Let's destroy Bitcoin, – prompts MIT
The MIT Technology Review has published a step-by-step manual of how Bitcoin can be possibly destroyed.
Bitcoin remains the largest cryptocurrency regarding of the competition that it has been facing lately, however, the idea of Bitcoin is not unique, which makes it “useless or redundant,” according to the source.
The first option seems to be obvious – a government takes Bitcoin over by creating a Federal Reserve-backed coin (Fedcoin). To use fedcoins, people must set up a wallet and buy the new currency with US dollars at a one-to-one ratio. This simplistic system would result in the slow disappearance of physical cash. Option two is turning BTC into a currency inside of Facebook to reward its users for interactions with each other or giving ad-free access to those who let Facebook mine on their computers. We can see the third case already happening as multiple cryptocurrencies for different needs are being released nearly every day which will make Bitcoin irrelevant one day.
“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,” – concludes MIT.