How Bitcoin could be destroyed: MIT review

Three factors may ultimately prove to be Bitcoin’s undoing, as described by the  Massachusetts Institute of Technology (MIT) newly-published article.

Let’s destroy Bitcoin https://t.co/8qOQrJCoHT

— MIT Tech Review (@techreview) April 24, 2018

The first one is the coordinated and massive attack by the key governments of the world. As part of this initiative, the new cryptocurrency issued by the Federal Reserve will drive out Bitcoin due to the support from institutional investors. Authorized nodes will be an obvious advantage of this network and they will increase the trust of corporate entities. The only disadvantage of this theory is that the Fed has already finished reviewing this possibility and decided that the idea did not require immediate implementation.

The second apocalyptic scenario stems from Facebook or similar organization: if a big corporation decides to use Bitcoin payments widely, it may easily get a monopoly ownership of big Bitcoin wallets and thus manipulate the market as it wishes. This can happen due to the small size of the market but will likely cause an outburst of frustration in the community - and Facebook does not want more negative news about itself these days.

And, lastly, the third case scenario actually looks more realistic than two previous: new cryptocurrencies will simply be more competitive and technologically advanced, effectively making Bitcoin a relic.

Image courtesy of Bitnewstoday