This week on Tuesday, April 24, the MIT Technology Review published a new article ‘Let’s Destroy Bitcoin’ in which tech writer Morgan Peck talks about creating three other alternatives which could probably bring down the importance of Bitcoin and its associated transactions.

The first option talks about a government takeover wherein the Federal Reserve launches its own digital currency “Fedcoins” by improving upon the efficiencies of Bitcoin while at the same time minimizing the demand for other decentralized cryptocurrencies.

The article notes: “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.”

Instead of having peer-to-peer nodes, this new blockchain would be having verified financial institutions operating as nodes.

Another scenario proposes the social media giant Facebook having a stealth takeover of the cryptocurrency. It talks about Facebook creating a third-party wallet and integrating it into its entire product suite of products. Facebook can then rewards users in cryptocurrency for interacting in ads or for allowing it to mine on the computer’s unused power.

Peck explains: “For those who already use Bitcoin, the experience is so vastly superior to what they’ve previously experienced that they immediately migrate their funds to their Facebook wallet. Those who don’t yet own any bitcoins, or have never heard of them, could be given the option of earning some on the site, either by watching advertisements or by writing Facebook posts for others to see.”

The third scheme proposes of creating a barter system of digital currencies that involves “tokenization of everything”. This scheme involves having a hyper-efficient mass-barter system where everyone has its own cryptocurrency to transact.

Peck explains: “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.”

The article mentions that such things have already started to happen as companies are now seen creating their own coins for the exchange of their services.