How to destroy Bitcoin?

Of course, there are some obvious measures that can be taken to stop Bitcoin from working. However, they often cause many problems and are themselves very difficult to implement.

What can organizations do to render Bitcoin useless?

Turn off the Internet

How to turn off the Internet? Apart from the high degree of cooperation that would be required from individuals and governments, we know nothing about how to turn off the Internet. The network was designed to operate even after a nuclear explosion and does not have an emergency shutdown system. The Internet itself is extremely resistant to attacks; information will simply bypass the disconnected part.

Besides, why would any organization turn off the Internet? The Internet has many more useful uses - for example, sending out photos of your cat. The economic damage from shutting down the Internet will be colossal, most likely it will even cost someone their life.

Destroy all nodes and hang all miners

The Bitcoin network consists of individuals, groups and organizations that use Bitcoin software on their laptops, phones and even Raspberry Pi. Some of the participants also use computer chips called Bitcoin miners. Of course, miners and node operators will not want to voluntarily shut down the network. It may be possible to capture or destroy some miners or operators, but this will only increase the profits of those operating in secret.

In response, Bitcoin mining will go underground, with nodes hidden using VPNs or the Tor network. As long as you can make money mining Bitcoin, people will take risks. For example, Bitcoin mining is still very popular in Venezuela, although Bitcoin is illegal there.

Ban Bitcoin

If a government is going to ban Bitcoin, it could make it very difficult to buy equipment, exchange Bitcoin for fiat, or prohibit any merchants from accepting it as a means of payment.

However, as in the world of online drug stores, people are quite willing to break laws for profit, and the anonymous nature of Bitcoin helps to confuse the issue. traces.

Mine empty blocks

The only sure way to stop Bitcoin and make it useless is to become a participant in the network yourself and destroy it from within. 

This is part of the anarchic essence of Bitcoin - anyone can be a participant in the system, as long as they adhere to the rules laid out in the software.. However, no rule states that blocks must be filled with information in order to be valid. A miner could theoretically mine empty blocks.

If all blocks were empty, no one would be able to transact on the Bitcoin blockchain, and without the ability to exchange it would quickly become useless.

Using just 10% of Bitcoin's global computing power, an organization could significantly slow down the speed of the Bitcoin network. As this operation progresses, the organization will reach 50% of the total hashing power, which will allow them to keep all blocks empty.

Bitcoin nodes accept the longest blockchain as valid, so if one group has more than 50% of the total hashing power, they can subsequently create a longer chain than miners who fill blocks with transaction information.

Bitcoin's creator, Satoshi Nakamoto explained:

“The race between an honest chain and a malicious chain can be characterized as a binomial random walk. Success in this case is the expansion of the honest chain by one block, failure is the expansion of the malicious chain by one block..”

According to techradar