Topic: What will happen with Bitcoin if it never scales? - page 12. (Read 11417 times)
I'm not so sure altcoin can now replace bitcoin from real hergemony. Yet this revolutionary alternative economy is just beginning to grow and I am sure that extraordinary surprises will come soon.
No matter what area of life it is evolution is inevitable, BTC itself was a big revolution but decade after its launch we are seeing issues like slowness and high transaction fees associated with BTC transaction. BTC has to overcome these challenges else it will be very soon overtaken by coins that are lightning fast with zero transaction fee.
I think altcoin is like a helper for bitcoin and support for bitcoin in cryptocurrency. I think altcoin can not be in the top of marketcap as bitcoin is the leader of cryptocurrency and bitcoin is like a path for the others. Without altcoin, bitcoin is nothing and all of crypto currency is related with each others
I have a lot of points, bro
That said, I eagerly agree that Bitcoin and blockchain in general is a breakthrough technology in its own right, though I can't say that it has changed the economy much, not as yet. It can be said that it has built its own economy but it is still small and vulnerable, and it doesn't affect the real economy in any appreciable degree so far (whether it will remains to be seen). And let's not forget there are cryptocurrencies which are not based on the blockchain at all, so it is definitely not just about either Bitcoin or blockchain, or both. I'd rather say that it is applied cryptography and the Internet itself that are the major breakthroughs behind crypto as a whole
That said, I eagerly agree that Bitcoin and blockchain in general is a breakthrough technology in its own right, though I can't say that it has changed the economy much, not as yet. It can be said that it has built its own economy but it is still small and vulnerable, and it doesn't affect the real economy in any appreciable degree so far (whether it will remains to be seen). And let's not forget there are cryptocurrencies which are not based on the blockchain at all, so it is definitely not just about either Bitcoin or blockchain, or both. I'd rather say that it is applied cryptography and the Internet itself that are the major breakthroughs behind crypto as a whole
Agree. Blockchain is still in its infancy and cannot be considered as a serious technology for our economy. Cryptocurrencies like Bitcoin have been the experimental grounds for blockchain tech, to make it stronger than ever in the future. While blockchain tech has many inherent issues such as scalability and ease of use, the moment will come for it in the future, where it could handle anything within its path. If it wasn't for previously invented technologies such as the Internet and Cryptography, then blockchain wouldn't have become a reality nowadays.
Therefore, only time will tell whenever blockchain can scale up to millions of users without sacrificing its security and reliability. The blockchain's most valuable assets are immutability, and unparalleled security, and if it's able to scale without putting such assets at risk, then it would do just fine in the future. Other technologies which are not based on blockchain tech such as DAGs could also take off in the future, but it's a matter of question whenever they could scale safely or not by then. Just my opinion
I believe that there will be a time in the near future that bitcoin will be replaced on the top 1 position as there are so many cryptos now that has more potential and more use that bitcoin itself. We can never deny that bitcoin has made its strong foundation but surely there will be a better one that will be its replacement.
Bitcoin is just a Digital Asset that most people that use it have no idea of what Bitcoin actually is. Bitcoin is not meant to get transferred every second of the hour because it has a transaction fee.
Currently bitcoin is no longer an option to make micro payments because of its high transaction costs. Imagine if I want to send money back home as a remittance and I prefer to use other payment methods instead of using bitcoin because of the high cost.
It would be one of the best possible scenarios for Bitcoin if it never scales on the market wall. There are the people who are using it as a payment system and they will continue using it irrespective of the scalability point of view. The price would remain somewhat stable if speculators are not active in trading Bitcoin. However, things will remain same for the users (not the investors) and I don't see any possible harm in such case.
I think that sooner or later everything disappears, and bitcoin is no exception! But I am sure that in the coming years the crypto currency will become popular and will be used for its intended purpose!
It looks very much like the same good old cart-before-the-horse view
Litecoin has Lightning Network implemented for over a year now and how much did that promote "greater adoption in the mainstream world"? I guess the result attained equals next to nothing. The news about LN being activated in Litecoin definitely helped boost its price (I'd been there and seen that with my own eyes if anything), and it is likely through Litecoin's higher price that it got more "adoption" among trading folks. That's all. It didn't help expand its use and application in the real world in any significant degree. In fact, LN is not even used in this coin at all. So what makes you think that Bitcoin will be much different in this department? LN may make Bitcoin more usable overall (though even this is disputable), but it won't magically make it used more as a means of payment, sorry. People won't pay with gold for common things, no matter how easy and fast such payments can be made in practice. The same applies to Bitcoin as well
Litecoin has Lightning Network implemented for over a year now and how much did that promote "greater adoption in the mainstream world"? I guess the result attained equals next to nothing. The news about LN being activated in Litecoin definitely helped boost its price (I'd been there and seen that with my own eyes if anything), and it is likely through Litecoin's higher price that it got more "adoption" among trading folks. That's all. It didn't help expand its use and application in the real world in any significant degree. In fact, LN is not even used in this coin at all. So what makes you think that Bitcoin will be much different in this department? LN may make Bitcoin more usable overall (though even this is disputable), but it won't magically make it used more as a means of payment, sorry. People won't pay with gold for common things, no matter how easy and fast such payments can be made in practice. The same applies to Bitcoin as well
You do have a point there, mate. Even with LN in Litecoin, people aren't using it that much when compared to Bitcoin itself. And once Bitcoin improves with the Lightning Network, it could happen the same thing. Such things will allow Bitcoin to continue be used as "Gold", while other cryptocurrencies or fiat will be used as "cash".
No matter if Bitcoin scales or not in the future, it has managed to change the economy in ways we've never thought possible before. The blockchain technology is a pure genius and can bring many benefits to our society. In the end, what really matters is the technology itself and not the underlying cryptocurrency. Any cryptocurrency uses the blockchain nowadays, so I guess that the technology itself is of greater importance than any kind of asset/token you could imagine. Just my opinion
I have a lot of points, bro
That said, I eagerly agree that Bitcoin and blockchain in general is a breakthrough technology in its own right, though I can't say that it has changed the economy much, not as yet. It can be said that it has built its own economy but it is still small and vulnerable, and it doesn't affect the real economy in any appreciable degree so far (whether it will remains to be seen). And let's not forget there are cryptocurrencies which are not based on the blockchain at all, so it is definitely not just about either Bitcoin or blockchain, or both. I'd rather say that it is applied cryptography and the Internet itself that are the major breakthroughs behind crypto as a whole
It looks very much like the same good old cart-before-the-horse view
Litecoin has Lightning Network implemented for over a year now and how much did that promote "greater adoption in the mainstream world"? I guess the result attained equals next to nothing. The news about LN being activated in Litecoin definitely helped boost its price (I'd been there and seen that with my own eyes if anything), and it is likely through Litecoin's higher price that it got more "adoption" among trading folks. That's all. It didn't help expand its use and application in the real world in any significant degree. In fact, LN is not even used in this coin at all. So what makes you think that Bitcoin will be much different in this department? LN may make Bitcoin more usable overall (though even this is disputable), but it won't magically make it used more as a means of payment, sorry. People won't pay with gold for common things, no matter how easy and fast such payments can be made in practice. The same applies to Bitcoin as well
Litecoin has Lightning Network implemented for over a year now and how much did that promote "greater adoption in the mainstream world"? I guess the result attained equals next to nothing. The news about LN being activated in Litecoin definitely helped boost its price (I'd been there and seen that with my own eyes if anything), and it is likely through Litecoin's higher price that it got more "adoption" among trading folks. That's all. It didn't help expand its use and application in the real world in any significant degree. In fact, LN is not even used in this coin at all. So what makes you think that Bitcoin will be much different in this department? LN may make Bitcoin more usable overall (though even this is disputable), but it won't magically make it used more as a means of payment, sorry. People won't pay with gold for common things, no matter how easy and fast such payments can be made in practice. The same applies to Bitcoin as well
You do have a point there, mate. Even with LN in Litecoin, people aren't using it that much when compared to Bitcoin itself. And once Bitcoin improves with the Lightning Network, it could happen the same thing. Such things will allow Bitcoin to continue be used as "Gold", while other cryptocurrencies or fiat will be used as "cash".
No matter if Bitcoin scales or not in the future, it has managed to change the economy in ways we've never thought possible before. The blockchain technology is a pure genius and can bring many benefits to our society. In the end, what really matters is the technology itself and not the underlying cryptocurrency. Any cryptocurrency uses the blockchain nowadays, so I guess that the technology itself is of greater importance than any kind of asset/token you could imagine. Just my opinion
Without scaling Bitcoin is facing slow death against cryptos, which are able to scale. If Ethereum manages to scale before Bitcoin, then it will become the biggest crypto.
If scaling bitcoin is not carried out, it will mean that it will not provide everyone in transactions and transactions will hang and Ever since btc rose in popularity, many governments seem to be a bit hostile towards it.But I don't think it is going to change anything with respect to price volatility, at least not directly and Bitcoin's market dominance would be greater as many altcoins.
Scalability is essential for every cryptocurrency in order to increase its mainstream adoption, thus, the demand. Once the demand increase, the cryptocurrency is prone to succeed and rise to good heights on the coin market.
The more reason for most people engaged with Bitcoin is that it is seen as a long term valuable asset rather than being used for daily transactions. With this, the scalability does not hold much percentage to bring the down fall of Bitcoin.
The more reason for most people engaged with Bitcoin is that it is seen as a long term valuable asset rather than being used for daily transactions. With this, the scalability does not hold much percentage to bring the down fall of Bitcoin.
I think bitcoin will never accept if not scalable because the government will think that bitcoin price can be manipulated by the big whales and they will easily to make the prices up and down.
I agree with what you're saying that the bitcoin community will come up to finding a new solution to end this issue but this will need more support from bitcoin user itself. and if we can unite, together we can make cryptocurrency greater again.
I agree with what you're saying that the bitcoin community will come up to finding a new solution to end this issue but this will need more support from bitcoin user itself. and if we can unite, together we can make cryptocurrency greater again.
I think what will happen is Bitcoin will continue to run and boost its buying price so that In a short time, bitcoin becomes out of reach and it will be much less profitable for most miners ...
For me, if scalability is not resolved it will lead to bitcoin being a digital asset that gets its value based on rarity (at first). And as mining becomes hard, the miners will diminish and will cause a slow transaction which will lead to little to no adoption.
In short I think, bitcoin will be obsolete or die. Other currencies who can survive scalability problem will emerge.
In accordance to this, is there any thread in this forum geniuses are talking about on solutions about scalability?
In short I think, bitcoin will be obsolete or die. Other currencies who can survive scalability problem will emerge.
In accordance to this, is there any thread in this forum geniuses are talking about on solutions about scalability?
It's hard to predict how the market will move. A balanced increase is no longer happening. There was a steady decline. Lower coins are on the rise in the last few weeks. You can make your investments according to him.
Bitcoin's price is not as high as the old one. He suffered great depreciation. Everyone expects to return to his old power again.
Bitcoin's price is not as high as the old one. He suffered great depreciation. Everyone expects to return to his old power again.
And what awaits then the mass owner of Bitcoin coins, if they all expect a Rainbow future for their capital. This does not affect the price of Bitcoin in the coming years?
the biggest problem that is driving people away from bitcoin is the transactions and fee, bitcoin has been for a long time the leader of the cryptocurrency and it will stay that way, but with these problems that it is facing today the alt coins are trying to catch up to it, although they are not as popular as bitcoin.
Completely agree with you, mate. High fees and slow speeds, is what will kill Bitcoin in the long term since it makes payments impractical. However, this may change soon as the Lightning Network becomes active within the Bitcoin network to reduce fees to a minimum and provide near-instant transactions. This might bring back people which used altcoins for lower costs and faster speeds. In effect, Bitcoin's market dominance would be greater as many altcoins would be rendered useless due to the Lightning Network's unrivaled speeds
It looks very much like the same good old cart-before-the-horse view
Litecoin has Lightning Network implemented for over a year now and how much did that promote "greater adoption in the mainstream world"? I guess the result attained equals next to nothing. The news about LN being activated in Litecoin definitely helped boost its price (I'd been there and seen that with my own eyes if anything), and it is likely through Litecoin's higher price that it got more "adoption" among trading folks. That's all. It didn't help expand its use and application in the real world in any significant degree. In fact, LN is not even used in this coin at all. So what makes you think that Bitcoin will be much different in this department? LN may make Bitcoin more usable overall (though even this is disputable), but it won't magically make it used more as a means of payment, sorry. People won't pay with gold for common things, no matter how easy and fast such payments can be made in practice. The same applies to Bitcoin as well
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