Bitcoin Forum

Hey!

Does bitcoin have a promising future?

Or will government intervention and regulation restrict bitcoin to perform as we know it?

I’m currently completing research on the current use of bitcoin. What I hope to prophesise is bitcoin’s future as a currency by asking participants their views on the current competencies of bitcoin through a few questions via a 10 minute online questionnaire.

The UK government’s response to the increasing use of cryptocurrency (AKA digital currency), is a positive one as it ‘increases banking competition in the interests of all customers. Encouraging greater innovation in payments’ (HM Treasury, 2015).

The study will gather global perspectives to answer:
- Does bitcoin has the ability to be fully adapted and used in the economy compared to other payment systems?  
- Do certain attributes of bitcoin (such as security, safe guards and lack of regulation) hinder its potential to be used as a payment system or as a facilitator of investment?

Please click the link below if you wish to complete the questionnaire: [/b]

https://www.surveymonkey.com/s/bitcoinresearch1

Thank you!
:)

Yes it will, specially among the internet related services. All those twitch.tv, youtube, adsense type services that move millions, will all run under BTC.
Slowly society will see how physical cash gets erradicated, and BTC will be the leading way to move money.

agree, i think thats the key, when more companys start to adapt it we will see how this grow up like hell ;)

I agree! :) physical wallets with cash in them will be a thing of the past!


do you think payment intermediaries/third parties such as visa/mastercard will vanish? maybe big corporations and banks won't let bitcoin be accepted!

It really could do. People currently exchange their hard earned money for it so it means something to a lot of people already. I think when it is at 2% inflation will be interesting. Although I am not sure when its value will stabilise.

Yup i agree bitcoin is a future,its like hard book transformed in to the  ebook and now this time for money that bitcoin did it as long as netizen using bitcoin for transaction i believe bitcoin's gonna be used and fully adapated as a curency

Well we can't really know. You can just get personal opinions. Just as Andreas Antonopoulos said at a conference, we shouldn't really try to predict the future as most of the time we're going to get it wrong.
In this case we have a 50% chance of it happening, because it either is going to happen or it won't.
Looking at the current state of the network it can't happen yet. Bitcoin can't handle mainstream adoption at the moment.

If the protocol gets adjusted properly so that we it can handle this, it just might.

The government can't ban code. They can try to restrict it but anyone can use it who wants to. Just like before when they wanted and tried to ban file sharing they failed. Close down one site and another pops up, and then torrents came along. Now they rely on ISPs to report people who appear to be torrenting but it's all something that can be circumvented.
Yes I think there will be a bright future for bitcoin, it's still young and misunderstood.

how long do you think it will take for bitcoin to be adjusted properly, have a stronger network and be used in its rightful way as a currency?

Bolivia and Kyrgyzstan are the only two countries that seem to actually prosecute users of bitcoin, and there are other countries who claim they have a ban on bitcoin. But you're absolutely right, no one can actually stop the alternative routes of using bitcoin

Yes it will absolutely be adopted fully as a currency.  There are just too many advantages over the traditional banking system for it to not be more widely used.  Some regions are already seeing an attempt from governments to prevent its widespread adoption, but due to its semi-anonymous nature it will be difficult to control this.  Even in areas where it is outright banned it can still be used if people want to use it.  All it takes is time and it will spread like wildfire across the globe.

Bitcoin is going to be used as an internet currency. People are going the buy things in foreign countries and pay in bitcoin. It is fast, easy to use, low fees which takes out all messy work of exchange rates. It is not going to be a hit in local shops because fiat and credit cards are more convenient for the shop owner.

Will help with your survey later on.

That is a tough question. If you are familiar with the recent events in regards to the block size limit being raised and Bitcoin XT you probably know why.
Bitcoin has too many people that are closed-minded. The problem is that Bitcoin can't handle the needed amount of transactions for it to become mainstream.
20 MB blocks would be useless if we got anywhere near mainstream.

I guess it is going to take a combination of block size and other technologies (e.g. Side chains; Lightning network) before the network is ready.
I think that it is going to take us a few more years. I'm not going to mention a specific number as I will probably be wrong.

I think that at this point it is doubtful bitcoin will be used as a currency.  Pretty much everyone in cryptos is here to make money it seems.  We treat it like an investment, not a currency.  If you get money from the bank, how many people hold on to that hoping the price will increase by multiples?  My guess is nobody.  Plus governments don't seem to like it so they will put pressure with regulations to prevent it from being popular.

thank you for your interest in the survey and response :D

I agree, but there is a growing use of bitcoin in shops. in 2013 there were only 10,000 merchants using bitcoin worldwide. today, there are over 100,000 bitcoin accepting merchants!
in recent research (that i conducted), it has been opinionated that the credit/debit card system in place is much more convenient. Some business owners completely abandoned bitcoin due to this.

what about the anonymous, decentralised nature, low transaction cost and fast payment - of bitcoin being used as a currency; there are so many other benefits? surely it's more than just an investment

not gonna lie, i wish i bought into bitcoin 4/5 years ago just for investment purposes :(

Eventually bitcoins will replace the dollar as the international currency :)  Everything is online now, amazon wants to deliver groceries to your front door with drones!  Things are changing and I can see a future where most transactions for goods and services are done online using bitcoins.  International commerce in particular will be interesting for bitcoins.

reported all 7 (seven, dammit) of 'em for spam.. looks like most of the mods are offline atm, though.

FTFY... paper money will still be required.

sorry if it looks like spamming, i'm trying to gain exposure and opinions for some research im carrying out. bitcoin forums seem to be a great place for it, and im attaining some fab feedback


:/ oh no...

Bitcoin definitely has a big future ahead. Adoption will definitely grow and the price will rise. However, most people are currently holding, expecting the price to go up, so not a lot of use as a currency at the moment.

To be honest, I'm a little concerned of Bitcoin's future at the moment, thanks to Mike Hearn and Gavin Andersen's potential hard fork over into Bitcoin XT, as I believe if they're successful, a) it would completely backfire on them within 6 months, and b) it would destroy all trust / confidence in Bitcoin, rendering both Bitcoin XT and Bitcoin Core useless.

What's especially disheartening is when I hear things from the likes of Mike Hearn who basically says he wants to consolidate power via mining farms, then give himself and his cohorts the ability to freeze coins at a whim via a blacklist they will create.  If something like that ever comes to fruitition, I'm switching back to fiat immediately.  If my finances have to live under external regulation, I'd much prefer that regulation be governed by the Canadian government versus Mike Hearn and his buddies.

Bitcoin is pretty much dead.

The only reason btc is still around because it was the first crypto moni and lots of people invested in it. So that lots of people won't let it die so easily. But it is inevitable.

Btc has so many flaws. The biggest one is the speed.

Yeah of course we will still have paper money but I imagine that bitcoin is very attractive for international money transfers, and it will take over as the main currency used by everyone.

the speed of what? sending a transction is done in an instant, confirmation time is a non issue, merchants could just accept transaction with zero confirmation

there is a possibility that bitcoin will be dominated only by a niche market, but i don't see it dying ever, especially its technology

Why would anyone need btc while MasterCard&Visa can do everything (and more) that btc can? (onlinewise)

The only advantage of using btc is anonimosity. (which is pretty much ded also, you can not btc>usd huge amounts of coins without getting caught by gov) Nothing else.

what if btc price drops to 3/4 of it was before, while that poor merchant is waiting for his confirmations?

it does happen.

this is one of the reason why we need adoption, to increase stability in price, and overall confidence from merchants or any business activity

it is sure that right now bitcoin is incomplete, but not because its system is flawed, but because the world is still to accustomed to fiat

Btw whats the point of making bitcoin price stable? With that stable price you can't earn as much as in volatile price. With that mass adoption people will try to buy bitcoin and bitcoin price will be higher so what? Bitcoin will never replace fiat although bitcoin has provide with a very good system

Bullshit does the UK Treasury think Bitcoin is a good idea. it's rat poison to them..

Bitcoin is future's currency and already is being used as currency and the process of adoption in on going.That day is not very far at what OP referred when Bitcoin internationally will be used as currency just need little more adoption and public awareness and procedure will accelerate.More and more countries are trying to regulate it and which is some type of official recognition.

Bitcoin will slowly take out other payments systems like visa , mastercard , amex, WU and average Joe will be able to do what he wants with bitcoins as what he would do with fiat, the time is nearing folks for this to happen!

Bitcoin has promising future and it is making its way by itself and finally more and more governments begin to show interest in it to regulate it and bring it in some law framework to protect the consumers which is a healthy sign towards bright future and will help it lot to be adopted and used more and more.This regulation by itself will boost awareness in common public about Bitcoin.

I think in next decade bitcoin will be adapted very well in this industry and will be usable.

What do you mean? Speed is nothing to compare here. Bitcoin speed on transaction is good enough and things left is confirmation time? I think you misunderstanding speed here



Why did you say that? I dont think bitcoin will ever replace as the main currency because there are still many people dont adopt bitcoin as they adopt fiat in their lifes so bitcoin will just stay the same

Never say Never!
although bitcoin is not yet adopted by majority of people, i believe that it has the potential to become much more successful that what it is right now. and eventually it can be a substitute for fiat, or at the very least it can be as useful as fiat and exist side by side with it.

Although its being adopted by many people bitcoin will never replace fiat because there are so still too much lacking in bitcoin technology. IAbout the system it still can be hacked too. How are you going to anticipated that? There are still many reason why bitcoin will never replace fiat

Guys give it time. Development takes time, look at email for example. It took time. I am still believing!

From now i can say that never ever will replace the fiat, it's not just like that.

How do you know? Do you have a crystal ball that can see into the future? Not all fiats are the same. Take the US dollar vs the Zimbabwean dollar. One is worth something the other is worthless. It's not impossible that any currency could collapse at some point even the dollar especially if they keep printing it as a means to try sort the economy out (which has a devaluing effect obviously being inflationary) and with bitcoin being deflationary it could really take off if there was ever a financial collapse or economical crisis.

Yes, bitcoin will have a promising future provided, every individual knows its value and how it's works. It is the  first currency of the internet, and everyone is free to use it. with bitcoin we can send any amount of money to anyone, anywhere in the world as easily as sending an email. If these such more details reached all around the world, sooner we will have many banks who will accept bitcoins legally.

I think Bitcoin has a lot of potential to become fully adapted as a digital/online currency, for offline the cash system is too easy to use and a common man don't want to go through the hassles of understanding a new system for his day to day expense. Therefore, I think Bitcoin will be more widely used for shopping/sending payments worldwide and will be more widely used as an online currency.

No, never

That could be the first step. Bitcoin can easily replace paypal.
Once that happens, adoption in the offline world could easily increase too.

Why never???
It can be used as a currency, but the only condition it will need to satisfy is the stability which is being seen since past few months...
We don't need those immediate spikes and then destructive scenes...
We need stability, and if this will be the scene and even if it reaches $1k steadily, it can be adapted as a currency, a currency which evaluates itself from time to time growing at a stable rate... :)

well, bitcoin is in its early stages. and since it is a new technology it will take longer time to become flawless. you can't expect it to become wide accepted when it is practically a toddler in comparison to other currencies which were around for many years.