Such a Great Article!! I learned something new from your blog. Amazing stuff. I would like to follow your blog frequently. Keep Rocking!!
Checkout: https://www.credosystemz.com/training-in-chennai/blue-prism-training-in-chennai/
Topic: What will happen with Bitcoin if it never scales? (Read 11417 times)
it has not been scaled as currency, there is no crypto currency that tends to scale for mass adoption.It's hard for merchants to have confidence in receiving bitcoin if they do not have confidence that the income they produce will have the same value..
You do have a point there, mate. There would be no point in scaling Bitcoin for mass adoption, if its value is relatively unstable. Considering how hard Bitcoin has been hit with this year's bear market, it'll be quite difficult for Bitcoin to attract new people into using it for their daily needs. Hence, there should be more regulation in the crypto space to help stabilize Bitcoin's price. Only then, Bitcoin could aim for scaling to limitless TPS for the whole world to enjoy.
The real question is whenever Bitcoin's LN would become adopted or not within the future. Because if it doesn't, then the scaling solution would have failed. Then, there would be nothing else left for Bitcoin but to simply look for an alternative scaling solution which could be easily adopted by the masses. The key is to promote and spread education related to Bitcoin's newest scaling technologies to make people use them. Otherwise, Bitcoin will continue to be used as a store of value for a long time. Just my opinion
it has not been scaled as currency, there is no crypto currency that tends to scale for mass adoption.It's hard for merchants to have confidence in receiving bitcoin if they do not have confidence that the income they produce will have the same value..
Then it will be a terrible currency system. Number of the users will be limited, and bitcoin can only serve a small group of people. Other program will replace bitcoin one day.
That's certainly true, mate. If Bitcoin doesn't scale to the wider public, then it cannot be used as a currency. It would only be useful as a store of value, just like Gold. As you've said earlier, another cryptocurrency might replace Bitcoin sometime in the future, if it proves to be secure, faster, and cheaper than Bitcoin. The technology is already there to make Bitcoin scale to millions of TPS at the lowest cost possible. However, it would be up to the people to adopt new scaling solutions to help make Bitcoin a better cryptocurrency.
Otherwise, existing centralized payment solutions would stay on the lead for quite some time. Bitcoin and Blockchain technology need to beat out centralized systems like PayPal and Visa, to effectively remove the middleman once and for all. Only then, Blockchain would've achieved its true purpose by giving the people sovereignty over their own money.
Nonetheless, this will be long story that might never end if no scaling solution is put up to the test. Just my thoughts
All must decide, and for the better! Bitcoin will remain and retain its value, and may even increase. Go to a higher asset class. And other coins will perform for him all the dirty work.
if a currency type that which is restricted for extended module, no many people want to join it
Then it will be a terrible currency system. Number of the users will be limited, and bitcoin can only serve a small group of people. Other program will replace bitcoin one day.
the community will definitely maintain the bitcoin market cap. if there is a store that accepts bitcoin as a payment, surely bitcoin is a coin that will be used for that. because bitcoin is the most popular coin and we cannot refute it. but if indeed the facts in the field indicate that the altcoin is more leading for everyday transactions, the ether, ripple, or xlm will lead it. and bitcoin will be forgotten.
I think that if bitcoin does not scale, it will dry out as with any technology/company that does not progress into the future, it will be replaced and forgotten, but for that to happen the community has to let it die, which I do not think will happen because btc is decentralized and have very committed fans.
Scalability alone cannot kill Bitcoin although it is good for it to scale in order to achieve the daily usage of BTC in the purchase of goods and services, thus serving its first purpose as a currency. If BTC does not scale, it will still remain as a store of value which is already seen now - due to its limited supply, the increase demand will raise its value which will bring more profits to its investors/holders.
If you can not scale bitcoin.
People are going to start losing bitcoin's reliability and it can go down much more.
People are going to start losing bitcoin's reliability and it can go down much more.
If it doesnt scale , it may become stable which is i think good because it will be less threatening though we cannot experience a high potential profit anymore but this event can still open many possibilities for bitcoin .
Actually most of the people are buying bitcoin as investment rather than to use in their daily life, but maybe soon it will be used to pay different things in daily life.
when governments start accepting payment of taxes and fees in bitcoin, then employers will start using it to pay salaries and bitcoin will enter people's lives even more.Bitcoin can never get taxed because it is not under the governments but it can still be used by a government organozation or any other companies and they can used it to pay for thier employees .
If you can not scale bitcoin.
People are going to start losing bitcoin's reliability and it can go down much more.
People are going to start losing bitcoin's reliability and it can go down much more.
I think that btc will have a great future. I hope that it will be used widely all over the world. I think that it will be able to povide us with numerous advantages and one of them is the fast payments and confidentiality btc offers
I think that if bitcoin does not scale, it will dry out as with any technology/company that does not progress into the future, it will be replaced and forgotten, but for that to happen the community has to let it die, which I do not think will happen because btc is decentralized and have very committed fans.
LN is an off-chain solution. I don't know about other users, but for me it is just not the same as seeing my tx in a block explorer. So, I am still looking for Bitcoin to scale, really scale, on-chain scale. Otherwise, the first scenario (of skyrocketing fees) will happen, of that I am sure.
Well, it's hoped that the LN would reduce load on the main Bitcoin blockchain by doing everything off-chain. Fees might not rise drastically like it did last year, since opened channels on the LN could process thousands (if not millions) of transactions without the need to close them. The on-chain fee would rely on opening/closing a LN channel. However, because channels could remain open for as long as the user wants, stress on the main chain would not be that much. Better off, Channel Factories would greatly eliminate the need to constantly open/close a LN channel, resulting in lesser fees on the BTC network.
As for on-chain scaling, it might work, but it has a far more centralized approach than LN. Imagine having a blockchain with huge block sizes of 128mb (like Bitcoin SV). This will involve higher storage and bandwidth costs for full node operators, which results in greater centralization of the blockchain. On the other hand, LN is a much more decentralized approach as anyone (AFAIK) can launch a LN node without the need to spend a lot in resources. The LN enables the user to select among different nodes available if he/she believe that a specific node is centralized. While I'm not sure how LN transactions could be tracked, it seems to be the safest approach for scaling Bitcoin without compromising the blockchain.
Nonetheless, if by any way Bitcoin doesn't scale, then it shouldn't be an issue, since other Bitcoin forks have managed to increase their block sizes for greater capacity. They'll serve their purpose as "digital cash", while Bitcoin will remain as a store of value and the King of Cryptocurrencies. Just my opinion
If BTC never scales, the industry will be majorly affected, people will not invest in other coins that are connected or inclined with BTC. Some "coins" will be dissolved as well. There might be a chance that the whole market will be disrupted 
The problem of bitcoin scalability is related to the initial limitation by developers of the size of one megabyte of the basic structure for data storage (block) in its blockchain
The answer is quite simple isn't it? The number of transactions will be limited and this can either result in one of the two scenarios. The first scenario is that the transaction fee will skyrocket and users will be paying $100 or $200 for a single transaction. The second scenario is that the number of users will remain constant or even decline, as users will move towards a scalable coin.
Yes. In fact, many people have already moved towards scalable cryptocurrencies with far better features than Bitcoin itself. Cheap micropayments and quick transfers are already possible with altcoins. However, I believe that it's good for Bitcoin to scale, since it'll be able to grow in ways that were never thought possible. If it scales, then most people would use it at a greater level than altcoins themselves. The only advantage altcoins have right now, is their quick speeds and low costs. However, Bitcoin can achieve the same results if it scales with the Lightning Network.
Since many altcoins have already scaled, there shouldn't be any reason to worry about Bitcoin scaling to the world. It can be used as a store of value, due to its limited supply and unparalleled security. At the cost of slower speeds and higher costs, it could be worth securing your money in Bitcoin if it provides you with unmatched security unlike any other cryptocurrency in existence.
Nonetheless, time will tell us whenever the Lightning Network will become adopted by the world or not. Just my thoughts
Despite all the current difficulties with bitcoin development, it can still be used as a currency, not just an investment. It will be able to scale as intended.
Bitcoin as a comparison in cryptocurrency is something that should be, because the value of bitcoin itself compared to altcoin is very different. Indeed there are a number of altcoins that are close to the price of bitcoin, but that is not a measure because of price fluctuations that cause price differences.
bitcoin will still be the best gold coin and I am sure bitcoin will remain number one even though transactions are not as many as altcoin because they have high selling points and crytocurrency will always increase and will always strengthen many altcoins wherever the market I think will be busy and investors will be happy in selling and buy if the market is crowded so that bitcoin will become the peak of altcoin sales
At first bitcoin is indeed accepted as an asset. It's just the development until now bitcoin serve as a means of payment. If bitcoin never scales in my opinion bitcoin will remain an assetand the use of bitcoin as a means of payment will decrease
Jump to: