When will Bitcoin shut down (when will Bitcoin go to zero)?

08/17/2023 14:29 • Tech Ticker • 84 views

When will Bitcoin shut down? On May 24, 2018, Satoshi Nakamoto stated in a post, “There is no need for any further research.” This statement is made in pursuit of decentralization. Therefore, we know that the birth of Bitcoin was not created by a new technology, but rather an encrypted currency invention based on theoretical models, code structure, and cryptographic principles – it is a new form of digital value storage. If we look at it as a peer-to-peer network, it represents a conflicting or completely different world form from its scope of use.

When will Bitcoin go to zero?

With the plummeting price of Bitcoin, many cryptocurrency investors have shifted their attention from altcoins to blockchain technology.

In the bull markets of 2017 and 2018, the price of BTC reached record highs and fell back after reaching its peak at the end of 2019, which made many investors believe that BTC is on its way to zero (note: Bitcoin is a decentralized financial system) because it does not rely on any intermediary to maintain value transfer.

So, when will Bitcoin go to zero? Why would Bitcoin go to zero? It is possible for a project to fail or be forced to abandon it if there is not enough technical support. Or, when this situation arises, it leads people to rethink their investment ideas. Therefore, when we talk about whether “Bitcoin will go to zero”, we are actually answering that the time for Bitcoin to reach zero was at the end of 2017 and the beginning of 2018. The bear market at that time caused most people to lose confidence in Bitcoin. However, until recently, these doubters have found that they have made a mistake.

Now, some analysts have pointed out that Bitcoin may not even be able to escape the bubble like other assets. They believe that Bitcoin may ultimately not succeed.

Therefore, those who consider Bitcoin as an alternative may compare their views with the current mainstream market, provide reasonable reasons, and overturn their valuation models. However, analysts also believe that due to the current market environment and the existence of various risks, vulnerabilities, and other factors, it is also difficult for Bitcoin to achieve this goal.

However, the fact remains that despite Bitcoin’s transaction fees being lower than all other digital tokens, many people are using Bitcoin to pay for daily goods and services.

In fact, from the first quarter of 2019 to the first five months of 2020, the average daily transaction fee reached nearly 2 trillion US dollars. In the first four quarters of 2020, it generated an average daily income of about 200 US dollars.

In addition, in the coming weeks, the total locked value (TVL) of Bitcoin has soared to a historical high of nearly 300 million US dollars. (Note: According to Coinmarketcap data, as of the end of the third quarter of 2021, there were a total of 2.4 billion transaction records worldwide)

Furthermore, major central banks around the world have been continuously printing money this year and launching central bank digital currencies to replace cash.

At the same time, each transaction on the Bitcoin network is generated by miners, not by the coins that are mined. Although the growth rate of Bitcoin’s computing power is slow, it still maintains a stable pace, which is surprising.

According to BitInfoCharts data, as of December 16, the number of active addresses on the Bitcoin network is 630,000, of which the number of addresses holding at least 0.01 Bitcoin accounts for 13.7% of the entire network circulation, with more than 100,000 active users. The number of new addresses in the fourth quarter of 2020 was 263,000, compared with…

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When will Bitcoin shut down (when will Bitcoin go to zero)?

When will Bitcoin go to zero?

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