Bitcoin is under threat!

What, in theory, can kill or devalue the first cryptocurrency, how realistic is it?

1. Legislative prohibition ▪️In some countries, cryptocurrencies have already been vetoed: China, India, Morocco, Bolivia, Ecuador, Bangladesh, Nepal. ▫️No bans of individual countries will be able to restrain the spread of bitcoin in the world, because technically, a ban requires total control over the Internet on the entire planet, and there are already a number of countries that have completely legalized bitcoin.

2. Centralization of miners and 51% attack ▪️Concentration of more than 51% of mining computing power in one hands and temporary control over the network. ▫️Even if someone manages to collect this amount of equipment for a 51% attack (which is a non-trivial task), the investment in creating computing power for mining is huge, and the benefit in the form of a possible return of previously spent coins is negligible. Such actions will bring down the bitcoin rate, which will actually devalue all efforts.

3. The emergence of a new generation of cryptocurrencies ▪️In fact, this has already happened, Ethereum is a blockchain platform for creating various applications, IOTA is a cryptocurrency for the Internet of Things. ▫️The advent of new technologies has not depreciated bitcoin, because they are not competitors and have a slightly different purpose. In order to replace bitcoin, the new cryptocurrency must surpass it by an order of magnitude as a means of independent preservation of values. While on the side of bitcoin will be the community’s trust earned over many years and the existing infrastructure.

What do you think can overthrow bitcoin or will it finally gain a foothold in the status of digital gold?

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