Topic: Where do you see Bitcoin in 5 years? - page 2. (Read 3087 times)
I hope to see BTC becoming more used as a mean of exchange. Also I hope that the "infrastructure" is more developed so that there are no incidents like Mt Gox. I'm not going to make any predictions about the price because I think in 5 years even the value of USD can be a lot different from what it is now..
Sure, why not?
1) Multi-coin wallet clients will finally be released into the wild, though they may be more centralized approaches than would be ideal for security and privacy. Alt-coin prices will soar.
2) Exchanges will largely be replaced by p2p and ATMs. ATMs will run their own federated exchanges, solely using current market price. Various trading options may still exist to speculate, but I see them becoming toys for the ultra-wealthy only.
3) Bitcoin-like networks will see significant, though maybe not widespread, use as a notary system, competing with email and un-notarized paper as the de facto way to record mundane p2p contracts.
4) Node centralization will become a major concern, both due to bandwidth/connection bottlenecks and security and privacy risks, and we'll probably be trying to figure out a solution to this well after negative events occur due to the issue. The Bitcoin Foundation or similar may be sending out free physical blockchain copies to anyone who asks.
5) Widespread, explicit discounts by companies for users paying in BTC. 3-5%, at least.
6) Bitpay will eat everyone's breakfast, possibly becoming The Crypto Company if the payment processing space isn't adequately competed in. Bitpay will have the money to finally implement some of the more ambitious ideas like hybrid crypto-fiat debit cards. Bitpay will be largely responsible for the crypto revolution, I believe.
7) Increased skepticism and outright opposition by government officials, and lobbyists for existing infrastructure explicitly attempting to undermine cryptocurrency. We'll see more major markets ban bitcoin transactions and exchanges outright.
8 ) Fracturing of QT project, and eventual decay into irrelevancy as developers move on to other clients and are not competently replaced. Formal organization of protocol development which will look like various protocol alliances we see in other industries... for better or worse, the protocol's fate will be in the hands of relevant corporations. This may end up being a defining moment, possibly causing exodus from Bitcoin itself into other coins with separate protocols.
9) Heavy development in the mixing/anonymization sector of cryptocurrency. All major clients will support cheaper, heavily-mixed transactions.
10) BTC price = $2500-6000 (nobody will use "bitcoin" to price bitcoin, with ksat being the most common unit of measurement)
10a) $10-1000 if major fracturing occurs due to ideological dispute over protocol development
1) Multi-coin wallet clients will finally be released into the wild, though they may be more centralized approaches than would be ideal for security and privacy. Alt-coin prices will soar.
2) Exchanges will largely be replaced by p2p and ATMs. ATMs will run their own federated exchanges, solely using current market price. Various trading options may still exist to speculate, but I see them becoming toys for the ultra-wealthy only.
3) Bitcoin-like networks will see significant, though maybe not widespread, use as a notary system, competing with email and un-notarized paper as the de facto way to record mundane p2p contracts.
4) Node centralization will become a major concern, both due to bandwidth/connection bottlenecks and security and privacy risks, and we'll probably be trying to figure out a solution to this well after negative events occur due to the issue. The Bitcoin Foundation or similar may be sending out free physical blockchain copies to anyone who asks.
5) Widespread, explicit discounts by companies for users paying in BTC. 3-5%, at least.
6) Bitpay will eat everyone's breakfast, possibly becoming The Crypto Company if the payment processing space isn't adequately competed in. Bitpay will have the money to finally implement some of the more ambitious ideas like hybrid crypto-fiat debit cards. Bitpay will be largely responsible for the crypto revolution, I believe.
7) Increased skepticism and outright opposition by government officials, and lobbyists for existing infrastructure explicitly attempting to undermine cryptocurrency. We'll see more major markets ban bitcoin transactions and exchanges outright.
8 ) Fracturing of QT project, and eventual decay into irrelevancy as developers move on to other clients and are not competently replaced. Formal organization of protocol development which will look like various protocol alliances we see in other industries... for better or worse, the protocol's fate will be in the hands of relevant corporations. This may end up being a defining moment, possibly causing exodus from Bitcoin itself into other coins with separate protocols.
9) Heavy development in the mixing/anonymization sector of cryptocurrency. All major clients will support cheaper, heavily-mixed transactions.
10) BTC price = $2500-6000 (nobody will use "bitcoin" to price bitcoin, with ksat being the most common unit of measurement)
10a) $10-1000 if major fracturing occurs due to ideological dispute over protocol development
@Kaligulax, love the positive mind, positive outcome mindset. Keep it up!
Bitcoin offers a reality where we can transact globally with reasonable translation costs. Within five years, I think we'll see a currency crash in some country hit bitcoin as a stabilzing force. People can use it as a lifeboat as their inflation skyrockets and they can avert huge losses. It will be another "gold" that you hold for those "oh hell" moments. And do so in seconds with limited holding costs.
The exchanges and wallets will consolidate into a few big players. Similar to how you think Visa, MasterCard, and American Express. There will be just a few trusted players. Some of us will trade in off the path exchanges, but that will be for off the record things and have a higher cost. The exchange rates will stabilize as Wall Street starts trading bitcoin against major currency and ETFs and other bitcoin linked trading is created.
Mining will progress faster than difficulty. As a result, the rest of the model will be finished. The cap will inherently drive the value of a bitcoin up. But it will be a bumpy ride. The only thing that could kill Bitcoin would be for one of the other cryptocurrencies to establish a 'self policing' model before bitcoin does. I know the math wonks love to admire the purity of their model, but a theft doesn't go on for years and years unless there are integrity issues.
Bitcoin offers a reality where we can transact globally with reasonable translation costs. Within five years, I think we'll see a currency crash in some country hit bitcoin as a stabilzing force. People can use it as a lifeboat as their inflation skyrockets and they can avert huge losses. It will be another "gold" that you hold for those "oh hell" moments. And do so in seconds with limited holding costs.
The exchanges and wallets will consolidate into a few big players. Similar to how you think Visa, MasterCard, and American Express. There will be just a few trusted players. Some of us will trade in off the path exchanges, but that will be for off the record things and have a higher cost. The exchange rates will stabilize as Wall Street starts trading bitcoin against major currency and ETFs and other bitcoin linked trading is created.
Mining will progress faster than difficulty. As a result, the rest of the model will be finished. The cap will inherently drive the value of a bitcoin up. But it will be a bumpy ride. The only thing that could kill Bitcoin would be for one of the other cryptocurrencies to establish a 'self policing' model before bitcoin does. I know the math wonks love to admire the purity of their model, but a theft doesn't go on for years and years unless there are integrity issues.
Price? Applications? Mainstream acceptance?
In 5 years I see Bitcoin replacing Paypal as the currency of the Internet. The price will be over $100,000 and it will be built into all sorts of applications from chat, to file sharing, to the fabric of the web itself.
In 5 years i see 1000 BTC in my wallet... starting now.... 1,2,3.... 
I wrote a recent post on where I envision Bitcoin. It's not a five year projection per se, it's more of a vision for a bitcoin-based economy and I explain why it's essentially a matter of time. Could be 3 years, 5 or closer to 10. But I do see a migration towards a crypto-currency based economy, I happen to believe Bitcoin enjoys first-mover and network-based advantages, and I believe bitcoin will take off among individuals, companies, non-profits, and between governments - possibly playing a major role as a foreign currency reserves as well given its attributes as a store of long term value and the lack of political strings attached to it since its not issued or governed by any one particular government or central entity.
the complete article is here: http://bitcoinreflections.com/?p=86
the complete article is here: http://bitcoinreflections.com/?p=86
Not getting into price but I would hope to see 5% of Internet transactions to go thru btc
Price? Applications? Mainstream acceptance?
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