Future of Bitcoin - page 2. | Bitcointalksearch.org

deisik

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Quote from: Herbert2020 on February 03, 2019, 12:51:05 AM

Quote from: deisik on February 02, 2019, 10:04:30 AM

PoW is not going to die soon

But if Bitcoin really aims to become a world money used as a universally accepted means of payment as well as a store of value, the PoW is simply inadequate for this purpose in mind. And it is not so much about waste of energy (though it is an important factor and concern on its own) as about too much power being concentrated in too few hands. I refer to miners here. Bitcoin is said to be about decentralization but Bitcoin mining as we know it today is anything but

you are wrong about mining being centralized because you are confusing mining pools being in a small number with actual miners with mining hardware which are in the thousands and are from all around the world so it is decentralized

You don't know that for certain

Well, we kinda know there are thousands of independent miners across the world but what is their hash rate? How do they stand in respect to mining capacities which belong to mining pools themselves? Strictly speaking, how do we ever know at all that there are these many thousands of miners in the first place? Besides, you can be damn sure that all Chinese mining pools are controlled by the same people. It is sort of a given

Quote from: Herbert2020 on February 03, 2019, 12:51:05 AM

as for PoW, i agree that it is not perfect but compared to all the algorithms it is the best thing that we can have. the flaws in others are more so the downside is worse. as a result unless someone comes up with a decent algorithm, PoW is not going anywhere and it has nothing to do with power consumption

It is not about other technologies being sub par, it is about PoW itself not being suitable for anything that could ever count as a remote resemblance to a world money

letecia012

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Quote from: WlanWerner on January 30, 2019, 09:30:26 AM

Since I got more knowledge about Bitcoin and Crypto and all that Blockchain stuff I am thinking about it's future. I'm sure, that those crypto/Blockchain Coins will be part of the Future and that maybe they will replace Fiat. But at some points I'm thinking that the Coins which will lead the future won't be the Bitcoin. The Bitcoin is the native Coin, and the most important at the moment. But in some Points I don't see the Future in Bitcoin.

1. During the Hype the transactions costs where at 10$, who wants to pay 10$ if he want to buy a coffee in the coffee shop around the corner. Furthermore the confirmation of those transactions were very slow. It took too much time for daily usage. Sure, Lightning should solve the problem, and all ppl which are involved in it are saying what a nice technic and that it will be the Future. But the not technic customer has no idea how to use it.

2. In my opinion POW-Systems are also not sustainable for the future. In a world where sustainability and environmental friendliness gets more important, POW is a waste of energy. And, it's not even profitable anymore.

3. Decentralization, the best argument for Bitcoin is the decentralization. But it can also be used against the Bitcoin. Because it isn't as decentralized as it should. 5 Pools would have more than 51% of the total hash rate. It sounds not real, that they would do a 51% attack on BTC, but nobody says that it won't happen in the future.

All those are points against the Bitcoin, but I would like to know what you think about.

I do agree as bitcoin price increasing its transaction fee krep increasing also and it should be a burden to the user to pay 10-20$ everytime it execute a successful transaction. In my own opinion xrp would be a good alternative crypto coin though its not decentralized its transaction speed is really fast and transaction fee is very low.

Herbert2020

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Quote from: deisik on February 02, 2019, 10:04:30 AM

Quote from: HiDevin on February 01, 2019, 06:03:51 PM

I agree with most of the things you say in this topic. If PoW continues in bitcoin, it is surely going to die, PoW already uses too much power and pollutes the Earth a lot if it grows exponentially
When the fees were 10-20$, that sucked so much. The people I told bitcoin about it were pretty bummed that they had to pay 10-20$ to send a transaction

PoW is not going to die soon

But if Bitcoin really aims to become a world money used as a universally accepted means of payment as well as a store of value, the PoW is simply inadequate for this purpose in mind. And it is not so much about waste of energy (though it is an important factor and concern on its own) as about too much power being concentrated in too few hands. I refer to miners here. Bitcoin is said to be about decentralization but Bitcoin mining as we know it today is anything but

you are wrong about mining being centralized because you are confusing mining pools being in a small number with actual miners with mining hardware which are in the thousands and are from all around the world so it is decentralized.

as for PoW, i agree that it is not perfect but compared to all the algorithms it is the best thing that we can have. the flaws in others are more so the downside is worse. as a result unless someone comes up with a decent algorithm, PoW is not going anywhere and it has nothing to do with power consumption.

Andromedus44

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I don't think Bitcoin is ever going to die out, it is a great store of value and the owner has true ownership of their money as long as they retain access, whether it be a hardware wallet or on a decentralized exchange. As long as they hold the keys and follow safe security. But a lot of these guys are right, BTC needs to go away from PoW, mining takes up too much electricity imho, and I used to have hundreds of them. I'm not sure if PoS or masternodes is the best option, or rather I'm not sure which one.

shoreno

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Quote from: ?? on ??

I got many information from observing my community, there are now progress because there are now stores in my community that are now starting to adopt cryptocurrencies. They are now prefer to use bitcoin than fiat currency because of the fast and better transaction that they are experiencing.

I dont think bitcoin is faster than fiat when used locally . you can just pay directly to the cashier using fiats but when you use bitcoin , you need to open your wallet and do other stuffs but thats great to see that your coutry is one of those who love and support cryptocurrency .

how i wish others will also follow it because this might be the solution for the crypto adoption that we'v always been looking for .

ETHICKNINE

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Bitcoin trend will be better and many has concern about bitcoin's future even they have invest or not because today it has become a very popular asset to invest or trade unlike other investing options like real estate or gold due to its huge income level that gives because its high volatility so it is making huge amount of fans and users at the moment and that is why certainly it will continue in the future in a positive manner even the price has dropped in these days

deisik

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Quote from: HiDevin on February 01, 2019, 06:03:51 PM

I agree with most of the things you say in this topic. If PoW continues in bitcoin, it is surely going to die, PoW already uses too much power and pollutes the Earth a lot if it grows exponentially
When the fees were 10-20$, that sucked so much. The people I told bitcoin about it were pretty bummed that they had to pay 10-20$ to send a transaction

PoW is not going to die soon

But if Bitcoin really aims to become a world money used as a universally accepted means of payment as well as a store of value, the PoW is simply inadequate for this purpose in mind. And it is not so much about waste of energy (though it is an important factor and concern on its own) as about too much power being concentrated in too few hands. I refer to miners here. Bitcoin is said to be about decentralization but Bitcoin mining as we know it today is anything but

AAKODI

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In the future most citizens in many countries Bitcoin will be considered as a mainstream currency in the world and Bitcoin will definitely change the inefficient banking system and other traditional and non advanced organizations by proving blockchain based decentralized cryptocurrency transaction system to make faster, secure and better payments and transactions for any need from anywhere in the world at any time

Japinat

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Quote from: ?? on ??

With the current price and situation of things, most people think of the future of bitcoin as very bleak. However, with the daily improvements, general acceptability and investments in bitcoin by people, I can tell you that the future of bitcoin is very bright.

Your prediction does not really say the real status of the market and its future.
It's only coming from us, and if we believe the future is bright then we have a good reason to stay and be calm.
Looking at the price now, market is not good but we should not focus on the price alone, we focus more on the fundamentals.

traderethereum

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Quote from: platzdubble on February 01, 2019, 12:00:31 PM

Well, I woke up today and Bitcoin wasn't dead. again.

"Every Day Bitcoin Doesn’t Die, It’s Closer to Becoming Digital Gold. "

Good thinking, we should have this every time we are feeling lost in mind. Bitcoin was going to be strong than before. Bitcoin will change the payment system and transform into digital payment, and I guess bitcoin will work together with the traditional payment. Besides that, bitcoin will cover the weakness from conventional payment so it will be useful for the payment system itself. It's a matter of time before every people accept bitcoin and soon they will realize that bitcoin can help and solve the financial problem.

EdenHazard

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Quote from: ?? on ??

Bitcoin has a strong reputation and is a crypto currency which is known to all. I don't thing a future without Bitcoin. Anyone who looks objectively to the performance of bitcoin over the last decade has already accepted it.

The way to convince everyone to use bitcoin is very different, you will easily convince bitcoin to be used in the future when you talk to people who have investments in bitcoin but when you convince someone who is not familiar with using bitcoin because of its future, I think that is very difficult and most of them will ignore what you have said.

I do believe Bitcoin has a potential to be used as a transaction system, but I am not hypocritical when many people use bitcoin only for investment. You can feel the difference, when someone with the purpose of using bitcoin as a payment system, they are not so angry when the price of bitcoin has decreased because they only have a small amount. However, when you find someone who uses bitcoin as an investment place, the desire he has is profit, and usually people like this will quickly disappear when prices decline.

juragane

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Quote from: Sihab76 on January 30, 2019, 09:34:38 AM

The future of bitcoin is very bright. Because people of all over the world involving themselves in online virtual currency, they are interested in using Bitcoin as their daily purposes. Shopping, shipping, travelling, marketing, trading, gambling, online casino are managed by Bitcoin and others online virtual currency.

the situation is already very good now, in developed countries, bitcoin can be bought anywhere, including in supermarkets, and its use can be used to buy goods directly in stores, but this certainly does not apply in all countries, so technology equalization payments are important in the progress of bitcoin, and the internet network that is very supportive as a means that must always be there. but the community has experienced a very rapid pattern of payment changes, we can see that in the future the payment system will shift their payment tools into crypto money.

sirminesalot

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Quote from: Sihab76 on January 30, 2019, 09:34:38 AM

The future of bitcoin is very bright. Because people of all over the world involving themselves in online virtual currency, they are interested in using Bitcoin as their daily purposes. Shopping, shipping, travelling, marketing, trading, gambling, online casino are managed by Bitcoin and others online virtual currency.

in the development of crypto and bitcoin currencies especially the confidence and patience of investors who make the development of crypto currencies going forward will make the future better because the development of crypto currencies depends on their own investors confidence and patience are the main capital in investing with the crypto currency

HiDevin

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so.. hru?

I agree with most of the things you say in this topic. If PoW continues in bitcoin, it is surely going to die, PoW already uses too much power and pollutes the Earth a lot if it grows exponentially
When the fees were 10-20$, that sucked so much. The people I told bitcoin about it were pretty bummed that they had to pay 10-20$ to send a transaction.

Like how @platzdubble say, if bitcoin becomes digital gold, people won't know the real reason behind it. All the technology is going to go to waste and it's just going to become something to put your money in, just in case it goes up like how people is doing now.
I wish people would take the time to learn and understand the currency a bit more than using coinbase to send a transaction, but I digress.

Oceat

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I don't know what people really like but there is always a flaw no matter where Bitcoin goes. If there is a bull run people are happy yet unsatisfied with the high transaction fees. And now we are in a bearish market and yet people are still unsatisfied because the price is dropping too much yet the transaction fees are reasonable. smh

South Park

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Quote from: platzdubble on February 01, 2019, 12:00:31 PM

Well, I woke up today and Bitcoin wasn't dead. again.

"Every Day Bitcoin Doesn’t Die, It’s Closer to Becoming Digital Gold. "

This is important, every day that bitcoin is still here is a reminder to banks they have an opponent they cannot defeat, it gives people like us options about what to do with our money and decide if we want to be part of the fiat economy created by banks for their own benefit or if we want to become part of an economy where we are the ones holding the power and banks cannot control us or tell us what to do.

Sithawaka

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No matter how governments try to restrict bitcoin and how media spread bad information about bitcoin it will continue to fight I think the concept of bitcoin or digital currencies are yet not wide spread across the business world and financial areas because most stake holders in businesses and industries doesn't have a proper knowledge about Bitcoin or its core values so they don't see how Bitcoin can be useful to them by implementing it to there business payments and transactions but bitcoin is becoming very popular these days and it can continue to increase its grasp around the world by more adoption

platzdubble

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you said what now?

Well, I woke up today and Bitcoin wasn't dead. again.

"Every Day Bitcoin Doesn’t Die, It’s Closer to Becoming Digital Gold. "

pawanjain

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Nothing lasts forever

Quote from: WlanWerner on January 30, 2019, 09:30:26 AM

1. During the Hype the transactions costs where at 10$, who wants to pay 10$ if he want to buy a coffee in the coffee shop around the corner. Furthermore the confirmation of those transactions were very slow. It took too much time for daily usage. Sure, Lightning should solve the problem, and all ppl which are involved in it are saying what a nice technic and that it will be the Future. But the not technic customer has no idea how to use it.

Don't you think if the Lightning Network is so profitable then the people will adopt the newer technology and learn how to use it. People didn't knew to use internet banking facility in the early days but we can see the growth rate of people using internet banking now. It has increased quite a lot. Similarly, the number of people using the lightning network will increase eventually if it is profitable.

Quote

2. In my opinion POW-Systems are also not sustainable for the future. In a world where sustainability and environmental friendliness gets more important, POW is a waste of energy. And, it's not even profitable anymore.

True. PoW is being difficult day by day and will only get worse unless specialized equipment are created to save energy while producing greater output.

Quote

3. Decentralization, the best argument for Bitcoin is the decentralization. But it can also be used against the Bitcoin. Because it isn't as decentralized as it should. 5 Pools would have more than 51% of the total hash rate. It sounds not real, that they would do a 51% attack on BTC, but nobody says that it won't happen in the future.

Again true. But the probability of a 51% attack is very low since bitcoin is now widely spread and will spread even more as more users use it. This will eventually drop the probability of a 51% attack even more down.
The more number of people acquire BTC the more distributed the system gets creating a low chance of a 51% attack.

izanagi narukami

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IMO, bitcoin become the most used currency around the world for cashless transaction.
But for see that happen, most government must legalize crypto.

The fact is some government still think crypto as criminal money and able cause inflation just like my government !

Topic: Future of Bitcoin - page 2. (Read 1086 times)