Topic: UPDATE - page 2. (Read 1703 times)
It won't be good as the coins are getting values based on halving and the total amount of available coins, so if the limits increase, we will only see a decrease in the price and as said, no one will let their coins sold at lower rates just because of the "injustice" that might be done on the name of increasing limits...
The 21M limit will NEVER be changed. It's not needed and it's a bit difficult to do as well.
Your clients have denominations like uBTC and mBTC, and even satoshis, so think about that.
Your clients have denominations like uBTC and mBTC, and even satoshis, so think about that.
In my opinion, in future if prices increses a lot, we will use mBtc as a reference, we don't need to increase the bitcoin limit. We only have to change the basic unit to another smaller.
Can theese fork make loose BTC or devs will create the right tools to avoid that?
they will not happen, there will be no consensus ever for this, look at the block limit, there is still no consensu, and you want consensus on something that is not broken by a long shot
There is absolutely no need for the 21M coin cap to be increased as you can split 1 BTC into many smaller pieces. A higher price will make owning 1BTC in the future only possible for people with good money. You can set most of the wallets to display anything from BTC to mBTC and uBTC.
Bitcoin is opensource, the devs, they can make these kind of changes, but I am sure they will never increase the amount of coins. I would directly sell all my coins and never look back at Bitcoin if this happens. If they do it once, they will also do it twice. The coin cap is something you don't mess with.
Faster confirmations would be a much appreciated change and will help Bitcoin become an even better alternative to other fiat currencies. Currently for online purchases it doesn't really bother me, but if I plan to buy a tv or something else that is quite costly in the future, I don't want to wait over 30 minutes to get a single confirmation, so I can walk out of the store with my purchase.
Blocksize is a another thing, currently they are getting fuller and fuller with the months. I don't mind seeing the blocksize being increased to 2MB, for now. Anything higher will make pools go nuts. The devs should come up with something very soon.
Bitcoin is opensource, the devs, they can make these kind of changes, but I am sure they will never increase the amount of coins. I would directly sell all my coins and never look back at Bitcoin if this happens. If they do it once, they will also do it twice. The coin cap is something you don't mess with.
Faster confirmations would be a much appreciated change and will help Bitcoin become an even better alternative to other fiat currencies. Currently for online purchases it doesn't really bother me, but if I plan to buy a tv or something else that is quite costly in the future, I don't want to wait over 30 minutes to get a single confirmation, so I can walk out of the store with my purchase.
Blocksize is a another thing, currently they are getting fuller and fuller with the months. I don't mind seeing the blocksize being increased to 2MB, for now. Anything higher will make pools go nuts. The devs should come up with something very soon.
-snip-
3) Change block speed (for faster confirmation)
Note that none of these involve the 21m cap. If you decrease block speed by half the reward would have to be dropped too for example.
I would agree with 1 and 2 but definitely not 3. 10 minute block is ideal for Bitcoin as there is lesser forks and stales for miners and more security for merchants. The security of 2x 5 minute confirmations would have the security of 1x 10 minute confirmation. Merchants would start requiring more confirmations if that happens. Right now, most brick and mortar shops do not even require a confirmation to accept a transaction. 3) Change block speed (for faster confirmation)
Note that none of these involve the 21m cap. If you decrease block speed by half the reward would have to be dropped too for example.
This can be done but it is something that never will be done. The instant this gets any actual development bitcoin will fail. There is no reason at all to change this. It's perfect as it is and always will be. Bitcoin was created to counter the very reason of uncontrolled money print. 21m will always be its limit or else bitcoin will fail.
I believe we will have 3 hard forks eventually:
1) Change block size (this already is needed)
2) Change cryptography (in less than 100 years it may be outdated and easier to crack)
3) Change block speed (for faster confirmation)
Note that none of these involve the 21m cap. If you decrease block speed by half the reward would have to be dropped too for example.
I believe we will have 3 hard forks eventually:
1) Change block size (this already is needed)
2) Change cryptography (in less than 100 years it may be outdated and easier to crack)
3) Change block speed (for faster confirmation)
Note that none of these involve the 21m cap. If you decrease block speed by half the reward would have to be dropped too for example.
It's all about supply and demand.
But if Bitcoin does get into the future, many cryptocurrencies would be made.
But if Bitcoin does get into the future, many cryptocurrencies would be made.
It is possible for Bitcoin limit to be increased but only if the entire network agrees to it else it would just create another fork which wouldn't affect Bitcoin. 21 million is more than sufficient for people to use Bitcoin as it has denominations down to 1 satoshis and can be increased in the future.
UPDATE
Jump to: