Can Bitcoin become the best technology ? - page 2.

talkbitcoin

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Quote from: rscholey on August 04, 2015, 11:31:46 AM

I just read a poster saying "Bitcoin is not the best technology around". It made me wonder. Can it be changed to be better and if so is that what is planned or is the technology so baked in that it cannot be improved upon?

it needs more time and more acceptance to become better

Rago

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NO

umair01

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Quote from: thebenjamincode on August 05, 2015, 08:18:47 PM

A day ago I was thinking if bitcoin is a currency or a technology since it's a tech stock. Now, for the uninitiated, Bitcoin is supposed to be the online currency that will free us from state-backed ones. It's a cryptographically-sophisticated virtual currency you can use to buy real things over peer-to-peer networks without leaving a trace in the real world. The idea is to create money that central banks can't debase and governments can't tax. In other words, digital gold. Actually, make that anonymous digital gold.

nice evaluation done there , you have a point , Anonymous Digital Gold in form of Bitcoin , it's unique , it's not just a technology for me , it's a bundle of technologies gathered all together for the better purpose

thebenjamincode

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37iGtdUJc2xXTDkw5TQZJQX1Wb98gSLYVP

A day ago I was thinking if bitcoin is a currency or a technology since it's a tech stock. Now, for the uninitiated, Bitcoin is supposed to be the online currency that will free us from state-backed ones. It's a cryptographically-sophisticated virtual currency you can use to buy real things over peer-to-peer networks without leaving a trace in the real world. The idea is to create money that central banks can't debase and governments can't tax. In other words, digital gold. Actually, make that anonymous digital gold.

randy8777

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Quote from: placeb0 on August 05, 2015, 07:41:48 PM

Quote from: bornil267645 on August 05, 2015, 06:34:16 PM

I don't think bitcoin is the technology that will reshape the future, but the blockchain tech might. It has the potential of completely change the scenario of modern society.

Agree. BTC has some fundamental flaws, that won’t let in become the “best” untill they are solved.

it definitely has the potential to shape the financial sector. bitcoin is open source which makes it perfectly fine to insert changes needed to make it more user friendly and future proof.

placeb0

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Quote from: bornil267645 on August 05, 2015, 06:34:16 PM

I don't think bitcoin is the technology that will reshape the future, but the blockchain tech might. It has the potential of completely change the scenario of modern society.

Agree. BTC has some fundamental flaws, that won’t let in become the “best” untill they are solved.

bornil267645

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AltoCenter.com

I don't think bitcoin is the technology that will reshape the future, but the blockchain tech might. It has the potential of completely change the scenario of modern society.

GrandmaJean

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bitcoin can become the best technology as it lets people to be their own banks to themselves and transfer money between people with almost no fees at all

Snorek

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Quote from: Derrike on August 05, 2015, 02:24:23 PM

Quote from: Snorek on August 05, 2015, 01:53:52 PM

Quote from: Derrike on August 05, 2015, 05:23:56 AM

By doing some minor tweaks in Bitcoin network, it will become the best technology ever mankind has ever seen.

Don't be so overly optimistic. Blockchain is great, there is no doubt about it. But it is not the greatest technology. It would not be possible without internet and many other previous discoveries in the first place.
It is great that people are started to notice significance of blockchain:
Blythe Masters on the Significance of Blockchains in Financial Industries at Singularity University's Exponential Finance 2015.
https://www.youtube.com/watch?v=PZ6WR2R1MnM

Yes I know that block chain is great.
But I was referring to the block sizes and the confirmation time required to complete the transaction.

Confirmation times can be lowered. It is possible. Bitcoin block confirmations generally take about ten minutes. That's often longer than is possible to wait for a transaction to clear.
However, it is not wise for bitcoin's code to be upgraded to make confirmations quicker. Confirmation time is security parameter. Lowering it makes the system fundamentally less secure.

pereira4

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Quote from: Snorek on August 05, 2015, 01:53:52 PM

Quote from: Derrike on August 05, 2015, 05:23:56 AM

By doing some minor tweaks in Bitcoin network, it will become the best technology ever mankind has ever seen.

Don't be so overly optimistic. Blockchain is great, there is no doubt about it. But it is not the greatest technology. It would not be possible without internet and many other previous discoveries in the first place.
It is great that people are started to notice significance of blockchain:
Blythe Masters on the Significance of Blockchains in Financial Industries at Singularity University's Exponential Finance 2015.
https://www.youtube.com/watch?v=PZ6WR2R1MnM

Everything is a result of a previous invention. You could say the internet is not that great, because without cables and electricity it could have never been possible... ad infinitum.

Derrike

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Quote from: Snorek on August 05, 2015, 01:53:52 PM

Quote from: Derrike on August 05, 2015, 05:23:56 AM

By doing some minor tweaks in Bitcoin network, it will become the best technology ever mankind has ever seen.

Don't be so overly optimistic. Blockchain is great, there is no doubt about it. But it is not the greatest technology. It would not be possible without internet and many other previous discoveries in the first place.
It is great that people are started to notice significance of blockchain:
Blythe Masters on the Significance of Blockchains in Financial Industries at Singularity University's Exponential Finance 2015.
https://www.youtube.com/watch?v=PZ6WR2R1MnM

Yes I know that block chain is great.
But I was referring to the block sizes and the confirmation time required to complete the transaction.

Scamalert

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Captain

Quote from: rscholey on August 04, 2015, 11:31:46 AM

I just read a poster saying "Bitcoin is not the best technology around". It made me wonder. Can it be changed to be better and if so is that what is planned or is the technology so baked in that it cannot be improved upon?

No bitcoin is not the best technoligy.
But the blockchain technoligy is most likly the greatst invension since the fission reactor and the Internet.

Snorek

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Quote from: Derrike on August 05, 2015, 05:23:56 AM

By doing some minor tweaks in Bitcoin network, it will become the best technology ever mankind has ever seen.

Don't be so overly optimistic. Blockchain is great, there is no doubt about it. But it is not the greatest technology. It would not be possible without internet and many other previous discoveries in the first place.
It is great that people are started to notice significance of blockchain:
Blythe Masters on the Significance of Blockchains in Financial Industries at Singularity University's Exponential Finance 2015.
https://www.youtube.com/watch?v=PZ6WR2R1MnM

Pk880058

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Quote from: Stargazer on August 05, 2015, 12:07:34 PM

Quote from: manselr on August 05, 2015, 11:57:42 AM

Quote from: Pk880058 on August 05, 2015, 10:54:32 AM

Quote from: HeroCat on August 05, 2015, 09:35:28 AM

Bitcoin can be one of best technologies, if transfer times will be aeound not more than 2 minutes Wink

hey transfer or transaction time is instant but the major problem is in the confirmation time.

Confirmation time is not a problem. Credit cards take 180 days to confirm and I never see people complaining about this (well, I see it when they get unwanted chargebacks, hacks etc).
But the point is, 10 min is an huge improvement vs anything previously seen.
Have you ever had any problems with 10 min confirmation time? exactly you havent, and no one else has.

Last time I checked you couldn't get a 10 min confirmation. It usually takes over 20 min to get first confirmation and then you have to wait another 30 min until it all goes through.
Debit cards have almost instant confirmations, so Bitcoin still has a long way to go.

Yes at this time we are dependant on paper currency to buy daily items like coffee or pizza.
But if confirmation time decrease then it will be good for daily chores.

Jorge320

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It is already the best crypto example of technology, is it perfect? No, but we are constantly fine tweaking the technology to make it better and better. There's no other example of crypto that leads the pack in terms of ease of use, practical use, and adoption out there.

binggo1

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i dont think so. cause in around of us, very much best technology like apple as we know, smartphone, and the other..
and now the company have a competition to do the best technology and liked by society..

thebenjamincode

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well for me, bitcoin is great. but it is not yet the best since there are many other altcoins which is not very popular but has potential and wonderful features that are useful. Some altcoins just needs to be recognized because of their features

Stargazer

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Quote from: manselr on August 05, 2015, 11:57:42 AM

Quote from: Pk880058 on August 05, 2015, 10:54:32 AM

Quote from: HeroCat on August 05, 2015, 09:35:28 AM

Bitcoin can be one of best technologies, if transfer times will be aeound not more than 2 minutes Wink

hey transfer or transaction time is instant but the major problem is in the confirmation time.

Confirmation time is not a problem. Credit cards take 180 days to confirm and I never see people complaining about this (well, I see it when they get unwanted chargebacks, hacks etc).
But the point is, 10 min is an huge improvement vs anything previously seen.
Have you ever had any problems with 10 min confirmation time? exactly you havent, and no one else has.

Last time I checked you couldn't get a 10 min confirmation. It usually takes over 20 min to get first confirmation and then you have to wait another 30 min until it all goes through.
Debit cards have almost instant confirmations, so Bitcoin still has a long way to go.

umair01

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Quote from: Pk880058 on August 05, 2015, 10:54:32 AM

hey transfer or transaction time is instant but the major problem is in the confirmation time.

that's needed to ensure there are no double spending done and usually it's just 5 to 10 minutes max if nothing goes wrong

manselr

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Quote from: Pk880058 on August 05, 2015, 10:54:32 AM

Quote from: HeroCat on August 05, 2015, 09:35:28 AM

Bitcoin can be one of best technologies, if transfer times will be aeound not more than 2 minutes Wink

hey transfer or transaction time is instant but the major problem is in the confirmation time.

Confirmation time is not a problem. Credit cards take 180 days to confirm and I never see people complaining about this (well, I see it when they get unwanted chargebacks, hacks etc).
But the point is, 10 min is an huge improvement vs anything previously seen.
Have you ever had any problems with 10 min confirmation time? exactly you havent, and no one else has.

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