What Can Cause Bitcoin/Cryptocurrencies to be Completely Wiped Out?

Just because you are interested in trading cryptocurrencies does not mean you have to think only positively about it. In fact, you should think about this market from every possible angle. Of course, you have some great online resources from where you can get useful pieces of information to know about the cryptocurrency market as a whole, such as XTR Gate blog. Such blogs can be a great way to know about cryptocurrencies, what they stand for, what might go wrong with them, and much more. Once you have cleared your doubts about this industry, you can use Neuer Capital blog crypto trading platform to invest in it as well. 

But before you do that, let’s think about a scenario where bitcoin or all the cryptocurrencies might completely be wiped off the digital world. How could that happen? Let’s find out. 

What Could Cause Cryptocurrencies to Disappear?

The first thing you should know here is that almost everything in the world can be completely wiped out in certain scenarios. In fact, the entire universe could disappear one day if a giant black in the middle of it starts absorbing all the galaxies inside. However, there is nothing wrong in imagining such scenarios because even if there is only 0.00000001% chance of something happening, it will still be considered a chance. 

So, the first thing that could cause cryptocurrencies to completely disappear is a corruption of the blcokchain technology. The blockchain, and in return cryptocurrencies, are protected through cryptography. If someone breaks the code in some way and finds out a way to know the private keys of all the digital coin holders, you have a huge catastrophe in the making. However, the developers of cryptocurrencies can always work with updated technology and make the blockchain even safer with time. 

In addition to that, you might see cryptocurrencies being completely wiped off the surface of this planet if somehow an international organization is formed by government of the world to put an end to cryptocurrencies. For that to happen, they have to see cryptocurrencies as a threat to their economies, which is the case with many governments already. In some countries, they treat bitcoin as though it were the name of a virus. For example, Saudi Arabia completely bans bitcoin. On the other hand, one of the world’s largest economies, India, restricts it usage. 

One last scenario in which cryptocurrencies might see a complete disappearance is if the world stands against the “proof of work” mechanism in which powerful computers have to do tremendous processing to create new units of a cryptocurrency. It is environmentally dangerous and possibly a reason why many big cryptocurrencies have not blasted yet. 

Final Thoughts

Again, you can consider such scenarios for just about anything in the universe, even the plastic and paper money you use almost every day for your transactions. As of now, you have more countries that do not ban bitcoin than countries that completely ban it. Fortunately, the biggest economies of the world are among countries that do not ban bitcoin.