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Why Bitcoin Going To Zero Is Nearly Impossible

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Avatar for Cryptopeach
Written by   23
5 months ago

Hello,

Many people who don't like or don't know the technology say that Bitcoin can and some say that will go to zero. This is almost impossible and I will make some points about it.

Why it could go to zero?

People say that it can go to zero because there's no usage for it and it's just hype or a scam. This is wrong at many levels. Bitcoin has a hedge against one of the most important thing about economics, inflation. Bitcoin doesn't have inflation which makes it a more valuable asset to hold against it everyday that passes. The world has dived into an inflationary crysis, this makes everyone poorer. Nobody is doing anything about it or they can't do anything about it. Guess who is here to solve the problem? Bitcoin.

If you still think it's a scam you should take a look at the technology itself called blockchain and also take a look at the definition of decentralization. When somebody owns a majority part of something this can turn into a scam. So centralization makes the way to scams, are we calling every bank or financial system in the world a scam? Bitcoin is decentralized, nobody owns it, this makes it impossible to "rug pull". There's a system in place to avoid this from happening called mining, some other networks use another type of systems. Mining makes everyone responsible for Bitcoin's future, if a group of people don't like where the project is going they can fork it, Bitcoin Cash came from a fork. So Bitcoin has less chances to be a scam than your normal bank, ironical isn't it?

What could in theory make Bitcoin go to zero?

Quantum computing is one of the biggest threats. It makes calculations incredibly faster, this could be in theory used to brute force seed phrases and private keys which could be used to steal your assets from your wallet. We are still in the early phases of quantum computing and a security measure can be put in place in the future to avoid this from happening. People talk about this as it only can disrupt Bitcoin which is not true. All systems can be disrupted, this isn't a problem only for Bitcoin, all your bank codes and pins and all you login information everywhere on the Internet can be brute forced. So every system in place right now can collapse due to quantum computers. You know what will happen? Some security measure will be developed to prevent this and Bitcoin will also adopt it. Cryptographic technology is everywhere even if you don't see it, every trustable login service uses hashes to encrypt your login data and add a checksum to it, so the companies you are using don't really know your login information.

As you can see for Bitcoin to go to zero because of this every service you use online has to go down with it. This would make every single financial system to collapse.

Can a Ban from governments make it go to zero?

Well, it can surely affect the price but never in a way that it goes to zero. As much as some people would like it you can't just ban Bitcoin, look at China attempts to ban it and how they have failed. There are many things in blockchain technology that only the user can control, your wallet is your wallet, nobody can make everyone give away their private keys, if you own your crypto in a self custody wallet and if you go even further and use atomic swaps nobody will even know that you are the owner of the wallet. You see how everything about Bitcoin is giving power to the average people?

These are some of the reasons why Bitcoin is extremely unlikely to go to zero. If you think about it these are also some reasons for you to think how it's a financial system for the people and not only for the powers stablished in the world.

Best Regards,

Cryptopeach

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Avatar for Cryptopeach
Written by   23
5 months ago
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Comments

If you read and understand my article, you will see why BTC will go to zero.

https://read.cash/@Telesfor/is-bitcoin-btc-a-digital-gold-62063a54

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