If Bitcoin fails, what will be the cause?

+6 Bucky Roberts · July 22, 2014
My guess is that there are only a few things that can cause Bitcoin to ultimately fail including:

  • Over regulation
  • Scalability issues
  • Increasing transaction fees
  • Centralization
  • 51% attack

What do you guys think is the biggest issue that Bitcoin will have to face in the future?

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+2 Eugene Botma · July 22, 2014
For a while the GHASH.io Mining pool was in a position to be able to execute a 51% attack. Luckily they said that they care too much about Bitcoin to ever execute the attack. It can still become a problem though.

I doubt the tx fees will increase in btc value, and for most Bitcoin users, this is fine. Most Bitcoin users I know or talk to regularly completely ignore what the fiat equivalent of a fee is.

The biggest unofficial supercomputer in the world is the bitcoin network. As long as it doesn't get centralized and managed by a single data center, scalability shouldn't be an issue. There is currently an artificial limit of 7 transactions per second, but that limit can be lifted allowing thousands of transactions a second.

I think Bitcoins biggest problem is the worlds computer illiteracy. Many people start to get interested in it, but give up when they don't understand how it works or where bitcoin comes from. The community it awesome and extremely helpful, but usually, it assumes the people it is helping are computer literate and most of what is said goes over their heads.

Also, people and governments are scared of magical internet money.
+2 Brandon Elliott · July 22, 2014
The price of Bitcoin is following a trend that looks to me like a very similar case to the "Dot-Com Bubble" that happened in the early 00's.

If that's the case then the price of Bitcoin will continue to gradually fall from it's peak at over $1,000 and eventually reach a steady average price somewhere between $100-$400.

The Dot-Com Bubble pictured above.

Bitcoin chart pictured above.
+1 Brandon Elliott · May 11, 2015
Looks like I was right with my prediction so far

It's at $243 today
+1 Otto Von Chesterfield · July 7, 2015
I know that in some countries, Bitcoin is illegal.

Perhaps that would be Bitcoin's downfall.

If you can't beat 'em, criminalize 'em.
+1 William Frost · July 22, 2014
Bitcoin and cryptocurrency will never fail! This is freedom mate, and most of the people love freedom(as far as I know) :)
0 Damn It · May 7, 2015
IRS, banks and Ponzi scammers will do whatever it takes to make it fail. Then again Warren Buffet finally invested :P
0 brad s · August 10, 2015
The .dot com bubble was for selling .com domain names. I am yet to see a chart comparing that, to the amount that companies that have shelled out for online exposure, which that bubble chart does not reflect.
The #1 request for a nerd is building web stuff.
If you calculate .net, .org, .fuzz etc... and all the technology going into making it do tricks on the www, the bubble has just gotten started!
So, the chart is not a very good reflection of the reality of IT and infrastructure.

There is a massive aspect that many people overlook about Bitcoin and that it is a 'protocol', just like SMTP (email), SIP (VoIP) or HTTP (www).    SMTP munched snailmail, HTTP munched television, SIP munched the telecomm networks and Bitcoin is doing the same thing to money   ->   http://www.wallstreetandtech.com/trading-technology/is-fix-protocol-use-declining/a/d-id/1252798  

Its a cheaper wire and it just makes sense. So the nerds are plugging it in everywhere.
It is following the exact same developmental implementation paths/channels as VoIP or the rest of them.
Nerds are controlling this technology rollout, not the investors.
First, compare apples to apples.

Lastly, there are thousands of coins now that have fixed/addressed all of the bitcoin quarks.
The technology is solidified.

Banning the technology won't do any good. Chinese trade all the time, it's just a longer path to change to fiat.
0 Damn It · May 9, 2015
Bitcoin would be awesome for people who have bad credit.. That's if there was a way to create loans using Bitcoin. Loan's might help keep Bitcoin in the ball game..
0 Steven the awesome · July 22, 2014
I guess the 51% attack
0 Megos Unknown · July 28, 2014
Well now it's price is going down down down to the bottom of the sea.
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