Can Bitcoin Be Destroyed?

[L E G E N D A R Y]

In that case, do you think they will be able to reach every blockchain or will they be able to create copies of them?

lol that’s a silly question there . And it’s not about reaching the blockchain or even getting a copy of the blockchain, because anyone can basically have a copy of the blockchain in your computer or your hard drive, that doesn’t strengthen the blockchain or Bitcoin in anyway, on the contrary it even helps to strengthen the network more and more.

What I meant is if a person or an attacker able to locate every single person/computer that’s in possession of the blockchain info, and is actually able to destroy those computers, which is actually probably impossible you know.

And yeah a lot of hackers have tried in the past but it lol failed. Just like the 2010 Value Overflow Attack, where an attacker actually exploited a bug to create over 184 billion BTC in just one single transaction. But developers were able to detect it as soon as possible and were able to fix the bug within a few hours sooner than expected, the invalid transaction was able to be wiped off the blockchain through a network upgrade.

[johnsaributua]

We can't know whether Bitcoin will exist forever. But under the current circumstances, we can be reasonably confident that it won't suddenly disappear. If it ever did, it would be an extremely rare event and completely beyond our control. The same could happen to any other asset as well, and no exception. So thinking about it is unnecessary and a waste of time.

I think so too because currently there are no obstacles whatsoever that make us not need to think too far about what will happen in the future because many parties want Bitcoin to always be safe and controlled forever, especially as currently many parties are very confident in Bitcoin which plays a role as something that is in the interests of investment for those who make investments so more precisely in my opinion for the future it will be safer and always think about Bitcoin which is full of confidence for us as parties involved in this Bitcoin forum, especially thinking about things that are not beneficial for us, it is better not to think or do things that tarnish Bitcoin.

[reagansimms]

We can't know whether Bitcoin will exist forever. But under the current circumstances, we can be reasonably confident that it won't suddenly disappear. If it ever did, it would be an extremely rare event and completely beyond our control. The same could happen to any other asset as well, and no exception. So thinking about it is unnecessary and a waste of time.

Yes, no one knows if Bitcoin will be around forever, but I am very sure, Bitcoin will not disappear suddenly because its network is decentralized, it is almost 17 years old, during that time it has been able to survive various crises that occurred in 2013, 2017, 2021, the Chinese ban, FTX collapsed, but the network is still running. Bitcoin is also starting to be adopted by countries like El Salvador and several large companies, the more parties consider it important, the stronger its presence becomes. Having come this far and survived all the challenges, it would take an extraordinary event for Bitcoin to suddenly disappear, such as an internet apocalypse, a nuclear war, all developers quitting, or a fatal bug that cannot be fixed. I think the probability is very small.

Now let me take a real-life example. No one can guarantee that a plane will not crash, but we still fly because the pilots are professional, the planes are well-maintained, and the statistics are that they are safe. If you keep thinking about the plane crash, you will only become more stressed and won't be able to enjoy the flight. I think Bitcoin is the same, we just need to focus on education, security, and strategy to enjoy the long-term results.

[YOSHIE]

Can Bitcoin Be Destroyed?

Technically, Bitcoin cannot be completely destroyed as you say, you definitely know the true nature of Bitcoin and also how Bitcoin itself works, the blockchain, computers as storage of transaction data throughout the world and also the true nature of Bitcoin decentralized, but Bitcoin can be used in extreme scenarios to make the price of Bitcoin worthless or the value of the ecosystem is damaged.

For example, if you carry out an extreme destructive scenario.
One thing that can be done is by the government carrying out extreme regulations simultaneously, such as all countries banning mining, exchanges, Bitcoin users and so on.
Likewise, by carrying out a global internet blackout, you can definitely imagine the negative things that will happen to Bitcoin, if the internet and electricity flow globally is cut off, of course the Bitcoin network will automatically stop functioning, but Bitcoin will still be there, nodestroyed.

[B-BossMan]

I didn't quite pick any reason that you mentioned that would really destroy Bitcoin
This is the beauty of a decentralized money like Bitcoin.
Even if magically everybody stops using it miners and node abandon it
It's just temporary offline
Because it can be continued as long as there's a saved copy of the data existing.

Wow.  From my perspective, the existence of the software comes off as a bit weak as an example, @Ambatman, even though you may well be "technically" correct.

I would think that it is better to say that bitcoin is still alive as long as at least two computers are running it's software (maybe mining it?).. but yeah, maybe you don't need two to mine, but one to mine and the other to validate?  I am pretty sure that the very beginning bitcoin software included both nodes and miners in the bitcoin software.

Now I am showing more of my ignorance since I am not exactly any kind of technical genius to know bare minimum requirements to keep bitcoin "alive," but the mere existence of the software is probably not as good as having actual computers running it, and so yeah there could be bad circumstances to take a lot of computers off line or to screw with the difficulty, too.

The Bitcoin was created to keep operating even when the main part of it's foundations are interrupted, it is security actually comes from thousands of independent computers circulating beyond the differents countries in the world, than depending on a single company,organization or Government. If a huge numbers of the bitcoin miners unexpectedly disconnect, new blocks may actually takes a long term to truly process for short period of time. Also the protocol automatically decreases the mining difficulty to match remaining computing power and then allowing the network to returns to its normal functioning. This is one of the biggest factor in bitcoin that makes it remains resilient and stronger. Example of it was what happened in the past years, as of 2021 when China banned mining, almost half of the computers were experienced offline and the network were slowed automatically, then faces little difficulties and later working fine.

[gracreavix]

The strength of Bitcoin lies within it's users. For me, the only way to actually destroy Bitcoin is to poison the minds of the users towards Bitcoin. That can only be the destruction of Bitcoin. But with institutions already adopting and storing Bitcoin, I don't see that actually happening. Bitcoin has come to stay. Even with th me increase of people adopting EFTs over the real Bitcoin can be like a fight against Bitcoin. I won't blame them, because most people will choose convenience over seld custody. That's why we are here to educate them more about Bitcoin and what it stands right prove as a digital asset.

[samadam007]

Even with th me increase of people adopting EFTs over the real Bitcoin can be like a fight against Bitcoin. I won't blame them, because most people will choose convenience over seld custody. That's why we are here to educate them more about Bitcoin and what it stands right prove as a digital asset.

Spot Bitcoin ETFs still buy and hold real Bitcoin. The main difference is the investor will not be able to control it directly. Instead, a company will hold it for them. That is different from being against Bitcoin.

Also, it’s wrong to say that most people will choose convenience over self custody. Some people will, but many prefer to hold their own Bitcoin because they want full control of their money. People make different choice that base on what they know and what they need. Sound Bitcoin education should explain benefits and the risks of both approaches, so they can understand the benefits they gain and they give up with self custody, ETFs and the other custodial service. Then they can pick the one that’s best for them

[Popkon6]

In order to completely destroy Bitcoin, the attacker would have to reach out to every copy of the blockchain as well as every single node and possibly eliminate them all so as to prevent them from continuing the network, because as long as even the smallest number of honest nodes still exists, still have a copy of the blockchain data and can connect to each other, then there’s really no stopping Bitcoin, it’ll most definitely continue. That’s how strong the Bitcoin network is and that’s the power of decentralization.

The Bitcoin network is so strong that it is almost impossible to destroy it, many people have tried and failed. Because its security is very high, even after following extensive strategies, people have not been able to destroy this Bitcoin because it is a decentralized process. In this situation, no matter how strong you make yourself, it is very difficult for you to create a situation that is almost impossible to destroy the Bitcoin network.
That is why Bitcoin has survived for years and is gradually gaining widespread popularity, the more Bitcoin tries to destroy it, the more successful it is.

[JayJuanGee]

Even with th me increase of people adopting EFTs over the real Bitcoin can be like a fight against Bitcoin. I won't blame them, because most people will choose convenience over seld custody. That's why we are here to educate them more about Bitcoin and what it stands right prove as a digital asset.

Spot Bitcoin ETFs still buy and hold real Bitcoin. The main difference is the investor will not be able to control it directly. Instead, a company will hold it for them. That is different from being against Bitcoin.

Also, it’s wrong to say that most people will choose convenience over self custody. Some people will, but many prefer to hold their own Bitcoin because they want full control of their money. People make different choice that base on what they know and what they need. Sound Bitcoin education should explain benefits and the risks of both approaches, so they can understand the benefits they gain and they give up with self custody, ETFs and the other custodial service. Then they can pick the one that’s best for them

You (@samadam007) seem to be making an argument that self-custody and custody on an exchange are largely equal to one another, and you are also seeming to imply that there is some kind of meaningful check on 3rd party custodians to have the coins that they claim to have.

The attack vector is not ONLY related to their potentially not having the coins that they claim to have, but also the obstacles that interfere with transacting with bitcoin without having to jump through various 3rd party obstacles, and surely there are differences in the kinds of ways that 3rd parties hold coins, since with exchanges, usually the customers have a right to take possession of the coins, yet with spot BTC ETF products (and some of the other ways of financializing bitcoin, such as bitcoin treasurers), there is no right to get in-kind redemption since the customer does not own the bitcoin, but instead owns a share in the product that is supposedly either backed up by bitcoin or backed up by assets that are supposedly equivalent value as the asset (in this case bitcoin).

There are developing hierarchies through the government and financial institutions to prefer to acknowledge (and even give benefits) to persons who are holding claims to bitcoin rather than actual bitcoin, since governments, financial institutions and even status quo powers that be (rich) prefer to maintain the control and monitoring mechanisms that don't work so well when private parties (especially poor people) start to transact directly amongst themselves without any disclosures to governments/financial institutions and/or without giving governments/financial institutions abilities to control, pre-censor or add fees (or other burdens) to the transactions.  Probably monitor and control transactions is more important than monetization of transactions, even though monetization can be intermingled into the muddy mess.

[cozytrade]

We can't know whether Bitcoin will exist forever. But under the current circumstances, we can be reasonably confident that it won't suddenly disappear. If it ever did, it would be an extremely rare event and completely beyond our control. The same could happen to any other asset as well, and no exception. So thinking about it is unnecessary and a waste of time.

Yes, no one knows if Bitcoin will be around forever, but I am very sure, Bitcoin will not disappear suddenly because its network is decentralized, it is almost 17 years old, during that time it has been able to survive various crises that occurred in 2013, 2017, 2021, the Chinese ban, FTX collapsed, but the network is still running. Bitcoin is also starting to be adopted by countries like El Salvador and several large companies, the more parties consider it important, the stronger its presence becomes. Having come this far and survived all the challenges, it would take an extraordinary event for Bitcoin to suddenly disappear, such as an internet apocalypse, a nuclear war, all developers quitting, or a fatal bug that cannot be fixed. I think the probability is very small.

Now let me take a real-life example. No one can guarantee that a plane will not crash, but we still fly because the pilots are professional, the planes are well-maintained, and the statistics are that they are safe. If you keep thinking about the plane crash, you will only become more stressed and won't be able to enjoy the flight. I think Bitcoin is the same, we just need to focus on education, security, and strategy to enjoy the long-term results.

I think, that Bitcoin will not disappear over the night. It has weathered a number of crises over the years such as government restrictions, exchange failures, market crashes, and criticism. It's decentralised nature is what makes it so strong. As theres no one company or government holding control over the network. Nothing can be said to be certain but Bitcoin has demonstrated its flexibility and resilience in challenging circumstances. Rather than fretting about improbable situations that might end Bitcoin. It's better to concentrate on education, security, and a long term investing outlook.

[tread93]

Bitcoin can’t be destroyed so there’s no point in bringing up many point, not even world war can destroy bitcoin and that’s the fact, bitcoin can never be destroyed but it can only go very low in price because of some circumstances and that those not mean it won’t rise anymore in the future, bitcoin is the most trusted cryptocurrency in the world, bitcoin has come to stay forever even if other better options comes out in the future and many people abandon bitcoin, bitcoin will still be in existence and we are still going to have people holding it.

I guess the only way I can see bitcoin being completely destroyed is if the world were to go into like an old times biblical flood like in the days of Noah where everything on earth was literally flushed out! Even then, I suppose that it is possible that if all electrical and devices and internet and all that went down theoretically Bitcoin could be resurrected by a future civilization after thousands of years, maybe hahahaha   

[arwin100]

We can't know whether Bitcoin will exist forever. But under the current circumstances, we can be reasonably confident that it won't suddenly disappear. If it ever did, it would be an extremely rare event and completely beyond our control. The same could happen to any other asset as well, and no exception. So thinking about it is unnecessary and a waste of time.

Yes, no one knows if Bitcoin will be around forever, but I am very sure, Bitcoin will not disappear suddenly because its network is decentralized, it is almost 17 years old, during that time it has been able to survive various crises that occurred in 2013, 2017, 2021, the Chinese ban, FTX collapsed, but the network is still running. Bitcoin is also starting to be adopted by countries like El Salvador and several large companies, the more parties consider it important, the stronger its presence becomes. Having come this far and survived all the challenges, it would take an extraordinary event for Bitcoin to suddenly disappear, such as an internet apocalypse, a nuclear war, all developers quitting, or a fatal bug that cannot be fixed. I think the probability is very small.

Now let me take a real-life example. No one can guarantee that a plane will not crash, but we still fly because the pilots are professional, the planes are well-maintained, and the statistics are that they are safe. If you keep thinking about the plane crash, you will only become more stressed and won't be able to enjoy the flight. I think Bitcoin is the same, we just need to focus on education, security, and strategy to enjoy the long-term results.

I think, that Bitcoin will not disappear over the night. It has weathered a number of crises over the years such as government restrictions, exchange failures, market crashes, and criticism. It's decentralised nature is what makes it so strong. As theres no one company or government holding control over the network. Nothing can be said to be certain but Bitcoin has demonstrated its flexibility and resilience in challenging circumstances. Rather than fretting about improbable situations that might end Bitcoin. It's better to concentrate on education, security, and a long term investing outlook.

We already see Bitcoin survive for many challenges like global criticism, many price declines, harsh bans and big exchange failures.

That's why its good that this is been design as decentralized coin that's why we will not see it disappear overnight.

No institution or even government can shut down this coin. So instead of worrying about those same like doomsday scenery, much better for people to focus on its security and how to build their confidence to have long term discipline with their investment.

History shows that Bitcoin can withstand big market stress and other disturbances, so there's no need to think about those destructive thoughts.

[Chinesebaby]

I guess the only way I can see bitcoin being completely destroyed is if the world were to go into like an old times biblical flood like in the days of Noah where everything on earth was literally flushed out! Even then, I suppose that it is possible that if all electrical and devices and internet and all that went down theoretically Bitcoin could be resurrected by a future civilization after thousands of years, maybe hahahaha   

I totally disagree with you in regards to your analysis with flood. Because If flood eventually happens to take over the world just like in the case of Noah just like you claimed, and the Internet gets shutdown, it still won't be able to destroy Bitcoin, because the Internet wasn't destroyed but rather shutdown. And what happens when an Internet is shutdown is that the Bitcoin blockchain will just stop working, simply because the Bitcoin node could no longer communicate with each other, and no new  transactions will be confirmed and likewise no new blocks will be mined. And that's how it will remain until the Internet is been restored back, because there are three things which Bitcoin actually depends on, namely electricity, internet and computers running it's node. So in conclusion, Bitcoin will truly survive a heavy flood.

[Oshio-man]

If governments mean it, that they want to destroy bitcoin in the whole world, do you think they will not achieve their goal because they know what to do to destroy bitcoin in the whole world because they know that bitcoin is created for human beings to use and they will not take such decision to destroy bitcoin, I know that government will not going to take such decision in the future because they know it will affect the global economy and government officials because anything that is affecting the bitcoiners users is affecting the government which is the reason bitcoin will not be destroyed.

[BItcoin Guy@]

You’re right, bitcoin isn’t something that a person can destroy overnight. Years back, different individuals and governments have really tried all they could to stop it, but decentralized nature and strong network security is what made it to keep existing till date.  To be honest  the lines is too long, and I think there’s no need writing it to this extend for me, is  just too much.  

Sometimes a short and well organized post is more better than a very lengthy one. Because many readers won’t have the patience and strength to read all this lines, so it’s best to summarize the main points, it will make sense and it will make the discussion more easier and more people will also engage. It’s not compulsory that all quality post must long, in as much as the message is clear, and meaningful it can create a good impact.

I don’t really sure if they will get something that can destroy bitcoin, since have not really get understanding about how bitcoin goes, but with the little I understand, he will be difficult for any things to destroy it. But most people said anything can be possible, but since bitcoin deal with Decentralized, how can someone get access to bitcoin, and we can’t control it Is unpredictable, so is can’t be a easy things for anyone that think he can be possible.

[Dareo]

-snip-
I guess the only way I can see bitcoin being completely destroyed is if the world were to go into like an old times biblical flood like in the days of Noah where everything on earth was literally flushed out! Even then, I suppose that it is possible that if all electrical and devices and internet and all that went down theoretically Bitcoin could be resurrected by a future civilization after thousands of years, maybe hahahaha   

Actually there is no need to give examples of the Great Flood or civilization after thousands of years to illustrate the power of Bitcoin. The reality is that the Bitcoin network is spread across the globe, so it is very difficult to shut it down all at once. But it is also not right to guarantee that it will never be destroyed. Nothing is 100% certain in the world of technology.  Rather it can be said that due to the current structure and decentralization, it is actually very difficult to disable Bitcoin and this is its greatest strength.

[tottong]

This is an effective tactic because most people do not want social conflict. It is easier to remain silent than to be labeled insane, a conspiracy theorist, or an enemy of Bitcoin.

However, a system that cannot tolerate criticism has already begun turning into a cult of authority.

Pointing out a weakness is not the real attack. The real attack may be the attempt to prevent anyone from speaking about that weakness.

Many attempts have been made to weaken Bitcoin, but the reality is that it's difficult, and Bitcoin continues to grow and develop every year. This demonstrates how many countries initially weakened Bitcoin and even attempted to overthrow it, but all failed.
Bitcoin is indestructible because its fundamental strength is so strong, and the protocol never changes. The beauty of decentralized money like Bitcoin makes it a destination for many options like other assets.

We've faced two major disruptions in the past, such as COVID-19 and war, but Bitcoin is difficult to weaken, and there's no way to destroy it because its adoption and trust in it have grown year after year.
Bitcoin is almost certainly perfect for now, and we can see its growth growing, with most institutions considering this asset for investment purposes.

[Faisal2202]

Bitgoba, thanks for sharing this, because after reading all the points, I realized we have discussed all this already, but to open the eyes of a newbie so they could know what is real and fake. This post is enough.

In the short term, the government failed to ban it because it was decentralized, so now they have joined it because that's the only way to brainwash the new generation. They can easily change the mindset according to their needs of the new generation while giving them the lesson, which will also be taught to them in schools and universities. I have not read a single syllabus yet except the one they taught in El Salvador, I just started reading that syllabus.

Anyway, the point is a newbie must get information from more than one source. Bitcoin can't be destroyed, but it can cease to exist if people eventually stop using it, and it can become a lesson from history. Therefore, people like you and me who understand how the government is brainwashing people can't be really falling for their agenda.

[BluebloodCXVI]

Even with th me increase of people adopting EFTs over the real Bitcoin can be like a fight against Bitcoin. I won't blame them, because most people will choose convenience over seld custody. That's why we are here to educate them more about Bitcoin and what it stands right prove as a digital asset.

Spot Bitcoin ETFs still buy and hold real Bitcoin. The main difference is the investor will not be able to control it directly. Instead, a company will hold it for them. That is different from being against Bitcoin.

Also, it’s wrong to say that most people will choose convenience over self custody. Some people will, but many prefer to hold their own Bitcoin because they want full control of their money. People make different choice that base on what they know and what they need. Sound Bitcoin education should explain benefits and the risks of both approaches, so they can understand the benefits they gain and they give up with self custody, ETFs and the other custodial service. Then they can pick the one that’s best for them

I think your statement would have made more sense if you had made a separation between investing in bitcoin and using bitcoin.

A spot ETF might actually be a great choice if all you want is exposure to bitcoin’s price. But if part of the reason why you bought bitcoin is because you value being able to hold and move it around yourself without relying on any intermediary, then i don’t think an ETF is really an equivalent alternative for self custody.

Most people try to frame it as if one option is less risky while the other is highly risky when in reality neither options are risk free at all.
Self custody comes with the responsibility of having to secure your own keys while ETF on the other hand asks you to trust a custodian and operate within the traditional financial system so the risks may be different but it is not nonexistent.

And Incase you haven’t got any inkling, let me remind you that ETF investors don’t actually interact with the bitcoin network itself. When you buy a spot bitcoin ETF, you’re buying shares in a fund not bitcoin that you can send to a wallet, spend or use on the network. Perhaps the fund may hold real bitcoin, but as an investor, your relationship is with the ETF and not the underlying coins.

The question here shouldn’t be about whether ETF’s are bad or not, it’s more about understanding what you’re giving up and what you’re getting in return. Once people understand those trade-offs, they can now be able to choose the option that best suits what they want from bitcoin instead of just assuming that one approach fits everyone.

[JayJuanGee]

If governments mean it, that they want to destroy bitcoin in the whole world, do you think they will not achieve their goal because they know what to do to destroy bitcoin in the whole world because they know that bitcoin is created for human beings to use and they will not take such decision to destroy bitcoin, I know that government will not going to take such decision in the future because they know it will affect the global economy and government officials because anything that is affecting the bitcoiners users is affecting the government which is the reason bitcoin will not be destroyed.

Governments do not always do the right thing, and sometimes they will try to force their thing and surely sometimes they are successful in very extended periods of time in forcing people into complying in ways that are not wanted by the people.  There are all kinds of examples historically and even in current times that governments will force policies for long and even greatly unreasonable (and unjust) times.

So with a decentralized thing like bitcoin, there can be all kinds of attempts to control it and centralize it, and there may be periods of success, but then also at the same time others having different opinions and potentially forking off of the network since bitcoin is open source.  There have even been some movements and discussions in various governments to make open source software illegal.   There are not lengths that governments (or individuals within governments) will not take when they are feeling threatened and sometimes (or frequently) wanting to abuse whatever power that they might have in the process of trying to get their way.  The beatings will continue until morale improves.  No?

There are likely not too much justice in locking up the Samurai developers and keeping them locked up, yet that injustice continues to play out, since there is little to no appetite from governments, institutions and status quo elite to allow normies to be empowered by technology that has ease of use and in terms of having privacy and control over their coins and abilities to transact peer to peer with anyone that they want with privacy and security, which largely was what Samurai was developing and offering.  Those kinds of systems are still ongoingly under attack in the name of protecting the children and/or otherwise saving the world from supposed financial crimes.

[edited out]

I think your statement would have made more sense if you had made a separation between investing in bitcoin and using bitcoin.

A spot ETF might actually be a great choice if all you want is exposure to bitcoin’s price. But if part of the reason why you bought bitcoin is because you value being able to hold and move it around yourself without relying on any intermediary, then i don’t think an ETF is really an equivalent alternative for self custody.

Most people try to frame it as if one option is less risky while the other is highly risky when in reality neither options are risk free at all.
Self custody comes with the responsibility of having to secure your own keys while ETF on the other hand asks you to trust a custodian and operate within the traditional financial system so the risks may be different but it is not nonexistent.

And Incase you haven’t got any inkling, let me remind you that ETF investors don’t actually interact with the bitcoin network itself. When you buy a spot bitcoin ETF, you’re buying shares in a fund not bitcoin that you can send to a wallet, spend or use on the network. Perhaps the fund may hold real bitcoin, but as an investor, your relationship is with the ETF and not the underlying coins.

The question here shouldn’t be about whether ETF’s are bad or not, it’s more about understanding what you’re giving up and what you’re getting in return. Once people understand those trade-offs, they can now be able to choose the option that best suits what they want from bitcoin instead of just assuming that one approach fits everyone.

Of course on an individual level you can do whatever you like, including supporting systems that are attacks upon bitcoin.

Bitcoin gets its power from individually holding and transacting with it, and surely financial instruments have been built on top of bitcoin, and as an individual you can do whatever  you like to get price exposure including getting lied, coerced and incentivized into using paper bitcoin rather than real bitcoin, even though that whole paper bitcoin systems has tendencies to serve as attacks on direct bitcoin usage and directly holding and transacting in bitcoin.  You can fantasize all that you like about paper bitcoin and real bitcoin being the same thing, when the factual matter is that they are not.