Topic: What will happen with Bitcoin if it never scales? - page 6. (Read 11417 times)

That's certainly true, mate. Many people are in it for short term profits, instead of using the cryptocurrency for daily transactions. Whenever the network load increases, fees rise, and newcomers into crypto become completely disappointed (which results in massive sells within the market). The situation becomes worse if Bitcoin doesn't scale to handle large amounts of TPS for people worldwide. It'll still be the "digital gold" of cryptocurrency, but it won't fit its purpose as a Peer-to-Peer Electronic Cash System.

If scalable solutions such as the Lightning Network and Sidechains become successful, then without a doubt, Bitcoin will scale to millions of users worldwide. I believe that the process for this to become a reality has been quite slow simply because developers want to make sure Bitcoin scales safely without sacrificing its decentralization. Of course, it's difficult to predict its price (as Bitcoin is volatile), but it'll be here to stay for many years to come.

Therefore, no matter if Bitcoin scales or not, I believe that it will continue to exist as a decentralized cryptocurrency for many generations. No one or nothing can stop Bitcoin, as it has grown too big to fail. However, only time will tell us what lies ahead for the longevity of Bitcoin as a cryptocurrency for the masses. Just my opinion

Honestly speaking, bitcoin is the leading in the crypto-world and I don't ever thought others coins will overcome bitcoin in the future.

The team that is working on bitcoin soon intends to solve all of his technical problems. I'm worried about another question. How other payment cryptocurrencies will feel.

Bitcoin is a decentralised crypto currency and thus there is no such proper authentic regulating body over the bitcoin who could keep eye over all the bitcoin activities and thus leading to illegal use of bitcoin and I think this is the most important reason why most of the countries are in against of bitcoin and don’t want to legalise it in their nation but they all needs to understand one thing that the illegal use of bitcoin could only be stopped when everyone government would centralise it and will starts keeping eye over bitcoin activities and starts regulating it.

The issue of scalability with bitcoin is a genuine concern since blocks are limited in size and frequency wherein on average can only process 7 transactions per second, a low throughput considered by many should bitcoin becomes mainstream.

Luckily, this issue is being addressed already for a couple of years now. Part of the solution is the Lightning Network. Its some sort of a cache that allows transactions to take effect while still being recorded on the blockchain (sounds a bit unsecured but the nodes are already out there and has been carrying transactions). Yet if i am not mistaken remains to be in test mode. But is a good solution nonetheless, retaining full control of both payee and recipient as if there were no web service that meddled in between (again, a bit like anti-bitcoin but works anonymously just the same).

So i guess scalability will not be much of a problem in the future as the core and developers know what is missing and is not gonna allow other cryptocurrency to take the lead without a good fight.

Unfortunately, technology can not be stopped to wait for the dominant groups to reach a consensus, so the cryptocurrencies will continue to evolve and gain market with the accompaniment of bitcoin or without it. Anyway, the market seems to have assumed that Bitcoin will not be the dominant cryptocurrency in the future, and seems to be taking in a smoothie way the imminent decline of bitcoin as the dominant cryptocurrency so far.

Let's hope for Bitcoin to become the biggest currency in the world with the successful adoption of the Lightning Network. I'm sure that once Bitcoin scales, it will leave other altcoins in the dust as it'll be able to perform instant transactions at near-zero costs. People from around the world would be using Bitcoin at a large scale and would no longer need to deal with altcoins to obtain better speeds and cheaper costs.

But, if Bitcoin never scales, then I guess that it will still be alive and supported by the community for a long time. It'll never lose its quality of being digital gold, as it's the most secure cryptocurrency today. Sometimes, for the sake of decentralization, it's good for Bitcoin to remain as is. Because, bigger blocks or trusting LN nodes, might lead Bitcoin to centralization in the future. Therefore, the most important thing is for Bitcoin to scale safely without compromising its decentralization.

This is also my take on it. Bitcoin was the seed, now it is growing and the roots are taking hold. The stock is growing and the branches are developing, these branches are altcoins. What will be the leaves? What will be the blossomed flower?

Altcoin is a development of Bitcoin based on Blockchain technology. I think we should not stop there, someone will make Bitcoin change and establish its position with the world. The development of technology will not stop, I still hope Bitcoin will go further in the future.

According to polls, and information from practice, people buy bitcoin just because they hope that it will go up in the future. If the probability of such a hope decreases, then the demand for it will drop and digital bitcoin gold will collapse at one point.
If the scalability of bitcoin grows very slowly, bitcoin will gradually continue to lose demand and the level of capitalization, until the price ceases to dominate the price over other types of crypto currency. As soon as this happens, bitcoin will lose everything and at best remain an honorary crypto currency with the use for expensive transactions. The truth in this case is very difficult to predict its price.

What I feel is that bitcoin is a decentralised crypto currency and the reason being for bitcoin in lots of controversy is that its in decentralised form as there is no such proper authentic regulating body over the bitcoin that could keep eye over all the bitcoin activities and thus most of the countries feel very unsafe in legalising bitcoin in their nation as according to them the introduction of bitcoin in their nation would bring lots of terrorism in their country and the most important thing that they needs to understand is that only legalising of bitcoin everywhere in the world can resolve this issue.

i think may be one time in the future, another cryptocurrency will take bitcoin place as the top. nothing is impossible 

I do not think that this kind of situation is ever come in the market because now bitcoin is popular in every country.Moreover its market is also strong some countries start accepting it as a tuition fee and some use it as an asset.The day is not so far when the bitcoin will become a global currency.

I do not understand what you write. This is not about. BTC can not be scaled up. This is an impossible process because BTC is an independent unit ...

bitcoin will no longer be used for micro transactions,But remain a king.it will remain as a history,cos before you mention any coin you will ever introduce bitcoin before that person can understand.

I don't agree with the statement in red. I think that the transaction fees are decreased now because much less people transact bitcoin than in Dec 2017 when the price reached its peaks. When the price increases to new peaks again in the future, I am sure that more people will want to transact (=sell their) bitcoin again and the network will be helplessly clogged again.

I agree, however, that if the bitcoin doesn't scale, it will be doomed eventually, even if it still can survive the next time like Dec 2017, it may be the last one it survives.

Good point. If Bitcoin (being the original cryptocurrency) hasn't been able to successfully scale yet, then I doubt that other altcoins will do so too. Even if they manage to scale quicker than BTC, they won't gather the level of attention within our world, since Bitcoin already has brand recognition and first-mover advantage. Honestly, I don't think that it's quite necessary for Bitcoin to scale, since after all it still functions as intended. Sure, it's quite slow, and expensive when it gets loaded with a bunch of transactions, but sometimes I prefer it to be that way, for the sake of decentralization.

Upgrading Bitcoin to become much more scalable, might affect its decentralization, in my own opinion. This is largely because there will be more bandwidth and storage requirements for nodes (when increasing the block size), or simply not everyone will be able to open or close a channel (in the LN when fees rise according to usage). Therefore, I think that the role of scaling would belong better to other altcoins than Bitcoin itself.

This is simply that bitcoin has proved to be a superhero coin giving life to others.You can not mention all the coins, but at least its history will be traced to bitcoin.

For me the value of Bitcoin is derived solely because it is registered and traded, bitcoin value is nothing without exchange
And the value of stock securities listed and traded in the exchange is based entirely on falsehood,f. This is simply that bitcoin has proved to be a superhero coin giving life to others. To prove this is the glaring fact of the way the effect of bitcoin has affected every other coin, no one has been able to take the ride upwards yet.

Everyone wants to own it. 21 million divided by 9 billion.