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

[tbct_mt2]

Well, just so you hear what you seem to want to hear, Bitcoin might not stay relevant for an infinite period of time. Today, it may be futuristic. A couple of centuries from now, it may grow obsolete.

Bitcoin is not a first cryptocurrency but it is a first decentralized and successful cryptocurrency which laid solid foundation for one of biggest innovation in human civilization history. Since 2009, Bitcoin is the King in cryptocurrency industry and with what has shown so far, Bitcoin will maintain this leading role for many years ahead.

Will Bitcoin be replaced by something better?
Who knows?
But I believe it won't happen soon, as it is super hard to have another decentralized project and blockchain like Bitcoin with an anonymous founder like Satoshi Nakamoto.

Rather than looking at Bitcoin's limitations that may seem to make them better alternatives, you might want to look at their limitations that challenge their very own survival.

Bitcoin is not perfect but it has its strength and advantages which can not be found in thousands of altcoins so far.

[Taskford]

Well, just so you hear what you seem to want to hear, Bitcoin might not stay relevant for an infinite period of time. Today, it may be futuristic. A couple of centuries from now, it may grow obsolete.

Bitcoin is not a first cryptocurrency but it is a first decentralized and successful cryptocurrency which laid solid foundation for one of biggest innovation in human civilization history. Since 2009, Bitcoin is the King in cryptocurrency industry and with what has shown so far, Bitcoin will maintain this leading role for many years ahead.

Will Bitcoin be replaced by something better?
Who knows?
But I believe it won't happen soon, as it is super hard to have another decentralized project and blockchain like Bitcoin with an anonymous founder like Satoshi Nakamoto.

Even if Bitcoin is not the first digital currency still it manage to became  most successful decentralized coin. Then it became the foundation of the whole crypto industry due to its huge success gotten for many years.

Its endurance and success gotten since 2009 and combination of absence of Satoshi Nakamoto make people think that this coin is not been controlled by anyone, This give a exceptional position which is hard to copy by other cryptocurrency in the market. Lots of project offer new innovation but they didn't match the decentralization, demand and cultural impact that's why most of new coins died then Bitcoin remains. I believe that Bitcoin will stay for many more decades and those attempt to replace it on top position will just remain dreaming that they can achieve that goal.

[Antona]

Well, just so you hear what you seem to want to hear, Bitcoin might not stay relevant for an infinite period of time. Today, it may be futuristic. A couple of centuries from now, it may grow obsolete.

Bitcoin is not a first cryptocurrency but it is a first decentralized and successful cryptocurrency which laid solid foundation for one of biggest innovation in human civilization history. Since 2009, Bitcoin is the King in cryptocurrency industry and with what has shown so far, Bitcoin will maintain this leading role for many years ahead.

Will Bitcoin be replaced by something better?
Who knows?
But I believe it won't happen soon, as it is super hard to have another decentralized project and blockchain like Bitcoin with an anonymous founder like Satoshi Nakamoto.

Even if Bitcoin is not the first digital currency still it manage to became  most successful decentralized coin. Then it became the foundation of the whole crypto industry due to its huge success gotten for many years.

Its endurance and success gotten since 2009 and combination of absence of Satoshi Nakamoto make people think that this coin is not been controlled by anyone, This give a exceptional position which is hard to copy by other cryptocurrency in the market. Lots of project offer new innovation but they didn't match the decentralization, demand and cultural impact that's why most of new coins died then Bitcoin remains. I believe that Bitcoin will stay for many more decades and those attempt to replace it on top position will just remain dreaming that they can achieve that goal.

Exactly the endurance through multiple "Bitcoin killer" cycles proves the point, its the base layer everything else feels like an experiment or an app built on top of its ideas replacing the foundation is a fantasy when the foundation works this well.

[OcTradism]

Exactly the endurance through multiple "Bitcoin killer" cycles proves the point, its the base layer everything else feels like an experiment or an app built on top of its ideas replacing the foundation is a fantasy when the foundation works this well.

The most noisy "Bitcoin killers" are Bitcoin forks but they mostly failed with this mission even they still exist or they died or disappeared from the industry.
How Many Bitcoin Forks Are There? You will be surprised!!!

Other altcoins want to convince us that they are Bitcoin killers all have failed with this mission too. If you expand it to Ethereum killers, these "Ethereum killer" altcoins failed with their mission to replace Ethereum and take over a second position of Ethereum in cryptocurrency industry too.

Bitcoin is Bitcoin, Ethereum is Ethereum, other altcoins are themselves and if they are quality, they can just be themselves and make their own names and adoption in this industry.

Before Bitcoin, there are some other cryptocurrencies but when Satoshi launched Bitcoin, the founder did not say Bitcoin is a killer of any previous cryptocurrencies like Digicash, Cybercash, E-Gold, Hashcash, BitGold, B-money, BitTorrent.

Bitcoin prehistory.

[Sticky Bomb]

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.

Complete bitcoin ban is only an illusion, it is too late for that to happen. China, US or even EU banning bitcoin would affect the markets actually, but it would not be the end of bitcoin, other countries are continually adopting it and it would bounce back like it always does. Even if they ban it, this does not stop holders from these countries to continue holding their bitcoin, nor would it stop them from travelling to countries where it is legal to cash in when they want.

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

Some shitcoins forked from bitcoin like BCH has failed to meet up to bitcoin and such would happen to any new coin that is forked from the bitcoin source code to replace it, it would be very hard to get any coin as near-perfect as bitcoin if ever bitcoin goes down(which I'm not seeing its possibility).

4. The Emergence of a New, Superior Cryptocurrency:

This would be hard to achieve, although I'm not negating innovation, but it would really be very hard to create something superior to bitcoin which would gain global attention and trust like bitcoin has achieved.

[tbct_mt2]

Complete bitcoin ban is only an illusion, it is too late for that to happen. China, US or even EU banning bitcoin would affect the markets actually, but it would not be the end of bitcoin, other countries are continually adopting it and it would bounce back like it always does. Even if they ban it, this does not stop holders from these countries to continue holding their bitcoin, nor would it stop them from travelling to countries where it is legal to cash in when they want.

Banning Bitcoin globally is impossible and luckily for Bitcoin community, Bitcoin network is decentralized from hashrate distribution to the blockchain decentralization with Bitcoin full nodes around the world. With time, many years since 2009, Bitcoin has become bigger in hashrate, more decentralized and it becomes harder for any single government to ban and kill Bitcoin network.

China is a biggest nation ever wants to ban Bitcoin, not only one time but many times, and you witnessed how they failed so far. Other nations don't want to ban Bitcoin and the USA with Trump adminstration opens more friendly policies on Bitcoin industry from mining to the market.

The Bitcoin global map shows opposite trend, Bitcoin is more accepted in many nations.
https://newhedge.io/terminal/bitcoin/legality-map

[Youngrebel]

Lots of factors to consider when it comes to risks and uncertainties in this whole bitcoin currency.  But what I have to say is bitcoin had come a very long way to start having all of these doubts here and there. It is normal to have all of those however, bitcoin cannot be replaced by any of those currencithay maybe in a form threatening the existence bitcoin.

[catnine1]

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.

totally get ur point and thx for bringing this up! but yea, that quantum FUD gets overhyped imo. ECC is a beast to reverse even for QC—like trying to find a needle in a billion haystacks, but the haystack is on fire lol.

and ur spot on… if that day ever comes (wayyy off), devs would likely just push a soft fork with quantum-resistant sigs. no need for "bitcoin 2.0" or starting over. the network upgrades, we keep chillin.

[Agbamoni]

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.

Anti-Bitcoiners are selling the threat to Bitcoiners, and as such,h you know humans, they can easily be persuaded or frightened.

Quantum computers wont catch us unaware, not possible. The idea that it is a threat makes it more complicated because if it were, we would have seen some progress on what it can do, that will make us believe it actually possesses the threat we all think it has.

[tbct_mt2]

Even if Bitcoin is not the first digital currency still it manage to became  most successful decentralized coin. Then it became the foundation of the whole crypto industry due to its huge success gotten for many years.

With time, Bitcoin has become stronger and bigger in human civilization and it has been accepted in more nations, its legality status becomes better with time too.

With time, in this cryptocurrency market with abundant existences of thousands of useless altcoins, Bitcoin has shown its value, strength, leadership and domination in this industry. Only time and actual tests from the blockchain industry, the cryptocurrency market industry, and massive challenges from many governments around the world can help Bitcoin showing its value.

Anti-Bitcoiners are selling the threat to Bitcoiners, and as such,h you know humans, they can easily be persuaded or frightened.

Since the launch in January 2009 and about one and a half decade of existence, Bitcoin has been a favorite target of many attacks and FUDs. Fortunately, the community are strong and contribute with some resources for debunking Bitcoin FUDs.

When people are read to learn, spend enough time for learning about both Bitcoin and Bitcoin FUDs, they will be less fearful and affected by such attacks and FUDs.
https://endthefud.org/
https://99bitcoins.com/bitcoin-obituaries/
Debunking the "Bitcoin is an environmental disaster" argument.

[Iranus]

Is anyone else seeing what I'm seeing? Whenever Bitcoin corrects and a bear market emerges, theories like what will happen if Bitcoin is delisted?, will Bitcoin fall to 0?, or will it disappear? reappear and their frequency increases as the bear market intensifies.

Another thing is, if I remember correctly, the OP once said that he had never invested in bitcoin but enjoyed discussing it. And from what I've seen, he usually just reappears when the bear market comes along and spreads negative theories.

[macson]

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

Current quantum computers are far from sufficient to threaten Bitcoin's security. Furthermore, their development is not as rapid as expected, so there's still much work to be done to address the threat of quantum computing.

2. Changes in Regulations or Complete Bitcoin Bans:
-.-

With the massive adoption of bitcoin now, there is no benefit for the government if they ban it. On the contrary, there is more loss if the government bans it because bitcoin has had such a significant impact in terms of taxes and economic benefits. Meanwhile, the UN, what do they have to do with bitcoin? they have no right to prohibit the circulation of bitcoin globally.

3. Bugs in the Protocol or Undiscovered Security Vulnerabilities:
-.-

There are bitcoin core developers who will deal with this and will patch bugs if any are found, so that it will not disrupt bitcoin as a whole.

4. The Emergence of a New, Superior Cryptocurrency:
-.-

There are many shitcoins that offer speed, lower fees, and various other things, but until now none of the shitcoins have been able to compete with bitcoin, because only bitcoin offers complete decentralization, and that is what keeps people trusting bitcoin.

5. Changing Community Attitudes and Trends:
-.-

Something extraordinary must have happened that caused people to lose faith in Bitcoin and abandon it. But so far, this is all just speculation, and there's no chance of that happening. On the contrary, more and more people are adopting and trusting bitcoin.

6. Abuse for Illegal Activities:
-.-

Bitcoin will certainly be used by criminals for their crimes, and that is the same for fiat and other assets, but that does not mean that bitcoin loses its decentralization. Even though the government has tightened the rules for using bitcoin, it is limited to the scope of regulations, you still have ways to use bitcoin without being bound by these regulations. That's why it's important to understand self-custody and protect your privacy.

[davis196]

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's no need to repeat the same discussion over and over again. If you are interested in this subject, just search for older forum threads about quantum computing and BTC. There are thousands of forum threads about this topic.
What would happen if Bitcoin gets "removed from the market"(whatever that means)? The Bitcoin price would drop to extremely low levels, BTC trading volume would also drop to extremely low levels, 90% of the Bitcoiners would just sell their BTC and move on with their lives. A small community of diehard Bitcoin supporters would most likely survive. Most crypto miners will stop mining BTC, which means that the hashrate/mining difficulty will get adjusted. Bitcoin will turn into something that looks more like a dead shitcoin and the world will just move on without BTC.