The unforseen and likely occurrence in the Bitcoin space

CarnagexD

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Quote from: Forever101 on May 22, 2023, 02:17:47 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.

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.

Black swan, Wars, Pandemics will never vanish. It will always pop up. So not only invest but also consider saving some cash. Succesful investing in crypto 10-20 years from now is all about sustaining your investment and sustaining your life and daily needs. If there is any unforeseen situation, don't sell you investments out of fear. Save your own investment from your own self. Keep it on a safe wallet whichever you find your investment and your coins be secured. And when money is presented, take something off the profit. Don't be a holder until death. Enjoy your investments, and be a smart investor regardless of all the face of uncertainties.

hannahB4

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Some likely occurences in bitcoin space are nothing new but slandering of bitcoin as we have it before now in which some people take bitcoin as a Ponzi scheme, till date there are some people in my country you can't convince otherwise.

Plaguedeath

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Do you think the OG's don't care about developments? you can check on Bitcoin Github, it's quite active where many developer are propose something in order to adapt the current technology. It's impossible if they're not aware or care with the technology development, it don't change the Bitcoin protocol, but it just to strengthen the security.

As long as there are many people interested with Bitcoin, the Github will not abandoned and Bitcoin will still alive.

Ucy

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Quote from: Forever101 on May 22, 2023, 02:17:47 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.

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.

Well, between now and then (10 years) most cryptocurrencies will be crushed, captured, or become part of the fiat system.
Don't worry too much about Bitcoin & few other decentralized cryptocurrencies as they will be well defended and will withstand anything the World throws at them.
There will be fierce and very violent storms ahead but Bitcoin is in Good HAND and is built to withstand them just like the Biblical Ark withstood the great flood & was used to preserve lives and values.

Agbe

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Quote from: Forever101 on May 22, 2023, 02:17:47 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.

The first thing I will have to talk about is the increase if the transaction fee. The transaction fee is still abnormal. Like if you want to transfer 0.0003 which is equivalent to $19.6 and to my local currency is about #6324 to do small expensive or pay a bill at the moment, the fee is higher than the even the withdrawal unit of of bitcoin. And from my own perspective, this hike of fee will still come again and it will be even more than this one that we are still battling.

Quote from: Forever101 on May 22, 2023, 02:17:47 PM

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.

To prevent attackers (hackers) in the future, and from the way I look at it , the hackers will not directly attack the forum server but individual accounts mostly from the emails, so if your email is exposed make sure you hide it.
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ringgo96

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for the future of course, we do not know what will happen to the world of Crypto, because the development of increasingly sophisticated technology, of course, increased security must also be improved in the Crypto world, because we do not want things to happen that can harm crypto users, especially investors, because every investor certainly wants the assets they currently have to be safe without any interference so that they can get profits later, So let's just wait for what will happen for the next 20 years, hopefully there will be new things that are more useful in the crypto space, of course.

hd49728

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We have more abnormalities this year.

A hardware wallet wants to co-own wallet seed, Ledger wallet.
A non custodial wallet wants to charge tax, Metamask wallet. Before Metamask, we only had decentralized exchanges and cryptocurrency projects charge trading fees on users from slippage. Now, it will be more harsh, comes to taxing.
Guide to seize bitcoins in wallet from Interpol.

We will see more strange things in future.

Sim_card

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Are you praying for something worst to happen to bitcoin, I don't think that it will be possible,because developers will do anything possible to secure the blockchain from attackers. I believe that since 2010 till this present moment attackers are trying everything possible to attack the blockchain but all their efforts have being in vain. Bitcoin was created for decentralization and as long as it is still serving that purpose,it will be impossible for it to be attacked. The only thing that can happen is when you don't secure your bitcoin properly that is when only your coins can be attacked by hackers or through malware's.

Let us all try to promote bitcoin decentralization by using only decentralized P2P exchanges.

Dr.Bitcoin_Strange

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Quote from: Nwada001 on May 23, 2023, 07:18:19 AM

They taught that they were doing their users good by trying to implement a feature they thought might make them outstand most of their competitors,

Outstanding competitors indeed. By putting users through a different risk, haha, that's very thoughtful of them (holdy madness 🤬), the whole new feature or whatever has crashed on their toes because nobody is really finding it funny. Oh, common, who will be happy that they got their phrase to be backed up on the cloud, where it has every possibility to get attacked and Bitcoiners that are using the ledger hardware wallet will lose all their funds?

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Unless they want everyone to completely lose hope in them

Not only that, it will mean that their business for the particular ledgers they produce will die, they will lose the trust, and people will look out for a better hardware wallet. That's even worse; they will totally lose everything to their competitors.

Don't miss the discussion here Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties entities

Nwada001

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Quote from: Dr.Bitcoin_Strange on May 23, 2023, 02:44:31 AM

Well, recently there was some kind of foolish decision to try to create a Ledger wallet recovery phrase backup system in the cloud storage, but I think those plans have been denied and aborted.

It's not a proposal; those decisions have already been implemented without even seeking the users ideas and permission.
Ledger Under Fire for ‘Recover’: A New Cloud-Based Seed Phrase Backup Feature They taught that they were doing their users good by trying to implement a feature they thought might make them outstand most of their competitors, but they just made the biggest mistake as they are receiving more criticism than they ever expected. And I believe they won't want to continue this form of upgrade and features on their other hardware wallet. Unless they want everyone to completely lose hope in them, they can then come up with a fully centralized system.

KiaKia

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Op there is no gods among us, there's no way we can read the future from here and there is no way anybody can know what will happen to Bitcoin in the future that is why bitcoin is still a risky investment till date and that is why we are been told to always invest what you can afford to lose.

I as a person still believe that more challenges are coming for Bitcoin in the near future because it's get to a certain point that bitcoin is to get regulated one way or the other and for this to work out, the government will keep pressuring Bitcoin and crypto space.

kryptqnick

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Hm... A situation is called unforeseen because you can't really predict it in advance. I think a fairly realistic (because, in parts, it's already happening) and very challenging situation for Bitcoin would be limited Internet access. It can be in a form of very serious blackouts (because of wars, global warming or something else like cyberattacks/energy crisis) or severe regulations (like the recent shutdown in Pakistan). Such processes can be very disruptive because we rely on access to the Internet to use Bitcoin.

Dr.Bitcoin_Strange

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Quote from: Forever101 on May 22, 2023, 02:17:47 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, recently there was some kind of foolish decision to try to create a Ledger wallet recovery phrase backup system in the cloud storage, but I think those plans have been denied and aborted. That gives me a light that probably in the next twenty years to come, there is going to be some kind of new unwise and harmful decision by some technology company who even greatly supports Bitcoin now, but in years to come, some of their decisions will be against Bitcoiners, so I suggest Bitcoiners should just be wise enough to know when some harmful decision will be coming from some platform they have trusted with their Bitcoin in the past, and when that happens, it is time to give them a red flag. Some centralized exchanges will increase their KYC to the extent that they might even be requesting for users zip codes, house addresses, room numbers, and house colors, but when all that starts happening, it's time to give those platforms a red flag. By the way, now is the time to even stop using centralized exchanges to buy and sell our bitcoin so that when all that starts to happen in the future, it won't be difficult to use some DEX.

BALIK

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Quote from: Stalker22 on May 22, 2023, 05:17:48 PM

From my perspective, the most significant unforeseen situation that could impact the crypto space revolves around regulatory challenges. As cryptocurrencies continue to evolve, it is possible that governments may introduce new regulations that have the potential to significantly impact the entire crypto ecosystem.

It's bound to happen, and we need to plan for it, it's no longer unforeseeable. Whether the market is decentralized or centralized, the government will find ways to control and regulate it. They will not allow anything to exist and grow without their permission. That is their strength, and we cannot resist. I have no opinion about an unforeseen situation because it is the future, no one can predict what will happen. In my opinion, with a new market like cryptocurrencies, once we have accepted to participate, we should prepare for the worst case scenario.

lagosnoir

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One thing I keep watching is whether governments will tolerate or be against crypro in general before it gains popular acceptance. As long as only a small percentage of the population use Bitcoin, that threat is real. The solution only I see is to create more real world use case beyond speculation. It will also help a lot if pro-bitcoin or at least more open minded candidates get to congress. Personally, I think it will be nice to have a little common sense regulation and policy clarity from SEC.

Stella Mese

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Quote from: Hyphen(-) on May 22, 2023, 03:04:41 PM

Quote from: Forever101 on May 22, 2023, 02:17:47 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.

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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.

yes, my opinion is the same as yours, because in my opinion also bitcoin is a valuable asset and of course safe because in my opinion the safest is still btc when compared to altcoins.

so the most important thing is that we have to be able to protect our assets such as not storing btc on exchanges because the safest thing is to still store btc like in a hardware wallet.

but we won't know for the future,
And you need to remember that there must be a risk. So we must be ready to take risks.

Nwada001

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Quote from: Forever101 on May 22, 2023, 02:17:47 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.

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 actually love a world of total reality; I don't leave in a world of assumptions; what I actually care about right now is today and nothing beyond 5 years. Of course, there is a lot of technological advancement, and we cannot deny the fact that hackers and attackers are actually looking for vulnerabilities to penetrate the blockchain. That's why we have active developers who are always upgrading the network. So I believe they will always see and detect attacks that are coming to the blockchain and possibly stop them before they cause any harm to it. I don't actually have more knowledge than the developers, but what I could say is that Bitcoin will be fine as long as the developers are constantly building and upgrading the network.

Stalker22

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From my perspective, the most significant unforeseen situation that could impact the crypto space revolves around regulatory challenges. As cryptocurrencies continue to evolve, it is possible that governments may introduce new regulations that have the potential to significantly impact the entire crypto ecosystem.

tabas

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AFAIK, with that time satoshi said that there might be the biggest transaction or no transaction at all.

Quote from: Hyphen(-) on May 22, 2023, 03:04:41 PM

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.

The first thing that I've thought of are the quantum computers and it's said that this is going be able to easily conquer the blockchains and can attack them in split seconds. That's what I've understood from the speculations that I've read all about it. But then, it's gonna be a long way to go until an attack manages to successfully penetrate a blockchain that's been fully secured through POW and has got a lot of layers of security unlike those POS algo by other altcoins.

Doan9269

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Quote from: Forever101 on May 22, 2023, 02:17:47 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.[) quote]

There's no unforeseen good and better development with the bitcoin network that we haven't seen already with the bitcoin network and it BIPs whicheams nothing than seeing the network progressing as expected and extending to every part of the world where it has not been adopted, we all look forward to seeing more countries making bitcoin a legal tender, we don't expect any other than thses as long as the network is not attacked and the protocols remains effective guiding it with the blockchain technology, bitcoin remains ever relevant.

Zaguru12

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Quote from: Upgrade00 on May 22, 2023, 03:55:09 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, 02:17:47 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, 02:17:47 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.

Topic: The unforseen and likely occurrence in the Bitcoin space (Read 268 times)