Bitcoin or 3rd generation blockchain

cryptofan55

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Quote from: xiboothrezi on November 06, 2019, 04:12:17 PM

The fact is, achievements that have been seen are more desirable than wishful thinking which only ends in nonsense. Bitcoin may not be better in terms of technology compared to many altcoin projects that have emerged lately, but the market capacity and investor confidence that has been formed for quite a long time is difficult to remove. That is why, only projects that have the strength and commitment to continue to develop their products are able to survive.

Of course many project make a lot of promises and most will not deliver, but still I am wondering if Bitcoin can scale and be what people want it to be. If the technology is too old and will not work at big scale, it may stay as a store of value or fade away when better technologies arise.
I see that a lot of people invest and believe in bitcoin, but I just don't see how it will work in long term, for anything else than a store of value.(which may still keep it very expensive)

xiboothrezi

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The fact is, achievements that have been seen are more desirable than wishful thinking which only ends in nonsense. Bitcoin may not be better in terms of technology compared to many altcoin projects that have emerged lately, but the market capacity and investor confidence that has been formed for quite a long time is difficult to remove. That is why, only projects that have the strength and commitment to continue to develop their products are able to survive.

cryptofan55

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Quote from: logicgate on November 06, 2019, 01:46:27 PM

Bitcoin is the king. Nothing can be like bitcoin. What it has given to the world is something that was never imagined. Bitcoin is the savior. It is the best thing happened to this generation. The holders of bitcoin are no common people. ethereum, no doubt, is a good rather the best altcoin so far but lets just get honest here, bitcoin is the whole reason why ethereum has survived till this day.

Can you please explain why you think so, how do you see bitcoin in the future. Will it scale and how or it will be used as a store of value?

logicgate

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Quote from: CjMapope on November 05, 2019, 10:11:22 AM

Quote from: cryptofan55 on November 05, 2019, 05:27:14 AM

Hi everyone,
distributed ledger technology is the future, I think most people agree on this, but why bitcoin?

Bitcoin is the oldest system, it is not scalable, it needs second layer scaling solution, it is energy consuming, there is few big mining pools and is not very decentralized. There are other problems too.

Woudn't a 3rd generation blockchain that is more decentralized in practice, less energy consuming, cheaper, and offer smart contracts and many more possibilities surpass bitcoin at some point?
Is the first move advantage so big, is there something else I am missing?

Its the BRAND man, BTC was the first coin, and has the name behind it. Alot of people invest in BTC not even knowing what it is, they just saw on TV there was money to be made lol
Eth will be really big, but even BTC could do smart contracts itself,it would just take alot time to implement.
Unlike other coins BTC dosent move forward until its testing is pretty much perfect, so upgrades take alot of peer review and testing

Bitcoin is the king. Nothing can be like bitcoin. What it has given to the world is something that was never imagined. Bitcoin is the savior. It is the best thing happened to this generation. The holders of bitcoin are no common people. ethereum, no doubt, is a good rather the best altcoin so far but lets just get honest here, bitcoin is the whole reason why ethereum has survived till this day.

xOdiumNostrumx

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I think that those will co-exist in the future. Bitcoin will serve as a store of value, while 3rd gen blockchains will be used for everything else, building, transactions etc. So consequentially I am trying to constantly bag my share of next gen projects as well as owning a hefty amount of Bitcoin.

Convery

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Quote from: cryptofan55 on November 05, 2019, 05:27:14 AM

Hi everyone,
distributed ledger technology is the future, I think most people agree on this, but why bitcoin?

Bitcoin is the oldest system, it is not scalable, it needs second layer scaling solution, it is energy consuming, there is few big mining pools and is not very decentralized. There are other problems too.

Woudn't a 3rd generation blockchain that is more decentralized in practice, less energy consuming, cheaper, and offer smart contracts and many more possibilities surpass bitcoin at some point?
Is the first move advantage so big, is there something else I am missing?

More decentralized in practise? What does it mean? Every new coin has CEO and a team that holds more tha 50% of all coins, how we can talk about decentralization?
Yeah, Bitcoin has big mining pools and most of them are owned by Bitmain, but still they don´t have more than 50% of mining power. And about the cheaper transactions, I do not think that BTC transactions are expensive. Look how secure the blockchain is, you are paying for the quality. If you send BTC, you can be sure that this BTC will delivered and there will not be any reversal of the transaction, just like what happened to BCash.

Bttzed03

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https://bitcoincleanup.com/

Quote from: cryptofan55 on November 06, 2019, 03:03:48 AM

~
Can someone explain why he thinks lightening and segwit will solve the problem and how?
May bitcoin stay big even without scaling as a store of value?

I only have a basic understanding about this . If you asked this question in the proper board (Bitcoin Discussion or Bitcoin Technical Discussion), you'll most likely get informative answers from more knowledgeable people. You can also search similar topics in those boards and read, you might not need to open a new topic.

cryptofan55

newbie

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Thank you everyone for your answers, time will show what will happen, I just wanted to hear other points of view.

It really comes to that if bitcoin can scale, without get centralized.
Now the system capacity is full, on blocktivity shows that there is many unconfirmed transactions, and still we are very early and much more people will use it if it gets mass adoption.
Can someone explain why he thinks lightening and segwit will solve the problem and how?
May bitcoin stay big even without scaling as a store of value?

Quote from: Bttzed03 on November 05, 2019, 05:55:09 AM

Can you name these 3rd generation blockchains and how are they more decentralized?

It's probably not because of the first move advantage but because none of these other blockhains have proven themselves to be more secure than bitcoin.

I did not mean to talk about other projects, but just talk in theoretical terms, maybe the project I am talking does not yet exist, or it is among the top altcoins.

Wintersoldier

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Quote from: m0Ray on November 05, 2019, 11:23:04 PM

When it rockets into space were sent with the help of the programming language Pascal. Now rockets are also sent into space but in more structured and in detals programming languages. Bitcoin is important to us because of its security and clear functionality. Problems with long transactions can solve the network Lightning.

In terms of connectivity, we already have transatlantic cables settled on the sea to support the feature especially the integration of the lightning network to the bitcoin transaction speed. But if there will be cryptocurrencies that will be developed with the same functionalities but can exceed bitcoin in terms of speed. It is highly possible that it can induce more market adoption and can be called 3rd generation blockchain technologies.

Khuongcute2503

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Quote from: cryptofan55 on November 05, 2019, 05:27:14 AM

Hi everyone,
distributed ledger technology is the future, I think most people agree on this, but why bitcoin?

Bitcoin is the oldest system, it is not scalable, it needs second layer scaling solution, it is energy consuming, there is few big mining pools and is not very decentralized. There are other problems too.

Woudn't a 3rd generation blockchain that is more decentralized in practice, less energy consuming, cheaper, and offer smart contracts and many more possibilities surpass bitcoin at some point?
Is the first move advantage so big, is there something else I am missing?

Most of the POW algorithms at the moment are very popular like BTC, ETH but it has one drawback is that it cannot be expanded.
This causes the project to run the POW algorithm. In contrast, Projects running POS algorithm have shown very good expansion but the weak point is not high security. I have researched and discovered a project that runs the POW algorithm but is superior to other projects, it is also considered a good upgrade of ETH and is considered a 3rd generation blockchain. That's the Conflux project, you can see it here: https://www.conflux-chain.org/
Conflux uses POW algorithms like BTC and ETH, but its advantages are scalable like other POS projects, which is a great thing for future projects.

m0Ray

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When it rockets into space were sent with the help of the programming language Pascal. Now rockets are also sent into space but in more structured and in detals programming languages. Bitcoin is important to us because of its security and clear functionality. Problems with long transactions can solve the network Lightning.

CjMapope

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~Full-Time Minter since 2016~

Quote from: cryptofan55 on November 05, 2019, 05:27:14 AM

Hi everyone,
distributed ledger technology is the future, I think most people agree on this, but why bitcoin?

Bitcoin is the oldest system, it is not scalable, it needs second layer scaling solution, it is energy consuming, there is few big mining pools and is not very decentralized. There are other problems too.

Woudn't a 3rd generation blockchain that is more decentralized in practice, less energy consuming, cheaper, and offer smart contracts and many more possibilities surpass bitcoin at some point?
Is the first move advantage so big, is there something else I am missing?

Its the BRAND man, BTC was the first coin, and has the name behind it. Alot of people invest in BTC not even knowing what it is, they just saw on TV there was money to be made lol
Eth will be really big, but even BTC could do smart contracts itself,it would just take alot time to implement.
Unlike other coins BTC dosent move forward until its testing is pretty much perfect, so upgrades take alot of peer review and testing

danielchris

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Due to all the different types of altcoins have worked on basic platform of bitcoin. So l think no anymore beat to bitcoin, because it had good trust in the investors.

Obito

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With so much altcoin existing around why bother searching for a best one if it the best is on the top. Bitcoin has been always the best option with an altcoins following around. Though it has flaws as well but altcoins are also open to flaws, and in addition they are just made out of Bitcoin. It may seemed that Bitcoin was way too old but within such span of time Bitcoin never fails to outranked in every way possible specially in the market over those thousand of altcoins existing.

EastSound

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Quote from: cryptofan55 on November 05, 2019, 05:27:14 AM

Hi everyone,
distributed ledger technology is the future, I think most people agree on this, but why bitcoin?

Bitcoin is the oldest system, it is not scalable, it needs second layer scaling solution, it is energy consuming, there is few big mining pools and is not very decentralized. There are other problems too.

Woudn't a 3rd generation blockchain that is more decentralized in practice, less energy consuming, cheaper, and offer smart contracts and many more possibilities surpass bitcoin at some point?
Is the first move advantage so big, is there something else I am missing?

Most people are not in for the blockchain tech of bitcoin but rather the speculation of the price going up, some investor use it as a store of value.

Companies who are looking for the use of blockchain then they will use those 3rd gen blockchain but i think majority of crypto users are concentrated in making profit than usage or adoption.

mirgo1791

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parties with the business on bitcoin mining might requires with uses on customs as technical skills on expends to work with request as collecting balance on running of tasks with the chance as relying within the blockchain connection of bitcoin server and returns with one on limit with the nominal of amount to request on cashout as fiat currency of the selection.

shinratensei_

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Leading Crypto Sports Betting & Casino Platform

Bitcoin is the first coin that used distributed ledger system and that's the truly decentralized system. The only disadvantage of bitcoin is on its chain is not enough scalable to be used by so many people and each tx consumes a lot of fees but have you tried use segwit?

If you never tried that and just try that dude. I thought that you must see the chart of bitcoin house. There was no 3rd blockchain because they are still using the same source code that already used in the old blockchain. Dude, even if they all offer better feature than bitcoin and almost all of them are not having utility usage like bitcoin and you are missing this thing.

I thought that you can keep learning more about that.

Red-Apple

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Quote from: cryptofan55 on November 05, 2019, 05:27:14 AM

distributed ledger technology is the future, I think most people agree on this, but why bitcoin?

why not bitcoin?

Quote

Bitcoin is the oldest system,

wrong, it is the newest system.

Quote

it is not scalable,

it is scalable. bitcoin is scaling whilst remaining decentralized.

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it needs second layer scaling solution,

in other words it is adding newer innovative technologies on top of already new and innovative technology.

Quote

it is energy consuming,

everything is energy consuming. at least with bitcoin that energy is converted into something valuable that is a decentralized censorship resistant global currency.

Quote

there is few big mining pools and is not very decentralized.

have you looked at bitcoin mining pools lately?

Quote

Woudn't a 3rd generation blockchain that is more decentralized in practice, less energy consuming, cheaper, and offer smart contracts and many more possibilities surpass bitcoin at some point?

of course. but coming up with such a thing will take at least another 50 years (for 2nd generation) and another 50 (in total 100 years) to come up with 3rd generation.
so far i have not seen anybody taking any steps in that direction though!

Quote

Is the first move advantage so big, is there something else I am missing?

already mentioned what you are missing above.
and bitcoin was not the first!!!

blckhawk

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Basically what you're talking about is altcoins. Altcoins, or other cryptocurrencies aside Bitcoin, aims to provide services and features that Bitcoin does not have, such as smart contracts and faster transaction time. And we have lots of them currently in the market, in fact, it's too crowded with over 4,000 existing altcoins today. Considering that, [1] having too many choices, [2] not many of them have the potential to revolutionize, and [3] these altcoins has flaws in security, they're not able to replace the much more trusted Bitcoin.

tinyteapot

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Quote

3rd generation blockchain that is more decentralized in practice, less energy consuming, cheaper, and offer smart contracts and many more possibilities surpass bitcoin at some point?

The above reason is not enough to depose bitcoin of its rightful place; as the world first anonymous peer to peer digital currency, there are some silent development on going with bitcoin that is yet to be made public like this https://news.bitcoin.com/nasa-to-launch-bitcoin-to-the-moon-space-agency-seeks-crypto-experience and so many other ones.

I think the success of bitcoin is embedded in its name and level of security, it have gone viral and known to a lot of the people in the world.

Bttzed03

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https://bitcoincleanup.com/

Can you name these 3rd generation blockchains and how are they more decentralized?

It's probably not because of the first move advantage but because none of these other blockhains have proven themselves to be more secure than bitcoin.

magneto

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Firstly, understand exactly how many projects right now are touting these types of new tech that will solve all the scalability issues and have all those new features like smart contracts or whatnot. And then look at how many have actually materialised into something useful.

The point is that they are often profit driven projects that will completely halt their development once they suck the investor money dry. They don't care about anything but that.

BTC may not be the best coin in terms of technology, but it's the most practical and it's really all we need, a decentralised money supply. And yes, first mover advantage in such a disruptive technology like blockchain is indeed extremely important.

cryptofan55

newbie

Activity: 15

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Hi everyone,
distributed ledger technology is the future, I think most people agree on this, but why bitcoin?

Bitcoin is the oldest system, it is not scalable, it needs second layer scaling solution, it is energy consuming, there is few big mining pools and is not very decentralized. There are other problems too.

Woudn't a 3rd generation blockchain that is more decentralized in practice, less energy consuming, cheaper, and offer smart contracts and many more possibilities surpass bitcoin at some point?
Is the first move advantage so big, is there something else I am missing?

Topic: Bitcoin or 3rd generation blockchain (Read 276 times)