Bitcoin's End Game

[Abiky]

Have you ever been concerned about Bitcoin's longevity in the mainstream world as a decentralized cryptocurrency? While BTC has been going strong since 2009, there exist the possibility that it could vanish from existence sometime in the future. After all, we know that nothing lasts forever.

My guess is that once governments start circulating their own digital currencies, they will try to crackdown on Bitcoin and other cryptocurrencies as we know them. It's no secret that the entire crypto space is largely dependent on centralized infrastructure (centralized exchanges, centralized wallet services, etc). People will not want to use something that's considered "illegal" by worldwide governments. While it'll still be possible to continue using Bitcoin regardless of government bans, regulations, etc, not many people will support it (only libertarians, geeks, anarchists, etc.). By that time, it'll be nearly impossible to get access to Bitcoin with Fiat currency or even exchange Bitcoin to Fiat (as the government crackdown will make all centralized exchanges to cease their operations).

Considering that governments want to stay in power, they'll do anything to force people to use their Central Bank Digital Currencies (CBDCs) instead of any other alternative payment system. If that happens, Bitcoin will be doomed.

Do you think that we're close for Bitcoin's End Game to happen? Will it ever happen? What are your thoughts?

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[gentlemand]

My guess is that once governments start circulating their own digital currencies, they will try to crackdown on Bitcoin and other cryptocurrencies as we know them. It's no secret that the entire crypto space is largely dependent on centralized infrastructure (centralized exchanges, centralized wallet services, etc). People will not want to use something that's considered "illegal" by worldwide governments.

Centralbankcoin will make the case for Bitcoin even more compelling than it was before and make the informed want out of the conventional system more than ever. They're not letting up in their lever pulling and it'll become clearer than ever that a system they have total control and surveillance over will be subject to even more weirdness.

I'm not sure what proportion of the population will care about that but it's certainly not a proportion that's going to shrink. As for illegalising it, I can see it happening in crackpot shitholes and piece of shit administrations like India.

In better developed places it's slowly creeping into conventional portfolios. If things like GBTC wind up in millions of pension funds I don't see how that can be rescinded without there being a shitstorm. It's a bit tricky to pull the rug just because it makes you sad.

People will of course refer to the gold seizures in the 1930s. It's a very different world now. Money is an awful lot more mobile and populations are a lot more vocal and a lot less likely to fall in line.

[squatter]

My guess is that once governments start circulating their own digital currencies, they will try to crackdown on Bitcoin and other cryptocurrencies as we know them.

Wouldn't it have been smarter to nip it in the bud years ago? Why let it flourish for 10-15 years, allowing for the possibility of mass adoption?

It's no secret that the entire crypto space is largely dependent on centralized infrastructure (centralized exchanges, centralized wallet services, etc). People will not want to use something that's considered "illegal" by worldwide governments. While it'll still be possible to continue using Bitcoin regardless of government bans, regulations, etc, not many people will support it (only libertarians, geeks, anarchists, etc.). By that time, it'll be nearly impossible to get access to Bitcoin with Fiat currency or even exchange Bitcoin to Fiat (as the government crackdown will make all centralized exchanges to cease their operations).

That's one perspective. Here's another: Governments are competing. The cryptocurrency/blockchain services industry is a potentially multi-billion dollar industry. They want that economic growth, for their country's GDP. If Bitcoin or other cryptocurrencies might become widely adopted as traditional investment assets like gold and silver, banning it means getting left behind. Governments would be robbing their populations and maybe even endangering their operating budgets by doing so. Central banks should be tucking away bitcoins for a rainy day, not trying to ban it.

People will of course refer to the gold seizures in the 1930s. It's a very different world now. Money is an awful lot more mobile and populations are a lot more vocal and a lot less likely to fall in line.

You're right. The US government would probably look foolish and impotent trying to enforce something like Executive Order 6102 on Bitcoin.

[hatshepsut93]

Considering that governments want to stay in power, they'll do anything to force people to use their Central Bank Digital Currencies (CBDCs) instead of any other alternative payment system. If that happens, Bitcoin will be doomed.

Have you seen the news lately? India's Supreme Court ruled that their central bank's ban on Bitcoin was unconstitutional, something similar happened in Israel recently, many countries are legalizing and regulating crypto. They are not afraid of it, they don't think it will replace fiat anytime soon, and maybe it will even be a net positive, because new markets mean more taxes.

And central bank coins still don't exist, all we have is just statements that they want to create such currency, but they were telling the same thing even before Bitcoin was created.

[MarioV]

As long as there are men who tend to personal freedom and therefore also to financial bitcoin will not die. If men all became unconscious slaves of the system, then bitcoin would cease to be used.

[Rengga Jati]

Indeed. Bitcoin isn't something eternal, it is pretty possible to disappear. We know that if all governments in the world are united to dismiss Bitcoin, then its existence is threatened. However, if they have the intention to do it, I think they have shown it since early. But it seems they didn't really serious, at least one of the factors is about the economic power competition between countries. As long as there is competition or economic warfare, I guess they won't be united as they have own purposes.

Regarding the digital currencies to create by the governments, I doubt it will be implemented fully around the world. Not all countries have the capacity to provide it, many countries still have technological and infrastructure limitations. Moreover, there are still many people who have lack knowledge and live without knowing the digital world. In this case, digital currencies are not worth to implement and paper money (Fiat) still becomes the best option. So, I'm not sure many countries to consider having digital currencies soon.

Do you think that we're close for Bitcoin's End Game to happen? Will it ever happen?

Not really sure to answer this question. But yes It can happen. However, it shouldn't be in the near future since no big reasons to see it. Well, I think we are better to optimistic in the future of Bitcoin. It is always growing well day after day. And we also see more adoption in Bitcoin currently. At least, it will survive as a digital asset.  

[DarkDays]

I think that all currencies, whether cryptocurrency or not will eventually become defunct.

In future we will have technology that renders things like copyrights, patents and practically everything else useless. People will have 3D printers that can produce materials on an atomic scale, which will thereby allow everybody to print whatever they want, whether that be food, a new book, a new house or whatever.

In a future where nothing is scarce, money has no value.

[panganib999]

I don't see it coming in the future. The fact that there are countriew that openly accepted cryptocurrencies like in Europe is enough to get a strong foundation. And just recently India and South Korea uplifted its ban, so I don't really see it coming for now.

[tippytoes]

In my opinion, we are still very far from bitcoin's end. It is true, that someday, in the future, bitcoin may be obsolete because of maybe another advanced technology that will be invented. But for now, I don't see it coming for the next 10 years.

I don't see it coming in the future. The fact that there are countriew that openly accepted cryptocurrencies like in Europe is enough to get a strong foundation. And just recently India and South Korea uplifted its ban, so I don't really see it coming for now.

This is the reason why the acceptance of crypto is growing. More and more countries are being friendly with crypto. So it's like we are still in the beginning phase and not in the end phase of bitcoin. Let us enjoy the moment.

[gentlemand]

In my opinion, we are still very far from bitcoin's end. It is true, that someday, in the future, bitcoin may be obsolete because of maybe another advanced technology that will be invented.

Bitcoin's value is in its principles, trust earned, ledger and of course its users. Those can be ported to new and exotic systems in the future. By the time we're vegetables it's possible there'll be something called Bitcoin that recognises today's private keys but it won't have any resemblance to what we're using now.

[yazher]

Let's not forget the fact that nowadays, the Governments are becoming Bitcoin-friendly recently. like, for example, the lifting of the ban by the central bank of India and the promotion made by the Chinese President. This is the indication that they are not going to shut it down, instead, they let it join with their plan on making their own digital currency. they may be a plan to shut down some other coins, but they will have a hard time shutting down bitcoin for over 10 years. that's why they beginning to adopt it now instead of totally banning it.

[kezinaur14]

In my opinion, we are still very far from bitcoin's end. It is true, that someday, in the future, bitcoin may be obsolete because of maybe another advanced technology that will be invented. But for now, I don't see it coming for the next 10 years.

That technology is already in the works and is quantum computing. Until that rolls around we'll be seeing regular cryptos as we've seen it up until now. And I think until such tech or maybe something that really is so multi purpose that can take over Bitcoin, I don't see another reason for a big flip like that at least not in the next few years

[bhabygrim]

Have you ever been concerned about Bitcoin's longevity in the mainstream world as a decentralized cryptocurrency? While BTC has been going strong since 2009, there exist the possibility that it could vanish from existence sometime in the future. After all, we know that nothing lasts forever.

My guess is that once governments start circulating their own digital currencies, they will try to crackdown on Bitcoin and other cryptocurrencies as we know them. It's no secret that the entire crypto space is largely dependent on centralized infrastructure (centralized exchanges, centralized wallet services, etc). People will not want to use something that's considered "illegal" by worldwide governments. While it'll still be possible to continue using Bitcoin regardless of government bans, regulations, etc, not many people will support it (only libertarians, geeks, anarchists, etc.). By that time, it'll be nearly impossible to get access to Bitcoin with Fiat currency or even exchange Bitcoin to Fiat (as the government crackdown will make all centralized exchanges to cease their operations).

Considering that governments want to stay in power, they'll do anything to force people to use their Central Bank Digital Currencies (CBDCs) instead of any other alternative payment system. If that happens, Bitcoin will be doomed.

Do you think that we're close for Bitcoin's End Game to happen? Will it ever happen? What are your thoughts?

No I think it is too far from happening,
No I don't believe that nothing last forever did Gold ever lose value? Did Fiat lose value?
Ever since they were created they didn't lose value and up till now we are still using them.

[Sadlife]

Indeed this may also be considered a possibility considering its scarce supply. I think for Bitcoin to become truly adopted and be used as global payment. The current system and the government that's controlling the paper money should be destroyed or should cease to exist then we could see tons of people move to Cryptocurrency. Cause only in a crisis will people will start migrating to alternatives.

[FaithInCrypto]

Have you ever been concerned about Bitcoin's longevity in the mainstream world as a decentralized cryptocurrency? While BTC has been going strong since 2009, there exist the possibility that it could vanish from existence sometime in the future. After all, we know that nothing lasts forever.

Honestly, never thought about it could vanish instantly but I'm on a point where I'll just accept everything that will happen the moment I stayed exposed to cryptocurrency. If Bitcoin or the crypto doesn't last then who are we to control it, as you said nothing lasts forever so let's just enjoy what it has to offer nowadays.

So far I can see a positive outlook as there is recent news about different countries unbanning Bitcoin and even legalizing them, so let us just wait and see and enjoy the rollercoaster ride of crypto. 

[xvids]

No I don't believe that Bitcoin is going to end soon and I believe that it would last for long.
Crypto is being legalized in some country and there are so many business that is already accepting it,
So I don't think that it would be gone soon or if it will ever end then I think it would be because of a new crypto has taken over it but for now I don't think that there would be a crypto that could replace it.

[dothebeats]

If the society permits themselves to be defeated by the same system, then yes.

People have now been asking questions about the systems a lot more than ever, and if that is not an indication of the growing doubt and lack of trust us people have towards our governments then I don't know what is. We might even reach to a point where civil unrest would be seen everywhere and anywhere if the government and the banks continues to oppress those who.cannot stand up and fend for themselves. Also, this might even prove a strong need for bitcoin should CBDCs or whatever exists, as the latter can obviously be manipulated to the governments specifications as they see fit.

We're yet to see global acceptance of bitcoin, but also digital currencies issued by central banks are also miles away from seeing public acceptance, too.

[meanwords]

Bitcoin users isn't even 10% of the world's population and you are already thinking of how Bitcoin will end and how the government will create their own digital currency to fight Bitcoin. Let's be honest here, the leading government isn't seeing Bitcoin as a threat right now but as an opportunity that will help their own economy prosper. Look at how Japan us utilizing Bitcoin and cryptocurrency. It's amazing how Bitcoin is getting more used than it was before. Bitcoin will not end for a very long time.

[pooya87]

It's no secret that the entire crypto space is largely dependent on centralized infrastructure (centralized exchanges, centralized wallet services, etc).

this is not true. the fact that people trade on exchanges and some newcomers use centralized custodial wallets doesn't mean bitcoin relies on centralized infrastructure!
and thins like centralized exchanges are popular and used because they are most convenient right now compared to the alternative and since there is no problem in using them, people don't bother working on any alternatives.

People will not want to use something that's considered "illegal" by worldwide governments.

last time i checked there was no such thing as "worldwide government"!

not many people will support it (only libertarians, geeks, anarchists, etc.).

this would have been true if such theoretical ban came back in 2008 to 2009 not in 2020-2030+ that a very large number of people have already adopted bitcoin and a million dollar industry has been built because of bitcoin.
at this point it is like talking about government banning usage of the internet!

[rodskee]

As long as there are men who tend to personal freedom and therefore also to financial bitcoin will not die. If men all became unconscious slaves of the system, then bitcoin would cease to be used.

And with this for sure Bitcoin will never die ,because for the past 10 years people entering this market to fin financial freedom and luckily they found it here.
so why would ending comes when there are still seekers outside this market?
and also remember that we are here because of this freedom and until now we are holding our bitcoin in our wallet and no plan going back to old fashion way of banking.