Topic: Bitcoin Journey Began 40 Years Ago; is this the end? (Read 222 times)
While I am aware that Bitcoin has a pre-history or previous attempts of the same nature am not aware that it took 40 years for this movement to come into fruition as it is now. Yes, I agree that Bitcoin is still so young and is just starting its big journey into the mainstream of our population and that the setbacks it experienced in the past years can be the foundation for the big growth it is destined to have. Obviously, this is a big dream and nobody can guarantee what can be in the future but we have the power in our hands to unite with this empowering movement and somehow change the course of history into the future.
We can never say this is the end because technology keeps evolving and we are now living in a world that people from past generation never imagined so who knows bitcoin maybe replaced or we don't even need to use the money anymore or one world one currency conspiracy and a lot more.
The journey began few decades back and in 90s researches successfully developed the blockchain technology but it took another 20 more years for someone to utilize it in a way which makes the life of people better in this centralized world.
The journey began few decades back and in 90s researches successfully developed the blockchain technology but it took another 20 more years for someone to utilize it in a way which makes the life of people better in this centralized world.
No. You can't conclude that Bitcoin is only a speculative digital asset when there are already some people who really use it for payment purposes in reality.
It is still considered a speculative asset because the market is fully driven by speculation. That is the reason why Bitcoin is labeled like that, IMO. Most people buy Bitcoin not because they will use it to transact but because people speculates that buying Bitcoin will give them profit in the long run.
Currently looking at the facts that are happening, Bitcoin is indeed only a speculative asset, which is an asset that is used to get a lot of profit in the form of investment because of the high volatility of bitcoin. People are still not fully using Bitcoin for payment for goods and services due to regulatory issues that are not fully operational in some countries.
No. You can't conclude that Bitcoin is only a speculative digital asset when there are already some people who really use it for payment purposes in reality.It is still considered a speculative asset because the market is fully driven by speculation. That is the reason why Bitcoin is labeled like that, IMO. Most people buy Bitcoin not because they will use it to transact but because people speculates that buying Bitcoin will give them profit in the long run.
We can't expect all people suddenly use Bitcoin as a payment tool, it needs a process to be adopted by people. Actually, Bitcoin adoption for payment purposes has shown impressive progress, you can see varied companies that accept Bitcoin as the payment tool for their products/services here: https://99bitcoins.com/bitcoin/who-accepts/. If it has no progress in our country, it is because our government only allows our national currency as a legal currency in our country. So, no hope for any other currencies to use, including BTC or dollars.
Indeed Bitcoin development as mode of payment has a good progress but still the majority of people buying Bitcoin is to get profit and not to use as payment. It would probably go up to another level if Bitcoin will be accepted in almost every local marketplace. That time, I am convinced that Bitcoin isn't a speculative asset anymore.
Currently looking at the facts that are happening, Bitcoin is indeed only a speculative asset, which is an asset that is used to get a lot of profit in the form of investment because of the high volatility of bitcoin. People are still not fully using Bitcoin for payment for goods and services due to regulatory issues that are not fully operational in some countries.
No. You can't conclude that Bitcoin is only a speculative digital asset when there are already some people who really use it for payment purposes in reality. We can't expect all people suddenly use Bitcoin as a payment tool, it needs a process to be adopted by people. Actually, Bitcoin adoption for payment purposes has shown impressive progress, you can see varied companies that accept Bitcoin as the payment tool for their products/services here: https://99bitcoins.com/bitcoin/who-accepts/. If it has no progress in our country, it is because our government only allows our national currency as a legal currency in our country. So, no hope for any other currencies to use, including BTC or dollars.The bitcoin journey that started 40 years ago gives us proof that the Bitcoin technology being developed is not just an ordinary digital currency, but has many benefits for now and in the future.
Indeed. Some people developed it because of a strong reason. It should be caused by a big advantage of Bitcoin in the future.OP @borovichok, where do you get the picture? Why you didn't enclose the link?
Vividly, I could remember a story of how people lost lots of money on liberty reserve when it got closed. People had no other option than to switch to bitcoin when it was released and bitcoin seemed safer. That's how innovation works, Satoshi had an idea that will replace liberty reserve, a big competitor to bitcoin, but he didn't relent. Unlike liberty reserve bitcoin cannot shutdown, but a bitcoin exchange can, I'd say that liberty reserve functioned like the cryptocurrency exchange. Because I wasn't there to witness how it worked. More like a centralized payment method in a decentralized form where users online need a recipients key to send them money. These digital cash keeps evolving and cryptocurrency, indeed, looks like the endpoint.
I find your sentence conflicting, it is about how you perceived that it is the end of the road map and then telling us that we are still in the early stages. But either way, I do not agree that Bitcoin is just a 40 years adventure. You can verify how Satoshi Nakamoto design the production of Bitcoin, the halving, the time of the last coin mined, and the continuous reward of miners via transaction fee. Bitcoin is a journey to eternity. As long as people support and use the Bitcoin network, its journey is a lifetime. So I agree that we are still in the early stage and disagree that we are nearing the end of Bitcoin road map.
You have said it all, Bitcoin is like a technology in which people who invest in Bitcoin will determine the bench mark of Bitcoin, so if people continue to value Bitcoin it will continue to exist why if people skip Bitcoin fir investment people too will not value it any longer. I believe that Bitcoin will be going up every year, let us not judge Bitcoin with what we have seen through the price of bitcoins, because the price is due to people who invest in bitcoins. 
Each groundbreaking concept has humble beginnings. Finally, it blossoms into a more robust and superior form. In time, it grows to be a global force with the potential to alter the course of history. Bitcoin was created in this way. A group of people got together and decided they wanted to establish money that would work without any central authority.
They devised a method that allowed everyone to participate and aid in maintaining equity. Bitcoin is now widely utilized for international online money transfers and online purchases. In just 10 short years, Bitcoin has grown from a modest experiment to one of the largest concepts ever imagined.
I do agree that development is the key to success for almost everything in the world. It doesn't matter what the business is, even the easiest tshirt business could still develop, how? You could end up with some new machine that produces a great amount of shirt, for very little resource, or with a cheaper resource and you would be able to sell brand new basic shirts for $4.99 suddenly, which is unheard of, or even lets say 99 cents to make it a lot more unrealistic.They devised a method that allowed everyone to participate and aid in maintaining equity. Bitcoin is now widely utilized for international online money transfers and online purchases. In just 10 short years, Bitcoin has grown from a modest experiment to one of the largest concepts ever imagined.
I personally believe that is not a priority as of right now, people focus on more tech related stuff, but that could very well be done if R/D was hardcore there. So improvement and development on crypto is obviously very important too.
This infographic feels very arbitrary, why stop at 40 years ago if the technologies that came before that are just as important? Might as well put the whole history of computing, electronic communications and cryptography on this timeline.
I think Bitcoin should be viewed in the context of decentralized digital money, rather than broader concepts like cryptography and the Internet. So it's more correct to say that the quest for decentralized digital money started in early 90s.
I think Bitcoin should be viewed in the context of decentralized digital money, rather than broader concepts like cryptography and the Internet. So it's more correct to say that the quest for decentralized digital money started in early 90s.
-snip-
Currently looking at the facts that are happening, Bitcoin is indeed only a speculative asset, which is an asset that is used to get a lot of profit in the form of investment because of the high volatility of bitcoin. People are still not fully using Bitcoin for payment for goods and services due to regulatory issues that are not fully operational in some countries.The bitcoin journey that started 40 years ago gives us proof that the Bitcoin technology being developed is not just an ordinary digital currency, but has many benefits for now and in the future.
It has taken lot of years for bitcoin development to these levels so do you think it will end at these notes when the world is recognising its importance to global level? The digital payment era is giving boost to bitcoin usage as well and big companies are alo engaging themselves into this payment processings to interest the customers.There are many other reasons as well so in my opinion this is just another start for bitcoin not the end.
Nope.Bitcoin is having a boost simply because it is a profitable investment more than being a currency. Well it is useful indeed; low transaction fees, faster with anonymity and such but the problem is its market price volatility. I doubt that in countries wherein it is widely accepted, people will use Bitcoin perhaps, to pay their clothes or food. They'd more prefer using fiat still on daily transactions. Let us accept it. At the present most of the people view this industry as a way of earning profit or in form of investment.
But going back with the topic, it's been years indeed. Its market value have gone too far and thid technology is now being recognized on countries around the globe. But I doubt this is the peak already. Bright future ahead once the market price slowly stabilize as more people or businesses acknowledge this industry.
Each groundbreaking concept has humble beginnings. Finally, it blossoms into a more robust and superior form. In time, it grows to be a global force with the potential to alter the course of history. Bitcoin was created in this way. A group of people got together and decided they wanted to establish money that would work without any central authority.
They devised a method that allowed everyone to participate and aid in maintaining equity. Bitcoin is now widely utilized for international online money transfers and online purchases. In just 10 short years, Bitcoin has grown from a modest experiment to one of the largest concepts ever imagined.
They devised a method that allowed everyone to participate and aid in maintaining equity. Bitcoin is now widely utilized for international online money transfers and online purchases. In just 10 short years, Bitcoin has grown from a modest experiment to one of the largest concepts ever imagined.
It has taken lot of years for bitcoin development to these levels so do you think it will end at these notes when the world is recognising its importance to global level? The digital payment era is giving boost to bitcoin usage as well and big companies are alo engaging themselves into this payment processings to interest the customers.There are many other reasons as well so in my opinion this is just another start for bitcoin not the end.
Respectively this is not the end of bitcoin because it has not been generally accepted as a means of payment globally, Perhaps, there are some countries that have been accepting it but doesn't mean all nation have started the journey so far as predicted so it's a keynote to us as the early adopters to keep spreading the words of bitcoin all over our various states and country to let the world know the effectiveness and usefulness of bitcoin. I think our work here is just as a missionary who have kept everything outside rather than only bitcoin progression.
As per the price, it's always like this because in the future 2022 would be a year to be remembered of if we could be flashing back to 2009 and to 2014 and 2018 what more of 2022, so it's advisable you don't skip this year as you may not have it on a platter of gold anymore.
Op doesn't relatively saying is the end but rather is just the beginning flashing back the previous years.
As per the price, it's always like this because in the future 2022 would be a year to be remembered of if we could be flashing back to 2009 and to 2014 and 2018 what more of 2022, so it's advisable you don't skip this year as you may not have it on a platter of gold anymore.
What did you mean about this is the end of Bitcoin journey?
Op doesn't relatively saying is the end but rather is just the beginning flashing back the previous years.
What did you mean about this is the end of Bitcoin journey? you must look on the development, Bitcoin isn't get abandoned but there's still people who want to support the network and try to find a new improvement. The latest improvement is taproot address where it's to decrease Bitcoin fee on chain network, although we already have lightning network that we can use to pay tiny amount of Bitcoin.
Bitcoin wouldn't end and will keep improving to become the best decentralized currency.
Bitcoin wouldn't end and will keep improving to become the best decentralized currency.
all aspects of history show that building a car
(first invention of a wheel was a couple millenia ago)
(first invention of combustion engine was a couple centuries ago)
car journeys then started a century ago
and more commonly by regular folk/households only 60 years ago
cars evolve but cars will still exist for atleast 60 more years
car journeys are only half way through their common household utility journey
bitcoin will evolve and still exist for atleast 120 years (mining reward halving cycles)
bitcoins journey is ~10% from the start
...
on the grand scheme of things from the first wheel 2000 years + ago
saying only 60 years left sounds like its near the end
but bitcoin and cars were not made 40 years ago or 2000 years ago
bitcoin and cars "journey" of their own started much sooner thus they are not near their end
(first invention of a wheel was a couple millenia ago)
(first invention of combustion engine was a couple centuries ago)
car journeys then started a century ago
and more commonly by regular folk/households only 60 years ago
cars evolve but cars will still exist for atleast 60 more years
car journeys are only half way through their common household utility journey
bitcoin will evolve and still exist for atleast 120 years (mining reward halving cycles)
bitcoins journey is ~10% from the start
...
on the grand scheme of things from the first wheel 2000 years + ago
saying only 60 years left sounds like its near the end
but bitcoin and cars were not made 40 years ago or 2000 years ago
bitcoin and cars "journey" of their own started much sooner thus they are not near their end
40 years ago, Bitcoin's prehistory began; will Bitcoin mark the end of the journey? Will Bitcoin not eventually merge into one of those branches? Is Bitcoin the last hope?
Technology is not static, it constantly improves and advances as new knowledge emerges. Bitcoin does not have to merge or change the way it operates for the network to keep running, but the framework of the technology can be used to build innovations which can be applied into different niches.I highly agree so I think the 40 years of journey is too short for Bitcoin. Though I agree that Bitcoin is at its early phase, the possibilities of Bitcoin in terms of technological advancement is vast. Saying that I think 40 years journey for Bitcoin is too short.
I believe the road map has come to an end. and since we are still in the early stages, bitcoin is still relatively cheap.
Do you mean the roadmap of Bitcoin or of development in the blockchain tech space?If it's Bitcoin, its whitepaper did not include a roadmap, and in the general space, there would not be a break in technological advancements.
Yeah, roadmap for bitcoin will continue as new technology and innovation is created or discovered. I believe Bitcoin will continue to grow and the technology will continue to advance until Bitcoin can compete to any kind of payment system available in the industry.
Everything that have been innovated now could've got its concept tossed years back. Bitcoin too isn't an exception in this. So, bitcoin having its base 40 years back is not a big thing. Already it is know that there are other cryptocurrencies that have got into existence before bitcoin, but they weren't able to stand good in the market. Even bitcoin took years to prove its ability. Innovation that have gained the acceptance of people won't have its end, until something happens bad to the community through it.
Bitcoin of course would go through improvements such as SegWit which was aimed at improving scalability and more currently Taproot. These changes or improvements are aimed at making the network function better (it's surely not perfect), but I can't imagine a newer system replacing it at this time.
It checks all the boxes for what one needs from a consensus driven network.
40 years ago, Bitcoin's prehistory began; will Bitcoin mark the end of the journey? Will Bitcoin not eventually merge into one of those branches? Is Bitcoin the last hope?
Technology is not static, it constantly improves and advances as new knowledge emerges. Bitcoin does not have to merge or change the way it operates for the network to keep running, but the framework of the technology can be used to build innovations which can be applied into different niches.I believe the road map has come to an end. and since we are still in the early stages, bitcoin is still relatively cheap.
Do you mean the roadmap of Bitcoin or of development in the blockchain tech space?If it's Bitcoin, its whitepaper did not include a roadmap, and in the general space, there would not be a break in technological advancements.
I was talking about the prehistory tree and how, if bitcoin is the final destination, research for digital currency for human freedom began a long time ago, despite the fact that bitcoin itself has no road map. We all know how quickly technology advances, so I was just curious.
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