Bitcoin's End Game

[Latviand]

There is a possibility for auch thing but as we can see, Bitcoin have grown way too much to just vanish because of a new crypto. It have established wide range of users and they might refrain from engaging to a 'new' one especially those who are seeking profit, if Bitcoin would appear to be more profitable. Crypto has left an image not being a digital currency but as a mode of investment. If it is convenience brought by digital currencies, people may more likely just engage into existing online banking which is currently being used in online services.

Bitcoin won't die, and I see positive signs proving this point of view. Indian court case was a big event for crypto industry. Moreover, some governments own a huge amounts of Bitcoin. + One more argument, technologies are developing much faster than regulations. If Bitcoin was banned one day, we would easily switch to privacy coins.

If this industry, not only Bitcoin, would seek for further improvements, it won't come to its end. There are just minor issues existing in this industry which make those countries who are not adapting blockchain technology, to do so. And if progress will be continuous, such 'issues' could be aided which will prolong the life of Bitcoin and could possibly result to wider adaptation in the future.

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[Linkkoin]

Indeed nothing lasts forever but I do not think that Bitcoin will be ending anytime soon. If the beginning of government's interest to create, navigate and circulate a centralized digital currency would be the end of Bitcoin, I don't think that it is happening soon. Every nation has a different government system, capacity to fund resources and technological advancements. On the contrary, the government of some countries has been very open with cyrptocurrencies that they tolerated different establishments to engage with transactions using Bitcoin. Also, I think that even if the government would start circulating their own digital currency to compete with Bitcoin, they would still choose the latter because of its features that they were enticed with foremost as to why they engage with cryptocurrencies.

The easiest way would be to issue an official centralized stablecoin of the State, where each person could have access to it. Like with current cryptos, besides having the wallet address you will have two IDs - one for your eg. transaction title (like invoice no 324/03/09/20) and your social insurance number. Most likely, this would be a solution coming from banks, as you will be able to open these wallets only at banks as a part of a bank account. Why banks? With people abandoning bank accounts, one of the main sources of their income will slowly start to disappear. In such a case, other fees would need to increase or whole banking system may be on the edge of collapse.

[FanEagle]

When I started seeing news that somegovernments are planning on creating their own cryptocurrencies, I started having this same thought on whether the governments are going to allow Bitcoin to be around and used by people after they have all created their own cryptocurrencies? I know for sure that their cryptocurrencies are going to be centralized so that they would be able to regulate it.

Since, Bitcoin is decentralized they might declare it illegal and stop exchanges from selling and buying decentralized cryptocurrencies, and then exchanges would stop buying and selling of decentralized cryptocurrencies and then start to support only the cryptocurrencies that are issues by the government and they will be working handinhand with banks. Well, let’s not assume till then.

[Twentyonepaylots]

When I started seeing news that somegovernments are planning on creating their own cryptocurrencies, I started having this same thought on whether the governments are going to allow Bitcoin to be around and used by people after they have all created their own cryptocurrencies? I know for sure that their cryptocurrencies are going to be centralized so that they would be able to regulate it.

Since, Bitcoin is decentralized they might declare it illegal and stop exchanges from selling and buying decentralized cryptocurrencies, and then exchanges would stop buying and selling of decentralized cryptocurrencies and then start to support only the cryptocurrencies that are issues by the government and they will be working handinhand with banks. Well, let’s not assume till then.

I'm very doubtful on government making their own cryptocurrency, why? simply because they are going to create a counterpart of bitcoin which is a centralized one. So most probably they will prohibit the use of bitcoin if ever they come up to create on their own cause they don't want anything that hurdles their creation especially their regulation. Banks by that time will surely be working with digital payments as well as digital investments.

[Artemis3]

I don't think so, not all governments are this idiot, so among countries the division is already there, with those favoring it weighting more the few that outright banned it.

From another perspective, banning Bitcoin means refusing wealth from entering your country. If you have 3 countries, two that ban Bitcoin but one doesn't, logically you will see more investing in the one that allows Bitcoin. This divide already exists, and i'd say only a minority (about 15 countries) banned Bitcoin.

Also the generational divide, as younger people more familiar AND in favor of Bitcoin reach positions of power, and the old dinosaurs die of age, the balance of those against vs those in favor will simply favor Bitcoin. In the long term, Bitcoin has advantage, and by then they can showcase Bitcoin's history to ease acceptance.

There is also the population learning about Bitcoin and what it means to the world.

Think of Church and State, so far for the most of the history of human kind religion and state were one and the same. Don't you think there was fierce opposition to the idea that both should be separate? Same thing here, money and state.

If the governments suddenly lose the power to change the rules of the money in everyone's pockets, they are forced to act more transparently. To make a budget fit, make everyone poorer, is a choice that should disappear, as religion can no longer decide who is the head of the State.

There is no turning back, also in world acceptance. Many countries are accepting Bitcoin with various levels of meddling "regulation, kyc, etc". Expected in a transition when there still many from the old school. Some of you see no point, why, you haven't lived what it means when your government decrees that you are now poorer, because they pour more fiat coins into the economy. They must lose this power altogether, and no, just because you live in a "nice country", that "has never done that", doesn't mean they can't; as long as that power is there it can be abused.

Bitcoin is the only way such thing could never happen again. People will learn and understand about this, and give Bitcoin its appropriate value based on usefulness. Bitcoin is more useful than fiat because of this and more.

Eventually the discussion will be: Why not just use Bitcoin as the official currency? Not the other way around... Endgame is more like, consider the dissolution of the USD, and EUR, etc. Of course gov backed centralized altcoins have no future. The WHOLE point is pulling the gov OUT from changing the rules on a whim to the currency. And this means the rules of the coin alone, how many coins there are, etc. Which for Bitcoin its a program following instructions in a worldwide audited open source code executed by nodes also spread worldwide run by anyone that wants to (unrestricted).

Bitcoin is the only true stable coin, its rules are stable, the others, not so much. This gives it tremendous value, no more should you put your trust in your or a foreign government or bank / institution.

[princesspoppy]

Countries which banned bitcoin and other cryptos started to uplift their ban to it because they don't have the right to do so, this is why I don't see the potential of other countries to do same thing again, not today, not in the near future. Although many countries are giving their statements and ideas about making and launching their own cryptocurrencies, still there are no such cryptos that are out in the market, so unless it have, bitcoin will always be safe from dying and vanishing.

[Kelvinid]

The future of Bitcoin lies upon us. If we are not able to adopt this new system, a new way for payment and what the others think about it, this gonna have an end. But we are into that adoption, people started to use it as a normal way for doing transaction just like of using fiat. But there is some situation that will put into question and the credibility of crypto because of its high risk and its volatility feature where people might give them an option not to adopt this and so the government support.

Well, we're not hoping for its end because some of us have benefited from this but the question is, how long we can make to manage to hold its risk and our support?

[Sanugarid]

The future of Bitcoin lies upon us. If we are not able to adopt this new system, a new way for payment and what the others think about it, this gonna have an end. But we are into that adoption, people started to use it as a normal way for doing transaction just like of using fiat. But there is some situation that will put into question and the credibility of crypto because of its high risk and its volatility feature where people might give them an option not to adopt this and so the government support.

Well, we're not hoping for its end because some of us have benefited from this but the question is, how long we can make to manage to hold its risk and our support?

It is quite impossible to see bitcoin right now and even in the future. As we can see, bitcoin has been dominating the market for a very long time already amidst all the crisis and issues it has faced. We should already be confident by now about its current status. Holding and waiting for the right timing is still advisable up until now actually since the market is about to make a massive change as bitcoin halving occurs.

Bitcoin won't die, and I see positive signs proving this point of view. Indian court case was a big event for crypto industry. Moreover, some governments own a huge amounts of Bitcoin. + One more argument, technologies are developing much faster than regulations. If Bitcoin was banned one day, we would easily switch to privacy coins.

There are a lot of conference occuring around the world but actually we can see the market falling since the corona outbreak led to the cancellation of the conferences that could have make a huge difference in the market. Still, as soon as corona outbreak ends, the conference would take place and we will surely see the changes and improvements occuring in the market.

[rdluffy]

Nothing will last forever, including BTC, but I can´t think about longevity of BTC right now, maybe we are in the mid of the life of BTC, maybe it´s just the beginning...
People always make estimatives about the last block of BTC, when will occurs etc, but we have to think about the relevancy of BTC, because it's a product of tech, and we all know that technology evolves in a quickly pace, more than in any other area, so we have to accept that BTC is not eternal

[South Park]

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?

I do no think you are wrong on your predictions but I do not see how that is the end game for bitcoin, governments know that regardless of what they do they cannot kill bitcoin, using the same technology as bitcoin will only reinforce the point that bitcoin is in fact a great form of money and when we add that the current system cannot remain in place forever since it is unstable by nature then the only thing that bitcoin needs to do is to survive and be a viable option until that day comes, once that happens bitcoin will be unstoppable and governments all over the world will be forced to accept it whether they like it or not.

[isaac_clarke22]

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I'm very doubtful on government making their own cryptocurrency, why? simply because they are going to create a counterpart of bitcoin which is a centralized one. So most probably they will prohibit the use of bitcoin if ever they come up to create on their own cause they don't want anything that hurdles their creation especially their regulation. Banks by that time will surely be working with digital payments as well as digital investments.

I have mixed feelings about this though. They won't be able to actually "stop" the usage of Bitcoin, be it in the case that they're against it. They might just make another cryptocurrency of their own and actually there are already plenty of countries planning to make a crypto of their own, because people would just continue using any workaround to still use Bitcoin through VPNs, in cases that ISPs blocked crypto-related sites.
Here is the list that I mentioned previously: https://coinsutra.com/national-cryptocurrencies/

[Abiky]

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.

Yes, I'm aware. But even if countries have legalized Bitcoin, they could change their stance in the future. Once governments see Bitcoin heavily used by people in the mainstream world on top of Fiat, they'll try to limit its growth or ban its usage. Right now, they're accepting Bitcoin and crypto as legal tender for taxation purposes. After all, they don't want to miss the income opportunities this emerging Blockchain industry provides. Believe me that once governments start rolling in their own digital currencies to everyday people, they might prevent anyone from using an alternative monetary system for their own benefit. This will take part especially in communist/socialist countries like Venezuela and China. Developed countries like the US and UK might still allow people to use Bitcoin but with greater limitations/restrictions than today.

No one knows what will happen in the future. As long as Bitcoin and other cryptocurrencies work their way to cooperate with the government, they'll be here to stay for a long time. Many governments still believe Bitcoin is used for money laundering and tax evasion, leading them to take certain actions which stifle the growth of the entire Blockchain industry. Thankfully, the transparent nature of Bitcoin's (and some other cryptocurrencies') blockchain ledger would allow governments to track & trace illegal activities easily. The ones in trouble would be privacy-oriented coins like Monero, Grin, and Zcash since their transactions are completely obfuscated from the general public. While it's easy to trace these coins via trades performed on a centralized exchange, P2P transactions made on-chain will be harder (if not impossible) to keep track of.

As I've said before, nothing lasts forever. If Bitcoin manages to survive for a couple of years from now, its longevity might be put at risk once all BTC are mined in 2100. Miners will still earn from fees, though. But if Bitcoin's price on the market is low, miners' operations will not be sustainable in the long run which would lead to the pioneer cryptocurrency's demise in the future. In the end, we should be prepared for the worst in this uncertain world of crypto. Just my thoughts

[elenag1242]

How about we not overlook the way that lately , the Governments are arising to be Bitcoin-accommodating as lately . like, as an example , the lifting of the boycott by the commercial bank of India and therefore the advancement made by the Chinese President. this is often the sign that they will not shut it down, rather, they let it get along side their arrangement on making their own advanced money. they could be an appointment to shut down some different coins, however they're going to make some hard memories closing down bitcoin for quite 10 years. that's the rationale they beginning to embrace it now instead of thoroughly prohibiting it.

[MCobian]

I also believe bitcoin will not last forever, it will definitely end someday. But no one will ever know when that happened, which is definitely
not possible bitcoin to end in the near future. So no need to worry, now it's better to just focus on collecting bitcoin. There are several
reasons for bitcoin to end, which is that all countries may have their own coins. The next cause is the whole bitcoin has been successfully
mined for 21 million BTC, then the last cause is likely to appear new technology more sophisticated from the blockchain technology.

[Artemis3]

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I'm very doubtful on government making their own cryptocurrency, why? simply because they are going to create a counterpart of bitcoin which is a centralized one. So most probably they will prohibit the use of bitcoin if ever they come up to create on their own cause they don't want anything that hurdles their creation especially their regulation. Banks by that time will surely be working with digital payments as well as digital investments.

I have mixed feelings about this though. They won't be able to actually "stop" the usage of Bitcoin, be it in the case that they're against it. They might just make another cryptocurrency of their own and actually there are already plenty of countries planning to make a crypto of their own, because people would just continue using any workaround to still use Bitcoin through VPNs, in cases that ISPs blocked crypto-related sites.
Here is the list that I mentioned previously: https://coinsutra.com/national-cryptocurrencies/

Yes and one polemic in my country is that no one wants their absolute centralized coin because, lo and behold, their own institutions are NOT accepting it. This coin, was artificially pegged to assets. Such assets have been falling with the pandemic, but guess what, according to them the price of the coin remains magically the same.

The market however, thinks differently. But the worst thing is that people feel scammed, because once they get into it, they can no longer use it and have to sell it for a quarter or less of what the intended value was.

Governments made fiats, and their altcoins are as bad or even worse than those.

Bitcoin is valuable among other things because it doesn't depend on any government. Its like finding an oasis in a desert: A coin that doesn't lose value overtime, going against the Chicago school dogma of induced inflation to stimulate people getting in debt and have banks make more vapor money to loan thanks to the ponzi scheme of fractional reserve.

But the world will learn the truth someday and the Chicago school will be kicked. Be ready for Austrian school economics, its the only one that embraces money that doesn't lose value overtime...

[mongkie]

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?

it depends on the government on how they will manipulate their own financial system, i believe that it will never be a unanimous decision of every nation to ban bitcoin and be centralized because it will also a matter of suppressing freedom and that is why cryptocurrencies are made to have a decentralized financial system

[elenag1442]

I feel that every one monetary standards, regardless of whether cryptographic money or not will in the end become ancient.

In future we'll have innovation that renders things like copyrights, licenses and for all intents and purposes everything else futile. Individuals will have 3D printers which will deliver materials on a nuclear scale, which can consequently permit everyone to print whatever they need , whether that be nourishment, a substitution book, a substitution house or whatever.
In a future where nothing is rare, cash has no worth.

[Abiky]

it depends on the government on how they will manipulate their own financial system, i believe that it will never be a unanimous decision of every nation to ban bitcoin and be centralized because it will also a matter of suppressing freedom and that is why cryptocurrencies are made to have a decentralized financial system

That's certainly true, mate. It looks very unlikely that governments worldwide will agree unanimously on banning Bitcoin, since they "act on their own". There will always exist governments who support Bitcoin no matter what, especially if they're able to tax it. The only way I see Bitcoin will end is if the whole Internet is shut down in its entirety. But you and I know that's almost impossible to do. In the long run, governments will have no choice but to accept Bitcoin as legal tender. There will be a clash between the centralized (Fiat) and the decentralized world (Bitcoin). People will have a choice to support one currency from the other. Central banks will continue to push governments worldwide for heavy-handed regulation on the crypto space. But the Blockchain industry won't be going anywhere because it is resilient against third-party actions.

Nonetheless, no one can predict the future. Bitcoin may be still standing strong after all these years. But nothing lasts forever. Many things could happen that could determine "Bitcoin's End Game" in the long run. Despite what happens, there's no denying that Bitcoin has revolutionized the way people interact with money without the need for a middleman. Just my opinion

[MicroGuy]

Have you ever been concerned about Bitcoin's longevity in the mainstream world as a decentralized cryptocurrency?

Not really, because Bitcoin has the backing of the government-sponsored media and banker-funded institutions like Blockstream.

[Leonardo7]

I think some nations already welcome Bitcoin and there will be no need for government to outrightly ban the use of  bitcoin. So if one nation is critical of it, users in that nation will find a way through the internet to byepas that nation regulation. Bitcoin traders will always find a way around the internet to do their investment except the internet is shutdown.