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Author Topic: What is the biggest threat to Bitcoin?  (Read 998 times)
chretienm
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November 24, 2020, 10:40:27 AM
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 #1

Everybody looks so happy and optimistic about Bitcoin bull rally, everything is going fine for the crypto king and many expect it to last forever including myself. Do you really think so? I'm not talking about some corrective retracement, which is healthy for the market too.
What do you think can be the biggest threat for Bitcoin in current situation? In my opinion it can be only some sudden governments shift in regulations and laws to ban Bitcoin (which I don't really think may happen), otherwise there are basically no obstacles or threats.
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November 24, 2020, 11:31:00 AM
 #2

These sentiments are common during the bullish trend. I can assure you that correction will occur at one time and drop in prices will occur.

Now governments crack down on crypto is bad for the price but it causes a sudden drop in price if significant enough, not a more organic gradual drop of price which commonly occurs as small retail sellers are dumping their coins.

Now being pessimistic about price will not have any good effect from your side. Wait for prices to correct if you are looking to buy.

It is also difficult to state in one sentence what can be possibly a threat, government problems, legal issues are few. But there are many more.

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November 24, 2020, 11:55:06 AM
 #3

What do you think can be the biggest threat for Bitcoin in current situation? In my opinion it can be only some sudden governments shift in regulations and laws to ban Bitcoin (which I don't really think may happen), otherwise there are basically no obstacles or threats.

The current situation looks more than good, many did not hope that BTC would reach the previous ATH before the end of this year, and that is very likely at the moment. Given the overall economic situation in the world, I think that BTC is quite safe at the moment, because it is becoming an increasingly important player in the financial markets, and at the same time helps numerous people to survive these difficult times.

If we are talking about a possible ban, the worst that can happen is that crypto exchanges are banned - of course in the US and the EU, which are perhaps the strongest markets. And we all know that it would then put a lot of pressure on the rest of the world to do the same, and it would only be a matter of time before BTC became something that is difficult or impossible to trade.

However, I do not believe that something like this will happen (especially in the current time), because BTC does not pose a danger to anyone with its still relatively small market share.



chretienm, welcome to the forum after almost 10 years Wink

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November 24, 2020, 12:10:30 PM
 #4

In my opinion it can be only some sudden governments shift in regulations and laws to ban Bitcoin (which I don't really think may happen), otherwise there are basically no obstacles or threats.
Bitcoin is too powerful than government to just ban it, if otherwise, why are the governments getting acquainted with bitcoin but only want to know ways to just make sure people make use of it safely. Just know that even countries that ban bitcoin for now will still legalize bitcoin in the future.

Bitcoin is just a decentralized currency that people are getting to know more daily, and even the people that supoosed to ban it are getting to liking it. I have looked at many reasons why bitcoin should be banned, the only good reason I saw is ignorance, which is not a good reason anyway. Bitcoin is just money and asset which supposed to be legalized all over the world.


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chretienm
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November 24, 2020, 12:16:24 PM
 #5

Yeah, the market share is still small and it's not taken seriously yet but it will grow. So, no real threats, just bright future for bitcoin, very predictable. Thanks for welcome, yeah long time, too bad I don't keep my bitcoins from that time, didn't take it seriously either Sad(


What do you think can be the biggest threat for Bitcoin in current situation? In my opinion it can be only some sudden governments shift in regulations and laws to ban Bitcoin (which I don't really think may happen), otherwise there are basically no obstacles or threats.

The current situation looks more than good, many did not hope that BTC would reach the previous ATH before the end of this year, and that is very likely at the moment. Given the overall economic situation in the world, I think that BTC is quite safe at the moment, because it is becoming an increasingly important player in the financial markets, and at the same time helps numerous people to survive these difficult times.

If we are talking about a possible ban, the worst that can happen is that crypto exchanges are banned - of course in the US and the EU, which are perhaps the strongest markets. And we all know that it would then put a lot of pressure on the rest of the world to do the same, and it would only be a matter of time before BTC became something that is difficult or impossible to trade.

However, I do not believe that something like this will happen (especially in the current time), because BTC does not pose a danger to anyone with its still relatively small market share.



chretienm, welcome to the forum after almost 10 years Wink
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November 24, 2020, 12:37:44 PM
 #6

The biggest threat to the bitcoin is "US" because we are the one who are buy and sell bitcoin and also who are panicking so we are the cause also if the bitcoin dump and that is my opinion. Im hapoy and for sure many of us are what bitcoin already achieved this year and I think we will become more happy this time because we are near to the $20k per bitcoin.
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November 24, 2020, 12:49:24 PM
 #7

In my opinion, the biggest threat to Bitcoin is hackers and also permission from the government. These hackers can take the Bitcoin that we have. while the government has full control over what happens to the economic turnover of the country. And this also stings Bitcoin as an investment asset.

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November 24, 2020, 12:58:55 PM
 #8

In my opinion, the biggest threat to Bitcoin is hackers and also permission from the government. These hackers can take the Bitcoin that we have. while the government has full control over what happens to the economic turnover of the country. And this also stings Bitcoin as an investment asset.

The hackers are a threat only for the centralized cryptocurrency exchange platforms and some online cryptocurrency wallets.They aren't a threat for the blockchain.
The government can be seen as threat for the future of the cryptocurrencies,but I think that it is way better for the governments to keep crypto trading legal and gather taxes from the crypto traders,rather than trying to destroy the crypto economy while getting zero tax revenue from the crypto traders and users.




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November 24, 2020, 01:09:25 PM
 #9

there's a lot of threats to bitcoin, there are some attacks, viruses and also governments are among the top threats in Bitcoin. but there are views saying that global events could seriously threaten bitcoin's existence in 2020 and beyond
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November 24, 2020, 01:19:12 PM
 #10

I think the biggest threat for Bitcoin is Government Negligence. All government want to trace all transection. But Bitcoin transection always hidden. Government’s  think many crime happened by using Bitcoin. So government want to avoid Bitcoin. That's why i think Government's are main threat for Bitcoin.

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November 24, 2020, 01:30:50 PM
 #11

Thanks for welcome, yeah long time, too bad I don't keep my bitcoins from that time, didn't take it seriously either Sad(

Few people then took Bitcoin as something serious, and even a few years later the situation was not much better in this regard. It was only after 2017 that there was a change in the sense that people realized what potential lies in Bitcoin, although many will only realize this in the period to come.

It's hard to say that you shouldn't regret a missed opportunity, but if you just imagine what it will be like 10 years from today - you have a new chance to be a part of something that has yet to shine in full splendor.

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November 24, 2020, 01:41:29 PM
 #12

Since BTC captured the imagination of people there has been growing interest in crypto currency, while some of the government have recognized the potential of this technology many are avoiding to announce it has a legal asset. However this has not impacted the reputation but it's been a serious thread to BTC as still many are scared to invest I believe this issue will be resolved in couple of years and it will be made legal across the globe.

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November 24, 2020, 01:44:21 PM
 #13

In my opinion it can be only some sudden governments shift in regulations and laws to ban Bitcoin (which I don't really think may happen)
i think we're way past that point where a govt would try to ban bitcoin. The governments who wanted to ban it already did it

Aside from those crappy govt, the rest of the governments are not stupid, when they see billion dollar companies like Square[1] and Paypal investing and adopting BTC respectively, or the big boys in Wall Street[2] getting ready to fully enter the market, they know it's time to embrace BTC.

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lifeforcepools
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November 24, 2020, 02:18:27 PM
 #14

If at one point everyone stops investing in bitcoin, if governments step up the fight against crypto, or something else. Bitcoin is not all-powerful, but we will fight.

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fishbonez11
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November 24, 2020, 02:31:05 PM
 #15

Everybody looks so happy and optimistic about Bitcoin bull rally, everything is going fine for the crypto king and many expect it to last forever including myself. Do you really think so? I'm not talking about some corrective retracement, which is healthy for the market too.
What do you think can be the biggest threat for Bitcoin in current situation? In my opinion it can be only some sudden governments shift in regulations and laws to ban Bitcoin (which I don't really think may happen), otherwise there are basically no obstacles or threats.

If the government see Bitcoin as a threat they will really make a way to stop and regulate it. But the truth is, no one can have the full control over Bitcoin, as long as you have internet, you have all the ability to do what you want with it. There are case that IP address are banned, but you can now easily change your IP address. With that being said, you can have it secretly even the government doest allow it.

 I think the only threat is the misinformation about Bitcoin, if people will not be justly orriented and educated about it, people will have good impression. We are seeing lots of misleading information from mainstream media from the last years, and it affects Bitcoin since it all depend on the demand from the people.
CODE200
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November 24, 2020, 02:36:11 PM
 #16

In my opinion it can be only some sudden governments shift in regulations and laws to ban Bitcoin (which I don't really think may happen)
i think we're way past that point where a govt would try to ban bitcoin. The governments who wanted to ban it already did it

Aside from those crappy govt, the rest of the governments are not stupid, when they see billion dollar companies like Square[1] and Paypal investing and adopting BTC respectively, or the big boys in Wall Street[2] getting ready to fully enter the market, they know it's time to embrace BTC.
Well, actually there is still a possibility for other governments to do so, if there will be a reason for such action.
Well, indeed, more countries are recognising this technology as years are passing by and now, a third party network which is being used across different countries adopted this technology. This would show development and progress. What I am quite scared of is that, this technology will now be more exposed and it means that more criticisms are possible to arise especially regarding to its market value (its price won't be consistently increasing, volatile is in nature) which again could give dent to this industry. I am not saying that sudden decrease will yield to total ban of this technology, but rather I want us to share our knowledge to other people on its true nature to avoid further misconceptions once things do not go with majority's expectations of this technology.
catur123
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November 24, 2020, 02:43:23 PM
 #17

In my opinion it is also like that because the price of bitcoin can be affected by government regulations that can support and drop bitcoin at any time. Roll Eyes

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adzino
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November 24, 2020, 02:49:39 PM
 #18

Why do people keep on thinking that the government can ban bitcoin? To ban bitcoin, they will have have to ban the central authority in their country. But bitcoin is decentralized and has no central authority. To ban bitcoin, the government will have to "ban everyone" that is helping the bitcoin network stay active which is impossible. If it was possible, wouldn't the government all around the world already put a ban on p2p torrenting? Secondly, the government can't suddenly tell its people to stop using bitcoin and abandon everything they have.

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@PEPE12
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November 24, 2020, 03:20:12 PM
 #19

In my opinion, the biggest threat to Bitcoin is hackers and also permission from the government. These hackers can take the Bitcoin that we have. while the government has full control over what happens to the economic turnover of the country. And this also stings Bitcoin as an investment asset.
I think the government of a country cannot be a big threat to Bitcoin.  The government will never suddenly ban Bitcoin.  This can have an adverse effect on the government and the people of his country.  Because Bitcoin is very popular with the people.  So no country's government would ever want its popularity to decline.  I think the biggest threat to Bitcoin is hackers.  They could easily destroy the Bitcoin market.
BrewMaster
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November 24, 2020, 04:15:52 PM
 #20

In my opinion it can be only some sudden governments shift in regulations and laws to ban Bitcoin

the biggest threat to bitcoin has always been people who don't understand what a decentralized censorship resistant currency means while thinking what the government says about bitcoin matters.

There is a FOMO brewing...
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