Assume Bitcoin is Removed from the Market: What Happens Next?

[balotelli]

1. Quantum Computing and the Potential to Break Bitcoin’s Security:

One of the biggest risks to Bitcoin’s future is the development of quantum computers. These machines have the potential to perform calculations far faster than today’s classical computers and could break the cryptographic algorithms Bitcoin relies on (like ECDSA – Elliptic Curve Digital Signature Algorithm). Quantum computers could "unlock" private keys on the blockchain, making Bitcoin transactions vulnerable to hacking.

If quantum computers can break Bitcoin’s security, could we create a new version of Bitcoin with stronger encryption? Or would there be a different digital currency that takes over?

2. Changes in Regulations or Complete Bitcoin Bans:

Another risk that could wipe out Bitcoin is the imposition of strict regulations or an outright ban in major countries. While Bitcoin is legal in most places today, a country like the U.S., China, or a large international body like the UN could make Bitcoin illegal, severely affecting its value and use. This could create huge problems for the global Bitcoin ecosystem.

If Bitcoin gets banned, could we expect another cryptocurrency to take its place? Could a government-controlled digital currency replace Bitcoin?

3. Bugs in the Protocol or Undiscovered Security Vulnerabilities:

While Bitcoin has been around for more than a decade and has been extensively tested, there's always a chance that a major bug or vulnerability could be discovered in its protocol. If a serious flaw is found in the software or the Bitcoin protocol, it could put the entire system at risk, making transactions insecure or open to attacks.

If a major security flaw is discovered in Bitcoin, would there be a hard fork to create a new, secure version, or would the entire system collapse, forcing us to find an alternative solution?

4. The Emergence of a New, Superior Cryptocurrency:

Although Bitcoin is the first and most widely known cryptocurrency, the fast-moving tech world could introduce a better alternative. There are already altcoins like Ethereum, Solana, and Cardano that try to address some of Bitcoin's limitations. A “Bitcoin 2.0” or some other cryptocurrency with faster transactions, lower fees, and more robust security could surpass Bitcoin.

If Bitcoin disappears, would another cryptocurrency rise to take its place? Could it still maintain decentralization, or would centralization be the price for improvement?

5. Changing Community Attitudes and Trends:

Bitcoin thrives on its community of users and supporters. If attitudes or trends change, and a significant portion of Bitcoin users decides to abandon it, Bitcoin’s value could plummet. This has happened before with other technologies and digital assets when communities shifted focus, and it could happen to Bitcoin if it no longer meets user needs or loses their trust.

If a large number of users move away from Bitcoin, could another digital currency or network gain support and keep evolving?

6. Abuse for Illegal Activities:

A less-discussed risk is the abuse of Bitcoin in illegal activities such as money laundering, drug trafficking, or terrorism financing. Although Bitcoin is often portrayed as "decentralized" and "uncensorable," if regulatory bodies decide to crackdown on illicit use, it could severely damage Bitcoin's reputation and usage, especially among governments and businesses.

If Bitcoin is heavily regulated and restricted, could it be transformed into a more legal and compliant digital currency? Or would a new, more legally-friendly cryptocurrency emerge to take its place?

What do you think?

[Hatchy]

What do you think?

I was going to ask you that instead, what do you think about the whole point you just listed? Do they make much sense to you? All I can hear while reading through is just shit coins trying to replace bitcoin which we know it's nonsense. How do you explain what happens if a decentralised network is removed? It's not possible to take down bitcoin and if it were, the government would have work their ass up since a long time to do so..

If quantum computers can break Bitcoin’s security, could we create a new version of Bitcoin with stronger encryption? Or would there be a different digital currency that takes over?

Enough with the quantum computer stuff,, it doesn't really add up. We all putting bitcoin at the spot every time it comes to quantum computers.. If quantum computers can break bitcoin cryptography, what makes you think other shit coins would be left out? It would be a general attack on all cryptocurrency out there.

If Bitcoin disappears, would another cryptocurrency rise to take its place? Could it still maintain decentralization, or would centralization be the price for improvement?

We have many other coins forked from bitcoin, literally having same source code but they just will never get the attention bitcoin will have in its life time. If bitcoin disappears, I'll probably be done with crypto because any other thing that would be out their is going to be some manipulated government control shit. I'd rather avoid them all than stay under some falsely created systems created by the government to replace bitcoin..

6. Abuse for Illegal Activities:

Every thing created for good can be exploited for evil. Bitcoin will not be the first or the last to find it self in that category. No matter what purpose it serves, criminals will in one way or the other try to use it for their dubious acts.
And you should know that no matter how regulated bitcoin might be in any country, that doesn't change it's decentralised nature one bit

[aoluain]

1. Quantum Computing and the Potential to Break Bitcoin’s Security:

This has been covered many many times on the forum and the consensus is that they wont post
a threat. QC's wont suddenly appear and catch us all by surprise, they have to be developed, just
like the defense against them will be developed. Just the same as nobody is using Commodore 64's
anymore!

2. Changes in Regulations or Complete Bitcoin Bans:

Not going to happen anymore, maybe in the early days when Bitcoin was in its infancy a concerted
global approach could have put an end to it. It would take a global approach, some countries have tried it
but thats only local. The Ginie is out of the bottle now and most countries see the positive side of Bitcoin now.

3. Bugs in the Protocol or Undiscovered Security Vulnerabilities:

I think there has been bugs in the past and these have been successfully dealt with by our super Dev's
Bitcoin has never been hacked to date, I dont see it likely to happen in the future.

4. The Emergence of a New, Superior Cryptocurrency:

Thousands ^Altcoins have tried to date and failed. Yea another project can come
along but its main disadvantage is that its unproven, Bitcoin however is proven, it works quite well.
Nobody is going to dump their Bitcoin for some unproven potentially scam coin!

5. Changing Community Attitudes and Trends:

As per #4 above

6. Abuse for Illegal Activities:

This isnt an issue anymore, attacks on Bitcoin and the community with the "Bitcoin is used by criminals"
has been used and has failed.

[348Judah]

I don't know what exactly are you trying to buttress by the statement of bitcoin being removed from the market, but let me assume if you meant that only altcoins should exist, then what else should be the fate of the bitcoin network?

1. Its not possible for the main reason for cryptocurrency (bitcoin) be removed from he market, who will do that, when its a decentralized currency.

2. If peradventure it happened, then we are only left with alt currencies, which are not safe and would have been taken down before bitcoin follows.

3. Maybe if people are not using it any longer, which is imposable, the network will still remain as long as its protocols were not altered and blockchain will remain.

[noorman0]

1&3. The current version of the Bitcoin protocol is not the same as the version from Satoshi's time. It is constantly being improved and is always welcome to further improvements to resist threats, patch bugs, etc. Bitcoin is always the most up-to-date version. If you want a new, more "threat-resistant" version, including QC, they are even created hourly, called "altcoins". There may already be a million of them; you just need to choose one.
 
2&6. Bitcoin cannot be regulated or banned, but its users can. Implementing diverse regulations for a single currency is highly unlikely. Several countries have already created their own versions of digital currencies. So, Bitcoin doesn't care whether you want to use it or have a replacement; it already exists and doesn't care about you.

4&5. How could it technically disappear or lose users?

[hmbdofficial]

1. Quantum Computing and the Potential to Break Bitcoin’s Security:

One of the biggest risks to Bitcoin’s future is the development of quantum computers. These machines have the potential to perform calculations far faster than today’s classical computers and could break the cryptographic algorithms Bitcoin relies on (like ECDSA – Elliptic Curve Digital Signature Algorithm). Quantum computers could "unlock" private keys on the blockchain, making Bitcoin transactions vulnerable to hacking.

If quantum computers can break Bitcoin’s security, could we create a new version of Bitcoin with stronger encryption? Or would there be a different digital currency that takes over?

there is this fear that the quantum computing will be Able to break bitcoin security that the bitcoin encryption work on there by getting to expose our private key making our asset vulnerable. but i still do not agree with that i think the Elliptical curve multiplication is not and easy way going back even with the quantum computing.

and even if that happens there will be a measure that will be put in place probably an upgraded  security system that can compete with the quantum computing speed. but i do not think there will be need to create another version of bitcoin again. just an upgrade on the encryption should be  enough.

[Lida93]

If quantum computers can break Bitcoin’s security, could we create a new version of Bitcoin with stronger encryption? Or would there be a different digital currency that takes over?

Are quantum computers created primarily to compromise bitcoin (assuming they have the capacity to be able do what they're said to), or is it just some set of persons out there selling out this fears for some yet to be unraveled reasons. Does it mean quantum computers by the high definition given doesn't also posed similar threat to centralized securities but bitcoin alone? Well, for all there is, I don't think a new cryptographic version would be called for, if centralized securities can compete ahead of it then so would bitcoin.

[Smartprofit]

In my opinion, the main risk for Bitcoin is the introduction of a central bank digital currency (CBDC) and the capitulation of miners. 🙋

Governments around the world, in my opinion, aren't very fond of Bitcoin. They're more interested in creating a digital concentration camp, introducing a CBDC, and controlling people's thoughts and behavior. So where does Bitcoin fit in this situation? In my opinion, even in its current state, Bitcoin remains a very powerful tool for achieving financial independence. In my opinion, governments and intelligence agencies have no interest in the existence of such a financial instrument.

The second danger is that at some point (and that point is actually very close), Bitcoin mining will become unprofitable.  We see how low Bitcoin network fees are now... And how low the price of Bitcoin is now (in the last bull cycle, it reached $69,000, and in the current one, it's barely reached $126,000)... So I'm concerned: what will happen to Bitcoin if miners stop seeing mining as a source of profit? Will they then launch a 51% attack? Will the Bitcoin network's hashrate begin to decline uncontrollably? Will this lead to talk of Bitcoin switching to a new PoS consensus algorithm?

This is exactly how I envision Bitcoin's collapse: the simultaneous capitulation of miners, a conspiracy of governments, and the cowardly actions of those who ultimately made a disastrous compromise. All of this could destroy Bitcoin. And in its place will come a central bank digital currency (CBDC)... 🙎

[chigo]

What do you think?

At this point, what you're saying doesn't make sense, as Bitcoin has been banned by many countries, and many other shitcoins have emerged on the market, offering speed, security, and other advantages. Yet, Bitcoin remains valuable, and its price even tends to increase over time. This simply demonstrates that Bitcoin remains superior and reliable. I don't know what the future holds, but I'm fairly certain it will continue to thrive for decades to come.

[Cookdata]

If quantum computers can break Bitcoin’s security, could we create a new version of Bitcoin with stronger encryption? Or would there be a different digital currency that takes over?

Are quantum computers created primarily to compromise bitcoin (assuming they have the capacity to be able do what they're said to), or is it just some set of persons out there selling out this fears for some yet to be unraveled reasons. Does it mean quantum computers by the high definition given doesn't also posed similar threat to centralized securities but bitcoin alone? Well, for all there is, I don't think a new cryptographic version would be called for, if centralized securities can compete ahead of it then so would bitcoin.

They are for solving complex problems and it's a threat to cryptographic encryption, there are other couple of things quantum computers can break but you know Bitcoin is too valuable, it's easy for media to do a play game thing than want to spread this media game. It's media thing but we can't afford to wait until it becomes a reality that anyone can do right in their front, if it does then there is going to be a big problem in the future but I'm sure we are not getting there, Bitcoin is safe and will be.

strict regulations or a total ban are the more realistic threats compared to some magical quantum computer, we have already seen china try to ban it like ten times and the network just moves elsewhere but a coordinated strike by the us and the eu could definitely tank the price for a long time, if that happens bitcoin would just go back to its roots as an underground p2p tool for the true cypherpunks, honestly most of the people here for the gains would bail but the network would stay alive as long as there are two nodes running, xd

I don't think so but you can't trust the government not to hate Bitcoin. They see it as an asset they can't control, they have tried too and see the outcome, if they can't control it they can take it away. You don't have to trust the government because they let every think the way want you too  do.

However, there are other governments officials investment at stake, if something happen to them they are gong to hold the government responsible . The US also has some Bitcoin seized reserve, they are not going to sell them now..

[Justbillywitt]

4. The Emergence of a New, Superior Cryptocurrency:

Although Bitcoin is the first and most widely known cryptocurrency, the fast-moving tech world could introduce a better alternative. There are already altcoins like Ethereum, Solana, and Cardano that try to address some of Bitcoin's limitations. A “Bitcoin 2.0” or some other cryptocurrency with faster transactions, lower fees, and more robust security could surpass Bitcoin.

Since the introduction of money (fiat) has anything else been able to replace it till date? So what's making you think that something else will come up in the future to replace bitcoin? Bitcoin is the digital version of paper money. Since you can't replace fiat with another thing in the fiat system of money, nothing else can also replace bitcoin in the digital version of money. Bitcoin is to the digital economy what fiat is to the physical economy. Whatever that comes out in the future will be an altcoin, it will never replace bitcoin.

If it is fast transaction and low transaction fee that will be the marketing strategy of that coin it can never flip bitcoin. Many coins has came up with same strategies in the past yet bitcoin has been dominating. Unless they are going to solve a problem that it's entirely different from what money can do, only then will that future coin have a chance. But if it is the same thing that fiat and bitcoin can do it won't work.

[Synchronice]

3. Bugs in the Protocol or Undiscovered Security Vulnerabilities:

While Bitcoin has been around for more than a decade and has been extensively tested, there's always a chance that a major bug or vulnerability could be discovered in its protocol. If a serious flaw is found in the software or the Bitcoin protocol, it could put the entire system at risk, making transactions insecure or open to attacks.

The chance of finding a devastating vulnerability in Bitcoin's code right now is extremely low and it will become much lower in the near future because Bitcoin is becoming popular, it's code is reviewed by more and more developers. It's one of the most popular open-source internet product, so, it's very secure. Believe me, Bitcoin ETFs wouldn't be accepted and billions of dollars wouldn't be flowed into Bitcoin if it wasn't very safe. BlackRock is not filled with stupid people.

If Bitcoin is heavily regulated and restricted, could it be transformed into a more legal and compliant digital currency? Or would a new, more legally-friendly cryptocurrency emerge to take its place?

What do you think?

There will be no currency created with a similar story of Bitcoin. Bitcoin is truly the most decentralized currency because its creator is unknown and will remain so.

[marywill9020]

Honestly I don’t see Bitcoin dying in any realistic scenario
Every few years it’s the same story quantum computers bugs bans miners capitulating a new better coin coming to replace it and yet here we are. Bitcoin has already survived things that should’ve killed any normal project China bans endless altcoin waves internal wars media FUD you name it.
Tech wise a critical bug or QC apocalypse is extremely unlikely. If quantum computers ever become a real threat Bitcoin won’t just sit there and do nothing. The protocol has been upgraded many times already. And let’s be real QC would break half of the internet before it kills Bitcoin.
Regulation is a much more realistic risk but even that doesn’t kill the network. Worst case price tanks tourists leave and Bitcoin goes back to being a niche P2P tool for people who actually need it. It’s not the first time. The network doesn’t care about price or ETFs as long as there are nodes and miners it lives.
As for a Bitcoin 2.0 I just don’t buy it. Faster and cheaper doesn’t magically make something better money. If that was the case Bitcoin would’ve been flipped years ago. You can copy code but you can’t copy history decentralization or the fact that no one owns it.
My take Bitcoin won’t replace everything and it won’t disappear either. It’ll just keep doing what it always did exist adapt slowly piss off governments and outlive most hype cycles. People looking for quick gains will leave people who actually get it will stay.
Bitcoin doesn’t need to win it just needs to survive and it’s very good at that.