I think that bitcoin is likely already obsolete but as human nature dictates people go with what they know..
Think about it.. We have countless other coins now that have so much better features and block times / usability features in comparison to BTC.
We still use BTC as it's sort of the established crypto. The gold standard if you will. But in the near future I wouldn't be suprised it be replaced with some coin that bridges the gap between the neckbeards taht use BTC now and the general consumer population.
Simplicity will win in the long run.. BTC is to complicated for the average user at the moment.
Topic: When will Bitcoin become obsolete? - page 7. (Read 9112 times)
i think there is no chance to obsolete bitcoins . because there are many advantages of bitcoins . since it is banned in some countries due to its misuse but i think there will be some
limitations on the use of bit coins that tends to increase the use of obsolete
limitations on the use of bit coins that tends to increase the use of obsolete
The bitcoin revolution has just started soon it will be the international currency sooner or later taking a nose dive straight into the depths 
Bitcoin is basically a couple of hashes encrypted with cool encryption (Exaggerated). Maybe a new, cooler encryption can be discovered, that is harder for everyone to crack (including the foretold quantum computers), and will become super-popular. You never know. I feel that bitcoin will become obsolete, but not any of your options. I believe it will become obsolete somewhere around 20 years from now.
You are still doing sign campaign to earn bitcoin. You are believing in bitcoin at the moment. As time goes by and technology improves, bitcoin will adapt to that changes and evolve as well to better serve our needs. It's definitely possible that Government comes up with their own crypto currency but that currency will either be taxed or be so expensive that only the rich class will be using it. It will never take the place of bitcoins unless and until the currency is anonymous. I don't think bitcoins would last for years as it is replaceable but the new crypto currency would take years to be adopted. Bitcoin is already an established currency and people were interested in using it which is not possible with the Government regulated currency. Taxing would go against it.
Banks already have their own virtual currency in the form of rewards and many do use it but lesser than bitcoins.
Their issued virtual currency is saved on their server and controlled by them. They could do what ever they like, like expanding the supply, or giving out for free etc. How could they compete with bitcoin? Bitcoin is the world currency and has far more user base. Many infrastructures are built on it. Banks already have their own virtual currency in the form of rewards and many do use it but lesser than bitcoins.
Not anytime soon. Bitcoin is gaining attention of most people and it is impossible to ban. With regulations, Bitcoin will be more widely accepted. Even if an exploit does come up, Bitcoin can easily shift to another algorithm. Transaction times isn't a concern as 0 confirmation transaction can be accepted with little risk.
Regular people are refused to use Bitcoin or doesn't understand why it's important except for criminals and speculators.
Transaction times are too slow... The list goes on. Everybody I know already know what Bitcoin is but they are not
interested.
So it's a matter of time when central bank(s), government(s) or bank(s) create their own crypto currencies and block chain
based services more advanced than Bitcoin. Same happened with the internet: In the beginning it was free stuff and
small open source projects, now it's completely dominated by few huge companies who collect all the revenues (Google,
Facebook, etc)
So when this will happen to block chain and Bitcoin will become obsolete?
(Please no delusional believers "Bitcoin will replace fiat" type of nonsense comments)
The created blochchains or tokens by any third party is no different from existing database, have nothing to do with the concepts of bitcoin on which most of us are working. Bitcoin is still at its infant stage. There are many revolutional changes in the near term. We are about to adopt it. How could it become obsolete? Transaction times are too slow... The list goes on. Everybody I know already know what Bitcoin is but they are not
interested.
So it's a matter of time when central bank(s), government(s) or bank(s) create their own crypto currencies and block chain
based services more advanced than Bitcoin. Same happened with the internet: In the beginning it was free stuff and
small open source projects, now it's completely dominated by few huge companies who collect all the revenues (Google,
Facebook, etc)
So when this will happen to block chain and Bitcoin will become obsolete?
(Please no delusional believers "Bitcoin will replace fiat" type of nonsense comments)
When FIAT money become obsolete? It took over ~7000 years, till bitcoin happen, so bitcoin can last quite long if you ask me.
Ughhh..... do you realize "fiat" money is actually very young? Less than 100 yrs old.
Maybe you should start researching where the term "fiat" comes from.
maybe the legalized money"fiat" money is young but dollars is very old https://en.wikipedia.org/wiki/History_of_the_United_States_dollar
Now explain to me where the term "fiat" comes from
Hint, read the damn link you posted. Retard.
We don't know that if bitcoin doesn't encounter any fatal technical issues. Probably we can wait until the last coin is mined. At the moment bitcoin is getting more attention. It wouldn't become obsolete in the near future.
people always talk about the departure of bitcoin when something better will be created, what if this something better is still a part of bitcoin... its evolution?
remember that bitcoin is still in beta, there might be plenty of changes even revolutionary for bitcoin, that may change completely the bitcoin that we know today, but it would still be bitcoin
remember that bitcoin is still in beta, there might be plenty of changes even revolutionary for bitcoin, that may change completely the bitcoin that we know today, but it would still be bitcoin
Totally agree with you! sometimes people forget it or "want" to forget it, this is just the beginning and lot of changes are coming...
When will Bitcoin become obsolete?, i didn't know, maybe the "politic" answer is, when people stop to believe on it.
people always talk about the departure of bitcoin when something better will be created, what if this something better is still a part of bitcoin... its evolution?
remember that bitcoin is still in beta, there might be plenty of changes even revolutionary for bitcoin, that may change completely the bitcoin that we know today, but it would still be bitcoin
remember that bitcoin is still in beta, there might be plenty of changes even revolutionary for bitcoin, that may change completely the bitcoin that we know today, but it would still be bitcoin
I don't think at all that Bitcoin become obsolete in the near or the far future.
Even if governments will create their crypto currencies i believe no one , or a very few number of people will use it, because it will centralized and without anonymity surely , exactly like fiat, so not encouraging the bitcoin users to leave it for this type of crypto currencies. Already a lot of altcoins pop up daily but we see easily that Bitcoin still the most powerful and the best, the more used by people everywhere
Even if governments will create their crypto currencies i believe no one , or a very few number of people will use it, because it will centralized and without anonymity surely , exactly like fiat, so not encouraging the bitcoin users to leave it for this type of crypto currencies. Already a lot of altcoins pop up daily but we see easily that Bitcoin still the most powerful and the best, the more used by people everywhere
When something of better will be created.
I agree. Unfortunately bitcoin is totally dependant on technology and this is permanently evolving. Perhaps five years will be enough to know the final destiny of bitcoin or its limits.
It's definitely possible that Government comes up with their own crypto currency but that currency will either be taxed or be so expensive that only the rich class will be using it. It will never take the place of bitcoins unless and until the currency is anonymous. I don't think bitcoins would last for years as it is replaceable but the new crypto currency would take years to be adopted. Bitcoin is already an established currency and people were interested in using it which is not possible with the Government regulated currency. Taxing would go against it.
Banks already have their own virtual currency in the form of rewards and many do use it but lesser than bitcoins.
Banks already have their own virtual currency in the form of rewards and many do use it but lesser than bitcoins.
I think, if the civilization keeps evolving like now, it will never become obsolete or maybe when something better is invented.
Regular people are refused to use Bitcoin or doesn't understand why it's important except for criminals and speculators.
Transaction times are too slow... The list goes on. Everybody I know already know what Bitcoin is but they are not
interested.
So it's a matter of time when central bank(s), government(s) or bank(s) create their own crypto currencies and block chain
based services more advanced than Bitcoin. Same happened with the internet: In the beginning it was free stuff and
small open source projects, now it's completely dominated by few huge companies who collect all the revenues (Google,
Facebook, etc)
So when this will happen to block chain and Bitcoin will become obsolete?
(Please no delusional believers "Bitcoin will replace fiat" type of nonsense comments)
Transaction times are too slow... The list goes on. Everybody I know already know what Bitcoin is but they are not
interested.
So it's a matter of time when central bank(s), government(s) or bank(s) create their own crypto currencies and block chain
based services more advanced than Bitcoin. Same happened with the internet: In the beginning it was free stuff and
small open source projects, now it's completely dominated by few huge companies who collect all the revenues (Google,
Facebook, etc)
So when this will happen to block chain and Bitcoin will become obsolete?
(Please no delusional believers "Bitcoin will replace fiat" type of nonsense comments)
Your analogy doesn't make any sense because you are comparing the protocol (TCP/IP and the Bitcoin protocol) with services (Google, Facebook etc).
Bitcoin protocol will be here in 50 years just like the internet protocol, and services will be very successful under this protocol. The goverments aren't doing anything that can compete with Bitcoin because they can't afford an open source decentralized solution.
The only way it will become obsolete is if something vastly superior comes out but unless it's vastly different bitcoin could probably just implement it. I think bitcoin will always have a use outside of the mainstream machine but hopefully we can infiltrate both the mainstream and underground and be used universally.
you have forgotten the option NEVER
I think so. Bitcoin is under active development. It will evolve all the time. Maybe the core client is totally different in 20 year's time, but bitcoin itself is the same.
So the core client might be obsolete, bitcoin will never be.
you have forgotten the option NEVER
I think the bitcoin is only a starting point of a financial revolution and it can only grow further
To make obsolete the bitcoin should be an even more advanced technology that is currently unthinkable as well as useless, to make a new technology we first need a new need that the Bitcoin can not meet
To make obsolete the bitcoin should be an even more advanced technology that is currently unthinkable as well as useless, to make a new technology we first need a new need that the Bitcoin can not meet
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