The Scalability issues facing bitcoin:The Rise Of The Alts

shulc7

full member

Activity: 518

Merit: 100

Quote from: onyebuchi81 on December 25, 2017, 05:27:29 AM

The scaling issues facing bitcoin couple with the outrageous transactions fees being paid by bitcoin users is a cause for concern to bitcoin holders as this has one inevitable outcome:The rise of the altcoins implementing commendable solutions for scalability and low or no transaction fees. If the stakeho of the bitcoin community allows this problem to continue into the second half of 2018 this will be disastrous as a lot of people will start looking for alternative to bitcoin for transactions purpose.

I have heard a lot of thoughts about the threat from the altcoins for Bitcoin. But this is really unbelievable thing to have such opinions. Bitcoin is huge and powerful enough to overcome all altcoins that are taken together.

googs84

sr. member

Activity: 630

Merit: 256

CryptoTalk.Org - Get Paid for every Post!

I think people are already switching to the alt coins market after seeing all the hoax in the alts section. The BTC is dropping its popularity by not showing the proper development in its core algo. If this continued for the long terms then people might just break all the contracts with BTC and it will take huge time for the BTC to regain the dominance over the alts market.

The current alt coins market has already broken the previous bonds and made bitcoin go down its dominance. In the year 2017 the dominance for the BTC reached all new height of 68% max level while today its not even half of that and stands at 30-35%. That really sucks and I’m doubtful for how long this will continue! If the scaling is not done in the time then we may see whole new coins ta the top and BTC going down in the list. That would be bad history to tell in the future. Lozl!

Ctn

sr. member

Activity: 644

Merit: 259

Quote from: onyebuchi81 on December 25, 2017, 05:27:29 AM

The scaling issues facing bitcoin couple with the outrageous transactions fees being paid by bitcoin users is a cause for concern to bitcoin holders as this has one inevitable outcome:The rise of the altcoins implementing commendable solutions for scalability and low or no transaction fees. If the stakeho of the bitcoin community allows this problem to continue into the second half of 2018 this will be disastrous as a lot of people will start looking for alternative to bitcoin for transactions purpose.

This issue has been raised earlier also but with segwit2x nothing happened earlier and things were not changed at all. What we got from the last years fork was just some shit coins which actually eaten the market of the BTC and started rising against it. That wasn't good for it until the bitcoin got spiked in the year end of 2017. The hang of it is still there and I think loosing market over the scale up issue is not good for the bitcoin future. BTC scaling must be done within the time or people will really jump into the Altcoin's and I'm sure we can feel it today also. Many of the coins go pumped because of transaction issues in the BTC. This aint gonna stop until we don't see bright development in the BTC.

qazgroup

member

Activity: 1022

Merit: 20

RiveMont

Bitcoin definitely is facing transaction issues with lagging and high transaction costs, i think the dev need to fond permanent scalability options, eth is also having some problem but i think there upgrade will resolve the issue..

webmone

member

Activity: 287

Merit: 10

Quote from: onyebuchi81 on December 25, 2017, 05:27:29 AM

The scaling issues facing bitcoin couple with the outrageous transactions fees being paid by bitcoin users is a cause for concern to bitcoin holders as this has one inevitable outcome:The rise of the altcoins implementing commendable solutions for scalability and low or no transaction fees. If the stakeho of the bitcoin community allows this problem to continue into the second half of 2018 this will be disastrous as a lot of people will start looking for alternative to bitcoin for transactions purpose.

Bitcoin is supported because it dictates the price of the crypto currency market. But if you think sensibly, then we must understand that bitcoin is a dump. It becomes less attractive every day, which can soon lead to its collapse.

NorrisK

legendary

Activity: 1946

Merit: 1007

Quote from: secondgarlic on December 25, 2017, 11:55:10 AM

How much can the alts rise though? I think their success is highly dependent on the success of bitcoin, at least for now. If bitcoin failed, alts may initially rise, but in the long term people would lose trust in cryptocurrencies as a whole, so bitcoin's stagnancy would hurt alts as well.

Several alts have gotten more and more independent from bitcoin success.

The main reason bitcoin price influences altcoin price is that it is the main trading pair for most altcoins.

secondgarlic

member

Activity: 112

Merit: 16

How much can the alts rise though? I think their success is highly dependent on the success of bitcoin, at least for now. If bitcoin failed, alts may initially rise, but in the long term people would lose trust in cryptocurrencies as a whole, so bitcoin's stagnancy would hurt alts as well.

European Central Bank

legendary

Activity: 1288

Merit: 1087

Quote from: thr3 on December 25, 2017, 11:33:48 AM

I believe even the bitcoin core devs are moving to create their own currency as bitcoin's position is currently untenable.

So rise of the Alts, don't be surprised if Ethereum is the no.1 currency of the future.

the creator of ethereum himself would tell you that ethereum is not a currency and shouldn't be used or treated as one. i guess that's not gonna stop people but that's how it is.

and it's amazing how fast people have forgotten the dao thing. as a platform to entrust your life savings to it has already blown it by doing the worst possible thing a cryptocurrency could do.

thr3

member

Activity: 77

Merit: 13

I believe even the bitcoin core devs are moving to create their own currency as bitcoin's position is currently untenable.

So rise of the Alts, don't be surprised if Ethereum is the no.1 currency of the future.

European Central Bank

legendary

Activity: 1288

Merit: 1087

if everyone switched to an alt then the same problems would arise. hopefully not technical limitations as they should already be dealt with, but there'd be power struggles and lashings of fud all round.

and i'd like to see the next candidate maxed out every second of every year for a few years before deciding to trust it. some of these alts promise the world but might fall apart when told to deliver it.

shinratensei_

legendary

Activity: 3276

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

Quote from: onyebuchi81 on December 25, 2017, 05:27:29 AM

The scaling issues facing bitcoin couple with the outrageous transactions fees being paid by bitcoin users is a cause for concern to bitcoin holders as this has one inevitable outcome:The rise of the altcoins implementing commendable solutions for scalability and low or no transaction fees. If the stakeho of the bitcoin community allows this problem to continue into the second half of 2018 this will be disastrous as a lot of people will start looking for alternative to bitcoin for transactions purpose.

Segwit 2x gets canceled that means there will be no scalability improvement to the bitcoin blockchain. The altcoin becomes more favorable for majority of traders to move their fund to another place rather than use the bitcoin directly. There more improvement platform has been creating by new developers. that means there will be more scalable altcoin.

onyebuchi81

full member

Activity: 308

Merit: 100

The scaling issues facing bitcoin couple with the outrageous transactions fees being paid by bitcoin users is a cause for concern to bitcoin holders as this has one inevitable outcome:The rise of the altcoins implementing commendable solutions for scalability and low or no transaction fees. If the stakeho of the bitcoin community allows this problem to continue into the second half of 2018 this will be disastrous as a lot of people will start looking for alternative to bitcoin for transactions purpose.

Topic: The Scalability issues facing bitcoin:The Rise Of The Alts (Read 123 times)