[2017-12-18]What comes next for Bitcoin?

onrise

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Quote from: Guardian.P on December 19, 2017, 04:43:40 AM

In any case, everyone who has bitcoins will all win, I think that when the fork comes out it will be better than the bitcoin itself. Bitcoin has several problems, this is a commission for small purchases and the speed of transactions. Now I see bitcoin only as an investment

Transfer are now killing for btc as it takes many days to get confirmed and this is putting a break to the work. I think something needs to be work out soon else ETH or other cypto currencies will start rising more rapidly and it may reduce the demand of bitcoin to an extent. The transaction fees is also getting huge due to which people will avoid it.

Samarkand

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Quote from: 1Referee on December 19, 2017, 07:55:03 AM

Quote from: Kprawn on December 18, 2017, 02:37:26 PM

some Killer App...

Bitcoin's 'killer app' is Lightning Network...

I´d argue that Bitcoin´s killer app is the capped supply and the immutability of the "sacred" parts
of the protocol like the 21M BTC hard cap. Bitcoin is one of the few assets where supply can´t be inflated
beyond the predetermined rate. This makes it a really great story of value.

The Lightning Network is essentially just a bonus feature, but the attributes that make
Bitcoin a sound form of money are the killer app.

greeklogos

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Quote from: iamTom123 on December 18, 2017, 11:46:53 AM

Quote from: crypto_fanatic44 on December 18, 2017, 10:45:34 AM

Crypto enthusiasts have probably been anticipating Bitcoin’s global interest and adoption for some time now, and 2017 seems to be the year for that to happen. January saw the currency trading at $1k, while the last two weeks saw it jump from $10k to $14k and then to $18k. Some exchanges even reported Bitcoin’s price breaking the $20k barrier. Its market cap of over $300 billion last week even surpassed that of Visa. Full article: http://cryptobible.io/comes-next-bitcoin/

I guess there would be less problems with Bitcoin in 2018 but the old clogging or scalability issues resulting into ridiculously astronomical and shocking transaction fees will still be dominating the airwaves. We are just hoping that with the 12 months available for 2018, these problems can be given adequate and acceptable solutions. The whole Bitcoin community is now waiting and dreaming for the time when the coin can be accelerating towards its adoption by the mainstream not just a store of value but importantly as a currency which can utilized everyday even with micro-transactions. Next year can be the make or break year for Bitcoin.

Must be you didn't hear this news yet, but I heard that the next year all transactions in crypto currencies must be faced, it means they will ask for your ID and so on. I'm not a criminal to worry about it, but I'm afraid that will raise transaction fees and make speed of transactions even more slower.

richardsNY

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Quote from: 1Referee on December 19, 2017, 07:55:03 AM

Imagine how in a struggling country as Venezuala LN could offer local economies a great boost.

It would definitely help a lot. I have seen news coverage about how local economies there have developed their own paper money, which can be bought with their regular currency. It's something that might seem like a good thing, but who knows how much of that paper money gets printed by those behind the scenes. It's definitely time for Bitcoin to start taking over there, because without it, things will be moving into the wrong direction even further. I however don't see anything about people there using Bitcoin to escape from their governmental system, which might turn out to be something the media tries to hide on purpose.

1Referee

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Quote from: Kprawn on December 18, 2017, 02:37:26 PM

some Killer App...

Bitcoin's 'killer app' is Lightning Network. If you want to convince the average joes to actually use Bitcoin, it will need to allow them to transact instantly, and that at ultra low cost. Another important aspect is that LN is capable of processing millions of transactions per second, which makes Bitcoin in current shape look like a complete joke. I am sure that if LN turns out to work exactly as described, people in third world countries will ditch their outdated means of conducting payments that in certain countries is based on SMS. Imagine how in a struggling country as Venezuala LN could offer local economies a great boost. Bitcoin is gaining traction already there, but the fees are an obstacle for them that need to be taken away. In some cases a single transaction fee equates to someones daily salary. I get excited already excited by thinking about LN. Tongue

bitcoinisbest

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Quote from: Guardian.P on December 19, 2017, 04:43:40 AM

In any case, everyone who has bitcoins will all win, I think that when the fork comes out it will be better than the bitcoin itself. Bitcoin has several problems, this is a commission for small purchases and the speed of transactions. Now I see bitcoin only as an investment

Currently the transfer are taking ages. Several transaction are stuck from several days and high network fees are killing the show for btc. This may give the rise to all other good altcoins because people cannot pay this much high fees and now wait for so long for confirmations. So may be the demand might fall if it continues for a longer time.

Guardian.P

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Pandora's Tokens Bounties

In any case, everyone who has bitcoins will all win, I think that when the fork comes out it will be better than the bitcoin itself. Bitcoin has several problems, this is a commission for small purchases and the speed of transactions. Now I see bitcoin only as an investment

J. Cooper

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Alea iacta est

Quote from: Kprawn on December 18, 2017, 02:37:26 PM

We have not reached the mainstream adoption phase yet.

You're right we're still have got quite some distance to cover before we hit mainstream adoption. However I do feel like we've hit mainstream media attention. I'm pretty sure if you go out today and ask 10 people if they've heard about bitcoin 7 or even 8 out of those will tell you they've heard of bitcoin in the last month. They are aware of the existence but aren't taking action.

cynical

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Good points made here, there is a lot to consider from 2017 already,
massive climb from $1000,
winklevoss etf proposal,
controversy over segwit,
high profile financiers slating bitcoin,
japan and australia move with bitcoin,
china ban on ico's,
bitcoin futures trading.
bitcoin has come through a lot this year and still it rises.
i personally think for 2018 we may be looking at more countries moving to try and introduce more regulation along with more futures trading.

Kprawn

legendary

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We have not reached the mainstream adoption phase yet. Yes, the institutional capital is flowing in.. but global adoption at

average Joe level, is still in it's infant stages. The spark that was needed for this was the acceptance at Wall Street or some

Killer App... The Bitcoin futures are only the start. Grin

Qartersa

hero member

Activity: 868

Merit: 535

It certainly has gone through a lot this year especially when you have so much Bitcoins in store. But you know, its having so much value now is quite scary because we will never know when it will hit down low, if you know what I mean. If it has the capability to reach sky high within 12 months, does it have the same capacity to fall back in another 12 months time? Anyway things can change and none of us ever holds the alas in the game of cards. We just have to wait and see where this will all take us come 2018.

Irvinn

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Quote from: iamTom123 on December 18, 2017, 11:46:53 AM

Quote from: crypto_fanatic44 on December 18, 2017, 10:45:34 AM

Crypto enthusiasts have probably been anticipating Bitcoin’s global interest and adoption for some time now, and 2017 seems to be the year for that to happen. January saw the currency trading at $1k, while the last two weeks saw it jump from $10k to $14k and then to $18k. Some exchanges even reported Bitcoin’s price breaking the $20k barrier. Its market cap of over $300 billion last week even surpassed that of Visa. Full article: http://cryptobible.io/comes-next-bitcoin/

I guess there would be less problems with Bitcoin in 2018 but the old clogging or scalability issues resulting into ridiculously astronomical and shocking transaction fees will still be dominating the airwaves. We are just hoping that with the 12 months available for 2018, these problems can be given adequate and acceptable solutions. The whole Bitcoin community is now waiting and dreaming for the time when the coin can be accelerating towards its adoption by the mainstream not just a store of value but importantly as a currency which can utilized everyday even with micro-transactions. Next year can be the make or break year for Bitcoin.

Recently, there was information about the implementation of the lightning project in the project, which should solve all existing problems, namely: there will be no need to wait for a long time for confirmation of transactions, so they will be performed quite quickly, transactions can be carried out with small amounts and commissions for they will not be

iamTom123

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Quote from: crypto_fanatic44 on December 18, 2017, 10:45:34 AM

Crypto enthusiasts have probably been anticipating Bitcoin’s global interest and adoption for some time now, and 2017 seems to be the year for that to happen. January saw the currency trading at $1k, while the last two weeks saw it jump from $10k to $14k and then to $18k. Some exchanges even reported Bitcoin’s price breaking the $20k barrier. Its market cap of over $300 billion last week even surpassed that of Visa. Full article: http://cryptobible.io/comes-next-bitcoin/

I guess there would be less problems with Bitcoin in 2018 but the old clogging or scalability issues resulting into ridiculously astronomical and shocking transaction fees will still be dominating the airwaves. We are just hoping that with the 12 months available for 2018, these problems can be given adequate and acceptable solutions. The whole Bitcoin community is now waiting and dreaming for the time when the coin can be accelerating towards its adoption by the mainstream not just a store of value but importantly as a currency which can utilized everyday even with micro-transactions. Next year can be the make or break year for Bitcoin.

crypto_fanatic44

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Activity: 16

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Crypto enthusiasts have probably been anticipating Bitcoin’s global interest and adoption for some time now, and 2017 seems to be the year for that to happen. January saw the currency trading at $1k, while the last two weeks saw it jump from $10k to $14k and then to $18k. Some exchanges even reported Bitcoin’s price breaking the $20k barrier. Its market cap of over $300 billion last week even surpassed that of Visa.

Full article: http://cryptobible.io/comes-next-bitcoin/

Topic: [2017-12-18]What comes next for Bitcoin? (Read 131 times)