Topic: whats the future of crypto? - page 2. (Read 1393 times)

First of all, it's disinflation not deflation. Bitcoin is disinflationary. There is a difference between them.

We already see a few altcoins as being real competitors of bitcoin but I just don't think that they are going to be that successful. The major issue that we have to deal with right now is confirmation times and transaction fees. Personally I'm fine with having ten minutes block retarder times. I think that this is a good amount of time, but if it can go lower then it's better although it would mean drastically higher disinflation rates which isn't necessarily a good thing. Also it'll require a hard fork to so this...

I think that the future of crypto will see bitcoin as the reigning MVP still until something really crappy happens which I doubt we will see. It's the first crypto and has never been number two.

I stopped reading after you said Ethereum was decentralized. I think a lot of people have been fooled into thinking it is, but the dev has full control. The future will be more technologies and businesses coming in to crypto land to fix centralization issues with other tech
Not true at all. If I send a fee of 29 sats/byte, go home and send the same tx but with 400 sats/byte I just double spent on them and I didn't need to do a 51% attack. There are different types of double spends.

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.

well do you have any proposals? we will hear them if you have any good ones.

in my experience there is no difference between an altcoin with some seconds to a minute block generation time and bitcoin's 10 minute because when i make a deposit with that altcoin in an exchange wallet they usually want some ridiculously high number of confirmation (understandable number though). and that will take the same amount of time for full confirmation!

and that is if their network is not attacked and forked during that time!

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

We already have that kind of cryptocurrency with almost instant transactions and low fees,we are already using it,bitcoins is it,there are just few problems on the network which cause this fees high and transactions slower

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?