Bitcoin can be a polarizing topic for some. Some do believe that cryptocurrency will change the financial system around the world and essentially revolutionize how we come to understand money in general. And then some see Bitcoin as a passing phenomenon that will eventually die out never to be heard from again. In this article, we take a look at the question of whether or not Bitcoin will ever die.
The Advocates and Detractors of Bitcoin
There are of course two sides to every story as they say, and when it comes to cryptocurrency there are two different narratives. On the one hand, you have the people that see it as a necessary disruptor to traditional financial systems all around the globe. Some who are behind however Bitcoin do eventually switch to other forms of cryptocurrency as they think Bitcoin will become the outdated dinosaur of the group.
And then there are those people who think it will never truly catch on in a meaningful enough way to revolutionize how we currently understand money and financial transactions.
Below are a few things that could potentially happen which might cause Bitcoin to die along with those scenarios in which the crypto coin will prevail and continue changing the economic climate.
Unlike other forms of currency, Bitcoin is based around a computer program (to put it in its simplest terms) and the source code to this program is accessible by basically anyone who takes the time to understand it. New Bitcoin is created within the context of the source code. So, while some forms of currency are regulated and managed by a small powerful governing body, this is not the case with Bitcoin.
What happens however if somehow there is a technical flaw in the source code. Bugs pop up all the time as relates to technology, and Bitcoin potentially could be no exception. Keep in mind, since it started, there have been numerous people who’ve accessed and subsequently reviewed/studied the source code.
That said, if some major technical glitch were to arise, such as that made it easier to steal Bitcoins, for example, it will be the entire cryptocurrency community that is behind the fix—not just a few select people and/or governing body. And in fact, the community of developers has banded together to fix errors in the past, generally in a matter of hours. To this end, Bitcoin may be less susceptible to error because it is comprised of such a deep community of experts.
Some argue that because Bitcoin does have an open-source code, someone could theoretically change the code and thus alter the economic rules on which the platform hinges. For instance, let’s say someone integrated an update that somehow allotted them a million Bitcoins. First off, this type of hack, given how Bitcoin is structured would take a very large concerted effort.
Because there is that community structure to Bitcoin, it would be difficult for any major change to the economic rules to remain unnoticed. Bitcoin does have a democratic approach to how things get transacted and therefore this helps protect it against any changes that might thereby undermine the integrity of the system.
Divergence of Opinion
Yes, the platform is founded upon a highly democratic, communal approach. This is a very good thing when it comes to any major changes that might compromise the integrity of the source code. However, there are going to be times when people have different perspectives and this then can turn into a problem on a large scale.
When you have too much divergence of an opinion it can compel people to create discrepancies and hinder the performance of Bitcoin. Arriving at a consensus with that many community members can sometimes seem impossible. And when it comes to answering the question “will Bitcoin ever die”—this is potentially one reason why it might.
Sometimes a leader or leading body can help unify when disagreements in terms of performance and protocol arise. However, Bitcoin has proven in the past that it can eventually weather such a storm.
The Rise of a Better Cryptocurrency
Many investors got their start in cryptocurrency because of Bitcoin. Since then, many have begun moving to other altcoins. One of the reasons for this is the fact that some people believe newer coins will have more updated technology behind them. Others feel that newer cryptocurrencies will have broader usages than Bitcoin. This could without question lead to Bitcoin dying.
On the other hand, though, Bitcoin does have such a massive network and a much longer and more comprehensive track record than more recent altcoins. You could say that Bitcoin has proven itself and is poised only to grow stronger in the years to come.
The newer coins that have since emerged are trying to fill some of the gaps that Bitcoin misses. Many of these cryptocurrencies though are just not gaining the same popularity as Bitcoin. And because of Bitcoin’s dominance, it will be easy for them to implement some of the additional uses that these altcoins are attempting to fill.
In Conclusion…Will Bitcoin Ever Die?
Most you talk to, especially those who’ve already invested in Bitcoin, seem to think the sky’s the limit for the cryptocurrency. Even if catastrophe does somehow strike, because of how Bitcoin is structured and the current size of its community, regrouping and addressing the problem is easier than might seem at first glance. And Bitcoin investors are also hard-pressed to say that new altcoins are going to be gaining ascendancy over Bitcoin any time soon. All in all, Bitcoin seems like it will be going strong for quite some time.
First Union Lending works with small business owners, getting them the cash they need when they need it. With short-term loans, lines of credit, and SBA loans, among other financing types, we can get you access to funds in as little as two days—we do work that quickly. Call today!