If Bitcoin is blockchain 1.0 how will it stay relevant in 3.0.. 4.0 ...?

jtipt

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Quote from: Joebobb69 on February 05, 2018, 10:44:10 AM

Quote from: MadGamer on February 05, 2018, 10:39:55 AM

It will evolve (Bitcoin will have smart contracts), this is the whole point from making it open source and by your logic, Ethereum will be useless too, and so is anything else each time a coin with a more advanced blockchain techonlogy is released.

Which is exactly why you reconsider cryptocurrencies as an investment. They're too easily replaced by something better.

Thats one way to think about it, but then almost everything is replaceable sooner or later. And as MadGamer said bitcoin will evolve there is no reason to think that Bitcoin can't upgrade to 2.0 or 3.0 it just need developers and a strong userbase, it has both currently.

1Referee

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Quote from: Joebobb69 on February 05, 2018, 10:44:10 AM

Which is exactly why you reconsider cryptocurrencies as an investment. They're too easily replaced by something better.

The point is that Bitcoin will improve, which is what MadGamer said, and I agree with that. In case it didn't improve (which is purely meant to be an example), MadGamer again rightly said that Ethereum and all other coins would become useless too by that logic. Don't take someone's post out of context, there is no need for that - read and acknowledge. Bitcoin has the first mover advantage, the most money circulating in its ecosystem, and the most secure and stable network. And don't look at market caps to think that Bitcoin is being surpassed by altcoins - market cap is a noob metric. Altcoins have their insane total supply to artificially boost their market cap. To add; Ripple and a few other altcoins have already surpassed Bitcoin's market cap, and that more than once. Wink

ManaMan

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This is all very experimental and you can see it as bitcoin is still in the test phase, we don't have yet everything developed to the fullest and thus we don't have or know what else can be built with blockchain in general. I don't find anywhere official where it states that eth is 2.0, could you elaborate?

Quote from: kevoh on February 05, 2018, 10:52:42 AM

Quote from: KryptoKitty123 on February 05, 2018, 10:30:14 AM

So the cryptocurrency's first generation is BTC (1.0) and second generation is Ethereum (2.0).

Blockchain 1.0 addresses the first generation as Bitcoins and forks. Blockchain 2.0 looks at extended functionalities.

What will Bitcoin do to stay relevant in Blockchain 3.0.. 4.0... 5.0 ?

Huh

Bitcoin needs to solve its transaction issues to have any chance at staying relevant in any of the future Blockchain versions. With blockchain projects like NEM doing about 4000 transactions per second, I wonder how bitcoin's 7 transactions per second will compete against that.

NEM is not the only one, you have steem (although you need account to transact there), nano, iota and some other coins that run on "ordinary" blockchain with a tweaks such as eth and ltc with faster block times. At least these are that I am familiar with, but I can't deny the fact that there will be more of them in future or if more exist today.

kevoh

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Quote from: KryptoKitty123 on February 05, 2018, 10:30:14 AM

So the cryptocurrency's first generation is BTC (1.0) and second generation is Ethereum (2.0).

Blockchain 1.0 addresses the first generation as Bitcoins and forks. Blockchain 2.0 looks at extended functionalities.

What will Bitcoin do to stay relevant in Blockchain 3.0.. 4.0... 5.0 ?

Huh

Bitcoin needs to solve its transaction issues to have any chance at staying relevant in any of the future Blockchain versions. With blockchain projects like NEM doing about 4000 transactions per second, I wonder how bitcoin's 7 transactions per second will compete against that.

Joebobb69

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Quote from: MadGamer on February 05, 2018, 10:39:55 AM

It will evolve (Bitcoin will have smart contracts), this is the whole point from making it open source and by your logic, Ethereum will be useless too, and so is anything else each time a coin with a more advanced blockchain techonlogy is released.

Which is exactly why you reconsider cryptocurrencies as an investment. They're too easily replaced by something better.

MadGamer

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It will evolve (Bitcoin will have smart contracts), this is the whole point from making it open source and by your logic, Ethereum will be useless too, and so is anything else each time a coin with a more advanced blockchain techonlogy is released.

n691309

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Quote from: KryptoKitty123 on February 05, 2018, 10:30:14 AM

So the cryptocurrency's first generation is BTC (1.0) and second generation is Ethereum (2.0).

Blockchain 1.0 addresses the first generation as Bitcoins and forks. Blockchain 2.0 looks at extended functionalities.

What will Bitcoin do to stay relevant in Blockchain 3.0.. 4.0... 5.0 ?

Huh

Bitcoin will stay in any generations as long as bitcoin is the foundation of most exchange bitcoin will remain strong.
Yes, bitcoin is the first generation of cryptocurrencies and we can't ignore that thing that this coin is the basis of all price of any coins. Yes, Ethereum came and it is being used in exchange too but most and major exchange are into bitcoin and we can't change the fact that as long as this way stays bitcoin will be on any generations.

KryptoKitty123

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So the cryptocurrency's first generation is BTC (1.0) and second generation is Ethereum (2.0).

Blockchain 1.0 addresses the first generation as Bitcoins and forks. Blockchain 2.0 looks at extended functionalities.

What will Bitcoin do to stay relevant in Blockchain 3.0.. 4.0... 5.0 ?

Topic: If Bitcoin is blockchain 1.0 how will it stay relevant in 3.0.. 4.0 ...? (Read 166 times)