The Technology Review of the Massachusetts Institute of Technology (MIT) published an article titled "Let's Destroy Bitcoin", which describes three ways bitcoin could be destroyed or brought down.

According to the first scenario, it may happen if the government intervenes issuing its own cryptocurrency, provided by the Federal Reserve (Fedcoin).

"The year is two-thousand-something-big, and it’s the day your taxes are due. But you don’t file them. Instead an algorithm automatically makes a withdrawal from your electronic wallet, in a currency called Fedcoin," the article reads.

In this new type of blockchain, the role of authorized nodes will be performed by verified financial institutions, rather than anonymous network members. As an example, the article shows a prototype of such a system, developed by the Bank of Canada in 2016.

According to the second scenario, the control over bitcoin will pass into the hands of Facebook. The social network will create a bitcoin-wallet for its users and will reward them with cryptocurrency for interaction with advertisements, and will allow using the service without showing ads if they agree to provide Facebook with the unused capacities of their computers for mining.

"If Facebook could persuade a large enough fraction of Bitcoin users and miners to run its own proprietary version of the Bitcoin software, the company would thereafter control the rules. It could then refashion Bitcoin as a corporate version of the Fedcoin described above."

Facebook can also overthrow bitcoin by releasing its own cryptocurrency, as it plans to do Telegram, which attracted $1.7 billion via closed rounds of ICO.

The last way "to make bitcoin irrelevant", according to MIT, is to create a set of new cryptocurrencies or tokens for each specific case.

"You’re in the checkout line at the grocery store. Inside your phone’s digital wallet you find not only Fedcoin and FacebookCoin but also AppleCash, ToyotaCash, and a coin specific to the store you’re standing in. There’s also a coin redeemable for babysitting services, and another that gets you rides on your local subway system."

This scenario is already implemented, writes MIT Technology Review, as companies start creating their own tokens, which can be used to pay for their services, for example, KodakCoin.

To remain competitive, bitcoin should focus on its main advantages, namely anonymity of transactions and uncensoredness.

Also, the authors note that the US National Security Agency is already trying to link wallets and transactions with the real personalities of bitcoin users, according to data provided by Edward Snowden. Ultimately, this can allow them to exert point pressure on bitcoin miners.

"If cryptocurrencies are to be widely used, it will be the habits of the masses, not the wishes of Bitcoin’s early adopters, that determine what becomes of Satoshi Nakamoto’s vision," concludes MIT.