Topic: What will happen with Bitcoin if it never scales? - page 2. (Read 11417 times)

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

Does btc really need to be scaled? I mean, of course, scaling will have its positive impact, but it's needed only if btc will become the mainstream means of payment, which is highly unlikely due to the very nature of btc. The best scenario for btc would be becoming value storage. No scaling needed in this case.

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.

If it doesn't scale up, it'll probably start crashing down slowly. Like an airplane losing altitude due to loss of fuel. I think bitcoins will spike back up to its $20,000 value last year and all it takes to do it is one swift investor move from everyone. But alas, we can't do so because we all have different ideas in mind.

If bitcoin isn't scaled it won't be as popular as it is now. Altcoin prices tend to be stagnant and there is no upward movement in value because currently bitcoin can be regarded as a benchmark value in cryptocurrency.

Exactly. If you need a cryptocurrency for frequent, daily transactions, then Bitcoin is not recommended for you. You're better off looking into other altcoins which have proven to be faster, cheaper, and much more scalable than Bitcoin. However, if you're looking for unparalleled security, reliability, and a store of value, then Bitcoin would be the right choice for you. Scaling is only necessary for mainstream adoption of Bitcoin by millions of people around the world.

Hence, if Bitcoin doesn't scale, it wouldn't die but rather stay as a functional cryptocurrency that's useful as a store of value. The only downside would be that the more people use Bitcoin in its current state, the slower and costly it will be. But the bright side is that Bitcoin would retain its decentralization and security, which is the most important thing. If by any chance Bitcoin scales successfully with the Lightning Network, then it'll be a plus.

Other than that, I believe that Bitcoin could continue to operate as usual, while it leaves other altcoins in charge of bigger transactions worldwide. Just my opinion.

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.

what prevents you from using bitcoin as a way of storage, not a way for frequent transactions?

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.

Bitcoin will still be functional as a store of value, even if it never scales. There are already a variety of options to choose from, as altcoins have scaled to handle large TPS with the lowest costs possible. As such, scaling Bitcoin shouldn't be much of an issue, unless it wants to achieve mainstream usage and adoption as digital cash. When put up to the test, Bitcoin is the most secure Blockchain to-date, which means that it's as safe, secure, and reliable as Gold.

Perhaps, scaling Bitcoin would further reduce the security of its network, as people would choose to perform their transactions within the second-layer (Lightning Network) instead of the main chain. Then, miners would start to leave as they wouldn't have a reason to confirm transactions on the same. While the LN is not released yet in a stable version for everyone to use, it would be interesting to know how Bitcoin will perform right after LN becomes widely adopted by the mainstream. Despite this, there's always the option to switch back to the main chain in case everything else fails, allowing Bitcoin to remain functional as a Blockchain network.

Nevertheless, considering how other altcoins have already scaled to handle large TPS, it means that Bitcoin's Blockchain technology has successfully scaled to the masses and that's what matters most. Just my opinion

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.

I think that if it becomes stable in price, it can be used as a daily currency. And it is unlikely that any of the altcoins will be able to surpass him in this plan.

I'm sure one way or another eventually some coin will replace BTC. Although BTC is great and it's truly the king but some day it'll become outdated.

I think that it will! To my mind, btc will be the leader of the market for the long period of time. To my mind, btc is the coin that deserves being called the best one as it has many pros

Agree. Altcoins have already scaled, which means that they have an advantage over Bitcoin. They have near-instant speeds, and, in some cases, no fees. As such, if Bitcoin doesn't manage to scale, that shouldn't be much of an issue since people have the option to use other cryptocurrencies that are much more flexible than Bitcoin for micropayments or quick money transfers.

However, if Bitcoin manages to scale safely and efficiently, then it will be one step ahead for mainstream adoption and usage. By then, Bitcoin would be able to be used both as a store of value and as a digital cash system. While it won't replace every altcoin we know and love today, it'll certainly have a greater level of usage than its contenders. The most exciting part of scaling Bitcoin is that, its uses could be expanded to more than just finance. With the use of sidechains, Bitcoin could get smart contract functionality (like Ethereum), token/asset issuance, and much more.

Therefore, scaling Bitcoin is something optional but required if it wants to become the digital cash of the world. If it remains in its current state, then it'll be nothing more than a store of value, just like Gold is. Just my opinion

The Ligthning Network, if this is what you have in mind, is an off-chain solution. So it is external to bitcoin. What we need is a scaling on-chain solution. Ortherwise, bitcoin will loose its leading edge in favor of some other coin.

bitcoin has already had several forks last year and has successfully scaled in several other coins. now there is a development of applications for the rapid passage of payments and it will be the next stage of penetration of bitcoin into people's lives.

since bitcoin are limited in numbers. but the value can keep higher and higher. hence it could be one of the choice to store value. like gold or stocks.

I don't think that anything will happen to btc because it will be the leader always. to my mind, it is not a problem now. i have heard that btc is going to replace our currency with time even

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.