Centralized Governments Can Destroy Bitcoin In Three Possible Ways

For last nine years Bitcoin is by far the biggest cryptocurrency in the market at the moment and undoubtedly the pioneers in the industry but according to the financial experts, even if it’s not a bubble it can be destroyed mainly in 3 different ways.

  • Bitcoin can be destroyed only if Government decide to take over the technology, but it is not likely to happen because many Government officials in China, Korea, Japan, Russia and others countries have already recognized the importance of blockchain technology but they are little reluctant to adopt Bitcoin and other cryptocurrencies due their decentralized and simulated nature. For this, a yale university graduate Sahil Gupta has created a blockchain platform where everything works just like Bitcoin does, except the ledger is managed by institutions certified by the Federal Reserve.
  • Second option to destroy bitcoin would be facebook having their own platform as they already have 2 billion registered active users. They just have to create a user-friendly Facebook hosted Bitcoin wallet, integrate it with every user profile on the platform. Users can watch ads or write posts to earn coins, or even let the platform mine on their computers. As they already have 2.2 billion active users hooked up with Bitcoin through the Facebook platform, they can easily centralize it
  • Another Option to destroy the Bitcoin is to create thousands if not millions of coins and use them to pay for different things. Like there will be different coins for everything, for every specific service within the blockchain, then move tokens from one chain to another just like exchanging from one currency to another when traveling to another country, you will get the service you need or the coin you need to get the services in exchange for a coin you already have.

If cryptocurrencies are to be widely used, it will be the habits of the masses, not the wishes of Bitcoin’s early adopters, that determine what becomes of Satoshi Nakamoto’s vision.

Muhmmad Furqan

Furqan is a financial markets expert. A regular trader of cryptocurrencies and hold some investments in Bitcoin, Stellar, IOTA and OST. Contributes with latest industry insights. Contact the editor at editor.opinions@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.