Topic: What does the future of bitcoin look like?? - page 31. (Read 2843 times)

A big truth is that in the old time bitcoin was used by illegal activities doing people ,but now as bitcoin is not much Annynomuous than was it , so people who are involve in illegal activities are not use it for bad use/illegal purpose Because now bitcoin buy sell is no more annonymous , government are taking attention towards such transactions at exchange , so here we can say that digitization is going on and bitcoin is available to use for legal purpose only .
And also segwit2x is near to happen by the team , so fee and confirmation will get into.speeder , so we need just wait for bitcoin to be more advanced ( for 4-5 months only ) and we will see bitcoin has no need to further improvements .

Yeah it will definitely be a while before it could happen.

Yes Bitcoin is great, it is the king of crypto. But, like most pioneering technologies, its riddled with issues. Sadly, when you are the pioneer of a new technology, you just can't foresee all the problems that will arise. So what ends up happening is the pioneers end up paving the road for everybody else. And everybody else then has the advantage of scrutinising the technology from outside the box. It leads to further inventions and greater discoveries.

I will agree with you that I was maybe a bit too harsh on Bitcoin being so decentralised nowadays, but too say that bitcoin is the most decentralised is a bit far fetched.

And all coins took a huge hit leading up to Christmas not just bitcoin. So that does not really explain why they are losing market cap to alternatives. It does explain the price drop though.

Lol. Well that was probably when mining was still profitable. It's not an environment for people like you and me anymore with an average in-home system. You might have better chance at success than me because you are probably more familiar with hardware, programming, ect. But when considering the larger population of today and their chances of getting involved without breaking the bank, then it's not sustainable.


All the other major alt-coins are soaring past bitcoin in terms of cheap & fast transactions. Dash for example has the fancy interface and is close to instant transaction speed and Ethereum is super quick and cheap. These alt-coins are not weaker in security either.


Well the argument doesn't go both ways, because my argument is that the king can be dethroned and I have put before you similar cases where the king (or pioneer of a new technology) has been dethroned.

For you to dispel my argument, you would have to prove that no market pioneer has been dethroned.

And for the record Intel actually came before AMD and Amazon actually came before Ebay.
Also, Apple are a bigger company than Microsoft, but Microsoft is still the dominant operating software.

All of these companies that you mention in your desperate attempt to win an argument have veered off into different markets and technologies, whereas I gave you examples of very when a creation was overtaken by a direct competitor. Like Facebook v Myspace and Yahoo v Google.
It's all irrelevant anyway because my point is that don't be fooled to think because BTC was the creator it will stand the test of time against competitors.



I am in your corner here. Eventually I also hope to move towards a completely decentralised internet.

You are right to some extend in your analysis, but before bitcoin can be overtaken by any other alternative cryptocurrency is going to take a while is too early for bitcoin to say good bye in the cryptocurrencies world. Bitcoin is the king of crypto and at that it potential is so great and you talked about bitcoin being centralized that is not true bitcoin is the most decentralized among all other cryptocurrencies the recent fall in price is engineer by so many factors ranging from the Christmas celebration where many holders change their bitcoin into faint in other to enjoy the holiday with family and secondly the break down of mining farm in Japan which lead to thousands of unconfirmed transactions and further leading to higher transactions fees.

A brighter future and greener pasture awaits for those who save and invest bitcoin or even those actively participating in the forum who are goal-oriented and focus on seeking every opportunity that comes in their way.

I used to dabble a bit with mining and the surrounding ecosystem. Would probably mine if I had a house instead of being a city dweller though.



Agreed.

On the other hand it gives me comfort that BTC has only few alts to compete with regarding hashrate. Especially the BCH / BTC hashrate oscillations showed the negative effects of hashrate competition on network stability.



Which is why I expect the most important factor to be transaction throughput, since people want cheap and fast transactions.

You can always put a fancy user interface on top afterwards. Bad technology with a fancy user interface is still bad technology. Anyone who used Kraken lately should know. (I kid, I kid! Kraken is still a solid exchange regardless of performance issues!)

Store of value comes in a close second. However I assume that Bitcoin's viability as a payment network is of great importance for Bitcoin's role as store of value, which brings us back to transaction throughput as mentioned above.

Bitcoin competes with gold on the store of value side and with credit cards -- or at least PayPal -- on the payment side. Combine both and we got ourselves a winner.



The argument goes both ways:

AMD came before Intel.

Ebay came before Amazon.

Microsoft came before Apple. Wait. Nevermind. You get the point.


Given enough foothold, even deprecated technology -- whenever Bitcoin reaches that state -- can stick around amazingly long. Just look at IPv4 vs IPv6. A struggle that has been going on for decades, yet IPv4 still prevails. The network effect at play, quite literally.



I fully agree with you.



That's what worries me. Most people don't care about decentralization and trustlessness. Dismiss both principles and you can scale to your heart's content.

Not sure if a tokenized version of PayPal makes for a compelling value proposition to the average consumer though.

To some extend decentralization is just an ideal. But it's why I'm invested in crypto in the first place, otherwise I would have just continued lamenting PayPal.

That is good news for bitcoin regarding the lightning network.

In fact, the currency is now rarely used in crime, because the currency is not anonymous, crime will find more anonymous substitutes, so the currency is most in speculative hands now.

I think people are now looking for bitcoin as everyday use in life in  making trasaction they all needed bitcoin bitcoin will be popular compare to fiat currency and i think the price of bitcoin of it is $ 60,000 USD.

The future of bitcoin will depend entirely on the success of the lightning network, if the lightning network fails then bitcoin will become a store of value and nothing more and another coin will need to be used as a currency, but if the lightning network does in fact succeed then bitcoin will become a currency once again and with it, its spot at the top will be secured for a long time.

It will be dead or used as a store of value , i don't see bitcoin being used as a currency. At the moment i rather accumulate more altcoins then bitcoin.

2 month - people start invest back to bitcoin
2 year - they will think bitcoin is just like gold. can't use like fiat because too high fee

Yes, to be the leader there is surely lot many things need to be considered and a development or updation is required. Now itself the fear is found over each and every user from the recent ripple bump as mentioned. Same time this could be easily overcome if the developer community give priority to what is necessary to keep the functioning of the entire network in an efficient manner same as that when the user network is low.

To still stay on top there are some homework that need  to be done by bitcoin, solving the transaction fee and the speed problem that had been haunting bitcoin for a long time, we can see how quickly ripple swap eth place, so btc problem need to be fix as sson as possible before a lot of people  decide to use other coins as the sub currency, and there are tons of alt coins that are good coins and ready to swap btc place

the future of bitcoin is sky is the limit. the community just keeps on growing and a lot of alt coins are not trying to dethrone bitcoin but to complement bitcoin 2018 is going to be the prime year of bitcoin and cyrpto community in general

The future of bitcoin is bright and has many advantages on top of the traditional of crypto currencies. Furthermore, future market price would still be going higher than the present value and will be definitely becoming stronger.

Don't worry boys here is a good new for you;

Great News For Bitcoin! Lightening Network First Payment Was Successful!
https://www.coindesk.com/payment-provider-bitrefill-runs-successful-lightning-transaction-test/

Once the Lightening Network is fully implemented bitcoin will return to dominate the market as the one and only king of the cryptocurrencies

It is really heard to say crypto currency's future. Bitcoin is an exception crypto in the crypto world. It is the virtual currency that it has a lighting future. Price is so valuable and users of it are also in huge number. Bitcoin is the future of money. We can hope that Bitcoin will reach on better position in future.

In general I see the Bitcoin hardforks as alts of their own as well. But for the sake of argument it is important to keep in mind that those coins appeared basically out of thin air. Insta-alts, so to speak, complementary miners, community and issued coins included.



Entering Bitcoin mining has become incredibly hard, that is true. I'm not sure about mining profitably being completely out of reach for the average person though, as electricity costs vary a lot even in rather close geographical areas (at least in Europe) and I don't know how hard or easy it currently is to get your hands on mining hardware for a reasonable price.

Either way.

Bitcoin mining as a business is undoubtedly alive and kicking, otherwise we'd see a plateau in hashrate. However it keeps growing, courtesy of ongoing miner production, research and development.

Bitcoin mining as a community effort... yep, that's mostly gone, unfortunately. I don't think that the loss of this part of the community has much effect on Bitcoin's growth however, as each wave of newcomers will likely be less tech oriented than the one before. Or put differently, each wave of newcomers will care more about cryptocurrencies as speculative asset / payment method / store of value than about the technicalities of mining.



Admittedly this statement was a bit of a hyperbole, but as far as scaling is concerned, none of the alts that I've looked at closely so far have convinced me of offering a viable alternative approach.

Dash I have yet to take a closer look at, but its masternode based consensus algorithm smells to me like an even worse version of PoS, which by itself already is an instant turn-off to me. Arguments for / against PoS aside, I know too little about Dash to give full judgement. Unless Dash approaches blockchains vastly differently from Bitcoin -- such as a blockchain-abandoning, DAG-based currencies like Iota and ByteBall, both of which have issues of their own right -- it will likely fail to convince me (not that this should matter to anyone else).

Ethereum comes to a halt whenever a major ICO takes place or crypto-kittens clog the network. And that's not even what I would call real world applications. Any network that gets smothered by vaporware and memes has a lot of work ahead. Granted, one can expect Ethereum's scalability to improve over the next few years. Arguing about future Ethereum improvements is moot, however, as then you'd have to apply the same standard to other alts and Bitcoin itself.

Remember, I'm talking only about scalability in regards to transaction throughput here, as I believe that this will be the most important factor in the long term. Other pros and cons of the respective cryptocurrencies are ignored, as these would be discussions of their own. Also note that I'm mostly ignoring centralized solutions such as Ripple and Iota, as at that point I would consider crypto to have officially failed.