Though bitcoin is the world’s first cryptocurrency and has been around for a decade, it’s still possible to foretell its downfall. Basing on the market speculation, bitcoin has been pronounced dead for over 200 times. A number of market analysts have kept on predicting the bitcoin’s failure but in most cases they have been proven wrong.
It’s usually assumed that the individuals who give the projections about the trends in the cryptocurrencies possess a certain level of intelligence. Unfortunately, most of them never take time to study the market environment to comprehend how the system works.
Basing on the performance in the digital currency world, bitcoin is set to remain live for as long as computers are allowed to operate the software. If all the sources of power including the electricity, data communications, and Internet are disconnected on the whole planet, bitcoin nodes would not possibly contact one another hence the system will be useless.
In most cases, when there is temporary global internet shutdown, bitcoin community usually suffers. Hence, it would be difficult to extinct the coin. The bitcoin community understands that any bitcoin update can bring a bug that could put the system at risk hence the investors would not want to take the risk of making any modification to the coin codes.
Bitcoin Cash split like what occurred last year can be harmful for the bitcoin. If the scenario occurs frequently, the bitcoin will definitely lose its dominance and gradually shrink into irrelevance but the community may not allow that to happen.
Though governments cannot crash bitcoin due to their decentralized nature, they can have control and regulate its circulation in their territory. For instance, the government can order all the crypto firms to close for example what happened when China banned its local exchanges last year.
But even though one or two governments can go against bitcoin, it’s still hard to ban use of bitcoin globally. Furthermore, bitcoin is legal in various countries including Japan.
Other potential scenarios include a malicious attack on the network, a new rival coin that is superior to the bitcoin, and lack of interest in the cryptocurrencies.