What will happen with Bitcoin if it never scales? - page 14.

Abiky

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Quote from: thebanker28 on December 27, 2017, 12:03:09 PM

I think Bitcoin will scale - just in time, This was the same as the internet back in the day. Everone said it would never scale - it was always going to break - but as we know it scaled when it needed to. It wasnt always easy or pretty but it worked. I think Bitcoin will be fine.

Yeah. While other cryptocurrencies have already adopted scalability solutions and have increased their transaction throughput, Bitcoin has been slowly adopting upgrades in the safest way possible. Considering that it is the largest cryptocurrency by market cap, it should carefully test and implement safe, scalable solutions to avoid flaws that would cause unexpected loss of funds.

It has already adopted SegWit, and its paving the way towards activating the Lightning Network. Once this becomes a reality, then many altcoins would lose their popularity as Bitcoin rises in traction once more. In the meantime, Bitcoin will be used as a store of value until it scales properly to support micropayments and even smart contracts with RSK.

With patience, I believe that Bitcoin will reach much more than meets the eye. Most people are with Bitcoin, and the cryptocurrency will continue to leave its mark in the mainstream world for years to come. Just my opinion

thebanker28

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I think Bitcoin will scale - just in time, This was the same as the internet back in the day. Everone said it would never scale - it was always going to break - but as we know it scaled when it needed to. It wasnt always easy or pretty but it worked. I think Bitcoin will be fine.

Abiky

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Quote from: Faroxx on December 21, 2017, 06:50:45 AM

It seems to me that bitcoin is not affected. Many people perceive within as gold and used for transactions other cryptocurrencies.

True. Even though fees are rising, and transactions are slow on the Bitcoin network, people will continue to use it as a store of value. Since there are many other altcoins which provide faster transaction speeds and cheaper fees than Bitcoin, people have the choice to migrate to these cryptocurrencies for their daily transactions.

So, even if Bitcoin doesn't scale to a full-fledged mainstream cryptocurrency, it will survive for many years to come as digital gold and the reserve currency of all the altcoins in existence. However, while Bitcoin has been struggling with scalability issues, a series of altcoins have emerged that address these problems. Coins like Pascalcoin uses the "SafeBox" mechanism for infinite scalability. On the other hand, we have IOTA and RaiBlocks which have a feeless structure and the ability to scale to a wider audience than the pioneer cryptocurrency.

Nevertheless, it shouldn’t matter if Bitcoin scales or not nowadays since it will be seen among many people as a form of long-term investment and not as a digital cash system for daily payments. Just my thoughts Grin

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It seems to me that bitcoin is not affected. Many people perceive within as gold and used for transactions other cryptocurrencies.

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Quote from: Miltwo on December 20, 2017, 03:32:14 PM

This is a very tough question. I dont even like to imagine a scenario where bitcoin fails to scale, because it could get very ugly for all cryptocurrencies in the market...

I wouldn't be so pessimistic

In fact, I don't think anything devastatingly bad or ugly is going to happen at all if Bitcoin fails to scale up in due course. It is not used in the real economy anyway, so what's the difference really? It is not something which works today and breaks tomorrow, it is something which just doesn't get done in proper time. In this way Bitcoin is likely going to simply fall out of use eventually and pass out of existence in the end. But it definitely won't be a certain date or event. There'll be enough time to prepare yourself and your money for the switch. Basically, you should have already done this, I mean to be prepared

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This is a very tough question. I dont even like to imagine a scenario where bitcoin fails to scale, because it could get very ugly for all cryptocurrencies in the market...

Abiky

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Quote from: deisik on September 12, 2017, 10:56:59 AM

It certainly won't be like gold

Simply because gold has unique properties that no other metal or substance can reproduce. By and large, Bitcoin is essentially just one cryptocurrency among many others out there. It enjoys the first-mover advantage, of course, but this is obviously not enough to always stay at the top. In fact, I can tell what will happen if Bitcoin fails to scale. It will first stagnate with it price lacking enough growth, then its profitability will start to suck, and after that people will massively dump their Bitcoin stashes in favor of more profitable coins which don't fail to keep up with the progress (evidently, not limited to solving just scalability issues)

You do have a point there, mate. Comparing Gold and Bitcoin nowadays, is just like comparing apples and oranges. Given the fact that Bitcoin lacks many of the properties of Gold such as fungibility, it is difficult to compare as digital gold.

Also, one of the biggest problems Bitcoin is facing right now is its ability to scale to a large user base. Because it is having a hard time trying to reach full consensus within its community, the vision of using it for mainstream payments will become quite distant into turning as a reality.

Therefore, there are currently better cryptocurrencies with greater features, and scalable solutions already activated within their protocols. In this regard, Bitcoin has been already outmatched, but in terms of market cap and value, it is still king.

Nevertheless, only time will tell if it will be able to keep up as the king of cryptocurrencies or not. Just my thoughts Grin

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Quote from: Michael_Gims on September 11, 2017, 10:59:18 AM

If bitcoin never scales, it will just be like gold, reserved to very valuable transactions

It certainly won't be like gold

Simply because gold has unique properties that no other metal or substance can reproduce. By and large, Bitcoin is essentially just one cryptocurrency among many others out there. It enjoys the first-mover advantage, of course, but this is obviously not enough to always stay at the top. In fact, I can tell what will happen if Bitcoin fails to scale. It will first stagnate with it price lacking enough growth, then its profitability will start to suck, and after that people will massively dump their Bitcoin stashes in favor of more profitable coins which don't fail to keep up with the progress (evidently, not limited to solving just scalability issues)

Michael_Gims

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If bitcoin never scales, it will just be like gold, reserved to very valuable transactions.

Microtransactions will move to other cryptocurrencies.

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Probably, micro transactions will lessen and bitcoin will just serve as valuable assets of the people who entered the bitcoin world. The value may stop rising up or worse depreciate through time. Bitcoin may die if that happen but I don’t think it will because it has a very high potential.

Abiky

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Quote from: senin on July 28, 2017, 06:50:03 PM

Safety and slowness in carrying out the forthcoming scaling of bitcoin are now very important for its viability. Therefore, everything goes to the fact that this problem will be successfully resolved in the near future. Bitcoin can not stop on the way to solving this problem. In any case, I hope so.

Yeah me too. If Bitcoin manages to solve its underlying issues in a safe and secure way, then it will open its path for greater success in the future. Sometimes is best to not rush things, in order to help develop a solid solution that would become a success in the long term. Because if proper steps are not taken to ensure the security and safety of users funds within the Bitcoin network, it may lose its credibility and may lead to its end.

Today, marks an important day for Bitcoin towards SegWit activation and the emergence of a UAHF called Bitcoin Cash. Hopefully, everything will lead for the better and Bitcoin will prevail towards fully adopting the SegWit2x solution. All that will lie ahead will be its 2mb block size increase, and it will be complete. Just my opinion

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Quote from: quake313 on March 29, 2017, 02:20:26 PM

If you read Core's road map they want it to be able to scale both on chain and off when necessary. They just want it done slowly and safely as possible.

Safety and slowness in carrying out the forthcoming scaling of bitcoin are now very important for its viability. Therefore, everything goes to the fact that this problem will be successfully resolved in the near future. Bitcoin can not stop on the way to solving this problem. In any case, I hope so.

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Quote from: Anegg on July 01, 2017, 04:19:21 AM

If that happens bitcoin will probably not be used for small transactions, but lean more over to being like gold. It just won't be spent that much, but people will still hold it. Other altcoins have already taken some of bitcoin's market cap but there is still not much happening with them. I think if that did happen bitcoin will become a speculative tool, literally internet gold but people will still use it sometimes. It just wont be as useful as it is right now.

It might be. While Bitcoin is often compared to Gold, it still lacks the full properties of Gold since the pioneer cryptocurrency is extremely volatile, unlike the well-known precious metal. But, one thing for sure is that if Bitcoin never scales, people will head towards other altcoins which are faster and provide better features.

In the end, the market will decide if BTC remains as the top cryptocurrency or not. People would prefer to use a cryptocurrency that would be able to manage their daily payments in the less time possible. Thus, if Bitcoin won't be able to provide quick settlement, then it would greatly reduce its chance to become used in the mainstream world anytime soon.

Hopefully, with the recent emergence of miners accepting SegWit2x, we might see a positive change for the pioneer cryptocurrency that would maintain its position in the market. Only time will tell what lies ahead for Bitcoin's value proposition. Just my opinion.

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Quote from: Anegg on July 01, 2017, 04:19:21 AM

Quote from: Abiky on March 29, 2017, 01:31:52 PM

What do you think that might happen with Bitcoin if no scalable solution becomes accepted?

Will it remain as a store of value, while other altcoins take the lead for everyday transactions? Or will another cryptocurrency take its place as the top in marketcap?

I would like to know your thoughts about this, as the ongoing scaling debate will further limit Bitcoin from reaching new heights. As for me, I believe that the Bitcoin community would come up at a resolution somehow to put an end to this issue, and make the pioneer cryptocurrency great again. What do you think?

If that happens bitcoin will probably not be used for small transactions, but lean more over to being like gold. It just won't be spent that much, but people will still hold it. Other altcoins have already taken some of bitcoin's market cap but there is still not much happening with them. I think if that did happen bitcoin will become a speculative tool, literally internet gold but people will still use it sometimes. It just wont be as useful as it is right now

I don't think we are ever going to live up to that

Bitcoin is not gold, in the sense it doesn't have that base of intrinsic value that gold has. That means that gold won't lose its properties if it stops being used like it was used in the past, i.e. as money (in other words, it didn't lose its value when it stopped being a means of payment). You can in fact claim that Bitcoin will remain the same Bitcoin even if no one uses it anymore. That's true, but these properties that make up Bitcoin, unlike those of gold, are not what Bitcoin is valued for. Bitcoin is valued for its being a highly profitable speculative asset, and if it just stops being profitable for any significant amount of time (I'm not even talking about being abandoned as such), it will lose all its appeal, allure, and attractiveness

Natalia_Volkova

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Bitcoin takes such strong positions in the cryptomarket because of its popularity. If people start using other crypto currencies for daily transactions, then bitcoin will decrease in price and demand for it will fall. As for other cryptocurrencies, they will take Bitcoin's place.

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Quote from: Abiky on March 29, 2017, 01:31:52 PM

What do you think that might happen with Bitcoin if no scalable solution becomes accepted?

Will it remain as a store of value, while other altcoins take the lead for everyday transactions? Or will another cryptocurrency take its place as the top in marketcap?

I would like to know your thoughts about this, as the ongoing scaling debate will further limit Bitcoin from reaching new heights. As for me, I believe that the Bitcoin community would come up at a resolution somehow to put an end to this issue, and make the pioneer cryptocurrency great again. What do you think?

If that happens bitcoin will probably not be used for small transactions, but lean more over to being like gold. It just won't be spent that much, but people will still hold it. Other altcoins have already taken some of bitcoin's market cap but there is still not much happening with them. I think if that did happen bitcoin will become a speculative tool, literally internet gold but people will still use it sometimes. It just wont be as useful as it is right now.

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Quote from: Emitdama on June 26, 2017, 02:42:20 AM

Quote from: jaked on June 23, 2017, 05:02:21 PM

Quote from: mindrust on March 29, 2017, 02:22:17 PM

If bitcoin gains so much value in time, it won't make any sense to use it for small transactions.

On the other hand, If we don't see a development about the problem, the price may not climb at all. It's a problematic situation in every way.

The US $ has gained so much value in time, yet everyone wants to use it for micro transactions.

Probably it has gained it's value but for some how maybe today bitcoin is rising.Who knows Tomorrow? Maybe Bitcoin become a one of cheap currency and lost the value what it has right now. People are spending and getting income from bitcoin.So therefore people want fast transaction of bitcoins in a less number of withdrawal

If it loses the scale then I think the number of bitcoin will increase in the market like traditional currency and the rate of pay of services and commodities will increase but will never disappear because of virtual features which are the core need of virtual world. And very honestly it is now the demand of the new generation and they can have the best chance to use bitcoin for their online business or any other online activity.

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Quote from: Abiky on June 27, 2017, 10:00:59 AM

Quote from: deisik on June 24, 2017, 08:17:01 AM

Somewhat delayed reply (much has changed since then) but still

If Bitcoin doesn't scale, it is unlikely that it will be used as a store of value. Strictly speaking, it hasn't been used as a store of value at all ever since its emergence. It has been used as a speculative asset, and let's remain honest here, people buying it were looking primarily for earning profits via it not saving their wealth with it. Bitcoin with its insane volatility is simply not suitable for that purpose. In this way, if Bitcoin doesn't scale, its use will shrink and once its price hits a certain threshold on its way down, Bitcoin will switch into an uncontrollable and fierce collapse mode

That is certainly true, mate. Most people are into Bitcoin not to use it as a store of value, but mostly to make money out of it. It is often seen as a tool to make you profits, and sometimes wealthy if a right strategy is followed.

However, people would become dissapointed if the pioneer cryptocurrency doesn't scale as their transactions take longer to confirm, as well as fees become higher, making them switch to another cryptocurrency which could deliver better speed and cheaper fees. Also, Bitcoin is still volatile which is one of the weaknesses it has to become used as a serious currency unlike the USD which is stable

I see no point at being disappointed here

Especially, if you made decent profits with it (well, losing a goose laying golden eggs might be a cause for disappointment, after all). Bitcoin would remain the first decentralized cryptocoin out there, but personally, I would prefer if it quickly kicked the bucket than kept slowly spiraling down and gradually turning into yet another shitcoin that folks would be ashamed of. Bitcoin is only a tool, and I don't see a lot of sense in becoming emotionally attached to it

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Quote from: deisik on June 24, 2017, 08:17:01 AM

Somewhat delayed reply (much has changed since then) but still

If Bitcoin doesn't scale, it is unlikely that it will be used as a store of value. Strictly speaking, it hasn't been used as a store of value at all ever since its emergence. It has been used as a speculative asset, and let's remain honest here, people buying it were looking primarily for earning profits via it not saving their wealth with it. Bitcoin with its insane volatility is simply not suitable for that purpose. In this way, if Bitcoin doesn't scale, its use will shrink and once its price hits a certain threshold on its way down, Bitcoin will switch into an uncontrollable and fierce collapse mode

That is certainly true, mate. Most people are into Bitcoin not to use it as a store of value, but mostly to make money out of it. It is often seen as a tool to make you profits, and sometimes wealthy if a right strategy is followed.

However, people would become dissapointed if the pioneer cryptocurrency doesn't scale as their transactions take longer to confirm, as well as fees become higher, making them switch to another cryptocurrency which could deliver better speed and cheaper fees. Also, Bitcoin is still volatile which is one of the weaknesses it has to become used as a serious currency unlike the USD which is stable.

Despite all the facts, I'm still confident that Bitcoin will become improved over time and scale to new heights that were never imagined. Most recently, SegWit2x has shown support from the majority of miners, which may become successful once active to open the pioneer cryptocurrency's path for growth in the future.

Whatever happens, it is always best to diversify your investments into other assets just to be safe. Just my thoughts. Grin

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Quote from: jaked on June 23, 2017, 05:02:21 PM

Quote from: mindrust on March 29, 2017, 02:22:17 PM

If bitcoin gains so much value in time, it won't make any sense to use it for small transactions.

On the other hand, If we don't see a development about the problem, the price may not climb at all. It's a problematic situation in every way.

The US $ has gained so much value in time, yet everyone wants to use it for micro transactions.

Probably it has gained it's value but for some how maybe today bitcoin is rising.Who knows Tomorrow? Maybe Bitcoin become a one of cheap currency and lost the value what it has right now. People are spending and getting income from bitcoin.So therefore people want fast transaction of bitcoins in a less number of withdrawal

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