Crypto currencies are the future of money. No more will central banks be the only issuers of currency. Private entities will be able to issue new alt coins breaking the long held monoply of central bankers. A new dawn breaks on the world!
But what could halt this dream of a crypto currencies in its tracks? Get ready to hear the bad news which could land cryto currencies in the hospital or even graveyard. Here are the mortal vulnerabilities of cryptos.
Coronal Mass Ejection or Solar Flare Storms
A coronal mass ejection (CME) of the sun is a fiery mass of charged particles propelled through space by solar wind. A CME's trip to earth takes a lot longer than the initial solar flare, typically 48-36 hours. These charge particles cause damage to electrical equipment. Such a CME or solar flare storms would fry the computer systems and the grid which all crypto currencies run on ending their usage until the systems were repaired. The last time time a CME happened on a large scale was in 1859 which is known as the Carrington event. This CME caused telegraph systems all over Europe and North America to fail and in some cases telegraph operators experienced electric shocks.
Nuclear Electromagnetic Pulse
A nuclear electromagnetic pulse or nuclear EMP is a characteristic burst of electromagnetic radiation created by nuclear explosions. This wave of changing electric and magnetic fields when it hits electrical systems causes the circuits to be destroyed. Again the infrastructure of the crypto currencies would be stopped until the system was rebuilt. Only those in bunkers will be able to use crypto currencies with other bunker survivors to trade for post apocalyptic goods.
Global Hacking Attack
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Cyber attacks like the massive ransomware attack hit 99 countries on May. 12, 2017 show that hackers have the ability to use powerful hacking tools to bring down computer systems on a global scale. Such an attack could be targetted to cypto curriences exchanges and online wallets putting a crippling effect on cryto currencies usage.
Goverment Bans or Restrictions
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Goverments are starting to realize that fiat currencies which are issued by their central bankers are under attack by the new crypto currnecies. Goverments in some countries have already banned crypto currencies or put restrictions on them. Examples of such counties include Bangladesh, Bolivia, Ecuado, Iceland, and Vietnam. A crypto currency owner might one day wake up to find they are owners of illegal money. Govenments don't like competition for their central banks. Expect more bans or restrictions on cypto currencies in the name of preventing taxation avoidance or on the war on criminal activities.
Quantum Computing
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Martin Tomlinson, a computer science professor at Plymouth University, said a quantum computer can calculate the private key from the public one in minutes. Knowing all the private keys allows access to all crypto coins and theft of them. Unless some new characteristic is added to the security of crypto currencies they are doomed when quantum computers will be universal.
As one can see crypto currencies have potential problems which might kill or maim them. Howver until these threats ever come to full force, crypto currencies will gain more popularity and displace the old currency system. So don't worry about the threats and use crypto currencies every day!