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Bitcoin Can’t be Killed or Destroyed

Created by Satoshi Nakamoto, bitcoin has gained the attention of mainstream media and a plethora of investors. As the volatile asset is capable of returning massive profits to the investors, people are getting more attracted to bitcoin. But besides speculation, bitcoin serves another purpose which is not appreciated or welcomed by governments and financial institutes.

Bitcoin is a peer-to-peer currency system that allows anyone to send payments against a small fraction of transaction fees. As bitcoin is a peer-to-peer payment system, the digital currency ensures that no supervisory authority or financial institutes such as banks are needed to verify transactions made through bitcoin.

Thus bitcoin providing autonomy and privacy to people has disrupted the financial system. This explains why there’s a severe opposition against bitcoin and why bitcoin has created bitter enemies in a short span of 10 years. In addition to that, it is therefore clarified that many entities would be wishful of eradicating bitcoin completely to gain the power and business lost due to the introduction of bitcoin.

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While many wishes to destroy or kill bitcoin, the largest of cryptocurrency of the world by market cap isn’t under the influence of any person, body or organization. Therefore, killing or removing the programmed cryptocurrency completely isn’t possible at all.

The technology behind bitcoin, blockchain is used to record all the transactions made on the bitcoin network. Once the details of a transaction are verified, recorded and embedded on the blockchain, they can’t be altered, modified or erased later. Hence, transactions taken on bitcoin blockchain are permanent and immutable. So it can be said that in a time span of more than 10 years, a huge number of transactions have already taken place on the public blockchain behind bitcoin. As erasing all the previous details on the blockchain is nearly impossible, bitcoin can’t be killed or destroyed.

Although governments try to limit the exposure of bitcoin by imposing bans or introducing strict regulations, they aren’t able to successfully eliminate bitcoin all in all. A North Carolina House Representative, Patrick McHenry, even admitted this fact and thereby confirmed:

I think there’s no capacity to kill Bitcoin. Even the Chinese with their firewall and extreme intervention in their society could not kill Bitcoin.

Bitcoin not subjected to inflation has disrupted the financial system of the world. However, no matter how strong financial institutes have become and how much control governments have gained, they can even collectively not undo bitcoin.

READ ALSO: Hong Kong Regulators to Publish New Framework for Crypto Exchanges

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Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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