Below in my opinion are three legitimate reasons why Bitcoin could fail.

  1. Cryptography becomes insecure. If cryptography can be broken we’re all screwed. Since 2009 people have planned for and reviewed what would happen when quantum computers come, or what would happen if computers millions of times more powerful are developed, but I’d categorize this as “known unknowns”. There still remains “unknown unknowns” that could end digital security. A Black swan event or whatever you want to call it can absolutely happen, and it it could take 100 years before the puzzle makers jump ahead of the puzzle breakers again.

  2. Governments make it illegal. P2p music sharing has effectively been destroyed. The technology still exists but the rule of law and informal pressure that governments have makes it too hard for most citizens to bother. Why risk breaking the law, when a good enough alternative exists for a small fee. For those that argue that Bitcoin is not breaking any laws in the United States, that really doesn’t mean anything as new laws can always be written. Anthony Scaramucci (of all people) articulated this point well on the Off The Chain Podcast. In a situation that is deemed a crisis, the United States government is going to do whatever it wants to keep citizens “”safe””.

  3. The most scary, most concerning threat to Bitcoin is apathy. What if people just don’t care enough. The average person doesn’t get hyped about decentralized currency. The masses care when the price goes up, but the market is a game that just can’t be predicted, and it can’t go up forever. To get the masses on board they pretty much have to be forced to. The world uses cell phones because the benefits are so so great even the homeless are forced to go out and obtain one. Unless new technology is a necessity, the average person does not want to jump through new hoops. There are so many products out there looking to gain a userbase, they put thousands/millions of dollars into marketing and strategy and endorsements, teams of people working round the clock to figure out “how do we please the customer” and how many of those products ultimately end up failing. There’s a push and pull with Bitcoin to please the customers while at the same time remaining decentralized. How many humans are willing to work on a project and receive no money or recognition in return?

So that’s what I got. Any thoughts or feedback welcome. Thanks.



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Why Bitcoin Could Fail : Bitcoin
Why Bitcoin Could Fail : Bitcoin
Why Bitcoin Could Fail : Bitcoin
Why Bitcoin Could Fail : Bitcoin

Why Bitcoin Could Fail : Bitcoin

Why Bitcoin Could Fail : Bitcoin