins will be supported by rich investors, this will last for a long time... I guess, the only factor that hindering bitcoins now is the impending regulation from governments.  But I think it will be resolved the fastest way because its popularity goes beyond expected.  I have made a thread here that I titled, 2017 year for Bitcoins because the exponential growth of bitcoins has really surpassed just in 10 years of existence. so maybe I am not yet late to invest in...

[OmegaStarScream]

SegWit2x may not longer be a risk as more companies from the NYA are dropping their support but it seems like hardforking and causing a chain split became a trend, It's definitely a risk in the long term because B2X definitely won't be the last and the problem is not within the hardfork itself because If they were genuinely trying to improve bitcoin, that wouldn't be an issue but they are not and another risk would be centralization, mostly from the exchanges as people don't want to use decentralized apps like BitSquare for example.

[player514]

Bitcoin, though about to celebrate its first decade of existence next year 2018, by all comparison especially with the fiat money, is still considered a relatively very young form of currency or a store of value (you can take a pick or get the two) and we are now witnessing its own evolution and dynamism.

We have been told of the many risks that Bitcoin can be facing today and then into its future. But what is the biggest risk that Bitcoin is currently facing? Aside from government intervention (just like what China did in September), one of the other big risks is the governance within Bitcoin.

There is no question that regulatory risk is obviously visible on many countries where Bitcoin got into. We had witnessed this in China and even South Korea as well as insignificant countries are also closely looking at Bitcoin maybe for clamping down. There are always regulatory risk involved but I think that governance is the greatest risk to Bitcoin and other decentralized entities. Right now, Bitcoin is governed by exit. There’s a consensus mechanism but when people disagree on consensus, they have three choices: Just suck it up,  get away from Bitcoin or sell or they can get into the open source code and fork it.

People in Bitcoin know what forking is. We are facing here the technical risk and community risk. The Segwit2X debate, which could result in a hard fork this November 18, is highlighting the possible risk involved in the governance by exit.

We are experiencing the so-called Balkanization (fragmentation or division) of Bitcoin is not good for the future of Bitcoin and the whole cryptocurrency community.

The biggest risk for a lot of people, I would assume, is the volatility of the coin. People want to use it and they want to invest but they get scared away when someone tells them that BTC is 5 times more volatile than the Tesla stock. The simple fact is that a lot of this volatility comes from the issues you mentioned in your main post. The multiple forks will not fare well for BTC in the long run.

[MAJICOIN]

The ultimate and big risk involved with bitcoin is the legality and acceptance issues regarding bitcoin. Bitcoin is the digital currency and it is attached with the internet where internet facility is not available the digital currency can’t be accessed. Therefore the biggest risk is said to be the acceptance of these digital currencies.

[BingoDog]

I think that too many forks too often can be the risk for bitcoin. The purpose and outcome od these forks are not very clear, at least I don't see any sense in so many coins and they make confusion. The other risk for users is to put all the money inot bitcoin. With the current price and further predictions for rise people expect nothing but profit but this could be very risky and tricky because at the end there is no profit guarantee and you can end up with loss also.

[eekkaa]

the biggest risk of bitcoin is when bitcoin is not recognized in all countries and makes the bitcoin price fall to the point where the invaluable bitcoin price is not that I fear at all the risk of having bitcoin.

[unistone]

In short term, the coming hard fork is the biggest risk.

[lazygin001]

The biggest risk to Bitcoin is that it is very unstable, pricing is jumping up and down like crazy at times depending on what news you get. It can be the king of the world today and gone tomorrow.

[newlone]

The ultimate and big risk involved with bitcoin is the legality and acceptance issues regarding bitcoin. Bitcoin is the digital currency and it is attached with the internet where internet facility is not available the digital currency can’t be accessed. Therefore the biggest risk is said to be the acceptance of these digital currencies.

I also think that what we have to worry about is bitcoin legitimacy as many countries start to fight it by issuing bans.

[coiner495]

The biggest risk is in the forks like segwit2x and aftercoming Cobra's hardfork of bitcoin core. These forks have a potential to split the community, sow uncertainty and scare off institutional investors. Money flow may switch to altcoins, or go into fiat until things clear up (good scenario). In the worst case these fork wars may trigger the burst of cryptobubble.

[putrii]

I think the biggest risk of bitcoin is when bitcoin does not have any resale value. falling bitcoins can not be used and bitcoins into products fail, but I do not think that's likely to happen.

[PointHope]

Maybe the biggest risk, short term is central government printing crazy amounts of worthless fiat.

No wait they are already doing that!

Pretty soon USD wont be worth the paper they are printed on.

Banks and central governments will collapse en masse.

[teilwalL05]

The biggest risk to Bitcoin is that it is very unstable, pricing is jumping up and down like crazy at times depending on what news you get. It can be the king of the world today and gone tomorrow.

That is what most investors like about bitcoin the fluctuation of bitcoin, you can see it by the recent increase it goes beyond our expectations like we are in the $6500 recently and tomorrow the price jump to the $7000 value, many was shock by the recent increase in price of bitcoin and I really think that many investors are into this kind of fluctuation regarding the sudden price increase,

But I think the greatest risk will be the Government issues that wants control over bitcoin, I really think that they are using bitcoin and taking profit in it but what they great motive if not to control bitcoin, was to make their own Cryptocurrency and surpass bitcoin.

[audrey12]

I agree with you one of the biggest risk bitcoin facing today is the government intervention I am afraid of one day if countries will have a one decision and that is not letting bitcoin enter the market and that everything we started here and invested on will suddenly collapse and gone. What bitcoin needs today is the acceptability of the world and the help of government to introduce bitcoin to all levels of society but as long as there are countries who banned bitcoin the risk will remain and should be worry about.