How will Bitcoin die? Three scenarios, experts from the MIT Technology

In mid-January, the economist Dennis Gartman shared thoughts about the fate of the main cryptocurrency. According to him, Bitcoin would die in case of a fall of up to $ 5,000. Fortunately, this did not happen, but the versions do not become less. Now their assumptions about the possible sunset of Bitcoin is shared by the staff of MIT Technology.

The experts have collected my thoughts in the article titled “Let’s destroy Bitcoin”. They detail the conditions under which the chief coin of the world can significantly take their positions. It is reported by Cointelegraph.

The state

The first option — Bitcoin will destroy the government. This will be the case if the state will create a coin that will be provided by the Federal reserve.

The year two thousand some, and comes the day of payment of taxes. But you don’t fill out your paperwork. Instead, the algorithm automatically takes money from your e-wallet in the currency of Fedcoin.

In the new blockchain, the role of the nodes will play a verified financial institutions. According to the authors, the Bank of Canada has created a simulation of such a system on Ethereum in 2016.

Facebook

The second situation is the main online network in the world. According to analysts, the impact on Bitcoin social platforms enough to create BTC wallets to their users.

You also need to add certain functionality. For example, reward customers with a coin or disable them if they will allow Facebook to use free computing power for mining. When users of the cryptocurrency in the network is too much, the social network will be able to establish their own rules and influence the coin market.

Besides, Facebook just may issue its own currency, as did the Telegram.

The abundance of coins

Bitcoin will be worthless if people will create a lot of cryptocurrencies for different situations.

You’re standing in line at the grocery store. Inside your electronic wallet not only has FedCoin and FacebookCoin, but also AppleCash, ToyotaCash and special coin store. In addition, there is coin to pay for the Babysitting and the one that allows you to pay for the fare.

According to MIT Technology, the third scenario is already being fulfilled. Proof — companies that produce their coins. Recent examples can be ranked ICO Kodak.

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