i've been reading so much about bitcoin and i always encounter this scalable term..
can anyone explain this to me on the most simplest way?
Topic: What will happen with Bitcoin if it never scales? - page 20. (Read 11417 times)
You don;t have to imagine, you can already see that altcoins will take over.
Bitcoin has already failed to scale and the longer it continues to fail to scale the more altcoins will take over.
If it takes much longer, the damage will be irreversible, assuming it is not already too late.
Bitcoin has already failed to scale and the longer it continues to fail to scale the more altcoins will take over.
If it takes much longer, the damage will be irreversible, assuming it is not already too late.
I think that if bitcoin becomes non scalable which is by nature is not going to happen, is that bitcoin becomes more of a collectible rather than a currency, it will become more of a diamond than a gold, the reason why bitcoin will always be scalable is because as time goes by the price is going to increase and this leads to us changing the values that we use it with, so we don’t have to worry about this and worry about altcoins taking over the exchange market.
Well, only time will tell what would be the use case of Bitcoin at some point in the future, as the same is uncertain. If it never scales, then it would be rather used only as a store of value, and more as of a rare asset with similarities to Gold, but not meant to be used to handle your average everyday transactions. Bitcoin would be more of like a reserve currency against other cryptocurrencies in existence (just like the USD in the fiat world).
While it may continue to remain in the top spot at market cap ratings, other altcoins may take the lead into becoming mainstream as they prove to provide better features than Bitcoin, and faster confirmation times.
Big corporations, businesses, and banks alike would use Ethereum and Ripple to handle all the world's transactions in the future. Since they have blazing fast speeds and can scale exponentially, they would become the standard towards making digital currency payments. Just my thoughts.
We are at the point where scaling needs to be solved in the next few years.
Bitcoin will stay king for now, but another coin with faster transaction times and better optimized blockchain could definitely take over.
Confirmation time and sending fees are probably the two biggest obstacles for a crypto coin that aims for mass adoption.
(Aside from security and privacy obviously.)
Scaling bitcoin is just a small issue right now. Because we all know that the main reason of the sudden changes of its value is depends on the support of the community of bitcoin. So the bigger problem is how bitcoin will be well-known as a crypto currency of all country. Because if it happened the demand of bitcoin will increase resulting on the improvement on the value or stock of exchange of bitcoin. And that is the time people we see the scale and the possibilities of bitcoin through the future. Some says that if bitcoin never scales it will become obsolete, yes it is right but for me that is impossible to happen for now to bitcoin. Because to future of bitcoin is just starting for now. Bitcoin will stay king for now, but another coin with faster transaction times and better optimized blockchain could definitely take over.
Confirmation time and sending fees are probably the two biggest obstacles for a crypto coin that aims for mass adoption.
(Aside from security and privacy obviously.)
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?
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?
It will remain just as digital gold: A hodling coin to hedge against the system instability.
Other coins could take the lead to be fast low value transactions. Maybe LTC if it ever manages to get segwit deployed, which would lead to Lightning Network. Segwit makes Lightning Network better and BTC will never have segwit at this point.
It will eventually die if it fails to scale. The fees will grow very high as more user come in. Scaling is a very big issue and if bitcoin fails to address it, I think it is time to switch to an alt-coin which have a better take on scaling issues.
but i do not think that such situation will every happen, i am hopeful that bitcoin will continue as an active currency and hope that it will continue as number one currency of the world. sr. member
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I am sure people whom we trust dealing with Bitcoin are also thinking of the same question right now. In fact, this is at the heart of the ongoing debate right now on how to scale Bitcoin most especially when looking forward to the future. I am sure though that the whole Bitcoin community can be able to find an accepted solution for this scale challenge. At the end, Bitcoin will continue to rule and be the leader of the cryptocurrency world. I am so positive about that. All other coins will just follow along though they can have a good slice of the pie too.
There is no debate except for FUD. Bitcoin will never scaled directly and thus it will remain KING of crypto and all financial assets for that matter.
Detail on post titled "Hacks & puppets & forks - how to destroy bitcoin": https://bitcointalksearch.org/topic/hacks-puppets-forks-how-to-destroy-bitcoin-1834310
Definitely there will be no sense to use bitcoin anymore. Its hard to think but that's a possible scenario if ever bitcoin will never scale. If that happens (hope not), bitcoin community will split and switch to altcoins. So altcoin will take over the market. Maybe DASH, ETH, XMR will possibly take over because these are top contenders.
alt will take over
Segwit makes Lightning Network better and BTC will never have segwit at this point.
It's the TX_ID fix that makes Lightning Network better.
and i guarantee you no matter what happens, no matter who "wins".
a TX_ID fix will come to bitcoin in less than a year
I am sure people whom we trust dealing with Bitcoin are also thinking of the same question right now. In fact, this is at the heart of the ongoing debate right now on how to scale Bitcoin most especially when looking forward to the future. I am sure though that the whole Bitcoin community can be able to find an accepted solution for this scale challenge. At the end, Bitcoin will continue to rule and be the leader of the cryptocurrency world. I am so positive about that. All other coins will just follow along though they can have a good slice of the pie too.
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?
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?
It will remain just as digital gold: A hodling coin to hedge against the system instability.
Other coins could take the lead to be fast low value transactions. Maybe LTC if it ever manages to get segwit deployed, which would lead to Lightning Network. Segwit makes Lightning Network better and BTC will never have segwit at this point.
https://bitcoincore.org/en/2016/01/26/segwit-benefits/
SegWit gives a lot of benefits. Thus LN effectivity and efficiency less without SegWit. LN will lame without SegWit.
Looks like Syscoin will be the first to implemented the SegWit and LN activation.
It will remain just as digital gold: A hodling coin to hedge against the system instability.
Other coins could take the lead to be fast low value transactions. Maybe LTC if it ever manages to get segwit deployed, which would lead to Lightning Network. Segwit makes Lightning Network better and BTC will never have segwit at this point.
Other coins could take the lead to be fast low value transactions. Maybe LTC if it ever manages to get segwit deployed, which would lead to Lightning Network. Segwit makes Lightning Network better and BTC will never have segwit at this point.
That would probably happen, as other altcoins take the lead and become used primarily for everyday transactions. Bitcoin will remain as digital gold, where it is scarce, and it would be limited by a few people to be able to transact in it, but will not serve its purpose to send money quickly to anyone in the world.
Honestly, I think that it is better for people to become interested into other altcoins, as it would greatly benefit Bitcoin from ever being congested by high transaction throughput. Thus, the more users migrate from Bitcoin, the better as there would be less unconfirmed transactions on the network.
Nevertheless, if Litecoin takes the lead by getting the approval of SegWit, then it would be ultra-fast, as well as have higher capacity than Bitcoin to handle more transaction throughput, making it used in the mainstream world. Just my opinion.
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. Segwit makes Lightning Network better and BTC will never have segwit at this point.
Makes it better how?
I agree, 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, but bitcoin is not accepted in all online shops, but there are many investments in it like debit cards which allows us to use it like regular money.
Bitcoin will be the leader and will rule the crypto currency sphere in the future,scaling is a big issue and it has to be rectified with the amount of users and transaction growing with time you have to stay upto date to accomodate everyone,alt coin has its market penetration and we have a ton of currencies and it is hard to follow everything,i do like to see bitcoin as an asset than a currency and so i am not worried about online shops accepting bitcoins.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?
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?
It will remain just as digital gold: A hodling coin to hedge against the system instability.
Other coins could take the lead to be fast low value transactions. Maybe LTC if it ever manages to get segwit deployed, which would lead to Lightning Network. Segwit makes Lightning Network better and BTC will never have segwit at this point.
Bitcoin will be forgotten. That will probably will happen if Bitcoin never scales. No one will use an obsolete currency specially the kind of currency where bitcoin belongs depends on the technology and scalability.
Something that ceased to update/upgrade will never be valuable in technology, they will become obsolete and forgotten.
Something that ceased to update/upgrade will never be valuable in technology, they will become obsolete and forgotten.
It may happen that way. However, there could exist the possibility of the cryptocurrency to remain alive, even if it doesn't scale. By then, it will only be used as a store of value, but not as a payment processor to handle everyday transactions. Maybe if this happens, another cryptocurrency will take the lead and become the number one in market cap. It would probably be Dash or Ethereum which will take Bitcoin's place.
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.
Yeah. That is one of the good things that the Core team has. They carefully revise the code for any security issues to make Bitcoin as safe as possible. Even though they've been slow on implementing upgrades to the network, at least they've been trying to make them as reliable as possible.
The recent bugs that were encountered on Bitcoin Unlimited, shows the lack of development to carefully revise the code for any issues before releasing it to the public. However, if BU would put security and reliability first, then it would become a recognizable alternative that might overcome Core. Just my thoughts.
It will eventually die if it fails to scale. The fees will grow very high as more user come in. Scaling is a very big issue and if bitcoin fails to address it, I think it is time to switch to an alt-coin which have a better take on scaling issues.
We are at the point where scaling needs to be solved in the next few years.
Bitcoin will stay king for now, but another coin with faster transaction times and better optimized blockchain could definitely take over.
Confirmation time and sending fees are probably the two biggest obstacles for a crypto coin that aims for mass adoption.
(Aside from security and privacy obviously.)
I agree, 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, but bitcoin is not accepted in all online shops, but there are many investments in it like debit cards which allows us to use it like regular money.Bitcoin will stay king for now, but another coin with faster transaction times and better optimized blockchain could definitely take over.
Confirmation time and sending fees are probably the two biggest obstacles for a crypto coin that aims for mass adoption.
(Aside from security and privacy obviously.)
But in my opinion although bitcoin currently has a transaction fee which is expensive compared to altcoin it is not a significant problem. Due to the current bitcoin fee not displace the bitcoin above all altcoin. I think today bitcoin is more believable for investment than any other coin. Because the price is relatively stable compare. Thank you
I agree, 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, but bitcoin is not accepted in all online shops, but there are many investments in it like debit cards which allows us to use it like regular money.
Bitcoin will be the leader and will rule the crypto currency sphere in the future,scaling is a big issue and it has to be rectified with the amount of users and transaction growing with time you have to stay upto date to accomodate everyone,alt coin has its market penetration and we have a ton of currencies and it is hard to follow everything,i do like to see bitcoin as an asset than a currency and so i am not worried about online shops accepting bitcoins. Jump to: