Topic: What will happen with Bitcoin if it never scales? - page 8. (Read 11417 times)

Bitcoin needs to start working with governments and be legitimate. Secondly, he needs to have any assets, to determine its price with the prospect of further work.

Hopefully, it would be this way in the future. If Bitcoin's awaited scalability solution called the Lightning Network becomes successful, then there's no doubt that Bitcoin will become a powerful cryptocurrency to handle any kind of transaction no matter how big or small it is. However, if the Lightning Network fails, then there would be nothing else left for Bitcoin to scale, leaving it in the dust as altcoins take the lead. In such situation, Bitcoin would be used specifically as a store of value or digital gold, mostly for large transactions. Fees would stay high, and speeds would be extremely slow, with the only benefit of greater security and reliability.

Nevertheless, with many advanced cryptocurrencies out there (like most DAG-based ones), it's safe to say that the blockchain is capable of scaling to a large mass of users. Now the question is if Bitcoin would be able to reach consensus to keep moving forward, or it would simply stale in growth, while its competitors take its place as the number one cryptocurrency in market cap. Just my opinion

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

It will become a powerful cryptocurrency and we will use it for every transaction if we want, small or big

Well, Bitcoin can always become used as a store of value, and for performing large transactions across the world. Even if it doesn't manage to scale, it will remain as a functional cryptocurrency with a greater level of security and reliability than most cryptocurrencies out there. At the cost of speed and high transaction fees, Bitcoin provides unparalleled security and resilience unlike any other cryptocurrency we know and love today. It's been tried and tested over time, allowing people to transact on the network, without the fear of third-party interference.

However, if Bitcoin does manage to scale to many people, then it would be even better because Bitcoin will not only become a store of value (due to its inflationary design) but also a digital currency for everyday transactions. In the beginning, Bitcoin was extremely useful for micropayments and cheap transfers. If improvements over the Bitcoin protocol such as the Lightning Network comes in, then the pioneer cryptocurrency can become great again as everything would be like the old days.

I'm sure that once this happens, Bitcoin's market dominance will rise, and other altcoins would be left behind just like the early days of Bitcoin. It's only a matter of time before the community and the dev team act together, to make Bitcoin stronger and better than ever. Just my thoughts

Well first of all it well never scale and Andreas can atest to that in this video: https://www.youtube.com/watch?v=pT9kJq_Ogrk. Even if scaling is a moving target and never makes it there, the current speed of which we have transactions is okay. Sure not many people can use the network, but the infrastructure exists and if it stays this current way I don't see a reason why Bitcoin wouldn't have value. It may not have value of 7k but it could easily have value between $500-7000.

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.

This is an interesting question. I think that some people will vseravno want to have bitkoin at least as a numismatic value. After all bitcoin vseravno can be bought and sold. Apparently, it will be used only for large transactions. Now there are a lot of coins that can be used for small household transactions. The bitcoin will find a niche in this plan also in the event that it does not scale further. However, to say what will be its price in this case is quite difficult. Everything will depend on the further direction of the development of the crypto currency.

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

Bitcoin will still top the rankings, even if its role is replaced. Because I think the role of Altcoin is just a complement to the existence of Bitcoin.

For those of us who are accustomed to cryptocurrency using the decentralization system then it is normal if prices rise or fall significantly, but this is a profit because we can get profit even though the price is down.

i think  it is almost impossible for bitcoin to remain as the most valuable altcoin for ever. Even I am not so sure that any other current altcoin can displace bitcoin from its actual hegemony and If bitcoin never scaled we would have a problem, bitcoin would lose some of its interest and this would affect its adoption level as there are other coins that don´t have its problems by now and that could be presented as an alternative. However, despite the scalability debate that is still in place

well i think 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 and when you meet someone and you want to tell them about digital currency you must first mention bitcoin. you cannot mention all coins, but atleast the history will be traced to bitcoin. so even if it never scales it will be a great store of value, people will buy it then exchange it with other crypto particularly ethereum or dash that is if they want a faster transaction

Yeah. I don't think that scalability is much of an issue in Bitcoin, but more of an improvement to make it capable of processing transactions for the masses. And even if it doesn't manage to scale in the future, it will always be used as a store of value, similar to Gold. The Bitcoin blockchain is fully functional, and it's the most secure to date. While the pioneer cryptocurrency will continue to be used as a store of value, there will be other alternatives available for people to use as digital cash.

Lots of altcoins in the market have better features, and are much faster than Bitcoin itself. They could do the task of processing lots of TPS, giving people the ability to use them for their daily transactions. Hence, they'll use the Bitcoin blockchain for security and reliability, while altcoins would simply be used for quick payments and micro-transactions.

Nevertheless, let's hope that the Lightning Network becomes successful enough to bring Bitcoin to the mainstream world. There are still a lot of people who're unaware of Bitcoin, and Lightning payments might bring their attention. Just my opinion

If bitcoin is not expanded, I think this could lead to bitcoin being killed because its development potential  not have . Investors will begin to give up bitcoin because of   real investment purposes is  the future of bitcoin will be widely used.

Bitcoin developers and other professional users are aware of this phenomena and they are working seriously together to overcome this problem. They know they must do something, they can't let other coins overpower bitcoin that easily. I hope and believe that they are doing their best to make bitcoin better again.

Maybe bitcoin can be no longer use in other ways but investing in it is still a good idea. It is a valuable asset that most of the users used it as an investment than to use it in their daily life. Price will sooner or later come back after this phenomenon.

I think the real issue here is the bad governance underlying Bitcoin. Most altcoins have better governance features and allow users to vote on specific protocol improvements, in order to reach consensus at a fast pace. But, that's not the case with Bitcoin as its community is divided between those who want to preserve Bitcoin as a store of value versus other who want Bitcoin to be used as peer-to-peer electronic cash. This has caused a split from the original Bitcoin chain which led to the creation of Bitcoin Cash.

Right now, both cryptocurrencies (BTC and BCH) have their own visions in terms of scaling, but as far as I know, only one will be able to scale successfully. I hope that the new Lightning Network, Schnorr Signatures, Mimblewimble, and other improvements for the Bitcoin protocol, would become a reality to make Bitcoin scale and handle more users, as well as, increase its privacy over transactions. I know that many criticize the Core development team, but with their Layer 2 solutions to make Bitcoin scale, it could be the safest route to help Bitcoin grow without sacrificing decentralization.

Maybe, someday in the future, Bitcoin's Lightning Network would become used by millions of people around the world, as well as sidechains, to allow micropayments, cheap and instant transfers, and much more. This will make Bitcoin great again, but it is up to the community and dev team to take the initiative to make this happen.

If the Bitcoin scaling never happens it means that most investors are just going to buy bitcoins and hold it for long term purposes, this means less and less people are going to use it for their transactions because of the fees that are going to be charged and they will move on to other cryptos that gives them faster and cheaper transaction.

If I think Bitcoin is likely to be stagnant. And finally a new Bitcoin will be born who will have problems and this remains (as well as many others like Pow), and dying then will eventually die. I personally think I'm more curious as to why no one has implemented instant payments in altcoin. I heard that Dash would do something like that but the people here quickly disprove my suspicions. Litecoin also wanted it, but Wu and the company seem to have stopped this process as well.
 Bitcoin will be jammed at some point at some price point, it will not rise but and still fluctuate around that circle in my opinion. For the current price, Bitcoin will still have a large movement, a steady increase every month / year but people can not use it like we use fiat money if not measurable.
Perhaps someday another unmeasured cryptocurrency will surpass the Bitcoin price and market capitalization in general.