The World of Cryptocurrency - Bitcoin's Last Stand

in bitcoin •  10 days ago

I am just wondering how bitcoin will end and what are the possibilities it takes to shut down bitcoin. We all know the cryptocurrencies were fully decentralized - no central server that controls the network, every user including you and me are part of the system that operates within the network of cryptocurrency. But let's open a small room of possibilities for it to shut down, given the advancement of technology that we have right now. Blockchain system empowered bitcoin and other cryptocurrencies, without it, bitcoin is just merely a virtual currency that can't be transacted or transferred. This is the first in human history that something "virtual-nothing-not existent" is so expensive surpassing even the gold and other precious jewels.

I just list down some points wherein have arguments on the possibilities that will take down bitcoin and other cryptocurrencies.

Government - If ever the government's all over the world banned Bitcoin then most likely Bitcoin will get shut down due to government interference. They could make a very fair case saying the terrorists and drug traffickers use Bitcoin and other cryptocurrencies and therefore it should be banned. The main challenge is on how to enforce such law since Bitcoin and cryptocurrency network is severely decentralized and there are no servers for the government to shut down. As long as there is an internet that connects the whole world, bitcoin and other cryptocurrencies will still exist and every user and investors in these currencies are part of the system. It will be a herculean task to caught someone engaging in cryptocurrencies since its transaction is fully anonymous and untraceable. We can only see the crypto address but the person doing the transaction is totally anonymous. Moreover, such a ban would only give rise to other technologies to prevent people and the government from getting into the Bitcoin wallets and making it easier for you to hide it on your phone. When the government bans something, it will just make it more popular and people will be curious and will then engage in the black market.

Miners - what if mining becomes unprofitable and miners stop mining? During a transaction, the blockchain should be updated in order to transfer coins from the sender to the receiver. Someone used to create a request to broadcast it over the peer-to-peer network and it goes into the hands of miners. They receive all the requests and verify the signatures if it is correct and check the wallet if there are enough funds to carry out the operation. They bundle these records together into a block and send it to the blockchain. If the miners successfully add the block, they get rewarded and get very little from the transaction fees. I don't think miners will never stop mining as long as there are transactions for them to scoop up. The network will still be a profitable environment for the miners. If ever there will be no miners then every transaction will fail since no one will work in the blockchain to process those transactions.

Quantum Computer - this can solve millions of cryptography equations simultaneously whereas a regular computer solves them one by one which makes a quantum computer a big threat to the encryption mechanisms that bitcoins actually use because it is miles ahead and more efficient than of regular computers. If this will trip, it will do some damage to the network and some people see quantum computers as a huge threat to the blockchain. Quantum computer has a strong influence on a Bitcoin network, however, bitcoin is an ever-evolving infrastructure and a new set of cryptographic security equations can be added as another layer from quantum computers.

Founders - the one who control Bitcoin and other cryptocurrencies mess it up and if they keep doing hard Forks that will piss off investors. It's just simply another threat to the operation by splitting Bitcoin blockchain into two or having another spin-off currencies such as the few recent hard forks - BCH, BCG, BCD & Segwit 2X was almost took place. If these forks will continuously do, it will somehow damage bitcoin's reputation and lowered its credibility and eventually lead to its downfall.

Volatility - due to high volatility in Bitcoin, some investors and business capitalist were fearful to engage in this currency. It suddenly dropped its value without a hint and this gives a negative effect on the investor's part. Some critics will add insult to the injury of bitcoin's sudden drop and the so-called "experts" gives their unsolicited opinion and predicts the end of bitcoin. This will somehow damage bitcoin's reputation and leads to massive withdrawal of investors and makes bitcoin value into jeopardy.

In conclusion, Bitcoin has already cemented its foundation and its a herculean task to shutdown it. Even though it is so volatile but the technology behind it - the blockchain system is so powerful tool that holds bitcoin and other cryptocurrencies in place. China has already tried to banned cryptocurrency on their land, they closed exchanges but to no avail - it is still surging up. As powerful as China in terms of its economic might can't stop the bull run of cryptocurrencies then who can? But in spite of these, I still give a room of possibilities of shutting down bitcoin given the advancement of technology that we have. For now, we will just celebrate for the bitcoin's achievement of reaching the $11.50k+ high mark.


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If someone is saying his investment in Bitcoin grew up x1000 times, do not think this will also happen to yours. Do you really believe in $10 mln bitcoin?

In your life time?

Really?

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@onealfa what do you think or make of the upward trend of bitcoin?

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well @bismark1 here is what I truly believe 1BTC will reach:

30-60K for Christmas 2018

300K-600K by end 2020

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@onealfa are you speculating that bitcoin will get to the listed values by the stated years Or are those your expected gain?

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@bismark1 Those are my expected values of 1 Bitcoin. As you see my guess is far from Jonh McCafees , yet I still would not bet on my d*ck :)
My sugestion - stop see this as the value of Bitcoin is increasing. NO ! That what we see is the dramatic DROP of all FIAT money value , all at once, in synchro, world-wide. That drop been long awaited. Until it is now happening.

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if he can do it, why not me?

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Did you ever believe that bitcoin could reach to 10k$ when it only worth 10 $?

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YES

My answer to this question @viat0r is absolutelly YES
I believed in 10K, no, more... in $100+K since it was only $2

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Bitcoin can if it just has a straight clear run with no obstacles, but like life its going to be full of them.

But when you add in all the rich trying to get richer then there will always be fluctuations and the competitors (other altcoins) having the chance to gain the upper edge.

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olaexcelente video

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Yeah, weirdly, I do - because we don't have a precedent for these currencies that no one controls - so I think things that seem infeasible to us at the moment, could easily happen...

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mcafee thinks it will be there in 3 years.

Govenments try to regulate Bitcoin but they will not succeed.

There is nothing that can end bitcoin except for the human belief in it's value.

Honestly, I think the biggest risk to Bitcoin is actually being made obsolete by a newer coin. Products like Netscape, Myspace, etc were revolutionary, succeeded in their core vision, but couldn't keep pace with new innovators. Right now dozens of new coins are being launched every month and most of them are crap, but I think that the odds that one of them displaces bitcoin in the next decade are pretty high.

Bitcoin has a huge first mover advantage via the network effect but an altcoin could potentially overcome that either by partnering with an existing service with huge reach (eg facebook / google) or by being significantly easier to use / more efficient.

I think that crypto as a whole is revolutionary and too strong to die but that bitcoin itself may be surpassed.

That is why I view it as crucial for any serious crypto hodler to have a diverse portfolio of coins and to pay particular attention to new coins that have actual technological break throughs (eg IOTA) as they come up.

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Correct. Just because you're first does not make you the best. I'd say that a 1,000,000 fold increase in value (assuming a starting point of $.01) is reward enough for being first. This is why I don't believe the hype about $100k or $1M bitcoin. By that time, there will be better options.

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As we noticed, bitcoin cant be obsolete even thousands of coin launching outthere since we will still go throught bitcoin before we can purchase the new coin. Bitcoin still the king of cryptocurrency. But of course technology is fast evolving, there will always be a change in everything and time will tell when will that be. :)

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Can I get a sip of that Kool-Aid you're drinking? "Can't"??? "Can't"???
I beg to differ, my friend.

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I think the reason Bitcoin can not be replaced by a newer coin is that it has the ability to survive the crashes and reach all time high after. The BCH pump and dump last Novemeber is one example. BCH price exploded 8X before falling. It increase from $300 to $2400 before falling to $1200. Now it is just $1600. BCH was suppose to be Bitcoin but better but it still was not able to replace the king

BTC at the same time fell from $7500 to $5800 then recovered and increased price
to $11000

And to push this point, It fell $2000 from $11000 to $9000 just last week and recovered and now aiming to reach $12K this month.

Another coin would need to do this and perform better to replace Bitcoin

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people realize that BTC doesn't live up to the hype. Then it's crashes like never before. Other alt coins are screwed because of the massive panic that follows.

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besides, most investors and people have more confidence in bitcoin. Its value continues to grow actively and this is only the beginning

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Any thoughts on Eth surpassing BTC in the near future? Im just thinking about functionality/features of Eth and the lack of when talking about BTC

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Im curious to see where litecoin will go... 1. Its one of the three main cryptos 2. There is no politics in the Litecoin community 3. Litecoin has no current scalability issues and last which is a big thing.. Litecoin can confirm transactions 4 times faster than Bitcoin. On top of that uber is accepting litecoin not bitcoin and within the next couple years uber is going public which will also grow the company exponentially. Im sure other large companies will start to pick up on the trends.

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yes, LTC is quietly booming. Did you know LTC was 3 usd in Jan 2017 ? It mean it increased 33X as suppose to 10x for BTC

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It's is already obsolete.

Only 7 transactions at the same time, with insane fee's. Nobody is going to use that on the long term.

The only thing that BTC has going or itself is that it's the most well-known. It's far from technically superior altcoins.

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The 7 transactions are just the current bottleneck and that’s OKAY. we need to ensure security over speed first. 2nd layer solutions like lightning network will exponentially increase transaction speed.

At the end of the day, bitcoin can easily take the tech of successful chains and incorporate within itself.

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I think this will likely be reason that BTC could stall in the near future, although the price did recover a few weeks ago when people thought bitcoin cash would overtake it. Bitcoin still being the default & gateway crypto also helps it, for the time being.

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DQmRKqQftyEPKzEeNpQgVjS4sgj4DYpHy9QzbNoZ4nTZNqm.jpg

I agree, if we look at the Bitcoin business model relative the the mining costs and transaction fees in correlation with what it wants to achieve, we see that it falls short in many areas; cost, sustainability, speed etc. I liken it the the Battle of Hertz vs Avis (BTC, BCH) or even Myspace VS Facebook.. Having market share, brand name recognition etc.. means nothing unless you hold on to it, adapt, upgrade and crush the competition. There is always something or someone around the corner to steal and improve upon your idea...

https://steemit.com/bitcoin/@pawsdog/could-the-us-ban-bitcoin-trump-administration-considering-btc-regulation

https://steemit.com/bitcoin/@pawsdog/is-bitcoin-really-decentralized-or-are-we-being-led-like-lambs-to-the-slaughter

https://steemit.com/bitcoin/@pawsdog/12-4-2017-the-market-view-and-trading-outlook

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interesting feedback here; I happen to agree with you when you say this. I think it is going to take quite a bit of time before this happens, but it is definitely best to diversify your investment portfolio now for future volatility of the crypto market

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I really like Steem, at least it is backed by a webpage and talented content producers.

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The dot com analogy pertains. Dot coms were the first to be adopted by businesses and are still the go-to domains. Same goes for bitcoins I think.

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I agree. There's no ceiling on how high bitcoin can go. There's trillions of dollars of wealth in fiat currencies already, and bitcoin is the best-known, most sound currency around. Also, you can buy bitcoin in such small amounts, it's very difficult to price people out of buying it. You can't split a dollar in half, but you can split bitcoin.

Unless something comes along that's better -- which could easily happen soon, with all the new ventures in this space -- bitcoin could go to $1 million. Absolutely.

Maybe you are right, but if there is will then there will be the way I think it's time to unite for the future of BTC and all cryptocurrency and should make a common fund where everyone should invest for the betterment and the future of Cryptocurrency and ours and start finding the possible ways to overcome all the possible calamities otherwise we will only mourn and mourn.
By the way thanks for raising concern.
Best wishes.

Last man standing

Nice post thank you! Mining is not essential for coin creation. New coin introduction can be tied to new block creation, or be time based. Even if you don't use proof of work, you will still have blocks (even if you don't call them that way anymore; they may be called "database updates"). More interesting however, if you don't use proof of work, you don't even need your own currency (but you still could).

Validation is done by full nodes (the "auditors"). Miners also validate, but it is not their primary function. They do so because otherwise their blocks - which indirectly provides their income - could unknowingly be invalid, and not be accepted by the rest of the ecosystem.

Mining has one and only one purpose: providing a decentralized, permissionless mechanism for determining which version of history to accept, in case there are multiple valid competing versions. These competing versions are inevitable when there is not a single party coordinating their creation. This is because communication speed across the planet is not infinite, so one may create a block without having heard about a competing block elsewhere.

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Thank buddy for your very informative input of this article. Your comment is very essential for cryptonians learning. I myself always researching on cryptocurrencies and understand how it works and you impart a very important knowledge to us. Thank you :)

The launch of BTC FUTURES on not 1 but 3 US EXCHANGES is the equalivent of the CRYPTO NUKE being loaded onto the Enola Gay..

Blockchain technology is the modern day representation of the Mythical Hydra. Cut off one of it's heads, and two more take it's place.

Unlike the Hydra, Bitcoin and other cryptocurrencies have an infinite number of heads, and can be located anywhere, at any time, physically or through VPN.

The only thing that will go down eventually is the price, as capital moves into actual companies that utilize blockchain technology, having built on the recipes that are proven to work during this time period we live in now. Those companies themselves won't even have to touch fiat money, ever, but regulation will happen in some form. Can't stop the mob from taking it's cut, at least without becoming a mob too.

The most important is that blockchain is here to stay and change things even if there is a bubble. The burst of the .com did not stop internet development! Thank you for your post!!

Pehaps we can look back at existing systems utilizing P2P model to see the resilient nature of this technology in general. https://torrentfreak.com/play-p2p-impossible-shutdown-160301/

My veiws on P2P: P2P Way to Go

There is a law that everything that goes up must come down. Only Time will tell.

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yup, i do agree with you. Just time will tell when it will be. But for now, lets enjoy what we have with the Bitcoin's reign in the market :)

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Ah :) and than everything that goes down it goes up , up and down up and down.
It is called fu....g the crypto heads

to shut down bitcoin the internet would have to be shut down.
and THAT might not work.

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Absolutely true! they cant shut down the internet - it will be chaos. Everything is dependent on internet such as business, transportation, markets & etc.

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Yes, and we can also transmit crypto transaction using satellite signals, bypassing the normal internet!
https://www.coindesk.com/blockstream-using-satellites-beam-bitcoin-earth/

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not to mention the new, up and coming,
MESHNET
no government control..at all.

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Cool! The mesh network messaging platform FireChat is pretty popular where I am now as a replacement to Facebook Messenger, WeChat & WhatsApp.

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yup...paid for, installed and operated by individuals...just like you and I.
no giant corporations needed.

you are absolutely right. BTC is progressing by leap and bounds , but still it is not stable. may be a big gamble for holding currency till end. but who knows how long it will go. any way hope for the best. good point raised by @elizahfhaye keep sharing nice idea. Your post deserve to be upvoted & Resteemed. so upvoted and resteemed from my side.

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I invest my BTC in other platform and make profit out of it and i hold some of my BTC and wait for its bull run to peak and withdraw. Using my BTC, i do invest also in ICO's. Choosing the right ICO will make you a millionaire. :)

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yes it's so. you are doing good job by investing with different companies so all the best who knows where one can end but one thing i know is greed is curse. any way nice article. and best of luck for all of your investment. stay happy and thanks for sharing such a nice info. @elizahfhaye

Government policies can trigger off panic resulting in their criminalising bitcoin exchanges across the world. Users out of fear might begin to loose confidence in their ability to exchange their money and in their personal safety. This of course can be made possible through a UN declaration. Remember without the users there can be no bitcoin. However, this just a wild possibility like you have mentioned. Thanks for sharing the other side of realities.

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Yup I agree with you, fear of using bitcoin will cover the entire cryptonians. Others who are brave enough will make ways to transact BTC - black market will rise. They will surely utilize the advancement of technology. But that time BTC prize will surely crash since BTC price is dependent on its users and investors.

Quantum computing isn't a threat. it will just mean mining will be much quicker. Either way, it's some time away, and Bitcoin will no doubt adapt to any challenges that Quantum computing poses. let's not forget that bitcoin core blockchain is essentially software that is still being maintained and improved.

Miner's abandoning bitcoin can be a threat. the difficulty algorithm adjusts every 2016 blocks to maintain the pace of the blockchain so to speak. however, if such an attack by miners were to occur right after the adjustment, and the majority of the hash power were removed, it would theoretically take an infinite amount of time before the next 2016 blocks are reached. This is what happened when BCash attacked BTC a few weeks back - that's why transactions slowed and fees increased. thankfully enough miners hung around to keep it ticking along and eventually the miner's came back when the so called "flippening" failed.

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But without that quantum computers the mining will be too slow to carry-out the heavy load of transactions and mining activities - as a result, single transaction will take forever to complete since there will be a pile-up of data on the blockchain.

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i'm not quite sure i get you..

anyway, data theoretically shouldn't pile up on the blockchain, because the difficulty algorithm should adjust to make mining easier if it starts to head that way.. but like i said that only happens every 2016 blocks.

Amazing post really nice.....I like it.thx for share😍

Nice post , but the possibility of stopping bitcoin is closer to the impossible scale, you'd have to shut down the web.
Really loved the article

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As of now, it is almost impossible to shut down bitcoin but possibilities is still open given the advancement of technology that we have now. Maybe later, there will be ways to shut down cryptocurrency, who knows.. :)

My be impossible

I think these issues, while good to discuss, are quite unlikely to occur

Governments - there are very few things that all governments across the world agree on. I do not think banning bitcoin will be one of them, especially if they think that they, or their citizens, might be able to take advantage of bitcoin.

Miners - Because so many people have invested heavily in bitcoin, I think that even if it becomes unprofitable to mine, many of these people will mine as a service to the community and also to protect the value of their stash. No one wants to see a 51% attack.

Quantum computing - As discussed in the article, the benefits of quantum computing are likely to be incorporated into bitcoin and other cryptos

Founders of forks - We have seen a number of forks such as Bitcoin Cash, etc. These have not really affected the reputation of Bitcoin

I believe the only thing that can affect Bitcoin are the possibilities of hacks on major exchanges that can scare many people.

Otherwise, I think it has indeed embedded itself in the world! Just as many people have said gold is just some shiny yellow metal, there’s not so much value, and the world still continues to love gold, I think the world will always love bitcoin. The question is, just how much?

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In a way you made a very good point and a brilliant argument on the topic. Hackers really do scare people and many were reportedly hacked and lost all their currencies in their wallet. Thanks for sharing youre thoughts on this, you just simply impart a very informative topic that gives light to the subject.

good work bro, but i think if there is any possibility of it, then only big whales investors & maybe founder would be behind it & i also think bitcoin end will not be cryptocurrencies end.

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i agree with you

Decentralization and knowledge about how it works may be the two main reasons why governments wouldn't be able to "shut it down". Just look at BitTorrent, an amazing decentralized, fast and unlimited technique to share files. Governments claim it's only used by pirates but they haven't managed to shut it down yet. They even fail to shut down a centralized website (thepiratebay).

Knowledge may be even more important, people must know why cryptocurrencies are better than fiat in order to accept it and keep using it even if governments try to ban it.

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Yup, i do agree with you. until now biTtorrent is still operational and many were using it including me, LOL.

Cryptocurrency is way better than fiat money but sad to say cryptocurrency have no gold reserve behind it or any reserve that have value to backed cryptocurrency. It is purely virtual - meaning not existent. Only the investors and users gives value to the cryptocurrency. The more users supporting it, the greater its value.

Its being virtual makes it very difficult to shut down and a herculean task to catch someone using it.

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Since 1970's fiat hasn't been backed by gold either but that hasn't affected it's price tho, it keeps losing value at a relatively steady speed. The reason to back something up by physical objects is to keep the value even if we loose all electricity or if the internet goes down or something like that. Imagine how that would affect a regular bank and it's easy to see why virtual centralized currency is unsafe.

However decentralization opens up for more possibilities, at least in theory. We could run a full node deep down in a bunker safe from nuclear bombs to keep cryptocurrencies working even after a nuclear war.

We could also send a full node to the moon and sync via satellite links and it would survive even if the entire earth is destroyed (which would also remove all the gold).

With above in mind I'd say cryptocurrencies are safer than physical objects as it would take so much to destroy it that we'd most likely destroy ourselves first.

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"decentralization opens up for more possibilities" - I do agree to this. This is one the reason why bitcoin is so popular right now and as of now, no one can stop its bull run. :)

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The governments don't want bitcoin to succeed, it goes against central banking interest.
That is the biggest threat to bitcoin.
The other currencies are far more easily controled, due to knowing the founders etc and there not being as such a limit to how many units of a currency there are.
Bitcoin is amazing in and of itself just because its limited at 21million already. That as a currency is huge, it adds stability to its value that no other currency other than pure gold and silver have right now.

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I spoke to a TD Ameritrade rep not too long ago. The rep told me there will soon be a press release regarding TD A's position with regards to Bitcoin. So now here it is https://www.investopedia.com/news/td-ameritrade-and-ally-invest-offer-bitcoin-futures/
That being said ... you gotta wonder if these players are now in it only to sabotage the cryptocurrency in the end. I hear you when you said banks and governments don't want this to succeed because they have no control over the virtual monies :-/
So could these bitcoin futures be a conspiracy to destroy the BC and cryptocurrencies in general?!

I think that really much of the problems can be fixed be fixed by the user, they yust have to develop it over the whole time.

Learn how to mine popular cryptocurrencies without expensive rigs or hassle!

https://sun-mining.com/en/prices/?ref=15149

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You got a 21.37% upvote from @upme courtesy of @elizahfhaye!

It just not used enough by market

Upvoted and Followed you. Pls help me resteem this for the victims of ISIS/Maute in the Marawi.
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Very informative post, especially to someone like me who's a newbie to bitcoins/cryptocurrencies. I've heard that your cryptocurrency is only as good as your wallet i.e. how hacker-proof is it (the wallet)? And if Amazon decides to accept/process payments in cryptocurrency but in one other than Bitcoin then can that be the beginning of the end for BC? What are your thoughts?

Thanks for your analysis but I don't think it will happen anytime soon

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BTC fork are continue... from bitcoin gold to what next bitcoin silver bronze,, nickel, ore, gas, oil, woods.

I'm only going to say this once guys, IF CHINA COULD NOT TAKE BTC DOWN WHAT MAKES YOU THINK ANYTHING ELSE WOULD?
Jp Morgan tried to talk BTC down to the ground due the them feeling threatened by the block chain, so what they did is basically talk crap about btc through media and lower its price, we then see Jp morgan buy btc at a low of 5k usd with 100,000 units. We then see china banning btc and really screwing up the market for some time but nope still did nothing to btc, btc is here to stay and mark my words it will take over the fiat dollar!

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Just as dot com bubble ultimately result in some great innovative companies a decade later, blockchain technology has spurred a lot of innovation and we may see some greater crypto coins which will rule the world in the coming years.

Good post! Visit our blog and see the latest news and the best tops :D Greetings

Bitcoin will raise. ETH will not stand long if the facing this issues. A kitten game is totally putting down their network. https://steemit.com/cryptocurrency/@royaldutch/why-is-my-ethereum-transaction-not-delivered-ethereum-issues

Schermafbeelding 2017-12-05 om 15.20.26.png

I don't think it will ever come down. Its going to be the main currency in the world

Interesting post! Regards! follow me and I follow you

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here in the Philippines only few knew what cryptocurrency is.
there is this big exchange market for bitcoin and it's called coins.ph

way back a few years ago i had some satoshis (i used to use bitcoin faucets back in the days) and Bitcoin from that moment was still a thousand dollar per bitcoin. now that i got back , it soared up tenths of thousands of dollars and that gave me the urge to get back to the race .

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Good points!
Personally I think that Bitcoin is its own biggest threat. The ridiculously high fees and the slow transactions are making the coin a lot less interesting than it used to be.

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Hey thanks for the info! So are you a bitcy.biz rep? How's that working out for you?

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OMG! I almost fell for this! Thank you for the warning ... if it looks too good to be true, 99% of the time it is (looks too good to be true therefore it's false so keep away!)
https://steemit.com/bitcoin/@crypto4everyone/7larhl-bitcy-biz-review-a-bitcoin-ponzi-scam

Watch bitcoin hit $20,000... by the end of the year after CME comes out.

it seems to me cryptos may be what the governments are really pushing for, but it wont be Bitcoin, it will some government issued and monitored coin. I hedging my bets, cryptos, silver, coffee and land.

Bitcoin is really grounded and it will take a lot to screw it up. Of course the government could screw up anything, right.

I'm new to steemit and crypto currency. This post helped me gain knowledge about block chain and Bitcoin. I noticed your points on the market being very uncertain and I wonder what is causing the steady rise? If it could drop at any moment without a hint how long will they really stay in business and how long will people continue to take this risk?

@elizahfhaye in a world of uncertainty I have high hopes on bitcoin. Learning as much a single can about this. Would love to read more of your post from a newbie standpoint thanks

Governments can't shutdown Bitcoin much the same as they can't seize all the gold. Although they sure are to try. but my doubt lies in the infrastructure- cryptos rely on electronics and the web. despite being ubiquitous, the internet today is very centralized. which means a few powerfull players might have the capacity to intervene, like the Sorosistas intervened in traditional fiat.

you think the internet ever gets shut down? yeah, no. neither will BTC, unless miners decide to stop mining I suppose.

I have wondered the same things. The point regarding mining is my focus. One of these days where bitcoin will become unprofitable will have to come. This is because the rewards are halved with the rise in difficulty. I do not think we are near that point yet, but it will happen where the reward earn will not be profitable. People can say as long as bitcoin continues to go up it will continue to be mined, but remember there is a maximum amount of coin and there is an estimated date where all bitcoins are mined. When that day comes or maybe even before then what will happen to bitcoin and its price.

I do not understand the logic here. If bitcoin indeed has an end date in mining rewards then what is the point to continuous rise in price knowing there will be a day when the mining will stop and in turn the transactions of the coin comes to a stop. I must be missing something as more people are now interested in investing in bitcoin.

quantum computer i have read of it before as a treat to cryptocurrencies and also as @droopy mentioned new coins with better features and easy of use might be the death of btc

its not easy to shut down bitcoin

I attained 32 cents worth of bitcoin about a year ago and just forgot about it. A few days ago i checked my virtual wallet and it's worth almost $15. Wow! I'm even hearing by 2020 that a single bitcoin will be worth around $1,000,000.... this may be the opportunity of a lifetime. Investing a small amount of $ could give a huge return. I'm definitely trying to learn more. The thought of it is exciting! Good luck to all, ty

I entertain your points but bitcoin is not. some local organization that can be shut down. Global and decentralized without any single point of failure.

Blockstream gives us satellite downloadable blockchain copies. Perhaps interacting with SMS?

I will need to read your post again! Tired now... @elizahfhaye, you are great!

BTW, IOTA seems to do a good job of challenging the quantum problem.....not saying I tested it--NOT

@elizahfhaye Your posts seem to be quite useful in order for me to gain knowledge regarding this particular topic area, which I am very interested in. Giving you a follow so I can stay up to date and ready to discuss BTC and other rapidly emerging altcoins. Thanks for sharing!