It is difficult to disintegrate Bitcoin and blockchain into oblivion so soon!
The idea behind creating cryptocurrencies was to defy the traditional norms of finance and banking systems and give everyone a chance to access money. But with the growth of crypto assets like Bitcoin, cryptocurrencies became more than just an alternative form of investment, instead emerged as one of the major forms of currencies that also acts as an excellent hedge against inflation. It is still a mystery as to what the investors really see in digital currencies when they decide on investing millions from their hard-earned money, but it is quite evident at the current state, that digital assets constitute a large portion of the investor portfolios. This rising use of digital currencies has spooked governments because policymakers feel that the decentralized market will take away their power to provide and create money! There is a reason why regulators are so eager to impose their set frameworks and eventually discourage investors from indulging in the cryptocurrency market; today, Bitcoin is huge! It is impossible to just stop investors from acquiring Bitcoin. But what if Bitcoin had actually failed? What if blockchain technology never succeeded in stabilizing Bitcoin? What if Bitcoin and blockchain never even existed?
Well, these are quite adverse conditions to consider. These questions might even spook Bitcoin heavyweights, but the truth is they should be ready to face the most adverse conditions because the core feature of almost all cryptocurrencies, including the bigger ones like Bitcoin, is their volatility. Even though the market has hit several record highs, there are still looming fears regarding their long-term success plans. Financial analysts and economists are wary about what cryptocurrencies can bring to the market and to society, but Bitcoin and blockchain technology as a whole can collapse anytime.
Are Bitcoin and Blockchain too Popular to Fail and Not Exist?
There are several influential tech giants like Elon Musk who have always been big proponents of cryptocurrencies, and his tweets have impacted more crypto investors than they actually should. But these incidences do not justify the fact that cryptocurrencies are unsupported by policymakers and are extremely volatile. Bitcoin’s volatility is also one of the many reasons for its popularity; the more institutional and individual investors use Bitcoin, the slower and more expensive it becomes. There are no particular reasons why Bitcoin is the most preferred currency among interested crypto buyers. In fact, it does not even offer true anonymity. While BTC has failed in serving several of its objectives, it still remains a speculative investment.
The same cannot be said for blockchain though. The technology offers several benefits to global businesses that enable them to conduct transactions in a more secure manner, which otherwise would have been impossible to conduct. If blockchain technology ceases to exist, modern businesses would have to go back to traditional means of transactions that might in turn risk the privacy of the customers and businesses conducting the operations.
In a nutshell, if Bitcoin and blockchain cease to exist, it would be a disaster for investors who have invested millions, for businesses who are conducting operations based on digital assets, and also quite devastating for countries that have adopted or are thinking of adopting Bitcoin as legal tender.
Will anti-cryptocurrency governments take over crypto one day?
Anti-cryptocurrency governments are trying however they can to disrupt the global crypto market. But they do have the power to impose strict legislation that can eventually discourage investors from acquiring cryptocurrencies. For instance, the way China banned the transactions of cryptocurrencies is definitely one way to go, if governments really wish to defeat the growth of cryptocurrencies. But then the golden days of monarchy are gone, and democracy is the only way to go.
So, to answer the primal question of what happens if Bitcoin and blockchain move to oblivion, it is quite difficult to imagine, given the current involvement of these technologies in our daily lives. But if it were to happen in the near future, it would be a devastating incidence.
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