The first mover advantage for bitcoin is monumental. However if transaction costs continue to be cost prohibitive both in time and cost, then slowly but surely other currencies will replace it.
Bitcoin has a high degree of scarcity. Other cryptos have missed the boat on that.
However there is an enormous electricity cost just to secure the network.
Bottom line is, bitcoin will never be a true electronic currency if transactions take more than a few seconds to complete. It may be a store of value and you use other currencies as intermediaries, but that is almost self defeating.
Topic: Bitcoin is archaic (Read 2566 times)
As with any new technology, the first of its kind will always lose out to a more improved technology down the road. It has the advantage of first mover status and market share yes, but other coins have the advantage of learning from BTC's mistakes.
I don't give a rats ass about Dash or any other "alt coin" I was simply pointing out bitcoin has block size issues that other coins clealy fix. Bitcoin should look at some of their solutions and incorporate it into the code base.
This weeks tulip mania for Ethereum is indicitive that there is a disgruntled community. Of course ethereum is nothing but hot air and will go back to close to 0 eventually, but if bitcoin doesn't shape up, something will start legitimately competing with it. And it needs to fix this stuff FAST b/c time is at a premium now.
This weeks tulip mania for Ethereum is indicitive that there is a disgruntled community. Of course ethereum is nothing but hot air and will go back to close to 0 eventually, but if bitcoin doesn't shape up, something will start legitimately competing with it. And it needs to fix this stuff FAST b/c time is at a premium now.
They may not be as fixed as you think.
I don't give a rats ass about Dash or any other "alt coin" I was simply pointing out bitcoin has block size issues that other coins clealy fix. Bitcoin should look at some of their solutions and incorporate it into the code base.
This weeks tulip mania for Ethereum is indicitive that there is a disgruntled community. Of course ethereum is nothing but hot air and will go back to close to 0 eventually, but if bitcoin doesn't shape up, something will start legitimately competing with it. And it needs to fix this stuff FAST b/c time is at a premium now.
This weeks tulip mania for Ethereum is indicitive that there is a disgruntled community. Of course ethereum is nothing but hot air and will go back to close to 0 eventually, but if bitcoin doesn't shape up, something will start legitimately competing with it. And it needs to fix this stuff FAST b/c time is at a premium now.
Since this thread is obviously geared toward talking about altcoins, I think it's best for this thread to be moved to the altcoin section, since this does tend to irritate people here in the main section who are trying to talk about Bitcoin only.
Also it's obvious you are trying to promote Dash. While that's ok and you're entitled to your opinion of what's best to suite your needs alone, it's not ok to create a thread here to recruit people to some extent.
I enjoy reading up on altcoins myself, and while Dash was one of the first cryptonote coins, it's an obvious scam one which was premined/ninjamined... Just saying.
Also it's obvious you are trying to promote Dash. While that's ok and you're entitled to your opinion of what's best to suite your needs alone, it's not ok to create a thread here to recruit people to some extent.
I enjoy reading up on altcoins myself, and while Dash was one of the first cryptonote coins, it's an obvious scam one which was premined/ninjamined... Just saying.
That's a little exaggerated. Bitcoin development is slow exactly why it works as it does. Changes need to be carefully evaluated and tested before they can be rolled out and agreed upon by the consensus system. We should not forget that Bitcoin already secures a massive amount of wealth.
You consider it done and I don't. There is still much that can be said here.
We don't need big players to disrupt the market: let them create their own virtuacoin and we will see which one as the future on its said.
BTC is not just virtual gold.
We don't need big players to disrupt the market: let them create their own virtuacoin and we will see which one as the future on its said.
BTC is not just virtual gold.
These kind of threads bring further confusion into the BTC ecosystem and nonetheless they are what scare newbies who try to inform themselves for the first time.
I see BTC in the early stages still: there's room for improvement and there will be.
I see BTC in the early stages still: there's room for improvement and there will be.
No man, it's done, too much negative press and it's a joke, but that's for the common population and regular business though. The community will stay the same and Bitcoin will still be virtual gold, but any dreams that it will get adopted by the mainstream or added into Steam, Amazon, eBay, Google or whatever is impossible, no one would touch it.
These kind of threads bring further confusion into the BTC ecosystem and nonetheless they are what scare newbies who try to inform themselves for the first time.
I see BTC in the early stages still: there's room for improvement and there will be.
I see BTC in the early stages still: there's room for improvement and there will be.
Like seriously, the average joe is either clueless to bitcoin or has sorta heard of it some where, and you think that they are all of a sudden gone jump at the idea of a coin called Dash, yeah Dash it good but only to those who are already involved in the crypto space.
A lot of powerful people have a lot of money and time invested in bitcoin, there is no way they are gona just dump all that to move to Dash. Like i have heard said before who said that bitcoin had to be a crypto currency used to buy a coffee? it could be the currency of international settlement, in which case 10min confirmation times are fast, dash could be the currency of small payments in shops. Why does one have to replace the other, the can work together but for different purposes
A lot of powerful people have a lot of money and time invested in bitcoin, there is no way they are gona just dump all that to move to Dash. Like i have heard said before who said that bitcoin had to be a crypto currency used to buy a coffee? it could be the currency of international settlement, in which case 10min confirmation times are fast, dash could be the currency of small payments in shops. Why does one have to replace the other, the can work together but for different purposes
All alt coins are marketed to a niche market. All of them try to catter to bitcoin audiences because that's really the only group interested in crowdfunding cutting edge crypto fintech. The average joe doesn't care about decentralization and trustlesness over simple convenience. I think you're right, the vast majority of people with interest in cryptocurrency develop it though, or in relation to bitcoin. The way things currently are, there's no way a descendant can surpass bitcoin.
Like seriously, the average joe is either clueless to bitcoin or has sorta heard of it some where, and you think that they are all of a sudden gone jump at the idea of a coin called Dash, yeah Dash it good but only to those who are already involved in the crypto space.
A lot of powerful people have a lot of money and time invested in bitcoin, there is no way they are gona just dump all that to move to Dash. Like i have heard said before who said that bitcoin had to be a crypto currency used to buy a coffee? it could be the currency of international settlement, in which case 10min confirmation times are fast, dash could be the currency of small payments in shops. Why does one have to replace the other, the can work together but for different purposes
A lot of powerful people have a lot of money and time invested in bitcoin, there is no way they are gona just dump all that to move to Dash. Like i have heard said before who said that bitcoin had to be a crypto currency used to buy a coffee? it could be the currency of international settlement, in which case 10min confirmation times are fast, dash could be the currency of small payments in shops. Why does one have to replace the other, the can work together but for different purposes
Well, I really think Bitcoin will find a way to work out all these flaws. If you think about it properly, Bitcoin is still the one standing despite all the crisis.
Bitcoin is completely done if it was intended for massive adoption, no one will touch it and no common person can even begin to decipher the mumbo jumbo it means. However it was the first step and a complete unique technology that paved the way and it still works great as some sort of digital gold. But it has reached its peak years ago.
I think you're completely missing the point, calling bitcoin archaic. It has some problems, of course. but it is also on it's way to significant improvements and all the issues mentioned tend to be solved in the short run.
@OP,
It really creates a problem when you need to wait for days to get your txn confirmed, but as soon as the technology evolves, these problems will go away as BTC is still new and is passing through many problems...
It really creates a problem when you need to wait for days to get your txn confirmed, but as soon as the technology evolves, these problems will go away as BTC is still new and is passing through many problems...
Well you're rather lucky then xD
I'm not lucky, I just know how to properly use Bitcoin. I can't say the same for people complaining about confirmation times.Not unusual to wait for one or two hours to get your confirmations.
It is unusual. You're doing something wrong.Perhaps, but I don't know a single vendor now that will accept anything on 0 confirmations anymore. In fact most require 2.
I don't recall the last time that I've waited for confirmations. Well you're rather lucky then xD
Let's face it bitcoin is not a really fast way of paying. Of course the transactions in themselves are instant but the confirmations can take some times. Not unusual to wait for one or two hours to get your confirmations.
In the other hand though, it's not really a problem as bitcoin was conceived like that. It's not made to be the fastest mean of payment, cause it has to put security of transactions on the line too.
It is faster than the credit card system where an auth often takes days before it is real.
Vendors accept an auth and deliver the goods before it is real. They can safely do the same with bitcoin. Well, at least as safely as they do with credit cards.
Someone technical correct me if I'm wrong, but double spending is a lot harder in bitcoin now than it use to be because nodes no longer will broadcast a transaction if they have already seen a transaction using the same inputs. That makes it more difficult to get the double spend to the miners even if it has a higher TX fee, and if it doesn't get relayed to the miners then the first TX wins.
Paper money cannot be spied like those electronic cards..
So those who are willing to launder money are always stick to paper..
So those who are willing to launder money are always stick to paper..
So if bitcoin is so archaic and slow then why are people still using it?
because it is an alternative to the fiat crap system, since it run on his own circuit, the blockchain, it's good to avoid all the control that fiat have
at least this is true for me, i liek that my money are no spied all the time
Perhaps, but I don't know a single vendor now that will accept anything on 0 confirmations anymore. In fact most require 2.
I don't recall the last time that I've waited for confirmations. Well you're rather lucky then xD
Let's face it bitcoin is not a really fast way of paying. Of course the transactions in themselves are instant but the confirmations can take some times. Not unusual to wait for one or two hours to get your confirmations.
In the other hand though, it's not really a problem as bitcoin was conceived like that. It's not made to be the fastest mean of payment, cause it has to put security of transactions on the line too.
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