Bitcoin, quietly entered our lives in 2009 as the first cornerstone of the new economic order. The first cryptocurrency, which was invented with the concept of less costly and faster value transfer as a result of the combination of the economic order with technology, has managed to become a gold-like store of value despite its short history of 11 years.
Dominating the cryptocurrency ecosystem, bitcoin has faced many problems in this short history. Ban efforts of countries that see the cryptocurrency system as a threat, many scam crypto projects damage the system, big crypto exchanges that are sinking and thousands of investors and many crypto exchanges damaged by cyber attacks. These have deeply affected the Bitcoin vision but failed to destroy it.
Bitcoin risks survey from PlanB
Now the crypto ecosystem is taking firm steps forward in a more integrated manner with the traditional markets it aims to replace. However, there are still risks for BTC. So what are the risks threatening bitcoin?
What is the biggest risk to #Bitcoin next 2 years?
— PlanB (@100trillionUSD) August 30, 2020
PlanB (@100trillionUSD), one of the popular crypto Twitter traders, published a survey on this question. PlanB listed the biggest risks against Bitcoin in the next 2 years as follows:
- Government bans/regulations
- Derivatives markets (leveraged trading)
He also included user comments in the survey.
The Biggest Risk is Seen as State Bans and Regulations
At the press time, participation in the survey exceeded 14,000 people. Half of the respondents think that the biggest risk for bitcoin is government bans and regulations.
Altcoins and DeFi, seen as the second biggest risk. Approximately 20 percent of the respondents think they can totter of the BTC, relying on the potential of altcoins and DeFi. Those who think that derivatives markets with high leverage pose a risk for bitcoin are 17 percent. About 13 percent of the participants think there are different risks for bitcoin.
The risks to Bitcoin only come from within. Unlikely to kill it, but the risks are now determined by Bitcoiners, I’d say these things slow it down and reduce its potential.
– codebase/technical risks
– maximalism ignoring innovations
— Willy Woo (@woonomic) August 30, 2020
Willy Woo, who commented on PlanB’s survey, said that a significant risk for BTC is internal. He argued that some people and institutions interested in bitcoin are reactive to innovations, code base and technical risks and harmful activities slow down the cryptocurrency industry and make it difficult to uncover its potential.
So what do you think? What are the biggest risks for Bitcoin in the coming years? Share your thoughts