I am not scaring anyone with the fact that Bitcoin will die or be “canceled”. Such things are dealt with quite often in the cryptocurrency world. Bitcoin itself was supposed to die hundreds of times (according to “experts”). But he’s still here. Something behind it will certainly be (and I do not mean only blockchain technology).
Interesting discussion on Twitter
The reason we are dealing with this topic is because Twitter has once again created an interesting discussion of what could destroy Bitcoin. No one said when it would happen (and whether it would), but Ryan Selke said through his Twitter account that he thought Bitcoin could be destroyed in three different ways.
First should be a 51% attack by states, governments and politicians. In this case, they should disable Bitcoin at such a level that a rapid drop in users and subsequent network attacks could occur. Very unlikely scenario.
Second option should be to manipulate large mining companies and pools, which should also attempt a 51% attack. But why would they do that? Totally spoil their business to “destroy” Bitcoin? An even less likely scenario.
And the last option is the already mentioned quantum computers. In the long term, quantum computers have probably could be the biggest threat to Bitcoin. Here I leave everyone to think about this possibility (and the probability that it will occur) for an individual assessment. There are people who say we will never have quantum computers and are unrealistic. On the other hand, there are people who not only claim that quantum computers will come, but that they are already here.
How did the cryptocurrency community react?
Several well-known personalities responded to this Tweet. Founder and CEO of Binance CZ (Changpeng Zhao) think that even if people attack Bitcoin in any way, they will not be able to destroy it. This is because Bitcoin, blockchain, and cryptocurrency are to be so inscribed in people’s heads that it will be impossible to get them out.
Andreas Antonopoulos, a Bitcoin expert and a great supporter, also responded, who gave a few reasons why Bitcoin could not be destroyed. His frequent arguments include that if Bitcoin could be destroyed, hacked or seized, people would already have done it. Why? Because whoever succeeds would suddenly own $ 195 billion worth of assets (the current Bitcoin market cap).
Bitcoin was also backed by Samson Mow, a CSO of Blockstream, who responded to Ryan Selkis as follows:
“It does not work like that. If Bitcoin were destroyed, all the other cryptocurrencies would follow. But I don’t think your ways of destroying Bitcoin are possible. ”