Have you ever wondered yourself what would happen if Bitcoin disappeared? And in what context would this happen? Some crypto enthusiasts have considered it and came up with some scenarios. How can Bitcoin disappear?
Which one will it be? Could be all of this, or could be none. But the answer may lay in the general perception of Bitcoin.
What is the crypto community saying about the future of Bitcoin?
Before committing to a product, such as Bitcoin, or any other product people might use in their day to day life, they should and will ask themselves: Do I really need it?
In the particular case of Bitcoin, the question is: Do I really need it for my finance?
Most people have come to accept the way traditional financial institutions work and have invaded their lives as long as they get what they want out of it. Even with the creation of Bitcoin, the hype has now faded and do not care so much about this intrusion of privacy.
Some believe that the mass (that is aware of Bitcoin) is “losing the vision for Bitcoin” and that there are not a lot of people supporting it and believing in it. And for the future of Bitcoin, this can be a problem. Possibly, a problem that could lead to its disappearance.
Other are more inclined than ever to use crypto, due to the financial system which has shifted over the past 11 years since the creation of Bitcoin. The increasing number of restriction seems to be detrimental to fiat and convincing some that Bitcoin has a future and it waits for them.
The lack of vision might be also a transition state until another financial crisis hits, which can be happing any day now.
Overall, the engaged crypto community remains optimistic and hopes for the best.
What could make Bitcoin disappear?
One of the possible future scenarios is that Bitcoin disappears. How is that even possible?
Well, imagine Bitcoin no longer on the top of the cryptocurrency market. The competition is getting bigger by the day. And what if Bitcoin gets ‘substituted’ by one of these altcoins?
BUT… the community believes that this will not happen. “It would have happened already” is what the enthusiasts believe. The reality is that at the moment, there are many other coins with lower transaction fees and on faster blockchains, and yet, people seem to prefer Bitcoin. Why is that?
Bitcoin is the coin with the largest transactional volume. It is the one coin listed on every single crypto exchange in existence and anyone in the crypto community will accept Bitcoin for a job. Simply put, Bitcoin is desirable.
Bitcoin was the first cryptocurrency and with each year that passes, it seems to be getting stronger.
So if you are afraid that Bitcoin will be substituted by another coin, then this is the time to observe what others are stocking up. And do the same. But judging but the volumes, there is no sign something like this will happen anytime soon.