Could BTC ever become fast enough to function as a single world currency? - page 3.

Red-Apple

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Quote from: PovertyByte on February 01, 2017, 12:43:10 AM

There is a thought I've had. If BTC were to go past the moon and crush all fiat currency

go past moon? you mean the price or adoption? because price has nothing to do with what you are saying.
and also bitcoin is never going to crush, replace, or do anything else to fiat currencies and there are already multiple topics about that. government will never let it happen.

Quote

it would undergo far more transactions than it does now, more than SegWit could account for.

bitcoin like any other technology is evolving, and getting better. just like the first car that came out couldn't go faster than a walking old lady and now they go super fast!

and in the future if it is needed it will change otherwise be replaced with something better.

Quote

Is there any way that BTC could become fast enough to function as a single or primary international currency through further updates yet to be determined without upping the block size to 1 TB per block someday?

a normal transaction is about 258 bytes
1 TB means 1e+12 bytes or 3,875,968,992 transactions in one block i seriously doubt that we can become that big ever,

webtricks

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First I will go with technological aspect. Yes, it is technologically possible to implement Bitcoin throughout the world with certain improvement in block size and fees. Maybe not Bitcoin then some better innovation in blockchain can do so.

But!! When we say worldwide, it means even a narrowest street of smallest town! Not technology, but social and economical barriers are more prominent in its way.

Does anyone even imagine, where these children will hold their bitcoin, which wallet-

While I would like to quote a present bitcoin situation-
The road to Bitcoin success is infinity, satisfaction is only remedy!

ReLieD

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Nope , it is not possible for bitcoin to be the only currency.
Only a few people will vote for yes in such a situation.
Even dollars has not been accepted as a single currency.
Every country ( mostly every) country has its own currency.
And bitcoin emerged recently in the year 2009 and probably
there is no chance of bitcoin to become a single currency to be accepted worldwide

kiklo

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Quote from: Viscount on February 01, 2017, 03:23:50 AM

Quote from: kiklo on February 01, 2017, 03:09:40 AM

LOL,
your English needs some work, because your changes agreed with what I had already said. Cheesy

Maybe, maybe.... and why do you think I spending time with such troll Grin

Knowing several languges is not that easy as you think Cool

So which other Languages do you speak?

Cool

Viscount

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Quote from: kiklo on February 01, 2017, 03:09:40 AM

LOL,
your English needs some work, because your changes agreed with what I had already said. Cheesy

Maybe, maybe.... and why do you think I spending time with such troll Grin

Knowing several languages is not that easy as you think Cool

kiklo

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Quote from: Pursuer on February 01, 2017, 03:09:50 AM

this process will take a very long time, and in all that time I am sure we will eventually be forced to change something about bitcoin and its block size.
we don't need 1 TB per block, that is absurd. but a bigger block is a must, one way or another.

@Viscount stop feeding the troll and let him be happy with his coin which is worth 0.5 satoshi

More than happy with it. Because it has a lot more room to increase than BTC does.
Plus none of the Limitations of BTC.

Quote from: kiklo on January 27, 2017, 11:39:01 PM

ZEIT
PoS / Energy Efficient
Decentralized
51% resistance build in by the chaos effect of Coin Age.
Fast Transactions Speed of 30 seconds
Onchain Transaction Capacity to spare ( 20X BTC Capacity)
Transactions entered into Block in the order they were created, no jumping in front of others by paying a higher fee like BTC
LN is unnecessary for such an coin
All ZEIT Nodes can receive transaction fees ,when they stake, while supporting the network verses BTC Full Nodes that receive nothing (Only Miners reap all of the BTC fees.)
Supported by the ZEIT Knights, This Coin will Outlast BTC, of that there is no Doubt.

Viscount

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Quote from: kiklo on February 01, 2017, 03:07:43 AM

BTC core devs & Chinese Mining Pools can't even agree to increase the block size

Who wants block size increase? segwit then LN and sidechains will manage perfectly

kiklo

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Quote from: NeuroticFish on February 01, 2017, 03:08:05 AM

Let's say that something will be done and mempool will always be small, meaning that every transaction will be processed in 1-3 blocks. (This is today already a pretty far prospect.)
Now, that would mean that when you go at the supermarket and want to pay, you (and the people behind you in row) will have to wait 10, 20, 50 minutes to have the first confirmation.
So normal on-chain transactions are not for use "as a currency".
LN and other tricks may solve this, but I feel like that's not what's expected. Many tell even that's not Bitcoin anymore.

In my eyes the normal answer is "no, not as currency, sorry".

And you hit the nail on the head, BTC can never be a world wide currency.

It's design , limits it to a commodity only. Wink

FYI:
Which the topic here is :
Could BTC ever become fast enough to function as a single world currency?
The Answer is No, at best it can function as a commodity only , because of it's Technical & Numerical Limitations.

Pursuer

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Where is my ring of blades...

Quote from: PovertyByte on February 01, 2017, 12:43:10 AM

There is a thought I've had. If BTC were to go past the moon and crush all fiat currency it would undergo far more transactions than it does now, more than SegWit could account for. Is there any way that BTC could become fast enough to function as a single or primary international currency through further updates yet to be determined without upping the block size to 1 TB per block someday?

this process will take a very long time, and in all that time I am sure we will eventually be forced to change something about bitcoin and its block size.
we don't need 1 TB per block, that is absurd. but a bigger block is a must, one way or another.

@Viscount stop feeding the troll and let him be happy with his coin which is worth 0.5 satoshi

kiklo

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Activity: 1092

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Quote from: Viscount on February 01, 2017, 03:02:50 AM

Quote from: kiklo on February 01, 2017, 02:58:56 AM

Considering you are mentally handicapped you are contradicting yourself. Wink

I wrote it for you if you can't get a hint

LOL,
your English needs some work, because your changes agreed with what I had already said. Cheesy

NeuroticFish

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Looking for campaign manager? Contact icopress!

Let's say that something will be done and mempool will always be small, meaning that every transaction will be processed in 1-3 blocks. (This is today already a pretty far prospect.)
Now, that would mean that when you go at the supermarket and want to pay, you (and the people behind you in row) will have to wait 10, 20, 50 minutes to have the first confirmation.
So normal on-chain transactions are not for use "as a currency".
LN and other tricks may solve this, but I feel like that's not what's expected. Many tell even that's not Bitcoin anymore.

In my eyes the normal answer is "no, not as currency, sorry".

kiklo

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Activity: 1092

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Quote from: Viscount on February 01, 2017, 02:58:16 AM

Quote from: kiklo on February 01, 2017, 02:52:46 AM

Not enough coins dum dum.

Bitcoin can be scaled if necessary, but think as you wish and don't buy them. More bitcoins for smart people Cheesy

LOL,
BTC core devs & Chinese Mining Pools can't even agree to increase the block size. Tongue

BTC has has load of transaction capacity problems from months now, it has not been scaled to fix anything, still sitting at the 1 megabyte blocksize.

Funny thing is BTC network could stall tomorrow , but because the Chinese are manipulating the price , it's price would be unaffected.
It will be interesting when one of those miners cashes out and crashes the market. (Matter of Time)

Cool

Viscount

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Quote from: kiklo on February 01, 2017, 02:58:56 AM

Considering you are mentally handicapped you are contradicting yourself. Wink

I wrote it for you if you can't get a hint

kiklo

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Quote from: Viscount on February 01, 2017, 02:53:51 AM

Quote from: kiklo on February 01, 2017, 02:44:50 AM

Does not mean you are'nt a Stupid Shrill.
Cause you are.

Cool

you can have you own opinion unless you write no proof i'm ok
and don't buy bitcoins ever or you lost all you money. You see now? I'm not heartless shill, for mentally handicaped I strongly recommend not use Bitcoin

Considering you are mentally handicapped you are contradicting yourself. Wink

Viscount

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Quote from: kiklo on February 01, 2017, 02:52:46 AM

Not enough coins dum dum.

Bitcoin can be scaled if necessary, but think as you wish and don't buy them. More bitcoins for smart people Cheesy

warwar

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Quote from: Viscount on February 01, 2017, 02:14:02 AM

Quote from: kiklo on February 01, 2017, 02:07:17 AM

All they have to do is Block companies from taking BTC and block banks from letting people exchange it for fiat.

It wouldn't be enough people still be able to exhange bitcoins. If you think that bitcoin failed or will fail what are you doing here, just trolling? you have nothing to do?

You are right why you are still here but the point is what if bitcoin will fail. Well i could say that there also many ways tto exchange their bitcoin although that will happen . One exchanger will rise on that time bitcoin user will make ways to exchange it no matter how difficult it is

Viscount

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Quote from: kiklo on February 01, 2017, 02:44:50 AM

Does not mean you are'nt a Stupid Shrill.
Cause you are.

Cool

you can have you own opinion unless you write no proof i'm ok
and don't buy bitcoins ever or you lost all you money. You see now? I'm not heartless shill, for mentally handicaped I strongly recommend not use Bitcoin

kiklo

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Quote from: Viscount on February 01, 2017, 02:47:34 AM

Quote from: kiklo on February 01, 2017, 02:36:27 AM

$1600 dollars fee just to withdraw $100 , the only stupid one here is you. Wink

what can I say... well if you are stupid, such fee is still too low for you Grin

If i'm not wrong, my last transaction fee was way less than .1
It's just natural selection nothing personal

Yes, the transaction fee are less now,
because BTC is not accepted WorldWide and the fee problem is why it will never be Globally Accepted.
Not enough coins dum dum.

Cool

kiklo

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Quote from: Amph on February 01, 2017, 02:40:48 AM

miners will adapt and reduce the transaction fee, instead of 40k satoshi you can have 400 or 40, they just need at least the same income they have now

Yeah, you do realize they are not yet living off of the transactions fees, they make the money off of the new blocks.
When BTC hits 21 million , then they have to survive off of transaction fees alone, which will increase the price, and because ASICS continue to cost more to operate, they will be unable to lower the fees.

Behold the Future, the Death of BTC predicted by
On the Instability of Bitcoin Without the Block Reward
https://freedom-to-tinker.com/2016/10/21/bitcoin-is-unstable-without-the-block-reward/

Cool

Viscount

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Quote from: kiklo on February 01, 2017, 02:36:27 AM

$1600 dollars fee just to withdraw $100 , the only stupid one here is you. Wink

what can I say... well if you are stupid, such fee is still too low for you Grin

If i'm not wrong, my last transaction fee was way less than .1
It's just natural selection nothing personal

Topic: Could BTC ever become fast enough to function as a single world currency? - page 3. (Read 3699 times)