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Topic: whats the future of crypto? (Read 1393 times)

sr. member
Activity: 2338
Merit: 273
DGbet.fun - Crypto Sportsbook
June 13, 2017, 12:10:32 AM
#27
We could not find a cryptocoin better than bitcoin.Bitcoin's network has become very big with large number of users nowadays.So,its quite natural that we would face some difficulties in transactions.But still,transaction fee in bitcoin is lower than other payment systems in payments sent from abroad.Segwit has to be implemented to fasten the transactions.

If calculated from the nominal amount of money sent between countries, the cost of charged transaction is not much different, and the transaction fee with small nominal in the country is also still big bitcoin compared with fiat. Actually I do not really care about the fee, I am only comfortable with efficient transactions and no need to visit banks and other protocol matters. This is a good future for the financial world, where everything is easy, transparent and efficient.
full member
Activity: 196
Merit: 100
June 12, 2017, 11:39:30 PM
#26
We could not find a cryptocoin better than bitcoin.Bitcoin's network has become very big with large number of users nowadays.So,its quite natural that we would face some difficulties in transactions.But still,transaction fee in bitcoin is lower than other payment systems in payments sent from abroad.Segwit has to be implemented to fasten the transactions.
full member
Activity: 156
Merit: 100
June 11, 2017, 12:06:26 PM
#25
The future of crypto that I think to date is not so good, The main problem we have to face now is the confirmation time and transaction costs. I hope this will come soon,
sr. member
Activity: 518
Merit: 250
June 11, 2017, 11:29:57 AM
#24
Have a very good future crypto can be an investment for the future, so it is not wrong if I choose investment crypto Grin
hero member
Activity: 2240
Merit: 848
June 11, 2017, 10:49:40 AM
#23
Bitcoin fees are already much lower than bank transfer fees when you send money overseas. And when bitcoin forks to solve this transaction fee problem then it'll be nearly free. It's really not a good argument to say that because bitcoin has a fee and another altcoin doesn't, bitcoin isn't going to have a future. In fact if near instant confirmations and no fees on transfers is what you're after, as well as low volitility compared to bitcoin, then there is already an altcoin available called Steem Dollars. You can send/receive with 0 fees no matter how many times you do it and steem dollars are somewhat pegged to the value of a dollar.

Bitcoin is a bit like gold, in the sense that it's a good store of value but probably not designed for instant day to day transactions. Sure, there might be some altcoins that will exist alongside bitcoin and be successful(ethereum etc.) but bitcoin will be #1.



Yes perhaps Bitcoin will only be regarded as a store of value, digital gold type of crypto in the future, ceding the everyday currency role to another coin. Which I think is fine. I could still see a several trillion dollar market cap on Bitcoin eventually even with it just being an investment vehicle and a safe haven asset. Afterall, I agree with a previous poster who said having a limit on coin supply doesn't allow usage as an everyday currency. Precisely because a supply limit means disinflationary which means bitcoin should be expected to increase in value until it has full globalization as a investment vehicle and safe haven asset (could be worth hundreds of thousands of dollars by then), which means it is always much smarter to buy and hold bitcoin rather than spending it.

So perhaps a crypto with a constant rate of inflation that matches what we expect of fiat - say 3% - would be better for use as an actual currency. Though of course the problem with using any crypto is that the only way it will be adopted in the first place is as an investment vehicle. That's the entry point use case for cryptos. People will only be interested in it if they can make money on it. Once a coin gains wide global adoption then to become a relevant currency it needs to have stability, which means its annual inflation would need to be set yearly to match the inflation of fiat currencies (perhaps going off of the dominant fiat currency - USD right now).

This would allow it to be used as an everyday currency, but not as an investment vehicle. The tricky part is the transition between these two though. Would the people who bought it as an investment move their money out once it made the transition from growth to stability? It's fundamentals as an everyday currency (near-instant transactions and very low fees) would have to be rock solid and people would have to start using it as a currency in large numbers before the developers enacted a fiat matching inflation rate to make it stable because then investment people would probably move their money to other investments.
hero member
Activity: 812
Merit: 509
June 11, 2017, 04:32:07 AM
#22
So we've got bitcoin, which is great as a deflationary digital gold type of thing, and great for buying very expensive things or moving large amounts of money around, and great for just in general sending large amounts of money. And we've got ethereum whose decentralized network of apps may or may not become a reality.

But one piece missing, a widely used blockchain coin with near instant transaction confirmation and very low fees. Bitcoin is fine for buying something online when neither party cares that it'll take an hour or so to complete the transaction, but how buying other things with bitcoin....it is entirely unsuitable. Lightning Network I guess could solve this but I'm not totally sold on the Lightning Network. Wouldn't its only use be for when you are a repeat buyer somewhere, whether it be Amazon, or Starbucks, or whatever, because you have to tie up a certain amount of bitcoin with that other client. Or is the idea that everyone would eventually be on this totally interconnected lightning network and it would end up working seamlessly? I've read explanations of Lightning Network but not really sure I fully understand how useful it would be. I mean wouldn't most transactions be one-off transactions and therefore not use the Lightning Network (also has me wondering how much scalability it would actually provide).

For cryptos to be used as an actual everyday currency I think there needs to be a third main pillar in the crypto world beyond bitcoin and ethereum (assuming they both succeed as store of value/move or spend big money and decentralized apps). A coin that fully confirms a transaction within less than 5 seconds - about how long you wait for the credit card to work in a store - and fees on the order of a cent so that small purchases and micro transactions are possible.


Thoughts, opinions? Can bitcoin handle these things after Lightning Network and scalability is solved? What about bitcoin being wayyy too slow for lots of types of purchases? Will bitcoin be relegated to digital gold and another crypto takes the mantle of an actual currency? Do you think there will be other major use cases for cryptos that will see more than 2 or 3 coins emerge as globally successful?

Bitcoin fees are already much lower than bank transfer fees when you send money overseas. And when bitcoin forks to solve this transaction fee problem then it'll be nearly free. It's really not a good argument to say that because bitcoin has a fee and another altcoin doesn't, bitcoin isn't going to have a future. In fact if near instant confirmations and no fees on transfers is what you're after, as well as low volitility compared to bitcoin, then there is already an altcoin available called Steem Dollars. You can send/receive with 0 fees no matter how many times you do it and steem dollars are somewhat pegged to the value of a dollar.

Bitcoin is a bit like gold, in the sense that it's a good store of value but probably not designed for instant day to day transactions. Sure, there might be some altcoins that will exist alongside bitcoin and be successful(ethereum etc.) but bitcoin will be #1.
sr. member
Activity: 287
Merit: 250
June 11, 2017, 03:43:50 AM
#21
Over the past year we've seen a dramatic amount of growth in cryptocurrency. Considering that the value and the healthy cash flow of cryptocurrency that just tells you that the value of cryptocurrency will keep growing and the future will see lots of cryptocurrency adoption.

I think the cryptocurrency is going on a red carpet path, everything is fine, and I believe it will be even better in the future, bitcoin is the most concrete evidence of its amazing development.
hero member
Activity: 910
Merit: 525
June 11, 2017, 03:36:28 AM
#20
I know many people are considering to not use crypto currency due to the high fees transactions lately. And also about the pending confirmation. But everyone can't doubt that cryptocurrencies is the real future of payment. Even these day the problem of unconfirmed and high fees transactions not solved yet,  I believe next some smart people will find away to solve its. Even if the answer is not bitcoin anymore, maybe some altcoins will be the answer.
legendary
Activity: 1652
Merit: 4392
Be a bank
June 11, 2017, 03:30:44 AM
#19
bitcoin means the end of credit unless agreed peer to peer - no more banks
it is up to you how much coin you keep on your moneycard for your day to day expenses
sr. member
Activity: 795
Merit: 251
June 11, 2017, 03:29:39 AM
#18
Over the past year we've seen a dramatic amount of growth in cryptocurrency. Considering that the value and the healthy cash flow of cryptocurrency that just tells you that the value of cryptocurrency will keep growing and the future will see lots of cryptocurrency adoption.
hero member
Activity: 1106
Merit: 501
June 11, 2017, 03:29:30 AM
#17
but it is nowhere near fast. it takes up to 10 minutes a block and you need several confirmations. I'm talking about 5 seconds to complete a transaction, not 30-60 minutes

That was a big words, we currently have bitcoin to do that but of course there are some unnecessary things like having a high value which cause high payments for each transaction, and the other thing is the confirmation problems around blocks. Instead of having another cryptocurrency that can overcome bitcoin, maybe we should just wait for bitcoins to upgrade and go further into a different level, but for that to happen several things should be done.
member
Activity: 112
Merit: 100
June 11, 2017, 03:20:41 AM
#16
Right now, there is a dark cloud hanging on Bitcoin because of the scaling problem which affected the speed of transactions which is kanda ironic because Bitcoin is supposed to be an answer to the slow transfer of money which traditional institutions are offering. And instead of the Bitcoin stakeholders sitting together and unitedly come up with an acceptable solution, they instead chose to ignore each other and even backbiting one another all to the detriment of Bitcoin.

Hopefully, this problem can be solved soon even if not totally. Once this problem can get eased then we can see the full potential of Bitcoin unleashed and also its value to rapidly go upwards.
I can't stand almost half an hour of confirmation Cry
hero member
Activity: 770
Merit: 629
June 11, 2017, 03:11:06 AM
#15
For cryptos to be used as an actual everyday currency I think there needs to be a third main pillar in the crypto world beyond bitcoin and ethereum (assuming they both succeed as store of value/move or spend big money and decentralized apps). A coin that fully confirms a transaction within less than 5 seconds - about how long you wait for the credit card to work in a store - and fees on the order of a cent so that small purchases and micro transactions are possible.

This is not the main issue.  The main issue for a crypto to be considered a currency, is that it has a stable value ("ideal money" of Nash type).  Such a crypto must have a value-regulating mechanism, and not an "amount-of-coins" regulating mechanism.  If you simply know that the amount of coins that you obtained to sell a car today, will be buying you such a car 2 months from now, not 3 cars, and not half a car, you have a reliable currency.  No "diminishing emission" coin can do so, because all of them are desiring "increase in value" and hence, speculation, hodling, and volatility (and end up becoming greater fool games, rather than currencies).

The confirmation time stuff is a detail compared to this.  In fact, the time you need to wait for most crypto to confirm, implies already potentially a serious value fluctuation.  DASH has an instant confirmation mechanism, but I'm not sure it is actually secure.  It is more a kind of gentleman's agreement between master nodes and miners; after all, miners can always decide not to accept the master node confirmed transactions ; but at least, a miner doing so is modifying the protocol.

The technicalities of transaction confirmation and so on, are only second-order.   The principal reason why bitcoin and most other crypto cannot become a good currency, is because they have emission curves that turns them into highly speculative assets, which a good currency isn't.

That said, speculative assets DO have a bright future (until they cause a financial crisis, which they always end up doing).
sr. member
Activity: 686
Merit: 251
I'm investigating Crypto Projects
June 11, 2017, 03:04:19 AM
#14
Crypto will have a good future as long as we have internet and we don't need a license to access our computer in private.
hero member
Activity: 882
Merit: 500
June 10, 2017, 11:40:04 PM
#13
Crypto and it's life depends on us uppity how much level we can take it hoye far we can progress in it and how far we could excel in this field. We can take it to mountain high and we can dump it to bottom of the sea it all depends on our generation and next generation will encounter the technology and changes that we will make in our times. By the high time for development and progess instead to encouraging the technology government are banning the technology because of their selfishness and government if particular county want to see their currency as international currency so they might ban bitcoin like Cryptocurrency. They don't understand that crypto will rule the world after few decades and we should take it to next level instead of banning it. So the good guys in crypto world we do something for next gen and we will have a better planet of crypto in very near future. So let's make the changes now itself til it gets very late.
sr. member
Activity: 1008
Merit: 355
June 10, 2017, 11:23:16 PM
#12
Right now, there is a dark cloud hanging on Bitcoin because of the scaling problem which affected the speed of transactions which is kanda ironic because Bitcoin is supposed to be an answer to the slow transfer of money which traditional institutions are offering. And instead of the Bitcoin stakeholders sitting together and unitedly come up with an acceptable solution, they instead chose to ignore each other and even backbiting one another all to the detriment of Bitcoin.

Hopefully, this problem can be solved soon even if not totally. Once this problem can get eased then we can see the full potential of Bitcoin unleashed and also its value to rapidly go upwards.
hero member
Activity: 882
Merit: 500
June 10, 2017, 11:07:14 PM
#11
So we've got bitcoin, which is great as a deflationary digital gold type of thing, and great for buying very expensive things or moving large amounts of money around, and great for just in general sending large amounts of money. And we've got ethereum whose decentralized network of apps may or may not become a reality.

But one piece missing, a widely used blockchain coin with near instant transaction confirmation and very low fees. Bitcoin is fine for buying something online when neither party cares that it'll take an hour or so to complete the transaction, but how buying other things with bitcoin....it is entirely unsuitable. Lightning Network I guess could solve this but I'm not totally sold on the Lightning Network. Wouldn't its only use be for when you are a repeat buyer somewhere, whether it be Amazon, or Starbucks, or whatever, because you have to tie up a certain amount of bitcoin with that other client. Or is the idea that everyone would eventually be on this totally interconnected lightning network and it would end up working seamlessly? I've read explanations of Lightning Network but not really sure I fully understand how useful it would be. I mean wouldn't most transactions be one-off transactions and therefore not use the Lightning Network (also has me wondering how much scalability it would actually provide).

For cryptos to be used as an actual everyday currency I think there needs to be a third main pillar in the crypto world beyond bitcoin and ethereum (assuming they both succeed as store of value/move or spend big money and decentralized apps). A coin that fully confirms a transaction within less than 5 seconds - about how long you wait for the credit card to work in a store - and fees on the order of a cent so that small purchases and micro transactions are possible.


Thoughts, opinions? Can bitcoin handle these things after Lightning Network and scalability is solved? What about bitcoin being wayyy too slow for lots of types of purchases? Will bitcoin be relegated to digital gold and another crypto takes the mantle of an actual currency? Do you think there will be other major use cases for cryptos that will see more than 2 or 3 coins emerge as globally successful?
Here the cryptocurrency the features like the Bitcoin  because in case of the Bitcoin we need the 2-3 confirmation for the transaction to confirm permanently ( in the most cases only one) that take about 10-15 minutes according to the fee paid during the transaction but in case of the cryptocurrency we don't much need for the to pay high fee but still the confirmation take much time , no doubts that confirmation for single take only minutes but for the surity of the transaction we need many confirmation like 10-15 .
So time taken in the both cases is same but the fee in case of the Bitcoin is high and in case of the cryptocurrency is very very low ( about free ) .
So here in my opinion if we have more and more trust with the cryptocurrency then surely we will use crypto. More in comparison of the Bitcoin and this will grow the future of cryptocurrency .
But beside of the transaction fee , if the fee is reduced in the Bitcoin then ofcourse cryptocurrency will be use only for the trading purpose .
hero member
Activity: 2618
Merit: 548
DGbet.fun - Crypto Sportsbook
June 10, 2017, 10:51:54 PM
#10
When the term crypto is heard first everything seems to be different, but when days pass on people easily understand it's potential. At the beginning something took place with bitcoin. Now name itself adds value to it. One of the user quoted that cryptocurrencies have 70% bad future. I believe the cryptocurrency network will outlaw such speculations.
legendary
Activity: 3472
Merit: 10611
June 10, 2017, 10:48:31 PM
#9
A lot of places accept 0 confirmation transactions.

The logic is that in order for you to go through and try to double spend on that coffee you bought, you would have to have over 50% hashing power. Makes no sense to try and do that.

For other things in higher value 1 or 2 or 3 confirmations is more secure and should be used.

From what I have seen from others, 0 confirmations work almost instantly. Just need to get fees a bit lower.

it is not just about having the 51% hash power it is the risk assessment that these services do. and if they find the risk low enough they accept it.
usually i have seen them use blockcypher's confidence factor for their services. it is not that complicated either. you can read more about it on their documentations here if you are interested: https://www.blockcypher.com/dev/bitcoin/#confidence-factor
sr. member
Activity: 686
Merit: 251
I'm investigating Crypto Projects
June 10, 2017, 10:40:11 PM
#8
in 10 years I give it 70% chance of bad future.
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