What if Bitcoin Fails ?

[Emitdama]

Technology is not the only part of success of bitcoin. Trust is much more important: people believe that bitcoin has value and technology just makes that belief working. If bitcoin would ever fail it would cause a problem with trust to entire crypto world, so no, it can't be so that any other cryptocurrency can replace bitcoin if it fails. Cryptocurrencies can grow and become substantive only if bitcoin would be still succeeding, at least for now and for years.

It still started with the technology because why will people invest on it or why will they trust it if bitcoin is only an ordinary thing with no ground breaking technology behind it? If bitcoin fails then it fails but you might be right that it will cause a doubt at first if the rest of the cryptos left is strong or can be trusted because btc is already known to be the strongest among all but why it still collapse?

But, eventually people will still move and will try to embrace what is left. As of today, we have tons of cryptos on this market and most of them are good cryptos that we can say close to the level of bitcoin. People can still earn a benefit with them.

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[jokers10]

It still started with the technology because why will people invest on it or why will they trust it if bitcoin is only an ordinary thing with no ground breaking technology behind it? If bitcoin fails then it fails but you might be right that it will cause a doubt at first if the rest of the cryptos left is strong or can be trusted because btc is already known to be the strongest among all but why it still collapse?

But, eventually people will still move and will try to embrace what is left. As of today, we have tons of cryptos on this market and most of them are good cryptos that we can say close to the level of bitcoin. People can still earn a benefit with them.

It took years for Bitcoin to become what it is now. If the technology is magic by itself why wasn't it as valuable from the very beginning? It is only a tool, and Bitcoin is much more than just that tool. There are multiple forks of Bitcoin which have zero value despite made with the same technology and even same code. To trust in that some code in your PC has value is much harder to get then to write some code. If trust is lost it would be really hard to earn it one more time. I hope we'll never see a situation with bitcoin failure.

[Cryptmuster]

But, eventually people will still move and will try to embrace what is left. As of today, we have tons of cryptos on this market and most of them are good cryptos that we can say close to the level of bitcoin. People can still earn a benefit with them.

The ability to earn on any coin does not bring it closer in terms of level to bitcoin. There are many tokens, many of them are absolutely useless, but speculating on them temporarily can swing the price very much. The only difference is that these tokens are forgotten very quickly and have no value. And bitcoin has already been recognized by states and today it simply will not be allowed to collapse.

[haasanjui]

Bitcoin is big coin of Crypto Currency and If bitcoin falls then whole crypto market will get down and it can end. Because bitcoin is a trusted coin and whole market is running through BTC trust and if BTC fall then people loose there trust they withdraw their funds which make the crypto end.

[Gyfts]

8 )  If Bitcoin fails, Capitalism Fails
There is no CEO of Bitcoin. Bitcoin gained value organically, from the bottom up. The Network represents the spirit of capitalism harnessed in code. Self-interest combined with innovation & ingenuity. If you value capitalism, value Bitcoin.

I agree with most of this list except for this. Capitalism did not immediately invent itself post Bitcoin creation. Capitalistic principles have existed for centuries with the most modern capitalistic societies doing fine without Bitcoin. That's not a slight directed at Bitcoin because crypto can enhance capitalism, but this is a bit of hyperbole.

Now, if you're referring to major central bank collapse which would cause business ownership to plummet, then yes, Bitcoin would save capitalism. We aren't there yet.

[josgandosbro]

Bitcoin is never failed. If bitcoins price will be go down it affects the all coins. So bitcoins is important of all coins. Bitcoin price is any time to up and down. So don't lose the bitcoins and hold it long time. It good opportunity for the future growth. Bitcoins price not easy to juess. It any time to up and down. So time to buy and sell the coins.

[darkv0rt3x]

I also think that Bitcoin cannot fail that easily. However, one of the strongest vectors of attack would be to globally shutdown the internet, which seems almost impossible to achieve. Many factors would have to come together to make that happen.

Banning PoW and other attempts like that, or banning mining will just move the operations to other locations, making the demand for everything needed to increase and making it feasible and lucrative. Even if all countries try to ban mining and PoW and other things that could be banned, I still think there would always be margin for illegal market, parallel economies (underground, etc) and we, as intelligent forms of life, would always fin ways to circumvent.

Then, if someday Bitcoin gets the grip, I think it will never lose it again. Knowing it's properties as a financial tool for economy, I think there are little things that could make it lose track ever, that I can't even remember!

[ninis45]

I don't think bitcoin will fail because there's no way this will happen....
but when that happens...
bitcoin failure means death, how will they kill bitcoin who have few reasons to live.... in the hearts of the world community unless they kill the bitcoiners. maybe what can kill bitcoin is when there is no supply of bitcoin left in this world...
and when that happens...
all blockchain systems and cryptocurrencies adopt the bitcoin system. when bitcoin dies, do others die too.....?? I don't think so.... maybe the blockchain system and other cryptocurrencies will come forward to continue the bitcoin struggle

[MinMan]

So what? Everyone here talks about how bitcoin can't fail, or won't fail, and how "fail" could be understood and many other things. But the reality is that, all I care about is blockchain itself, if blockchain doesn't fail, then projects themselves could survive as big as bitcoin itself.

I don't care if we have ALL crypto fail right now, let alone just bitcoin and I would be fine. Why? Because, I know that blockchain itself is a big deal and that is why I have to say it doesn't matter how one might fail, because a thousand will come out, we will have another coin at the top, likely ETH, and then we will move on like nothing happened. Sure it will impact for a short while, but then we will go back to normal for sure.

[LUCKMCFLY]

...
10 ) Bitcoin is too important to fail
...

What would be if the Universe never existed? Well there would be no such strange discourse as there would be none to lead it. But we know that the Universe do exist (anyhow, anyway).

Why should bitcoin fail? It is decentrlized enough and has big enough support to survive even if the situation will change for the worse. It will not fail and we know that right now. All other concepts are philosophical: what would be if.

I think that the only way that BTC will fail is that they remove the electricity supply service worldwide and the internet, because these services are needed to be able to execute transactions. I have seen similar threads when it comes to this topic, but when they say fail it can be interpreted in many ways, and a very common one is that they call failure when it makes a very strong downward movement, which translates into a big drop, something similar to what happened in 2018-2019 when the BTC was about to touch $2k, this can also be called a failure, and I think that if something like this happens, I would be fully willing to go up again and reach new ath.

[jokers10]

So what? Everyone here talks about how bitcoin can't fail, or won't fail, and how "fail" could be understood and many other things. But the reality is that, all I care about is blockchain itself, if blockchain doesn't fail, then projects themselves could survive as big as bitcoin itself.

I don't care if we have ALL crypto fail right now, let alone just bitcoin and I would be fine. Why? Because, I know that blockchain itself is a big deal and that is why I have to say it doesn't matter how one might fail, because a thousand will come out, we will have another coin at the top, likely ETH, and then we will move on like nothing happened. Sure it will impact for a short while, but then we will go back to normal for sure.

Blockchain is not the only distributed ledger even amongst existing now. There's DAG at the moment at least. So it is possible that one day there would be invented a much better distributed ledger which would replace blockchain. Bitcoin can migrate to that potential new ledger and survive when blockchain can fail and be replaced by a more prospective ledger, in theory. And as for me I believe that we still live in times of technological revolution and blockchain will be replaced by some more progressive technology in the future, the technology not not invented and probably can not imagined yet.

[stadus]

Bitcoin will not fail anymore, it is successful because of the people, and therefore only people can dictate the future of bitcoin. Also, we are not only talking of bitcoin now, we are not anymore in the early stage, we consider the space a crypto space, hence, it says that we grow bigger already and will continue to grow.

Bitcoin can be regulated but it cannot be stopped, we see some countries that ban bitcoin and yet bitcoin still exist and gaining support from people, even big company are investing into bitcoin.

[jokers10]

I think that the only way that BTC will fail is that they remove the electricity supply service worldwide and the internet, because these services are needed to be able to execute transactions. I have seen similar threads when it comes to this topic, but when they say fail it can be interpreted in many ways, and a very common one is that they call failure when it makes a very strong downward movement, which translates into a big drop, something similar to what happened in 2018-2019 when the BTC was about to touch $2k, this can also be called a failure, and I think that if something like this happens, I would be fully willing to go up again and reach new ath.

The fail of all human civilization (otherwise I don't see any option of losing Internet and power supplies in entire world at once) can lead to bitcoin failure of course, but there could be some other options in the distant future:

• newer technology which can be better than Bitcoin (if Bitcoin was invented than some other technology can be invented as well),
• money can lose their sense with possible changing of social formations and if that happen bitcoin will lose it's sense as well.

If to think I guess there could be more futuristic ideas about how can it be for bitcoin to fail in some distant future. But if without some planetary disaster I don't think bitcoin will fail in nearest future.

[Drane007]

I believe that the failure of bitcoin should not be confused with the failure of the blockchain, which will never occur. During the intern boom, many internet companies, including large ones, failed, but the internet as a technology never failed. It has changed the way the world operates today.

[perfect999]

The fail of all human civilization (otherwise I don't see any option of losing Internet and power supplies in entire world at once) can lead to bitcoin failure of course, but there could be some other options in the distant future:

• newer technology which can be better than Bitcoin (if Bitcoin was invented than some other technology can be invented as well),
• money can lose their sense with possible changing of social formations and if that happen bitcoin will lose it's sense as well.

If to think I guess there could be more futuristic ideas about how can it be for bitcoin to fail in some distant future. But if without some planetary disaster I don't think bitcoin will fail in nearest future.

The "newer" technology could be against bitcoin as well, instead of being better than bitcoin. Just to give an example, quantum computing is a thing that has been worked on for many years now, there is currently not success that threatens us but at the same time we are talking about a possibility in the future.

It means that if we end up with something like that, it could also attack bitcoin and that will result with something bad for us. It could hack into crypto in seconds, all those hardcore wallets that couldn't be hacked with brute hacking so far, could be hacked into in seconds, which shows that newer technology could be used to destroy bitcoin as well.

[Bitcoin.PN]

1/ If Bitcoin fails, Privacy Fails

The ability for individuals to send & receive value peer-to-peer without the interference of government & the banking system will be lost. Bitcoin allows for a future where anyone can have private access to their money.

2)  If Bitcoin fails, Censorship Wins

We are in an unprecedented age of censorship. Bitcoin is the most secure network that has ever been built. Resilient, antifragile, & permission-less. Open to anyone in the world. There is nothing else like it. Bitcoin can’t be censored.

3) If Bitcoin Fails, Big Government Wins

The government can lose hundreds of billions annually but want us to report every time we spend over $600. There is no government accountably or transparency in our system. Without Bitcoin we lose the only counterweight to that system.

4)  If Bitcoin fails, Central Banks Win

Unelected bureaucrats decide the value of your labor & time. Money is the way we store the value of our time on this earth.  No one should have the power to inflate the value of your time away from you. Bitcoin’s set 21MM supply fixes this.

5) If Bitcoin fails, Free Speech fails

Bitcoin is code. Letters & numbers. A private key is all you need to be able to store, transport & transact value with. Never in human history has speech & language been this powerful. The freedom to speak is the most basic of human rights.

6) If Bitcoin fails, Objective Truth is Lost

"What is truth?” has never been more convoluted. You can find experts on both sides with “internet facts” supporting them. Bitcoin is the only thing we have that is truly objective & transparent. The longest chain speaks for itself.

7) If Bitcoin fails, The Energy Transition Fails

If the hope is to transition to a new energy future, we need Bitcoin, the energy buyer of first & last resort. Bitcoin monetizes energy waste & incentivizes new & efficient energy resources. Energy & Bitcoin are nearly synonymous.

8 )  If Bitcoin fails, Capitalism Fails

There is no CEO of Bitcoin. Bitcoin gained value organically, from the bottom up. The Network represents the spirit of capitalism harnessed in code. Self-interest combined with innovation & ingenuity. If you value capitalism, value Bitcoin.

9 )  If Bitcoin fails, We Will Own Nothing

We don’t own anything of value. Property & money are regulated & stored with custodians. You don’t own it; you just have a claim. With Bitcoin, the value of your life’s work can be stored in a few words. Free to take with you anywhere.

10 ) Bitcoin is too important to fail

If you value freedom, transparency, and truth, then you should want Bitcoin to succeed
If you value oppression, censorship, and corruption, then you should want Bitcoin to fail

We can't let Bitcoin fail.


https://twitter.com/max_gagliardi/status/1485308690035056647?t=-vF-9ZE_FRxdIJD2u2rdng&s=19

In my opinion, I think there are too many shitcoins/altcoins, so it's possible one of them would take the place of bitcoin.

[Waddle]

Bitcoin will not fail. It is a very young currency, and many new features are being built into it that makes it better than ever. Just like the internet is the underlying technology that powers the entire internet, the blockchain is the underlying technology that powers bitcoin. Other forms of digital currency are being built on the blockchain. All of these will continue to grow and expand and become more widespread. The blockchain, unrestricted by being tied to any one digital currency, will continue to grow as well.

[jokers10]

The fail of all human civilization (otherwise I don't see any option of losing Internet and power supplies in entire world at once) can lead to bitcoin failure of course, but there could be some other options in the distant future:

• newer technology which can be better than Bitcoin (if Bitcoin was invented than some other technology can be invented as well),
• money can lose their sense with possible changing of social formations and if that happen bitcoin will lose it's sense as well.

If to think I guess there could be more futuristic ideas about how can it be for bitcoin to fail in some distant future. But if without some planetary disaster I don't think bitcoin will fail in nearest future.

The "newer" technology could be against bitcoin as well, instead of being better than bitcoin. Just to give an example, quantum computing is a thing that has been worked on for many years now, there is currently not success that threatens us but at the same time we are talking about a possibility in the future.

It means that if we end up with something like that, it could also attack bitcoin and that will result with something bad for us. It could hack into crypto in seconds, all those hardcore wallets that couldn't be hacked with brute hacking so far, could be hacked into in seconds, which shows that newer technology could be used to destroy bitcoin as well.

Yes, it can happen. And I hope and believe that devs of bitcoin code are aware of that possibility and will make a hardfork with computing threat protection long before it will became a real problem. But right you are, we need to keep in mind that new technologies can be hostile to bitcoin and try to provide protection in advance.

[dataispower]

Bitcoin will not fail. It is a very young currency, and many new features are being built into it that makes it better than ever. Just like the internet is the underlying technology that powers the entire internet, the blockchain is the underlying technology that powers bitcoin. Other forms of digital currency are being built on the blockchain. All of these will continue to grow and expand and become more widespread. The blockchain, unrestricted by being tied to any one digital currency, will continue to grow as well.

nobody knows if bitcoin will fail or not, bitcoin would have fail assuming government continue to abolish the development. Since is being created by some one bitcoin can fail. Even with fear of investors and bad news that will come from a country that is supporting bitcoin will make it to lose some values, if bitcoin will fail is not of ten years now because of the massive support and the way countries that is having crisis is using it for surviving through importations and donations

[romero121]

For now it is too early to think of bitcoin to fail. Being technology backed any form of changes can be done over the technology. This will keep things updated and doesn't let the network down. As things with bitcoin is done in a well planned manner, so nothing to worry of control from the government, privacy, etc. To the need of people we'll see more changes happening around, maybe in such a way if some other technology overcomes then bitcoin might find difficulty in moving forward.