Sorry MIT, But You’re Not Taking Down Bitcoin

andrekweku (54)in #crypto • 6 years ago

“Let’s destroy Bitcoin.”

Thus the MIT Technology Review purports to present a guide to taking down the flagship cryptocurrency, whose network has achieved 99.99 percent uptime since its launch in January 2009. Unsurprisingly, the publication’s plans — which you can read about in more detail here — fall short of the mark.

Author Morgan Peck presents three scenarios that could supposedly lead to Bitcoin’s demise.

In the first, central banks use distributed ledger technology (DLT) to issue their own digital currencies, shrinking the market for Bitcoin and other decentralized cryptocurrencies.

But while many central banks are exploring how to digitize their national currencies, it is not outside the realm of possibility that the promulgation of state-backed digital currencies could increase demand for Bitcoin, which — unlike Fedcoin — is uncensorable, shows no respect for national borders, and has its monetary policy hardcoded into its software.

At the very least, Bitcoin will likely continue to exist alongside Fedcoin, particularly once more privacy-centric features get added through sidechains, the Lightning Network, or other future software upgrades.

All things considered, it’s not outside the realm of possibility that malicious actors could attempt to take down Bitcoin, but previous attempts have failed to amount to much. In short, users probably have nothing to worry about.

The height at which bitcoin is widely adopted and used by millions of people in 2018 explains why it can't be brought down. And not anytime soon.