When will Bitcoin become obsolete? - page 2.

goinmerry

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Quote from: mavrick951 on February 02, 2016, 06:48:17 AM

I think it's gonna take a minimum of 15 years before we have in the scene some technology able to beat up bitcoin's many advantages...

15 years will be good. But as technology also upgrades I think they will need bitcoin more than what it is now. Better still have it until time comes where its demands are getting high.

mavrick951

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I think it's gonna take a minimum of 15 years before we have in the scene some technology able to beat up bitcoin's many advantages...

el-magnifico

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BTC is very convenient to use in transactions between countries and similar, I see it replacing westernunion and similar systems very soon. Even if not all people use it there will still be a percentage or amount of people using it and maintaining it's existence.

cjmoles

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First of all, Bitcoin needs to become a more contemporary payment system before it can become obsolete. It will never replace our current systems but it will always be an option as long as it has the community's support. If the community gives up on the project, then it will just die....but it will never become obsolete because the knowledge gained from the experiment will last forever.

MrGodMan

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Quote from: iamthesky on February 01, 2016, 09:51:55 AM

Quote from: novgod on February 01, 2016, 08:53:00 AM

I think 15 years is a pretty reasonable time frame for the crypto revolution to consolidate and open space to new forms of tecnologies that could eventually turn btc into an obsolete technology

15 years or maybe more then that, I don't see bitcoin getting obsolete in future and if it does then there should be really strong currency which can replace bitcoin with some extraordinary features that bitcoin has never offered us.

It the chances goes to 15 years then it might go more because I am sure that the bitcoins care taker will do something for the whole community and place or add some kind of more attraction in it. So I hope it will not go obsolete in the future.

Learn007

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Something good today will be replaced by something better tomorrow.... So when something better than bitcoins will come...it may be replaced by it.

iamthesky

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Quote from: novgod on February 01, 2016, 08:53:00 AM

I think 15 years is a pretty reasonable time frame for the crypto revolution to consolidate and open space to new forms of tecnologies that could eventually turn btc into an obsolete technology

15 years or maybe more then that, I don't see bitcoin getting obsolete in future and if it does then there should be really strong currency which can replace bitcoin with some extraordinary features that bitcoin has never offered us.

cjmoles

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I don't think that Bitcoin will ever become obsolete. It will always have a place in the economy because of the community that supports it. If the world's big financial players create their own blockchain technology to replace Bitcoin, it will only increase Bitcoin's legitimacy. We created Bitcoin because we wanted more control over the value of our labor. When they try to steal that value back...we'll just make Bitcoin better. We're just taking back what's rightly ours!

novgod

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I think 15 years is a pretty reasonable time frame for the crypto revolution to consolidate and open space to new forms of tecnologies that could eventually turn btc into an obsolete technology

goinmerry

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Quote from: fair_player on January 30, 2016, 08:18:51 AM

It's quite the contrary, IMHO. It's gonna become the main international currency in the next years. China massive role in cryptos will help this process as well.

How great is that. If only some developers in china could make some good online games I would really love to be the one to first use it and buy some premium items using my bitcoins. That would be lovely.

fair_player

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It's quite the contrary, IMHO. It's gonna become the main international currency in the next years. China massive role in cryptos will help this process as well.

virtualdn

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After 100 years passed and mining is over we will be able to answer this poll... but I'm afraid it will be too late answering then Cheesy

OnTheMF

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Quote from: danherbias07 on January 30, 2016, 05:46:27 AM

Quote from: bitgolden on January 27, 2016, 02:34:27 PM

Bitcoins may become obsolete if the price remains stable. Many users would disown their coins as if they have purchased it at a higher rate, they would never get that amount back and hence they wouldn't accept their losses. Also, buyers would never buy coins at a stable price as they won't get any profit.

It is true. Just like how gold moves. It doesnt stay in just one price that is why it will never be obsolete. One thing might happen is it will become a currency for online buying or a money usdd for online gaming or gambling

Bitcoins will be there in future for a long time like USD or anything in with we started trading for our benefits will never lose their impact. So the market of bitcoins will not lose so soon like people are thinking. Bitcoins market is just started now.

danherbias07

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Quote from: bitgolden on January 27, 2016, 02:34:27 PM

Bitcoins may become obsolete if the price remains stable. Many users would disown their coins as if they have purchased it at a higher rate, they would never get that amount back and hence they wouldn't accept their losses. Also, buyers would never buy coins at a stable price as they won't get any profit.

It is true. Just like how gold moves. It doesnt stay in just one price that is why it will never be obsolete. One thing might happen is it will become a currency for online buying or a money usdd for online gaming or gambling

Swordsoffreedom

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In its current form seeing that we are likely to get new builds I see a timeframe beyond 15 years
Competitors will likely emerge and co-exist and have friendly rivalries with one another at that point in time but none of the existing systems will become obsolete as we know it.
(Or we get someone to break the cryptography before a patch occurs but that would mean a fundamental weakness not calculated for a few decades from now coming early)

AliceWonderMiscreations

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Bitcoin will become obsolete when secp256k1 is broken.

And then, it will still work for addresses that have never been used before as long as ripemd160 is not broken in a way that allows ECDSA public key collisions to be found.

Until then, I do not think it will become obsolete.

arbitrage

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Maybe in future we can see rise of another good coins?
Only technologically superior coins with small blockchain and lots of new usable features can achieve success of bitcoin,
and maybe they can overthrow bitcoin.

ranochigo

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Quote from: bitgolden on January 27, 2016, 02:34:27 PM

Bitcoins may become obsolete if the price remains stable. Many users would disown their coins as if they have purchased it at a higher rate, they would never get that amount back and hence they wouldn't accept their losses. Also, buyers would never buy coins at a stable price as they won't get any profit.

Bitcoin isn't intended to be a stock for trading. Bitcoin is a free market and the value would hence be quite volatile. If Bitcoin ever becomes stable, it won't be obsolete. Bitcoin is intended to be used as a currency that is fast and has low fees compared to other payment processors. If the scenario you described would at most push traders away but encourage normal users.

russian_pete

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It's not! Most probably bitcoin would be that common currency for many reasons. If it can move with the times (as it seems to be moving nowadays, with a lot of programmers involved in improving it) then it's not going anywhere for the rest of our lives.

bitgolden

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Bitcoins may become obsolete if the price remains stable. Many users would disown their coins as if they have purchased it at a higher rate, they would never get that amount back and hence they wouldn't accept their losses. Also, buyers would never buy coins at a stable price as they won't get any profit.

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