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No one has been known to regulate Bitcoin and no one has been controlling it. As a result, anyone could create an artificial market crisis in order to raise Bitcoin. All have been aware that Gold has been in demand thereby increasing its price. Similarly, in the event of a Bitcoin crisis in the market, the Bitcoin price may rise as well.
What if someone purchases and holds Bitcoin?
In the event of someone purchasing and holding a significantly great amount of Bitcoin in their huge wallet, it would give rise to Bitcoin crisis in the market. It would create a demand for more than available Bitcoin in the market. Consequently, the price would enhance sharply. On a similar note, robbiehanson has been of the opinion that such an event could increase the price of Bitcoin in the present times.
Is Bitcoin anonymous?
You should rest assured that Bitcoin has not been deemed anonymous. In the event of you thinking about people purchasing Bitcoin due to it being anonymous, Nytimes insists that you should understand that there have been other available options such as altcoin in the market that have been deemed more anonymous than Bitcoin.
In the event of you looking forward to mixing Bitcoin for making it untraceable, you would not like to be traced through block-chain. It would need you to make use of third party exchanger or the Bitcoin mixer.
In the event of the price did not rise sharply, the miners would not be interested in mining, as it would give them a significant loss. It would happen, as there would be more difficulties in mining that would enhance the production cost of Bitcoin. According to robbiehanson, with the Bitcoin market price coming down, no one would be interested in mining.
In such a scenario, the Bitcoin would take more time to get one confirmation or it would never be confirmed. People would be required to give additional mining fees. Consequently, you may come across a day when the mining fees might be more than money exchange and bank transfer fees. Eventually, the same problem would return.
Are Bitcoin exchanges 100% secure?
It would be pertinent to mention here that Bitcoin exchanges are not 100% secure. In case, you see the past, there have been traces of hacking taking places in Bitcoin exchanges. According to Nytimes, the secure network would, however, come across a scenario where reuse of the same random number may result in the calculation of private key using basic mathematics.
In case, there is no demand one specific day, Bitcoin may come to zero. That day, Bitcoin mining would be a waste of energy and precious time.
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