All The Negative Things That Would Have To Happen For Bitcoin To Fail:
Bitcoin is not just the first cryptocurrency in the world, it is also the most popular and also the most valuable in the world based on total market capitalization. Over the past couple of years, various financial analysts and experts have argued that the cryptocurrency like bitcoin, ripple, steem and others, in general, would fail but that has not been the case as the crypto has experienced increased growth. In just December 2017, the crypto reached its all-time high of about $20,000 but the year 2018 has not been good for the crypto. With the drop in the price of the crypto, these financial experts and even crypto experts are now more convinced than ever that truly this crypto would fail. In the course of this article, we will discuss some of the negative things that must happen before Bitcoin would definitely fail. Some of them include;
The blockchain technology would have to crash;
we all know that the Bitcoin cryptocurrency and others were built on the blockchain technology and it would greatly affect it if the technology crashes. The blockchain technology since its inception has been adopted and implemented in various industries to improve the efficiency and security level. If this technology is to crash, not only will cryptocurrencies be affected greatly, various industries and countries that have adopted this technology would definitely suffer as well. This would be a negative effect on various industries as a whole and it would be one of the core reasons why the Bitcoin network might fail.
There must be a massive attack on the network;
cryptocurrencies, in general, have been known for their security because of the blockchain technology upon which they were built on, but this has changed with more successful attacks being launched on these platforms. Bitcoin, on one hand, has proven to be secure and has tried to wade off various attacks that have been launched on its network. While the Bitcoin's BTC token is gaining grounds slightly in the crypto market at the moment, one thing that can greatly affect it is if a massive network attack is launched. With the price of the crypto fluctuating, this attack would make investors steer clear of the platform and in turn results in the crash or fall of the network. This is a negative occurrence, because asides from the fact that the Bitcoin network will fail, investors all over the world will lose their entire funds to the attack.
Global ban of the cryptocurrency;
with countries like China having placed a ban on all cryptocurrency operations, a global ban at the moment will greatly affect the cryptocurrency and might even lead to its fall. While most countries have put strict regulations on all crypto dealings, this has not in any way deterred the rise in the price of the crypto, but a global ban on Bitcoin would definitely cause the crypto to fail. This is a negative occurrence because, if this ban is to happen, most investors will lose their funds. Also, for the crypto to fail, there must be a global lack of adoption for the crypto. This means that companies, businesses that have adopted this crypto as a form of payment will have to cut short the partnership and declare their lack of support for the crypto.
Now here's why Bitcoin and the Blockchain Is Here To Stay;
The Bitcoin network and the blockchain technology upon which the crypto was built on is here to stay. First of all, both the Bitcoin network and the blockchain technology offer practical solutions to certain societal problems. Prior to the development of the Bitcoin platform, individuals all over the world faced certain problems when transferring funds. With the Bitcoin network, users are able to make transfers as quick as possible and at lesser transaction fees when compared to the traditional banking system. The blockchain technology, on the other hand, has been described by many as one of the most innovative technologies of the 21st Century. This technology will solve the problems that have faced all industries in the world. Like the food industry, the blockchain technology will help accurately track food products right from their manufacture point down to their end consumers. The problem-solving nature of the Bitcoin network and the blockchain technology is why they would certainly last for a long time.
Another reason why the blockchain technology and the Bitcoin network is here to stay is because of the amazing features they offer. As mentioned above, these two concepts are designed to solve societal problems and this cannot be done if they do not possess certain features and potentials. One major feature of the Bitcoin network is that of "price volatility" which can either be a disadvantage or an advantage. The potential of this crypto is why it is here to stay. The many features of this crypto is one reason why its price will continue to grow ensuring that the crypto would be here for a long time. The blockchain technology, on the other hand, has great potentials as it seeks to improve the general efficiency level of various industries in all sectors. With its secure and permanent way of storing vital data, the blockchain technology will ensure that these industries are able to experience greater efficiency and profit level if it is adopted and implemented.
Generally, the greater adoption that the blockchain technology and Bitcoin have seen in the last couple of years is another reason why they are here to stay. Countries like Belgium, Russia, Belarus and others have made plans for various industries in the economy to adopt and implement the blockchain technology to ensure that the efficiency and security level of the industry rise above what is prevalent. The Bitcoin network, on the other hand, has also been adopted by various companies and businesses as a form of payment for products bought. This means that with more adoption of Bitcoin and the blockchain technology, we can truly say that they are here to stay.
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