The MIT Technology Review has officially published an article that is named “Let’s Destroy Bitcoin” with three ways how the leading cryptocurrency could be “brought down”. Published April 24th (today), the article talks about a lot of things regarding Bitcoin.
The first option for “destroying Bitcoin” is the creation of a Federal Reserve-backed coin (Fedcoin). According to MIT:
“The year is two-thousand-something-big, and it’s the day your taxes are due. But you don’t file them. Instead an algorithm automatically makes a withdrawal from your electronic wallet, in a currency called Fedcoin.”
The new blockchain would have verified financial institutions as the authorized nodes – replacing the peer-to-peer networks with something new.
Second of all is the option for a Facebook stealth takeover of Bitcoin which would involve the social media site creating a BTC wallet for all of its users and rewarding them in the cryptocurrency for interacting with its ads. As the article says:
“If Facebook could persuade a large enough fraction of Bitcoin users and miners to run its own proprietary version of the Bitcoin software, the company would thereafter control the rules. It could then refashion Bitcoin as a corporate version of the Fedcoin described above.”
In this way, Facebook would take control away from Bitcoin by issuing its own cryptocurrency, just like the app Telegram is now doing after their $1.7 billion ICO held earlier this year.
The third way of making Bitcoin irrelevant would be the creation of multiple new cryptocurrencies for every situation. As MIT outlined:
“You’re in the checkout line at the grocery store. Inside your phone’s digital wallet you find not only Fedcoin and FacebookCoin but also AppleCash, ToyotaCash, and a coin specific to the store you’re standing in. There’s also a coin redeemable for babysitting services, and another that gets you rides on your local subway system.”
According to the MIT Technology Review, this option is “already happening” as companies are creating their own coins or tokens to be exclusively used just for their services.
As the MIT Technology review concludes, “if cryptocurrencies are to be widely used, it will be the habits of the masses, not the wishes of Bitcoin’s early adopters, that determine what becomes of Satoshi Nakamoto’s vision.”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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