Bitcoin started out in the underbelly of economic recession and bailing out failing banks. Its journey began with the sole intention to overcome the centralized control and to build a better financial system. It almost didn’t succeed due to technical issues, but it did catch on.
While some of the people have accepted that Bitcoin is a step towards a better world, others still argue over it. While some enthusiasts truly believe in Bitcoin, others argue that it is not perfect and it can be taken down. Messari Crypto’s Ryan Selkis speculated that it would take three things to kill Bitcoin; a sovereign attack, which includes, a complete ban on Bitcoin mining and a coordinated 51% attack with large mining groups controlling a majority of the hash power. The other method to shut down Bitcoin is through quantum computing.
Only three things that I think could kill bitcoin at this point:
1) sovereign attacks (bans on holding)2) sovereign attacks (coordinated mining takeover – shutdown + 51%s)3) quantum computing (we’d have much bigger problems, though)
What are other remaining macro risks?
— Ryan Selkis (@twobitidiot) June 29, 2019
The threat of quantum computers is nothing new to Bitcoin, if quantum computers were invented tomorrow, it could take down the Bitcoin network, but according to Bitcoin Wiki:
“Humanity currently does not have the technology necessary to create a quantum computer large enough to attack Bitcoin keys.”
CZ, the co-founder, and the CEO of Binance, tweeted:
nah, they can attack bitcoin, but they won't be able to kill crypto.
It's a concept in people's head now. No delete button possible. Humans don't work that way. https://t.co/mTj0sr9kE6
— CZ Binance (@cz_binance) June 30, 2019
Every now and then, somebody in the crypto community brings up the topic of the possible scenarios of how Bitcoin could fall victim to a 51% attacked. Andreas Antonopolous said it best:
“I don’t worry about that at all, this cannot be done with Bitcoin anymore, this is something that can only be done with nascent alt coins. Bitcoin has achieved level of computing that no single nation-state can can overthrow it through computation alone. The effort to do so would require a massive covert operation of chip fabrication, then the coordinated assault would give them dominance over the next block for ten minutes until we kick those bastards off the network and rework the protocol around them… They would have lost a billion dollars doing this and all they got to do was one double spend.”
Samson Mow, the CSO of Blockstream, commented:
“Doesn’t work that way. If #Bitcoin were to actually go down, all “crypto” would follow. But, I don’t think the attack vectors mentioned are actually feasible.”