Could BTC ever become fast enough to function as a single world currency? - page 5.

kiklo

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Quote from: Viscount on February 01, 2017, 01:53:50 AM

Quote from: MadGamer on February 01, 2017, 01:48:00 AM

Why not ? Lightning network is always there whether SegWit gets implemented or not. LN should enable instant off-chain transfer of the ownership of bitcoin without the need of any third party , of course there should be enough LN nodes out there. I really doubt that bitcoin could become the primary international currency , not because It can't handle it but more because the banking system and governments won't allow that to happen.

I doubt they could possibly do something with it Cheesy

Outlawing it in their country would stop BTC cold.
Very few would go to jail over it.

Cool

Viscount

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Quote from: MadGamer on February 01, 2017, 01:48:00 AM

Why not ? Lightning network is always there whether SegWit gets implemented or not. LN should enable instant off-chain transfer of the ownership of bitcoin without the need of any third party , of course there should be enough LN nodes out there. I really doubt that bitcoin could become the primary international currency , not because It can't handle it but more because the banking system and governments won't allow that to happen.

I doubt they could possibly do something with it Cheesy

kiklo

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Quote from: Viscount on February 01, 2017, 01:31:35 AM

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.

SegWit IS NOT the only improvement, LN and Sidechains (after segwit) give fiat and alts no chance

An Alt will take BTC place as top coin within 4 years. Wink

I told you just to upset you.

Cool

FYI:
LN is offchain, you might as well just trust a bank.

MadGamer

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Why not ? Lightning network is always there whether SegWit gets implemented or not. LN should enable instant off-chain transfer of the ownership of bitcoin without the need of any third party , of course there should be enough LN nodes out there. I really doubt that bitcoin could become the primary international currency , not because It can't handle it but more because the banking system and governments won't allow that to happen.

Viscount

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Quote from: Genesis1337 on February 01, 2017, 01:35:33 AM

aren't LN and sidechains 3rd party though? and has their technology been tested?

No, Bitcoin is an open source technology there's no 3rd party. Yes, before implementantion all upgrades is and will be completely and comprehensively tested, it's not layman's Unlimited fudged cookery

Viscount

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Quote from: kiklo on February 01, 2017, 01:01:35 AM

BTC just does not have enough coins for worldwide adoption.

Cool

Genesis1337

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Quote from: Viscount on February 01, 2017, 01:31:35 AM

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.

SegWit IS NOT the only improvement, LN and Sidechains (after segwit) give fiat and alts no chance

aren't LN and sidechains 3rd party though? and has their technology been tested?

Viscount

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Quote from: davis196 on February 01, 2017, 01:24:33 AM

Btc should never become worldwide currency because ,one way or another,it will become more centralized

more cetralized than what? fiat or alts?

Viscount

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

SegWit IS NOT the only improvement, LN and Sidechains (after segwit) give fiat and alts no chance

davis196

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Quote from: kiklo on February 01, 2017, 01:01:35 AM

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?

Nope,

It's ONCHAIN transactions can not handle that demand,
plus as it's price rises so does it transaction fees, only the rich will be able to afford adding a transaction per block.
Mass adoption will fail and the rich will dump BTC in favor of other crypto that the masses can use.
BTC just does not have enough coins for worldwide adoption.

Cool

Enough coins?It`s not about the number or coins.It`s about the blockchain and how it works.
Maybe Satoshi Nakamoto created bitcoin with this in mind.
Btc should never become worldwide currency because ,one way or another,it will become more centralized and the fundamental concept of bitcoin will be destroyed.

kiklo

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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 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?

Nope,

It's ONCHAIN transactions can not handle that demand,
plus as it's price rises so does it transaction fees, only the rich will be able to afford adding a transaction per block.
Mass adoption will fail and the rich will dump BTC in favor of other crypto that the masses can use.
BTC just does not have enough coins for worldwide adoption.

Cool

PovertyByte

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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?

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