The unforseen and likely occurrence in the Bitcoin space - page 2.

Zaguru12

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Quote from: Upgrade00 on May 22, 2023, 04:55:09 PM

How to curtail this would be by an increased usage of decentralized exchanges boosting liquidity on those P2P platforms and reducing the control of CEXes.

This is certainly the only thing that could be done by mere traders and investors. Developers could work on improving some proposal as more of them arises. But for the traders and investors alike we moving towards decentralized platforms could reduce the need of centralized ones which are the areas been hit by the government ones they are after bitcoin and decentralization. The government intolerance to the technology is the biggest threat currently been faced by the technology, and as more people hold bitcoin on centralized platforms it gives them more liquidity and popularity and therefor making decentralization looking more unrealistic.

The other thing that could hinder bitcoin in the future is the treatment of Altcoins. The more Alticoins are been created and more people turn attention to them, scammers will continue to steal peoples funds through it and could only discourage potential investors as they would classify even bitcoin part of them, which will only hinder the mass adoption of bitcoin which will be key to any future saga. Bitcoin should also be treated strictly as an alternative currency.

Upgrade00

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The major circumstance I can think of is the normalcy of centralized exchanges increasing and almost all bitcoins being held by those exchanges, acting as fronts for the government. The most extreme outcome there is we have a crackdown on unregulated bitcoins and they have to trade them in a sort of Bitcoin black market.
There should also be a increased demand for KYC requirements when trading.

How to curtail this would be by an increased usage of decentralized exchanges boosting liquidity on those P2P platforms and reducing the control of CEXes.

Another one is the scalability issue increasing and transferring bitcoins becoming slower and more expensive as mining rewards trickle down to zero. BIPs which improve scalability can potentially solve this issue along with off chain solutions.

Fivestar4everMVP

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Quote from: Forever101 on May 22, 2023, 03:17:47 PM

Good day everyone, base on your interaction with the crypto space , in 10 to 20 years to come, what are the unforseen situation that may be exposed to the Crypto space and what are the right measure that can help curtailed this situation.

Well, only blockchain developers can answer this question, for many of us who are just investors and traders, there is no way to tell what the future holds in term of technicalities and security of both the blockchain and it's underlying technology, those who are running blockchain projects, building on the chain, or working in the security department of most big crypto projects, are the ones who can truly tell whether or not, the chain is secured enough to withstand any type of attack now or in the future.

mendace

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I'm not sure I understood the question in all honesty, so I'll answer with what I think I understand.

As technologies progress, new cryptographic methods could be developed and, at the same time, attack techniques could become more sophisticated. Current cryptographic infrastructures may need to be adapted to withstand new emerging threats.
The development of quantum computers could pose a threat to current cryptographic algorithms. Some widely used algorithms, such as RSA and ECC, could be vulnerable to attack from a sufficiently powerful quantum computer. Therefore, it may be necessary to invest in the research and development of algorithms resistant to quantum computers, known as quantum cryptography.

Hyphen(-)

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Quote from: Forever101 on May 22, 2023, 03:17:47 PM

Good day everyone, base on your interaction with the crypto space , in 10 to 20 years to come, what are the unforseen situation that may be exposed to the Crypto space and what are the right measure that can help curtailed this situation.

What type of unforeseen situation are you talking about?
For altcoins, I think scammers have already started by creating fake tokens to scam investors who believe in them, and I am sure the scammers are trying everything possible to develop their own ways as the technology is advancing.

Quote

Your little contribution can go a long way to save the bitcoins space from attackers (hackers) who are also working tirelessly to build a sophisticated Technology to break in and cause damage.

I think Bitcoin stands firm and the technology cannot be easily compromised or bridged because of its transparency and anonymity, but we can also do our part by making sure we maintain all these Bitcoin features of decentralization and anonymity so that we can be fully safe from scammers.

BIT-BENDER

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Saving the Bitcoin from attack of hackers, scammers start from personal activity this is the primary process which would have a resounding successful effect,
This personal activities are actually not complex.
#Do not save your funds on exchange
#Avoid phishing links, malwares, suspicious google Ads.
# put away greed.
# protect your private keys and adopt additional protections like 2FA.

I think simple habits like this can go along way in tackling of those dangers hackers and scammers poses,

But one big problem I think crypto-currency may experience would come from the government, the decentralized system would definitely evolve in years to ce and also get stronger I believe the government from leading counties would try to get control of crypto-currency the best way they can this would be among the issues we may face (although we are facing this problem now I think it would get worse in future)

Forever101

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Good day everyone, base on your interaction with the crypto space , in 10 to 20 years to come, what are the unforseen situation that may be exposed to the Crypto space and what are the right measure that can help curtailed this situation.

Your little contribution can go a long way to save the bitcoins space from attackers (hackers) who are also working tirelessly to build a sophisticated Technology to break in and cause damage.

We are in a world of continuous advancement, so we should not dwell on the past and current success of this technology and security but further strengthen the system by been ahead of likely future occurrence.

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