Topic: So what will happen to Bitcoin? (Read 511 times)

I think Google is faking now by saying that quantum computers are fully developed and ready now. In my opinion, there is still much time for the development of quantum computers to be finished.

We predict the future but I hope that your believe will be true because there has a lot of person who will do anything to have an affect for bitcoin and also if the government against by bitcoin it would be gone if the world must go with it.

You searching on google without know who give opinion about this article, he is an expert of bitcoin or not, always recheck with article do you read because you know which one good resource for your link and your information, not bad thing happen with bitcoin because many investor trust and loyal with investing on bitcoin and altcoin, they think bitcoin best investment assets for the future.

People are mostly afraid of supercomputers for the reason that they can be the archenemy of Bitcoin's system in the future. But I think that they will not be dangerous for Bitcoin and it will continue to develop itself.

I don't think that any external factors can destroy Bitcoin. Bitcoin will continue to be better and better for a very long time I believe. If it extincts, the reason would be that losing its power against new cryptocurrencies with better technologies.

To become the world digital currency we need more development so that everyone is able to send the transaction in a short period of time and with lower transaction fees, we have low transaction fees now but to become a world digital currency you need more development to be done and if people are holding the money thinking about monetary gain you cannot blame them.

Investment is all about making money be it forex stock or crypto everyone is trying their best to make the maximum benefit and it is impossible to change that perception.

if you try to look at the past then you should also be able to see from the beginning the creation of bitcoin to the present how bitcoin can have very expensive prices and why every year the price of bitcoin has increased in price so once you understand that then surely you will know what which will happen with bitcoin next.

Bitcoin is an option to take place over fiat but I am sure government won't choose this option.  Being an option does not necessary means you have to choose it.  It is there in place the current system failed to work.


Even if google succeeded on creating this quantum computer, it is still impossible for it to crack Bitcoin's security code.   You can check this article to know why.

thats the sad reality of how investors no treated bitcoin and its almost Fewer that who's in this investments about trusting the future.
i remember when i was once told that Bitcoin will make me rich but then i replied that saying its not becoming a millionaire is what i want here but my next generation family members will benefit and that is more than enough for me.i don't wanted to be called hypocrite saying i don't want to earn here but at least i am for technology and what future waited from this currency

I'm not good at calculation but this answer makes sense so I think we don't know to worry about quantum computers for now, instead lets help and support Bitcoin's technology to spread more awareness globally and maybe someday we could open the eyes of the people who don't know the true worth of Bitcoin. Cryptocurrency might die but I'm pretty sure that the technology will last forever.

Only if they succeed in making it; Otherwise, bitcoin will face another obstacle.
This action that was made by Google will be followed by other developers if they see success in their first run. This will add another popularity to bitcoin and increase its demand.

in my opinion when google succeeded in making quantum computer technology. then the world will follow along with bitcoin and blockchain. maybe later in the future bitcoin developers will work hard to further improve the security system and so it is not easily hacked by quantum computer users. so as long as bitcoin developers and users can increase their security. nothing to worry about.

Will the Bitcoin predictions by Peter Schiff- The ‘gold advocate’ hit the bull’s eye?

https://www.thecoinrepublic.com/bitcoin-to-fall-at-1k-is-it-the-dead-end/

It is the true useful thing about bitcoin for now. no need to rush everything. and as you said @vintages enjoy the game for now. yes, don't be so stress for blaming others. bitcoin is still not just totally popular, local areas is still not covered and huge companies are still thinking to use bitcoin. payment method with cryptocurrency will begin and everyone will accept it positively. continue what is your intention for now, soon we will see bitcoins potential. curiosity will bring them there.

No, Bitcoin isn't an option to take place over fiat but an option for us to use as a currency. Have to know that we are currently using this as a currency, not only it becomes applicable in all areas but people appreciate it for fast and easy transaction confirmation. It was considered that some of us purely seeing Bitcoin as an investment alone but sooner or later, either we like it or not, Bitcoin will be used as a currency.

So far, I do not see options for Bitcoin to replace fiat money. It is possible that the Ethereum network is more suitable for this function. We see how many stable coins are created on the Ethereum network.

It has been predicted that Bitcoin wouldn't only end up as an investment instrument but rather a currency that would replace fiat in the future. As we can see, there are lots of changes and adoptions that happened to Bitcoin over the years. It isn't impossible for it to reach more. Bitcoin is always unpredictable but it keeps on surprising. If there will be massive adoptions in the future, Bitcoin could really be the digital currency that will change every economic situation.

No doubt bitcoin will grow as early as possible. Though lots of people already invested their money in this project. And obviously there is a high chance of gaining more profits. The is a bad news though which I read in another thread that bitcoin will lose it's popularity. I'm not completely agree with that person. With the passage of time most countries are allowing bitcoin. So there is no doubt that bitcoin will grow more and more.

That matter of joy that I read this article https://all-stocks.net/russian-engineer-used-a-supercomputer-to-mine-bitcoin-at-nuclear-facility/ Let see what happen in the future. LOL! 

It is predicted that bitcoin won't be accepted for now on big establishments that consist of many fast food stores Like even PayPal isn't accepted in some physical stores. Stores are just comfortable with fiat payment that is proven a hassle-free payment for fast transactions. But as time passes it will become a necessity for stores to accept digital payment like PayPal and cryptocurrency payment. Time will come and it will be implemented on every physical stores.

Crypto as a means of investment over currency to be considered as payment option.
We should consider that all investors are after for making money out of their investment, but we cant deny to ourselves that crypto is more convenient to use when having a transaction, digital money is less hassle than always bringing a cash to buy something. That what everyone is wishing for.

This is how it plays, let's enjoy the game.
I don't think there is someone could put our blames nor investors and holder take that cause in the first place, bitcoin isn't fully accepted as currency in all areas, not even all fastfood chain and big establishments accepting it. What makes sense of this? Of course, we consider this an investment as of now, may we could consider this sooner as a currency if it is accepted worldwide. 

When it comes to the discussion of Bitcoin shifting from it true intention of becoming a world digital currency to an investment for monetary gain; we investors have ourselves to blame for it.
Truth is that, majority of those who are holding Bitcoin or investing in it are in it for the money more reason we see constant price prediction. Hopefully, years to come, this perception will come to change to it true form.

I believe that Bitcoin will dominate in the monetary world in the future, So far I have seen regarding this blockchain system that people are getting in touch with this system and they are adopting with Blockchain system day by day. I know a lot of people who don't want to deposit their money in the bank because of privacy and hassle so blockchain would be the best platform for them, it's true that many people are so much worried about the price of Bitcoin, It's too unstable and volatile, people also lost faith in the ICO due to a lot of scam project. whatever the case, I think we are going to lead a life fully techno-based so it Blockchain system will be our main economic platform if regulation and policy will get established.

This is true, bitcoin's private keys are very long and can contain any letter or number, and from rough estimates and previous research, it'll take a minimum of 1000 years to break using a lot of computing power in the world.

If Google was able to create a computer that was possibly 1,000 - 10,000 times faster then the top computer systems nowadays, maybe we'd have an issue, but right now it's just nothing to worry about.

We can deny that some experts tell a lie just for their benefits. May some of them call it a bubble and turn into zero value but I'd never think it will bring into that price. Bitcoin makes crypto alive and becomes a valuable coin in the market.

It may be we have to open our mind, we fill this with positive rather than to fill it with negative thoughts. We are looking into the huge market adoption which could help to sustain Bitcoin's value for the coming years rather than to see deteriorating.

the early history of bitcoin was created was to speed up transactions, without middle men, and reduce transaction fees. because the real money constraint is all three. but because the concept of bitcoin was created through computer mining and has a limited amount, many people see bitcoin as not a digital currency but rather digital gold. so that it is used as a commodity and becomes world trade. for a future. bitcoin remains a pioneer in blockchain technology and has created a new network for better digital money.

Just because someone is called an expert it doesn't meant they really are experts on the subject.
Analyzers tend to call random numbers and "experts" talk about things they don't understand, often calling Bitcoin a bubble of no value.

Just do your own research and decide for yourself what will happen to Bitcoin, that's my two cents.

For several days, Bitcoin was trading in the range of 8000+, if you do not take into account the scary day of September 30, when the price dropped to $ 7,800, but then returned. Good thing is that the price is still holding. However, we need to break through the resistance at the level of $ 9000. The possibility that bulls can take over and lead the market to new highs, exists.

in order to countermeasure quantum threat I think that there will be invented new strong and different algorithms
and that will allow to make new bitcoin's fork and that fork will be strong against quantum computers..
as per the rest part of the article my thoughts are the same, once it would be possible to cut huge spikes of bitcoin's price - it will spread more widely

Indeed, the value will be the next target after those long two years which happened to reach the ATH and now it's again trying to achieve the same path, Bitcoin still bitcoin I believe that, the market will always be in the track where investors is the driver if what direction they wanted to go. The more supports that it will receive the more growth that it will come. Keep your trust and wait.

Bitcoin will remain as bitcoin. It depends on what Google wants to do with their quantum computer. If they want to compete with bitcoin, then I think that will need more works from Google. Bitcoin could easily become a global currency but we need more time to see it is happening and I don't think that we will see it in a short time. When people want to make bitcoin as a global currency, they will push the governments to accept bitcoin as a new payment system and that will not related to Google or any big company. We still have a long journey to see bitcoin become a global currency and it's not easy to see the government will approve bitcoin.

10 plus months and some days to be exact  .  btc did encountered many issue's during those long year's but along with that are good time's  . bitcoin had reach a milestone , so what will happen next  ?  nothing  .

btc is still btc , what have change is that its value and marketcap have grown alot  . these days btc price is still strugling to recover  .  and speaking of recovery , recovery will be its next assignment  .

Yes, Bitcoin is the future currency. It is spreading day by day. But due to some of its features like we can't know who is sender and receiver, It's good or bad depending on for what purpose transaction has made.
So, some countries are deciding to ban it. But Bitcoin is a virtual currency, no govt. can ban it if they want it. Bitcoin remain active in use until we want to use it. It will be used for transactions in the future as used now and It's number of users are increasing day by day because of it's decentralized nature.

For some reason, maybe bitcoin is fully suitable to be a legal payment tool. But until now not enough countries have given citizens or residents the right to receive payments with bitcoin.
Apart from colliding with various rules, there are other reasons why this might not be suitable as a means of payment. The involvement of fiat currencies in bitcoin seems inseparable, this is what makes me think that between bitcoin and fiat is better to live together and without being replaced.

the possibility of bitcoin will become a global currency is certainly there, although it may be a small possibility and it takes a very long time. because the amount of supply is only about 21 million and with the current price will not be sufficient enough to become a global currency. except for a few decades going forward after the price of bitcoin goes up tens of x fold, we'll see and I myself hope that bitcoin will become a global currency.

An entity reaching ‘quantum supremacy’ in today’s technology and hardware means nothing, given that most of our cryptographic algorithms are still quite bulletproof and, in a way, quantum-resistant. Now, I’m not saying that bitcoin is not prone to such attacks in the future, only that it’s too early to come into conclusions and make bold claims. With lots of brillint and active developers still working on improving bitcoin, I don’t think we’re in danger. Bitcoin is still as robust as it can be, and will remain as is in the coming years—or even a decade.

Nothing will happen I think. Because bitcoin on its own way. Just need to wait to see the more profit.

I dont think that this supremacy will break bitcoin's security. If there will be a time that these quantum computers will bypass the bitcoin's blockchain factorization algorithm, I think the moderators of bitcoin will also make a way for it not to happen. They wouldnt just sit in their computer waiting for that horrific day to come right? Bitcoin hopefully will be the currency of the future.

I don't have any idea to give a statement if there is someone who say bitcoin will be a global currency. In one side, I'll be very charmed to see that's happen because I'll be someone who support and part of user who started it from the bottom. But in other side, this thing is really difficult to happen, I mean when there is many countries who use bitcoin and give direction to their citizen to use bitcoin and they will make a decision to burn their currency, yeah it won't be happen in my humble opinion.

But I'll bet there is no project who will be able to overtake the popularity or the price of bitcoin in the future. Many people out there just still believe to it and even they are thinking that the new project is scam and most of them is have centralized system which is mean it is far when we talk cryptocurrency. Because we use cryptocurrency we don't talk about the function of the project itself but the price factor will always be considered by the user.

From what I know so far, Google's quantum computer did no threats to bitcoin/crypto. And if it were much powerful, I'm sure Google won't crack private keys put of nowhere. If however, that quantum computer got commercialized, then researchers of cryptography had already been working out on algorithms that may be considered quantum resistant. And if ever that happens, those researchers would also have their own computer to test out different, more complex types of cryptography.

Interesting topic, despite the lack of accuracy or any time frames.
I'm certain, that the paper pieces (I mean cash) won't be necessary for the future, there will be digital money to replace them, yes. Crypto will spread more than now, but maybe with a little more regulations. Anything else - I don't know.

Google may reached the quantum supremacy but it is not enough to break the security of Bitcoin. 


People live and keep on developing new Idea. It is the will of people that develops technology so it is reasonable that people will always find a way to beat this technology,


I don't think so, since google is not a financial institution and does not hold any power over finance decision.

To make more progress, the impression like this about bitcoin needs to be change, Investors needs also to see that aside from being a store assets there's real system that can help the entire economy. Talking about payment process many people deserves to understand the advantages using bitcoin and see
how it will work. Not just for investing your money but also to experienced the actual functions of this new chain.

Maybe we should focus on the long term effect of having a quantum computer, well, there's a small possibility that today's people will afford buying one quantum computer, but soon, if technology will further develop, people might think of ways to bypass the bitcoin's blockchain factorization algorithm. Though, that way how quantum computer computes and solves algorithm is totally different that generic or classical computer, the link for quantum computer to manipulate the algorithm of bitcoin's blockchain is merely impossible at the moment.

You are trying to generate estimates on a variable that is not yet there. First of all, we should come up with a quantum computer and see the processing power. The estimates made without this are meaningless.

In the local section, a friend had made a simple calculation of his own. According to this calculation, the probability of 20 billion quantum computers finding a BTC address in 10,000 years; 0.0000000000139910250239947861121617024005824700676
Even if we increase the probability of 1000 times based on incorrect calculations; then probability reach 0.0000000139910250239947861121617024005824700676

So, do you think this assessment should be taken seriously?

[BTW, This calculation made by the friend is based on the claim that quantum computers can perform the operation calculated by the computers in 10,000 years in 300 seconds. Probability values are based only on figures on discourses.]

The possibility to detect the Private Key of a Bitcoin address is also taken from:

Quantum computers by Google can be a threat to bitcoin in security if used in a bad way, but Google is aint that cheap and they will not have the intention to attack us I think.

The team stating that they built bitcoin to become a currency will be useless if us users/supporters will not help to make a move to develop bitcoin to a legal currency, tons people here see bitcoin as a speculative investment, not a currency. Bitcoin will die off if something will not change from now for sure.

Well, Bitcoin has to evolve, as with everything else. That is one law of nature. Either that, or it will become obsolete and will eventually be replaced by a better one. Circumstances differ from one point of time to another and so there will be necessary adjustments. Bitcoin is constantly developing. Adjustments have been made. Transaction fees lower down, confirmation time lessens, blocks increase in size, data removed from transactions, even a layer two network is added, etc. These are necessary adjustments to keep Bitcoin's relevance and to extend its longevity.

Too many talking about Bitcoin as a "global currency, the "price", the bears and the bulls, but have forgotten Bitcoin's real value proposition. Censorship-resistance.

I believe that would be something seldom used as a "medium of exchange/global currency for coffee transactions". It would be an opt-out mechanism/hedge against the the banks.

Bitcoin's future is not clear, so everything we say now is just pure speculation. As with most technologies and new products, you will always find that competitors enters the market and they try to mimic the original idea. You see this with the 1000s of Alt coins that was developed after Bitcoin was launched.

Will Bitcoin always be the dominant token? The short answer is probably not, because there are very talented developers out there and they can come up with a faster or more efficient solution in the future. 

Will Bitcoin survive? Yes, because a lot are done by our developers to constantly improve the Bitcoin protocol.

You have pointed out the best part of why bitcoin has existed in the first place but as you have said we still plenty of obstacles before bitcoin become the future currency.

If googles claim will become reality then I am not sure if bitcoin can still adjust to it for it to continue it's goal which is to become the future currency.

Here is what I thought about bitcoin. Bitcoin will survive in the bear market and will get the bull market soon. The price will rise to the highest price, and that will attract a new investor to come. The claims from Google do not make bitcoin afraid, although we know that Google wants to conquer the internet and real-life, I am sure that bitcoin can handle it. Google still needs more time to develop their project, especially if they're going to join in the crypto world, and there are many things to do from Google before they can convince people to use their product. I don't think that Google can beat bitcoin even if they say that they have reached quantum supremacy which I don't know for sure what is mean.

Not sure why google reaching "supremacy" is really meant to affect how BTC works, it's not a deal-breaker and I doubt the computer they make would be used to brute force private keys (we don't even know when the quantum computer will be ready as well).

Larger problem would be to military and government operations if a super-computer could get created, and even if it could break private keys, there are a lot of ways to avoid these issues (eg, using changing addresses).

Bitcoin has been around for ten years and has not encountered any problems regarding quantum supremacy. These claims made by people on the account that quantum computers will be a threat to the entire blockchain network and blockchain technology do not really understand what blockchain technology is and how it operates. These claims are just FUDs

What we would like to see after this long bearish struggle? is to see it regains market dominance. I know and I believe that Bitcoin could face this is a problem and for the crypto believer to patiently wait for its come back. It is gonna be a long fight for Bitcoin but I'd never think that it will drop below 5k even this downtrend will continue until the end of this year. 

bitcoin arises indeed to answer all the problems of the world economy, especially in the future,
the economy is now very fragile, the banking system is making everything chaotic, inflation unstoppable, and money ownership uneven,
bitcoin appears to eliminate it all, if the government must regulate bitcon and provide regulation, this is a danger because bitcoin will be difficult to move because it is still regulated by the government.

Honestly, I got a little concerned with the news from Google that it already achieved the so-called Quantum Supremacy. But then I also thought that I am sure there are ways to protect Bitcoin from this technology so it will not disturb Bitcoin in any way. As someone here stated, if there is a will there is always a way. Sooner or later, wallets will be adopting measures to protect their network and ecosystem from possible incursions and destruction that we presume can come from quantum technology. Actually, quantum computing technology is an exciting development and there are many good uses for that though just like a weapon of war it can also be utilized for something we do not desire in the first place...so it can be a double-edged weapon and the way I see it can have some military and security applications countries may be interested to explore with.

There's an importance of digital currency in this world, like it can provide security and privacy to your money. There's a time that bitcoin will go ups and downs, but it will always survive because of its ability to control our market. Bitcoin can really excel and become more useful in the world as the global currency.

Cryptocurrency will extent depends on the countries that values it as a money to. There's a lot of countries who accepts bitcoin in their market. Maybe in the future, more countries will now adapt the bitcoin as their digital money when they comprehend its importance and value in the market.

Bitcoin would naturally imo what people want itnto be. A leading digital currency in the age filled with block chain technology. As the forefather of coins, it has the best potential to improve itself since most of the community would develop it rather than create something else.

Quantum supremacy doesn't necessarily mean only they would reach it. The community would soon counter their supremacy and achieve an equal standing with them, preventing the crash of digital currency. Besides, with them announcing supremacy right now already informs the community that we should move to create preventions or alternatives to counter it.

Lets just pretend that quantum computers are a threat right now and we would currently need to use one time only addresses. I think there will be a lot of people who would get complacent and lazy and not do this. It would probably have to be built into the existing system to only allow single use addresses and a way of doing this automatically in the wallet software. I would think that by the time quantum computers are becoming a threat we would have already figured out most of the concerns right now.

The much bigger concern is breaking military and commercial encryption that doesn't hash public keys. Bitcoin addresses are naturally quantum resistant because the public keys are hashed several times to create the addresses, and the hashing function is not endangered by quantum computing yet.

While an attacker could use a quantum computer to derive your private key from your public key, your public keys are not revealed until your bitcoins are spent. As long as addresses are not reused, the only time your bitcoins would be vulnerable is the brief window between the time your transaction is broadcast to the network (revealing your public key) and the time it is confirmed by a miner. This is one of the reasons why modern wallets issue change to brand-new bitcoin addresses with new keys.

Once you send bitcoins out of an address, you ought to never put bitcoins back into that address ever again. If you do, then the attacker might already know your private key and could forge a transaction to steal those newly-added bitcoins. Best practice is to use a new randomly-generated address every time you receive bitcoins, and let your wallet application manage all of those addresses for you. In summary, Addresses that have not been previously used in spending transactions, burned bitcoins, and unintentionally lost bitcoins, are not vulnerable to quantum computer attacks.

What does Google reaching "Supremacy" have anything to do with Bitcoin? The quantum computer they are developing will not effect Bitcoin anymore than it will effect the banks of the world. Anyone claiming anything different is scare mongering and has a lack of knowledge about quantum computers and specifically the one that Google is developing. The Google quantum computer is not designed to mine Bitcoin or break the algorithm which Bitcoin uses. Even if we were to assume that the quantum computer could break the algorithm or mine Bitcoin then this would be the only quantum computer in the world that is capable of doing it and a change in algorithm which is quantum resistant would prevent any issues on that side and the difficulty of Bitcoin would be adjusted only slightly with one quantum computer in existence capable of shifting the network computation balance.

I read an article today on https://gizmodo.com What's Going to Happen With Bitcoin?
Some experts posted their views.

Here's my little non-expert view

So what will happen to bitcoin? Bitcoin's creators have been clear that they intend this to become a currency of the future and not a speculative investment at a time when the rest of the world was struggling with stock market crashes in 2008.

As noted elsewhere,  It's also part of a worldwide trend toward digital money so it will continue and will survive.

The fact that the Bitcoin protocol has been around for a while means that it will continue to evolve. You bet.

This is one reason Bitcoin could easily become a global currency while staying true to its original intentions.

However, to what extent the cryptocurrency will evolve as a payment system depends on global acceptance.

But what about Google's claim to have reached quantum supremacy? History has shown us that the will of the people and the masses can never be suppressed by any new tech. Where there's a will there will always be a way.
What do you all think?