Have you ever stopped to think about this? Will Bitcoin last forever? If Bitcoin dies, what happens next?
The truth is, Bitcoin may never die. It is a revolutionary technology that has the potential to change the financial world forever. Bitcoin has been on a roller coaster ride since it was first launched. Even the year 2022 has been a turbulent year for the currency.
Although the value of Bitcoin is rising again, it is still a huge risk for potential. Nonetheless, the doggedness and drive demonstrated by the BITCOIN community is one that cannot go unnoticed.
The volatility and continuous fluctuations of the trading price of this token have done little or nothing to dampen the optimism in the crypto space.
As a matter of fact, Bitcoin continues to open us to endless possibilities; it is recognized globally, as a form of payment, as a national currency, as an investment opportunity, and so on.
As previously stated, BTC is a revolutionary technology, and there is no telling when we will have another technology that provides us with as much universal liberty as we do now. Whether we like to admit it or not, there are a plethora of significant forces that would benefit from the fall of Bitcoin.
You know how they say you never realize what you have until you lose it? Here's a list of possible outcomes to expect if bitcoin fails
1. Bid Privacy Goodbye
You might as well bid privacy farewell if BTC ever goes extinct. Here's why; Bitcoin doesn't discriminate, neither does require so much information on its users. You want a spot, you simply create an address without authorization for no cost at all.
In contrast to the decentralized currency, traditional monetary, and social networks on the world wide web today, require users to fill in various personal details under the guise of fighting money laundering and terrorist financing, before creating an account. As a matter of fact, some of these platforms are designed in such a way that they also have access to your location data 24/7.
Financial organizations are legally mandated to acquire sensitive information, from their customers in form of KYC(Know your customer). As a result, all users are deprived of financial privacy. This does not imply that Bitcoin is an embodiment of perfection or the ideal option for that matter.
Besides, the blockchain tracks every transaction that occurs on the network. Only, the addresses do not directly connect to persons or organizations, thereby making it extremely difficult to trace cash flow.
2. Central Banks Win
In contrast to our traditional banking system, Bitcoin is a decentralized currency that stores data in a distributed ledger known as BLOCKCHAIN. Simply put, unlike banks, BTC does not have a central authority, unlike banks, since it functions on a peer-to-peer basis with no central servers.
As a matter of fact, even the government cannot confiscate the currency provided the owner knows his or her private keys. In the crypto space, decision-making is not a monopoly, as against the monopoly of decision-making of central banks.
Central banks have existed since the 17th century as a type of “bank for bankers” and as buyers of government debt. Many even held monopolies on the issuance of their nation’s currency, which they still hold today.
Bitcoin solves this problem by not only being non-inflationary but also non-confiscatable. Bitcoin “forces” central bank money to compete against a harder form of money on the free market, rather than forcibly subjecting people to its devaluation. Source
- Censorship
Social media platforms are not exempted from this discourse; there have been reports of accounts being deleted or banned completely, and tweets being erased despite the lauded freedom of expression that we ostensibly enjoy.
Likewise, people who seek to participate or support activities considered to be unlawful may discover that their accounts have been seized. For instance, during the END SARS protest in my home country, Nigeria, several front-liners saw their personal bank accounts blocked by the government, as well as the donations, because they had supposedly crossed the line.
As a result, donations had to be moved to the crypto space, there was no way to block the accounts this time. With a digital gateway like BTC, no middleman can just get involved with the snap of fingers. It's not as simple. Bitcoin gives you privacy and protection.
Finally, as a cryptocurrency enthusiast, can you possibly visualize a world without cryptocurrency? I mean, apart from being a money-making avenue, you enjoy privacy and property protection that no other financial institution can offer you, yet. The network is designed to be resilient in the face of adversity.