Is Bitcoin designed to last forever? - page 14.

ABCbits

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Quote from: Conus on July 19, 2016, 05:33:25 PM

Bitcoin is designed well, however at some point in time I think it will need to be rebooted or something, for wouldn't it get harder and harder to get confirmations and such. I understand that fees will be applied to all transactions once the block have all been found, but I would think that as long as users use it all th tie, it will be there to be used.

As long as there's no idea which is far better than blockchain technology which used in bitcoin and still decentralized, i think bitcoin could last forever as long as bitcoin constantly improved and people keep using bitcoin as currency.
I'm sure miners and full nodes would use better hardware which can confirm and broadcast all transaction easily.

BTC_ISTANBUL

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If there will be a fork who is going to decide the timing?

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Indrawan77

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I dont think it was designed to last forever, that is why we need to support bitcoin to keep being developed, so it can last longer,maybe with the update and development bitcoin can become last forever

BTC_ISTANBUL

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Our bitcoin machines, so called miners, will not be miners in a near future but approval machines like notaries.What changes?A lot....A hint, scale economics.

Conus

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Bitcoin is designed well, however at some point in time I think it will need to be rebooted or something, for wouldn't it get harder and harder to get confirmations and such. I understand that fees will be applied to all transactions once the block have all been found, but I would think that as long as users use it all th tie, it will be there to be used.

BTC_ISTANBUL

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Well, BTC will be with us at least for 5 years.I assume there will be a form change by 2020.

Bitcotalk

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I hope that bitcoin remain among us till the end as it is more beneficial currency for jobless people they are now earning a better profit from that currency and now they do not need to beg for job to the officers, but they are their own boss.

yenxz

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Here we can understand that bitcoin is beginning to develop. I think the interests of the people and the rise in price of bitcoin
shows that bitcoin is designed to thrive and survive.

AioFox

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Quote from: vdotcash on July 12, 2016, 09:50:23 PM

Quote from: Doms on July 12, 2016, 09:40:53 PM

Quote from: isen on July 12, 2016, 08:42:10 PM

Nothing is for sure but there is a chance that sooner or later another cryptocurrency will make its appearance and it will be an improvement version of bitcoin which means anonymous,safe to use and much faster.These features will make it ideal for instant payments and it will become the most used digital currency.Of course bitcoin is not going to lose its value but it will be only used as an asset,the same has happened with gold and dollar for example.

Nothing lasts forever. There will come a time that a whole new technology replaces what we have right now and everything will follow from there. Change is inevitable and bitcoin is a part of it all. Bitcoin might get to survive a long time, and I hope it lasts longer and more stable than I do, so I could make the most out of the benefits it has to offer.

I concur, nothing lasts forever.

I think if the block halving continues the way it is, eventually after so many years the value of a block would be quite insignificant that most of the mining sector would quit and go back to earning the regular money. Bitcoin would still be distributed throughout its users though, and i think that if the demand should continue as it is, the it would never die.

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Quote from: Gilligans on July 12, 2016, 09:51:21 AM

I've been thinking about it since last night and I couldn't find an answer to myself.
I know that there's a 21 million block cap and we wouldn't actually be here to see that time it comes to that point.
But assuming that we have reached reward era 34, what happens then? Miners wouldn't have any rewards from mining then.

Anyone care to help explain a few things for me?

I think BTC depends a lot on those who use it. If BTC overcomes all the halvings and people still use it, then it continues to live. If mining isn't profitable at all and people stop using btc much, it dies

Darwin02

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In my opinion i don't think it will not last forever, bitcoin is good for now and the value of it is high, but no one knows what will happen in the future we all know that there is no forever in real life. Do not expect too much or you would get hurt.

Dudeperfect

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In my opinion I think it depends on various factors such as ‘how bitcoin is going to adopt market conditions and vice versa’, how we are going to deal with it and how the future users will deal with it. Honestly speaking bitcoin won’t last forever but it will last for a long time (which might be anything in between 100 years to 1000+ years).

bitlancr

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Quote from: cleverlittleme on July 13, 2016, 01:13:08 AM

For my lifetime? Yes!
But really forever? The day money becomes unnecessary, bitcoin will too.

Yeah they say that it is designed to last forever but is it really going to last forever because it also can go the other way where it can disappear.
The only thing that we can do is wait and see if really will last forever.

cleverlittleme

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For my lifetime? Yes!
But really forever? The day money becomes unnecessary, bitcoin will too.

lienfaye

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Nobody knows what is on the future and we cant say if bitcoin will going to last forever, but i think as long as many are still using and supporting bitcoin then it wont be gone. unless new cryptocurrency appears and dominate bitcoin.

Cresciuanto

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Quote from: teddy5145 on July 12, 2016, 10:15:13 PM

As long as bitcoin has it demand and price then it will last forever

Bitcoin is a digital currency, unlike real money that can be destroyed and that mean no lasting forever Tongue

Unless, there's a bigger bitcoin competitor in the future I am positive that bitcoin will last for a long time

Quote from: Indrawan77 on July 12, 2016, 09:05:23 PM

I dont think it was designed to last forever, there is a time limit but if bitcoin keep being develop and use, some of the researcher will find way to make it last longer, if there are no researchers able to do it then we will have to find new coin

What do you mean by time limit ?
Bitcoin has limited supply, not a limited time Wink

If people keep using bitcoin then it will has it demand too

i have heard from my friends that bitcoin will have more demand in the future. because people are investing in bitcoin. but on other side as miming remain no profitable any more therefore most of the miners will stop mining which will increase the demand of bitcoin. so we can say that the demand increasing mean the increase in value. therefore i think that bitcoin is design for ever.

teddy5145

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As long as bitcoin has it demand and price then it will last forever

Bitcoin is a digital currency, unlike real money that can be destroyed and that mean no lasting forever Tongue

Unless, there's a bigger bitcoin competitor in the future I am positive that bitcoin will last for a long time

Quote from: Indrawan77 on July 12, 2016, 09:05:23 PM

I dont think it was designed to last forever, there is a time limit but if bitcoin keep being develop and use, some of the researcher will find way to make it last longer, if there are no researchers able to do it then we will have to find new coin

What do you mean by time limit ?
Bitcoin has limited supply, not a limited time Wink

If people keep using bitcoin then it will has it demand too

vdotcash

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Quote from: Doms on July 12, 2016, 09:40:53 PM

Quote from: isen on July 12, 2016, 08:42:10 PM

Nothing is for sure but there is a chance that sooner or later another cryptocurrency will make its appearance and it will be an improvement version of bitcoin which means anonymous,safe to use and much faster.These features will make it ideal for instant payments and it will become the most used digital currency.Of course bitcoin is not going to lose its value but it will be only used as an asset,the same has happened with gold and dollar for example.

Nothing lasts forever. There will come a time that a whole new technology replaces what we have right now and everything will follow from there. Change is inevitable and bitcoin is a part of it all. Bitcoin might get to survive a long time, and I hope it lasts longer and more stable than I do, so I could make the most out of the benefits it has to offer.

I concur, nothing lasts forever.

Doms

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Quote from: isen on July 12, 2016, 08:42:10 PM

Nothing is for sure but there is a chance that sooner or later another cryptocurrency will make its appearance and it will be an improvement version of bitcoin which means anonymous,safe to use and much faster.These features will make it ideal for instant payments and it will become the most used digital currency.Of course bitcoin is not going to lose its value but it will be only used as an asset,the same has happened with gold and dollar for example.

Nothing lasts forever. There will come a time that a whole new technology replaces what we have right now and everything will follow from there. Change is inevitable and bitcoin is a part of it all. Bitcoin might get to survive a long time, and I hope it lasts longer and more stable than I do, so I could make the most out of the benefits it has to offer.

Indrawan77

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I dont think it was designed to last forever, there is a time limit but if bitcoin keep being develop and use, some of the researcher will find way to make it last longer, if there are no researchers able to do it then we will have to find new coin

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