Topic: Biggest threat to the future of Bitcoin? (Read 1945 times)
Bitcoin has successfully escaped from all threats by bankers and governments,even threats from bitcoin antichrist roger ver and jihan wu.But it may face a serious threat when quantum computing will be introduced in future.It may take around twenty more years for quantum computing to be introduced.
Bitcoin has successfully overcome al the threats it faced in the past and now it has completed its initial eight years.Some threats came from within the bitcoin community itself from people like Roger ver and Jihan wu.But the main threat would be bitcoin computing when it would be introduced after twenty years.It is said that it would crack the block chain.
Government regulation and no other aspect could affect bitcoin.It would survive all such threats.But what i think the biggest threat to bitcoin would be Quantum computing which is said to be introduced in future.I hope that it would hardly take twenty more years for quantum computing to be introduced.
The biggest thing that will slow adoption is the need for confirmations. There is also the fast changes in the price values and the fact that too many people dive into the game without fully understanding the facts. There are many people that get a handful of knowledge and have just enough to make a mess of their affairs and then that is magically the information that makes it to the public news.
Adoption rate does not slow down on bitcoin at anywhere. It is moving faster only as of now. Main problem bitcoin in future years. ALTCOIN. As altcoin rising in price range and usage limit expansion we cannot see much movement on bitcoin that time. Hopefully, high number move to ETH and litecoin I think.
The biggest thing that will slow adoption is the need for confirmations. There is also the fast changes in the price values and the fact that too many people dive into the game without fully understanding the facts. There are many people that get a handful of knowledge and have just enough to make a mess of their affairs and then that is magically the information that makes it to the public news.
Adoption rate does not slow down on bitcoin at anywhere. It is moving faster only as of now. Main problem bitcoin in future years. ALTCOIN. As altcoin rising in price range and usage limit expansion we cannot see much movement on bitcoin that time. Hopefully, high number move to ETH and litecoin I think.
Obviously there a lot of ways to answer this question but I want some smart views on what could legitimately hurt the future of Bitcoin or cryptos in general.
Technology:
-I am not a computer coder but could someone explain to me yes or no, is it possibly for a future technology like an advanced AI to crack the code for private keys in the future?
-Couldn't there also be a new form of crypto maybe ether, or maybe something more advanced to overtake Bitcoin at the top spot? It seems like there is still room for the decentralization of everything coin or something similar to be developed with characteristics that outshine everything on the market today.
-Or could something be developed outside of the crypto universe that makes this technology obsolete?
Government regulation:
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?
Governance within the block-chain:
-Ok so I am not going to pretend to know a lot about this subject but I believe we have a fork in August coming up which has a lot of people up in arms it seems. Why is this such a big deal?
-Miner Fees are pretty straight forward but doesn't seem devastating as a whole, is this wrong as well?
Well I guess I have more questions than insight, but I guess that is better than "Is Bitcoin going to $1000 tomorrow?" threads.
Jeezy
Technology:
-I am not a computer coder but could someone explain to me yes or no, is it possibly for a future technology like an advanced AI to crack the code for private keys in the future?
-Couldn't there also be a new form of crypto maybe ether, or maybe something more advanced to overtake Bitcoin at the top spot? It seems like there is still room for the decentralization of everything coin or something similar to be developed with characteristics that outshine everything on the market today.
-Or could something be developed outside of the crypto universe that makes this technology obsolete?
Government regulation:
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?
Governance within the block-chain:
-Ok so I am not going to pretend to know a lot about this subject but I believe we have a fork in August coming up which has a lot of people up in arms it seems. Why is this such a big deal?
-Miner Fees are pretty straight forward but doesn't seem devastating as a whole, is this wrong as well?
Well I guess I have more questions than insight, but I guess that is better than "Is Bitcoin going to $1000 tomorrow?" threads.
Jeezy
Biggest threat would be our own community.
even right now the community is pretty divided and the fork hasn't even happened yet. The 1st August thing is the User Activated Soft Fork for segwit activation. Obviously there will be division happening as hard forks(BU for example, or Segwit2x) could be activated as well, but i don't want to go into specifics here. Just make sure you understand that forks can indeed hurt bitcoin a lot.
Government has no control over bitcoin, the best they can do is shut down or outlaw all bitcoin exchanges, in which case bitcoin trading will simply go to P2P mode. There is really onthing they can do to actually stop bitcoin transactions.
Miner fees are a big issue but is still quite manageable. It's a short term issue as well, we will definitely find ways to scale in the future. I don't think that's particularly big worry but rather a smaller implication of the overall scaling debate.
the only possible big threat are the one created by the miners with their dirty move to go with creating their own alt, or doing 51% if they don't like the current segwit activation etc...
this is more dangerous than anything else, other things, can't really stop bitcoin, like government, altcoin taking over bitcoin etc...price also can't fall to 1 usd like many newbie believe, there is no way this will happen
everyone who invested above certain threshold will not sell his coin at loss, just think about that and you should not worry anymore about the value
not only that but exchange can stop any serious big amount of money temporarely, so you can't sell easily your coin, also with the current power of computer you can't crask the private key, in any way, not even with quantum computer actually
this is more dangerous than anything else, other things, can't really stop bitcoin, like government, altcoin taking over bitcoin etc...price also can't fall to 1 usd like many newbie believe, there is no way this will happen
everyone who invested above certain threshold will not sell his coin at loss, just think about that and you should not worry anymore about the value
Cracking Bitcoin private keys are not that easy. They are very lengthy and cracking them will take infinite number of attempts by a bot. In order to prevent this from occurring, we can fork the chain, and make the wallet temporarily (may be for 1 hour or one day) de-active after 1 million or 10 million failed attempts.
not only that but exchange can stop any serious big amount of money temporarely, so you can't sell easily your coin, also with the current power of computer you can't crask the private key, in any way, not even with quantum computer actually
The biggest thing that will slow adoption is the need for confirmations. There is also the fast changes in the price values and the fact that too many people dive into the game without fully understanding the facts. There are many people that get a handful of knowledge and have just enough to make a mess of their affairs and then that is magically the information that makes it to the public news.
I believe the problem of slow confirmations and highly fluctuating market prices are will be tolerated by highly knowledgeable adapter. Only those people who are getting into bitcoin ecosystem without gaining enough knowledge on different aspects of bitcoin ecosystem might be facing these as big problems. When people are having sufficient knowledge to understand how a new system will be working, I believe there will not be any stopping for the progress.In my view, those ransomware hackers are highly vulnerable for damaging the reputation of bitcoin among common people and to politicians of big countries. We should not create any bad image for bitcoin that might lead to bad consequences. This alone seems as a big threat to the bight future of bitcoins.
The biggest thing that will slow adoption is the need for confirmations. There is also the fast changes in the price values and the fact that too many people dive into the game without fully understanding the facts. There are many people that get a handful of knowledge and have just enough to make a mess of their affairs and then that is magically the information that makes it to the public news.
Mostly, like any other good business object, the problems are the people. They abuse the system, have unrealistic expectations and then get mad when those are not met and they generally jack the system up. But, it will survive and we will survive and we are all the better from day one because Bitcoin came around.
Currently I can't think of a threat for the future of bitcoin.
About the current fees, there are already proposed plan about it and this was being discussed for long time so I think even a bit, we can expect that fees and slow confirmation time will be no problem in the future. What else? Support from people? If bitcoin will be much better then I see no reason why people will not continue to use and support bitcoin.
But like I said, it's just for now that I can't see any threat. Maybe for the upcoming depends on the situation.
About the current fees, there are already proposed plan about it and this was being discussed for long time so I think even a bit, we can expect that fees and slow confirmation time will be no problem in the future. What else? Support from people? If bitcoin will be much better then I see no reason why people will not continue to use and support bitcoin.
But like I said, it's just for now that I can't see any threat. Maybe for the upcoming depends on the situation.
And then deploy the fix, the only threat that I could think of is the governments buying as many Bitcoins as possible to limit our usage and
Do you think that a government could literally use the public fund and start investing in bitcoin,it is a good day for me as i am having a good laugh most of the time here as people will be commenting about things they really does not have a clue.The major threat is the lack of network upgrades and the delay it takes. Obviously there a lot of ways to answer this question but I want some smart views on what could legitimately hurt the future of Bitcoin or cryptos in general.
Technology:
-I am not a computer coder but could someone explain to me yes or no, is it possibly for a future technology like an advanced AI to crack the code for private keys in the future?
-Couldn't there also be a new form of crypto maybe ether, or maybe something more advanced to overtake Bitcoin at the top spot? It seems like there is still room for the decentralization of everything coin or something similar to be developed with characteristics that outshine everything on the market today.
-Or could something be developed outside of the crypto universe that makes this technology obsolete?
Government regulation:
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?
Governance within the block-chain:
-Ok so I am not going to pretend to know a lot about this subject but I believe we have a fork in August coming up which has a lot of people up in arms it seems. Why is this such a big deal?
-Miner Fees are pretty straight forward but doesn't seem devastating as a whole, is this wrong as well?
Well I guess I have more questions than insight, but I guess that is better than "Is Bitcoin going to $1000 tomorrow?" threads.
Jeezy
it is said that the security of bitcoin would be compromised when quantum computing would be introduced in future.But it may take hardly twenty more years for it to be introduced.But we could hope that the core team would take necessary precautions to avoid such disaster.Technology:
-I am not a computer coder but could someone explain to me yes or no, is it possibly for a future technology like an advanced AI to crack the code for private keys in the future?
-Couldn't there also be a new form of crypto maybe ether, or maybe something more advanced to overtake Bitcoin at the top spot? It seems like there is still room for the decentralization of everything coin or something similar to be developed with characteristics that outshine everything on the market today.
-Or could something be developed outside of the crypto universe that makes this technology obsolete?
Government regulation:
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?
Governance within the block-chain:
-Ok so I am not going to pretend to know a lot about this subject but I believe we have a fork in August coming up which has a lot of people up in arms it seems. Why is this such a big deal?
-Miner Fees are pretty straight forward but doesn't seem devastating as a whole, is this wrong as well?
Well I guess I have more questions than insight, but I guess that is better than "Is Bitcoin going to $1000 tomorrow?" threads.
Jeezy
The biggest threat for bitcoin in the future is bitcoin it self. Honestly signs of it is actually visible. High fees, pending confirmation. You can't make something to be your current payment if it needs almost a week to sent. You can't use it if it need more than 2 dollars fee to send only 200 dollars.
It's not solve, and I think it can't.
A new crypto payment will born and replace bitcoin price. Not now but I believe it will very soon.
If your points are perfectly right then those threats are easily solvable as those are just part of every system and solutions are always leading to enhancements.It's not solve, and I think it can't.
A new crypto payment will born and replace bitcoin price. Not now but I believe it will very soon.
I big threat I am suspecting is Government/central banks interventions because they only may lead to big negative impacts. But I am sure those impact might give only short term effects like for one or two months as basically bitcoin does not need any support from Government/central banks.
The biggest threat for bitcoin is unable to handle the transaction fee problem, with only this simple reason there will be another coin that able to replace bitcoin position and because of this reason there has been a rumor of forking, this kind of things can weakened the bitcoin and with the less interest from the users, bitcoin will die
For now we are halving this issue but after activating segwit we will see what will be the cause. Bitcoin will be still awesome choice to invest than the other altcoin since bitcoin are still acceptable by many site not only here in forum and gambling casinos..
Its impossible that bitcoin will be die in the future.. the developer are still doing their jobs but they are just need the opinion of miners what will be happen in bitcoin if they activate segwit through BIP148 or forking .. developer will be still choose what will be the best and if they don't test they don't see the effect or a best result..
Maybe will be the big threat in the future if there are someone can crack the private keys or bruteforce using more advanced super pc.. I hope it won't be happen in the future..
Obviously there a lot of ways to answer this question but I want some smart views on what could legitimately hurt the future of Bitcoin or cryptos in general.
Technology:
-I am not a computer coder but could someone explain to me yes or no, is it possibly for a future technology like an advanced AI to crack the code for private keys in the future?
-Couldn't there also be a new form of crypto maybe ether, or maybe something more advanced to overtake Bitcoin at the top spot? It seems like there is still room for the decentralization of everything coin or something similar to be developed with characteristics that outshine everything on the market today.
-Or could something be developed outside of the crypto universe that makes this technology obsolete?
Government regulation:
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?
Governance within the block-chain:
-Ok so I am not going to pretend to know a lot about this subject but I believe we have a fork in August coming up which has a lot of people up in arms it seems. Why is this such a big deal?
-Miner Fees are pretty straight forward but doesn't seem devastating as a whole, is this wrong as well?
Well I guess I have more questions than insight, but I guess that is better than "Is Bitcoin going to $1000 tomorrow?" threads.
Jeezy
I think one of the biggest threats is Government regulation, because without government support the bitcoin will continue to run in place. Bitcoin will be difficult to develop and may be left behind its users. But when the government supports bitcoin I'm sure bitcoin will be a calculated commodity, bitcoin can be one of the financial elements in the world. And everything can change for the better than it is today.Technology:
-I am not a computer coder but could someone explain to me yes or no, is it possibly for a future technology like an advanced AI to crack the code for private keys in the future?
-Couldn't there also be a new form of crypto maybe ether, or maybe something more advanced to overtake Bitcoin at the top spot? It seems like there is still room for the decentralization of everything coin or something similar to be developed with characteristics that outshine everything on the market today.
-Or could something be developed outside of the crypto universe that makes this technology obsolete?
Government regulation:
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?
Governance within the block-chain:
-Ok so I am not going to pretend to know a lot about this subject but I believe we have a fork in August coming up which has a lot of people up in arms it seems. Why is this such a big deal?
-Miner Fees are pretty straight forward but doesn't seem devastating as a whole, is this wrong as well?
Well I guess I have more questions than insight, but I guess that is better than "Is Bitcoin going to $1000 tomorrow?" threads.
Jeezy
The biggest threat for bitcoin is unable to handle the transaction fee problem, with only this simple reason there will be another coin that able to replace bitcoin position and because of this reason there has been a rumor of forking, this kind of things can weakened the bitcoin and with the less interest from the users, bitcoin will die
There is no big threat to the bitcoin because of the altcoins that are getting more potential. Now this transaction fee issue to has got an solution with segwit2x activation by few mining pools. Forking or other splitting will never gonna cause defect in the growth as it is completely not supported. in addition to all that, the only other thing that can hurt bitcoin the most is its users in my opinion.
mostly the users who don't understand bitcoin at all. they see it as a plaything to make money only and make it fast. they have weird expectations from bitcoin and when they are not met they start thinking it is dead.
and one more thing is many who have started calling bitcoin just as an store of value. and this will haunt us in the long term if more people stop wanting bitcoin as it should be (a currency) and want it only as an store of value.
mostly the users who don't understand bitcoin at all. they see it as a plaything to make money only and make it fast. they have weird expectations from bitcoin and when they are not met they start thinking it is dead.
and one more thing is many who have started calling bitcoin just as an store of value. and this will haunt us in the long term if more people stop wanting bitcoin as it should be (a currency) and want it only as an store of value.
Because the way to use bitcoin as a currency still far away ahead, long time confirmation and high fees become the major problems right now. After that problems resolved, we have to convince many people that manage business, merchants, groceries, stores and others to accept bitcoin payment. It will be different in every country of course as first world countries already have many places which accepted bitcoin payment. So, people treating bitcoin as store of value right now because its price increase significantly every year, one of bitcoin advantages.
The biggest threat for bitcoin is unable to handle the transaction fee problem, with only this simple reason there will be another coin that able to replace bitcoin position and because of this reason there has been a rumor of forking, this kind of things can weakened the bitcoin and with the less interest from the users, bitcoin will die
Only the miner fee thing seemed really important for the future , as far as government is concerned it isn't going to affect much. Take the case of china itself unofficially it is illegal to trade bitcoin what i mean by this most of them are aware bitcoin is not allowed and government can do some ban or something anytime but at end of the day the most trade volume occurs on chinese exchanges
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