Bitcoin Forum

Bitcoin has often been compared to the Internet itself. A project that will change the very world that we live in. The Internet has come to define the age that we currently live in, but can the same be said of Bitcoin? Has Bitcoin been an empty promise? Well, the truth is that we need to dig deeper into that question, and more importantly, we need to ask that question.

https://cointelegraph.com/news/has-bitcoin-failed-to-deliver

So in your opinion , Bitcoin has indeed failed to deliver or It's too soon to say?

On the big scale it is far too soon to say, however so far it has been fine when it comes to delivering on what is promises to. You'd have to wait and see how it operates in a macro environment as opposed to the smaller communities we see.

The only thing we haven't seen when it comes to what Bitcoin can deliver on is whether or not it can effectively operate with an extremely large transaction volume, notably one you'd see in every day life.

Someone taking up internet usage has absolutely nothing to lose and everything to gain.

Bitcoin on the other hand carries risk and the need to radically brush up on your security and be fully aware of things you might otherwise have never paid any attention to. It also calls into question the nature of money which is something very few people can be arsed to think about. None of those factors are remotely attractive to a regular personage.

It's far too soon to be making pronouncements but my feeling is that the average human won't go anywhere near it until/unless it's spoon fed, nicely packaged and there's actually a compelling reason to use it. Right now there isn't.

In the meantime more people on the fringes will be coming up with those use cases.

I do not think it has failed to deliver in any way. The critics will always be critical of it. It has been rising, has been secure, has got worldwide followers, it is helping people. This article really does not understand Bitcoin power and how it actually has helped a lot. For me Bitcoin is a success.

I think its still early days, we are about 1994 in internet time, at that time the internet was still the arena of geeks,  I believe that in 20 years we will be looking back at 2016 and those that were buying and using it as early adopters.  ;D

we are still early.

but it appears due to dominance from bankers in the more popular implementation, would be like saying:
"we are using netscape and netscape is the only future the internet has"

internet analogy for future bitcoin mindset
lets not blindly follow netscape and keep the internet open and flowing, as we all know what happened to netscape

lets not blindly follow one implementation and keep it diverse and expanding,

A person who is not very knowledgeable about the history of the Internet (in America) could say that AOL was the humble beginnings of the Internet we know of today.  Why would that be?  Because AOL was the first phase to make the Internet easy to use for the masses; and Bitcoin has definitely become the first real successful attempt at decentralized cash that is peer to peer while also being the first cryptocurrency to be easy to use with nice looking GUI's, exchange sites, and that sort of thing.  A whole lot better than what digital currencies that were being used before it, such as e-gold and that sort of thing which never really gained as much attraction from other people.

This didn't stop the progression of the Internet, and people didn't just decided to use AOL for the rest of their days to gain access to the Internet... and that is the point where I think we are at today with our little analogy of Bitcoin being the early Internet.

I'm not saying that Bitcoin is destined to failure, or less use than it's hay day (who really uses AOL now and days?) but if there aren't significant improvements in confirmation times and fungibility, then people will continue progressing the idea of cryptocurrencies using the blockchain with or without Bitcoin.

For me, it's too early to say. It's not Bitcoins fault, it's just the most famous cryptocurrency in the world. I think it's still in its infancy to tell. The current position of Bitcoin is great, it has a high value that you can share it and be amazed at how much it is now. From the very first Bitcoin value to know is very large, and a lot can still happen for the years to come. I agree with the article that the community of bitcoin should act, not just posting here, implementing in every parts of our daily lives. It's hard at the start but I think soon we can deliver.

if you talk about being a good currency or not, i think bitcoin is on track it just need to scale corretly when million if not billions of user will jump in this train, if you intend as a marketcap, it will be only a matter of time until more people will recognize it as a good tool that can r3eplace one day the current money system, or at least making it better

I don't know but I'm starting to feel a bit deflated about the lack of progress in the last 2 years or so.

I do not think so, because Bitcoin were disruptive enough to set the wheels in motion for new innovation in the Fintech sector. The banks

started to create their own private Blockchains and people created 1000's of projects that had a disruptive effect. { Examples : Remittance,

Online Gambling... } ...and this is not the end to the story, there are still a lot to come.  ;D

It's far too soon to say that bitcoin has failed to deliver, that could be said if it really get's held back for the next 4-5 years, since since the last year or two, bitcoin started to get implemented into more and more businesses . So as I said, it's too early to judge it since it's relatively new and it's still taking up the speed.

The internet was a completely new concept to the public whereas money is money. People have a hard time understanding exactly what makes bitcoin different and don't even u destine the basics. It's anonymous magic Internet mindy in most people's eyes until they actually figure out the fundamentals. I don't think it'll be as big as the internet but it's going to be bigger than it it is right now, that's for sure.

fAILED TO DELIVER AND FAILED IN EVERY OTHER REGARD TOO.

BITCOIN FAILED. 

Rofl glad to see you chimed in with your great wisdom, now where's kwukduck? Is he making breakfast for you guys? Are you kwukduck?

It must be tough being on a forum called bitcointalk and hate bitcoins. Maybe you should try Christian mingle or something man. Or J-date.

Bitcoin does exactly what I need it to do. I can store value while retaining the ultimate control over the asset, and I can transfer value to anyone, across any arbitrary border, without requiring the help of a middleman or permission of an authority.

It will only fail you if you had unrealistic expectations from the start.

I will say its a function of time. The internet happened because of the powers that bought into it and it didn't happen over-night and its because they see it as a way to get an advantage over the populace I am referring to government but same cannot be said of Bitcoin at this time as I still see it as evolving period and if it really want to deliver, government will be involved and for that I will say it is too soon to judge whether it will deliver or not.

Well it is to early to say if it has failed or not. How long has the internet been available to the general public? 20 years now back in the AOL days. :D
But seriously. Bitcoin is still an emerging entity and stillneeds time to gain it's bearings just like any new innovative technology needs to do. Or would you say 6.5 years after the internet was generally available to everyone "Is this slowness ever going to get faster?!" No because you didn't know it could be.
Same could be said about bitcoin. :)

Till the moment bitcoin is being able to handle all issues it has showed off, and left some issues to handle over the next years, there is no way to say now that it has failed or not, bitcoin is going to make 8 years online, and has changed several lifes at this period. And one the most impressive thing is bitcoin is advancing with people support, and countries in the general doesnt know how to react to bitcoin and crypto world, their step should be to tax crypto world the way they do with fiat.

BitPay had signed up 10,000 merchants with the expectation (probably unreasonable) that people would transact with bitcoin for things other than store of value. 

Now that Holiday is satisfied with his 'store of value' use, let's just throw away all other anticipated uses. 

Fuck.

Bitcoin shouldn't be compared to the internet.

What bitcoin did was more like mp3, napster, torrent did. There are many similarities. Those technologies are riots against big companies, just like bitcoin is a riot against big banks.

Bitcoin, just like the others gave us freedom.

From the diversity of commentary in this thread, I think it's fair to say that it's succeeded in some areas and failed in others (and as Holliday mentioned, sometimes the failure is really of what one was expecting. However much Satoshi got right in 0.1, the very fact that Satoshi stuck with development upto ~ version 0.5 demonstrates that even he knew it was a mixture of problems and solutions).


But I would add this: the original marketing rhetoric on offer still remains a promising possibility: outcompeting the Central Banks. There's still a long way to go to achieve it, but if it can be coded up, it will be coded up. And then the Central Banks could be finished, rather quickly. What Gentlemand said is the crux of the issue: it needs to be simple enough for those with below average intelligence to use it easily, and that probably means a successful Nameserver p2p network, so it's more like using email than it is like using IRC.

bitcoin is like the internet. its a network. but the services/browsers on the network, have seemed to be pointed more in the direction of AOL branded netscape with built in mp3 player. to dominate the internet
where millions use AOL and only a few hundred thousand uses napster/torrents

no longer are people thinking about the internet as an open and diverse network, but something AOL should dominate in because they trust AOL to do a good job to give them all the internet solutions there could ever be.

shame on those people especially if they deny who is actually paying investment into the AOL brand and what AOL's actually contracted to do to promote bankers alternatives (like when AOL got bought out by time warner)

replace:
"AOL" for "blockstream"
"services/browsers" for "nodes"
"napster/torrents" for "independent node implementations"

 and analogy applies

Bitcoin has done what it was ment to do and so much more. Bitcoin has given us so much and ot goes hand in hand with the internet. Back in the day the internet was introduced in a not so different way to bitcoin. There were also nay sayers who now eat their words forever. People said the internet was bad. People are generally idiots.

I think it has succeeded in many fashions, both beyond and below expectations depending on what is being measured.

As a store of value it has performed exceptionally. As far as interaction for purchase - I typically use it as often as I can when a business accepts it simply as a vote of confidence and support for that payment method over the alternatives offered.

I admit it is difficult to inform individuals as "store of value" is a poor sale on the majority since Keynsian thinking is rampant and without much in the way of more proliferation it is difficult to suggest the value in having some conversion to use to begin with.

That said, I'm still a firm believer. It is only beginning, I think.

In my opinion the comparison is unfair and unequal because there are two major differences between them.

• At first, everyone had started to use net from early days remember how difficult was anyone to connect (dialup), to find something without search engines and how to convince other people that this mean would change the way in many aspects of their future life. Mass adoption was the result of education (schools, free seminars), everyday information and advertising(TV , radio). Furthermore, in recent years many countries and  public organizations offer free internet (WiFi hotspots). In addition there were campaigns like the worldwide known from Negroponte " One Laptop per Child ". Nowadays, in many countries anyone doesn't know basic computer tasks is considered "digital illiterate". 
• Secondly, internet is an extremely useful tool for banking operations. That is, web and mobile banking, wide usage of debit and credit cards, etc. On the contrary, all we know what would be the complete acceptance globally of bitcoin for banks future.

So, who will educate billions of people and who will allocate money for their information and education? Banks or governments who are seeking bank support?

Bitcoin runs over the Internet, so the Internet is a lot more flexible and with a lot more uses than bitcoin itself, so its no wonder that the Internet got adopted so fast but one thing we must understand is the Internet is a lot older than many people think since the 50 there were ideas about developing and at the end of the 60 and beginning of the 70 the first steps were made.

No I don't think that bitcoin had failed because there are many bitcoin inspired and bitcoin related projects happening world wide so bitcoin stand as the role model for them. An  I think that bitcoin would be the role model for the coming generations.

bitcoin has failed in nothing!

i don't care about what anybody else says or expects out of bitcoin. as someone who has been using bitcoin for over two years i am mostly satisfied with it. of course i hoped that bitcoin was at a much better place like having a lot more adoption among merchants but i am still glad that it exists and has been a great tool for me to do my online payments using different services.

and on top of that bitcoin has been a great investment for me so far. and also it has introduced me to the world of trading which has been a great experience and i learned and earned a lot.

maybe it is time to stop seeing the empty half of the cup.

Let's rather say some criminal elements within the Bitcoin community has failed Bitcoin. They saw a technology that would help them to execute their illegal activities and they tainted the technology. The media and the fiat shills focused in on those stories, and preferred to ignore all the good things that was done, because it was boring to report on that, and it did not fit their agenda.

Now we need to build something positive that was tainted by criminals. < MtGox/Silkroad/Scams >   

I feel like people expect too much to fast. Hence we have to read articles like that. It remind me of Internet status in mid 90.
Back then no one thought that it will be mainstream future for all of us, it was more of a geeky kids playground.
And 10 years later no one laugh about internet's potential and usefulness - I expect we will have the same history repeated with bitcoin.

the answer to this question depends on your expectation out of bitcoin.

some people expect a P2P money which they can use to send money to anyone, anywhere fastest way possible with highest security and cheapest costs. for that i say bitcoin is spot on.

but some others expect reaching moon with bitcoin as in getting rich over night, or to see it everywhere they look as in mass adoption. for that i say we are a far way from this goal but it is still not a fail since bitcoin is still a beta technology and it is in its early stages.

I think it`s too soon to say.

The bitcoin project is only 7 years old and there is  room for development and growth.

The influence of bitcoin over the world is still very small.

Has bitcoin Failed to deliver? Deliver what?

As my thought, every things here became failed even we dont want to. Even bitcoin failed in its goals. Yes, bitcoin has been around now for long years or decade rather. Yes, bitcoin has been adopted globally by technology, but did we ask ourselves that, what does it have to show for itself?

I don't think bitcoin has failed, I start using it only this year for myself. So, as you can see more newcomers are using it every day. I truly believe bitcoin is in a phase of expansion and news services will appear on the way.

At the moment bitcoin has proved to be a mature technology with a nice track record.

• Good refuge currency that keeps its value
• Can send value without too much fee
• Can be a good investment for the future

Problem is not in Bitcoin, people are refusing to be changed, it is simple, as Stockholm syndrome nobody realises what happening and victims are always guilty..Stop this violence!

All it delivered was Pizza.

http://lunaticoutpost.com/thread-713227.html

Bitcoin is about to have a Paycoin moment.

 :-X

Probably it is the people but people acceptance decide if bitcoin delivers or not. Though I say, it is too soon to say bitcoin failed to deliver, development are still in there, unless everything stops and people abandon bitcoin then maybe that is the right time to say it failed not only to deliver but failed miserably.

That's just an article that is trying to get some reaction from the community. If he really thought hard about the topic, he would realize that BTC has delivered enough innovation in the payment space to move it forward. Terrorists even, are getting interested in the technology.

I agree, in addition if bitcoin have failed then why is it that the demands are increasing everyday. And why is it that the price keeps on going up in the market. The answer is simple, bitcoin has been growing strong everyday and has been accepted and embraced by many everyday. In short, bitcoin is a successful campaign in cryptocurrency economy.

I'll say it would be too early to say that bitcoin has failed to deliver what it has to, because bitcoin is still to young, it is not even known by everyone using internet yet and all the world is still to know it and maybe use it, and then if we see nothing special happening, then we might should say that.

Bitcoin is still in the adoption phase. I don't think you can expect much from it until the world gets used to the idea of a virtual currency and learn how to use bitcoin wallets and understand blockchain. If it stays in the adoption phase for a lot longer, then I will consider bitcoin to have failed to live up to its potential. Bitcoin hasn't really been around that long at all, and I think it's current growth has been amazing, and more and more countries are seeing it used within their borders. I'd still give it more time before judging it as a success or failure.

Bitcoin has delivered me a way of life I never had before. I was never in control of my own money, my internet security, my life. Bitcoin has delivered for me and if it hasn't for any of you then you need to work out what you want from Bitcoin in the short/Medium/Long term.

Its too soon to say that, its only been 7 years since bitcoin have started as decentalized currency and running just by community support rather than any company/government backing it or releasing new update/upgrades regularly.

I think blockchain tech will be taken as revolutionary tech rather than bitcoin because we are now seeing several startups/projects which are developing decentralized storage, decentralize trading market etc on top of blockchain tech which may become quite popular soon in future along with bitcoin as payment method which can't be shut down.

I don't know that bitcoin promised anything.
People had hopes regarding bitcoin. Some of these hopes were fulfilled, other not.
But I'm not aware that promises came from bitcoin creators.
Personally I'm satisfied the way bitcoin has developed.
Currently we are entering the phase of mass adoption,  I don't think that could be taken for granted 7 years ago.

lol!   User adoption is very near zero now.  All potential uses of bitcoin have been smothered.  The only remaining 'store of value' and speculation keep things going.  But with 3tx/sec limits and high fees, all interesting uses of Bitcoin are thwarted.  End users abandon ship a long time ago.  Just ask Circle or BitPay.

The ship has sailed.

I don't know it Satoshi intended this but bitcoin definetely not doing good with daily purchases where you need your confirmations very fast.
It is ok for online shopping kinda stuff where the seller should wait at least for a confirmation but purchasing stuff from malls and restaurants is practically impossible. That's where bitcoin failed.

Other than that, it does a great job.

This. Bitcoin has become too centralized, and the whole business of becoming an alternative to the dollar collapsed starting in 2014, when the dollar started to rise for the first time in 30 years against all major currencies, and continues to rise.

Bitcoin needs to solve a problem that can't be solved using fiat or plastic or paypal. To date it hasn't done that. Even in places like Venezuela and Argentina, it didn't achieve critical mass.

What holds it back? People feeling nervous that all the mining is concentrated behind the great firewall of China? The small blocks and the slowness in getting transactions confirmed? The backlogs and the fees? The difficulty in buying it?

Your guess is as good as mine. But something has gone wrong.

It's too early to say but we should be sure that bitcoin is the first cryptocoin which encouraged many other coins to create othercoins and add new features, so I wouldn't say that bitcoin is an empty promise, it's already a new way of dealing online.

Bitcoin has delivered for me personally in a economic sense quite nicely, thank you very much.

More generally, being alive and well half a decade after I first studied it in some detail has been a 'delivery' which I had not considered very probable.  Absent a small number of individuals with the right mixuture of skills, ethics, and philosophy I'm sure that my more probable expectation (failure and collapse) would have been realized.

I'll reserve final judgement on Bitcoin's success of failure until we hit a point when it is actually needed.  This would be a global monetary crisis and a host of associated challenges.  We simply have not seen this situation yet so it is unclear whether Bitcoin, or distribued crypto-currency generally, will come through as a success in the way I would define it.  I'll consider it a 'success' if it imposes significant limitations in mobility of those who have exploited our current monetary regimes and will be lining up to do the same for the following ones.

ASICs turned a well distributed group of over 6000 miners into about 5 mega miners in China.  GMaxwell convinced these 5 miners only he is competent in matters of cryptography. 

BAM! - centralization. 

That was the end.

We need >5000 independent voters to achieve true decentralization.  Those days are long gone. 

I think there is no perfect thing, failure when receiving or sending bitcoin certainly can happen due to a great many deals. that's the thing the weaknesses which could be exploited by other coins to be able to replace the bitcoin.

can you explain more about what you have in mind because there is no such thing in bitcoin called failure to send or failure to receive bitcoin!

for sending as long as you are connected to internet and have your private keys you can send bitcoin to anyone (just like any replacement that claims)

for receiving (again just like any other claimers) you have to wait for confirmation. and if it is a regular transaction with regular amount of fees and it is regular time it will be confirmed within around 10 minutes. and this is true about all other coins which want to replace bitcoin!

cointelegraph describing bitcoin as an established entity with  predesigned roles that has failed to deliver
lets have a look...
unneccessary generalisations:
bitcoin succeeded in some areas and failed in others,it is same as saying paper money failed to fight inflation and ensure smooth payments between individuals
too early to draw conclusions:
there are almost 10 million coins to be mined,bitcoin is far from established
we don't know how will its eco system change once all of the coins are mined,what price it is going to be traded at,what level of adoption will it have etc.
don't blame the game-blame the player:
bitcoin itself is impartial
it is secure,decentralised and in general working as seen on TV
its up to the community to make it more popular and valuable
don't want to sell for bitcoins? too complicated? too much effort to explain to your friend how to use it? any other reason to not use or popularise it?  blame only yourself
to change reality one has to change mentality,simple as that

I think it's too soon to say so, because Bitcoin hasn't reached the peak of its Glory. The glory of Bitcoin is when all of the people in this world knows and when everyone is already using Bitcoin, and at that time we can finally judge has Bitcoin failed to deliver or not.

Bitcoin failed to deliver? Heck no! If I just look at what it has been doing for me in the way that I have been given the ability to store a big chunk of my wealth outside the banking and governmental system, then that alone makes Bitcoin for me the best invention of the last 10 years. Then I haven't even mentioned the trading aspect that made it possible for me to grow my entire wealth with at least 500% since very early 2013. If there was no Bitcoin, I would most likely continue being a sheepy slave of the governmental system for ever, and my total wealth wouldn't be anywhere near it is right now.

I couldn't agree that Bitcoin is a failure. Even if it doesn't achieve everything that is expected, Bitcoin is the revolutionary thing and it will be remembered in history. It's one of the kind.
But we haven't seen all yet, Bitcoin is on the way to reach its peak, just wait and see.

We really havent see the full potential of bitcoin hence its just on its earlier ages and even its not on its peak we could say that its has a good benefits from people and cant be easily forgotten by someone who uses it. If bitcoins adoption would be on its fullest potential then i could think a fast and accessible online transaction and even on offline.

i agree. bitcoin is still young.
and also the least thing that bitcoin has achieved is introduction of a new technology called blockchain which has opened up countless possibilities that even big financial companies are interested in pursuing.

Failed to what?

- As payment processor :
@ Majority of users are shifting from centralized payment platform like skrill, neteller, paypal towards bitcoin because they can atleast sleep with relief mind that they will not loss the bitcoin they are holding just like paypal used to froze/ban/limit account without any good reason.

@ Fees for bitcoin transaction is still really lower than any other methods.

- As investment opportunity :
@ If we look at long price trend, bitcoin value have been gradually increased with some ocassional dumps which shows there is chance of getting good profit investing in bitcoin.

- Adoption :
@ It is for sure that adoption of any new tech will take time, even internet banking are not being used by majority of masses that doesn't mean internet banking is failed concept, so bitcoin shouldn't be considered as failed just by judging this soon.

I don't see bitcoin as a failure, bitcoin has become the first crypto currency that anonymous and decentralized, bitcoin has become the first digital currency in the world, it is an unbelievable achievement, and many of the users had felt the advantage of bitcoin, bitcoin still in the early stage, it is not easy to introduce something new to the whole world, there will be a lot of pro and cons, but i believe bitcoin can become huge one day

Well to me i will say bitcoin has not failed to deliver...though transaction and transfer runs smoothly daily for me and maybe for others...and since its becoming gradually known and used i think there is a positive and sweet run of it!!!!!!

These are the comments of a person in denial. Bitcoin use will not be as widespread as you think. There are some niches for it but it will not be the one where you buy a coffee with it in your favorite coffee shop. That common idea for BTC has failed.

Bitcoin has a lot of room to grow. Somebody must invest in advertising.

For me my answer was no!, if there are some of the member here failed to receive their bitcoin after buying it, maybe it is because of their wrong copying of their btc address. Not the bitcoin itself is getting fail to deliver it.

Yeah that is true. Indeed many a person who sometimes forget that account or address they used was wrong or maybe they use the addres of others. This is something that sometimes became a problem, because sometimes a lot of newbies who do not yet know how or system bitcoin but was in a hurry to buy it. So, we must be careful to do it because it all will determine our fortunes in the bitcoin.

Since most of you here are that Bitcoin has not failed to deliver yet and BTC is still young and have the possibility to grow more , I want to ask you this ... while taking in consideration that SegWit signalling percentage seem to be very slow and there is a chance that It won't be activated , could we say that Bitcoin has failed to deliver then (after not being able to activate SegWit and LN with it) ?

again the question remains "failed to deliver what?"
* if we look at bitcoin as a currency then it is capable of that at least currently wit this many users and the current block size.
* if we look at bitcoin as an investment then i'd say it was pretty successful at that and nobody can deny it when price is consistently rising for the past years.
* if we look at the adoption then it looks a bit disappointing but i wouldn't call it fail.

* segwit even if it fails only shows that we have trouble coming up with a consensus that everyone agrees upon and then we have to start thinking about a new solution.

I mean it depends how you look at it. It has not failed for online gambling, buying and selling with bitcoin online. Has it been implemented in each store or in mega stores worldwide? NO. But, its to early to tell if that will happen or not.

It still too soon to say bitcoin has failed to deliver itself, its still young even for more years to come. We might say bitcoin will succeed when we almost use bitcoin in our everyday life and use just like paper money.

It's still to early to answer such question.
Bitcoin is still new, revolutionary project and many people have never heard of it.
I think that we still have to make a lot effort in order to make Bitcoin more popular, new payment standard in the world.
If this does not happen in the next few years, and some other crypto currency replace bitcoin, only then will we be able to say that bitcoin failed.

We should not draw sweeping conclusions

If a few important updates don't get activated, for example, due to the lack of consensus (I don't really know if they can't be activated for other reasons, so bear with me) and Bitcoin adoption freezes exactly for this reason, say, due to blocks being full to the hilt and many thousands of transactions not being confirmed day by day, that would be a good reason to hard fork Bitcoin with the purpose of creating a more robust update system

It is new but i think many people right now are developing it they are not actually bitcoin to be publicity unless if bitcoin is legal in many countries..
We heard that some country like brazil and paris are now accepting bitcoin locally so i think in the future we will see that bitcoin will be success.
Honestly i am satisfied what is bitcoin right now..

Bitcoin is not all a failed one, if it is a failure we could have not known about the word digital currency. Most digital currencies followed bitcoin but not able to withstand strong as bitcoin. Bitcoin is young to experience such a big growth, people who misunderstand it describes it as failure but its the growth.

I've never needed to use bitcoin to buy anything,  and I know I'm not alone.   I think BTC is a great store of value as long as other people think the same, and thus far they do.  Bitcoin has not failed by a long shot.   Look at the price.  The market is giving its opinion on that loud and clear.

Bitcoin need more time to grow. It is growing at a healthy and rate. I don't think we need to worry at the moment. New people are coming into bitcoin everyday. So the future looks good for bitcoin.

Bitcoin hasn't reached it's potential yet but we are still in the early days. It has only been around for about 8 years so I would not call it a failure yet.

This past years bitcoin transaction has never failed to transfer bitcoins.Yes it can be delayed sometimes but it is 101% that will be transfered.Bitcoin transactions is cannot be cancel when it is send

Yes bitcoin is still in its cooling period. We must give it enough time to get established before making any conclusion.

I speculate we are going to have a classification of timeline based on bitcoins like before bitcoin era and after bitcoin era, that much impact we can expect from bitcoins. All we need right now, just be patience.

There's never been an actual promise from the start tho

Newer alt coins can say those thing  but BTC is so old that nothing is ever going to change

I think in some cases it will definitely happen, money transfer system with a bank or ATM also many cases of failure to occur. That's the thing that has to be resolved by the developers to fix the system.

well i would say u are too soon to say this as .as bitcoin is in the first phase of development and it has too many bugs and programmers are trying hard to make it right .i would say u to wait for another 5 years and this post has it impact then.

It's really way too early to say. If bitcoin survives the next eight years it's probably going to survive forever.  Once the mining reward drops down to an inconsequential amount, the price per coin goes through the roof and transaction fees skyrocket then Bitcoin has "made it".

I understand that Bitcoin isn't fully developed and there is more versions that will come out in the next years but saying that It has "too many bugs" make no sense. I mean the clients has but the Network Itself isn't really buggy , there might be some problems that need to be solved but those shouldn't be considered as a bug.

No i don't think bitcoin is a failure, bitcoin had become the first decentralized currency and still survive until now, so bitcoin has done it's purpose

Bitcoin just lack of user if there are more user using bitcoin, bitcoin can become one of the most valuable currency in the world

What a retarded-ass-fucking-article ... why do people write such junk?!?
"Failed to deliver?"

Last I checked, Satoshi meant it to be a "Peer-to-Peer Electronic Cash System"
For nearly 10 years now it has functioned as such and has done a quite damn good job of it.

People need to go back to the basics of shit before writing such utter junk articles.

Agreed. Bitcoin hasn't promised anything fancy at the level of smart contracts and stuff like that, which altcoins offer. However, it doesn't come with the volatility and the scammy nature of altcoins either. People create altcoins to make a profit for themselves, not mainly to benefit society, while satoshi created it and took no fame from it at all, as he is still anonymous to this date.

It is a currency that's trying to find its own place under the sun. So far, we have seen some progress here and there and more people are warming up on the idea of using it. Give it another five years and let us see how far it has gone in terms of mass adoption and overall usability.

Some people are heavily (https://bitcointalk.org/index.php?topic=1688860.msg17053668#msg17053668) disagreeing with that

On the other hand, the Bitcoin price can't go through the roof without widespread adoption of Bitcoin which is impossible without increasing the block size. And if we are really talking about exponential price growth (and, consequently, wild unrestrained adoption), the block size should evidently increase multifold. But greater blocks would allow to accommodate more transactions, so if the miners don't want to shoot themselves in the foot with the price shooting through the roof, they might want to lower the fees substantially since they will get more revenue through the fees if the number of transactions per block increases as well

I'll help you out with that other thread. Tell him the increase in transaction fees was "designed into" the system by the great and beloved Satoshi. Then quote the white paper to him. Tell him the concept was to "reward' (pay) miners to "secure" (because that's what mining really is) the system. Satoshi almighty realized that miners won't work for free and they certainly won't pay for (as Satoshi put it in the white paper) CPU time and electricity cost to mine at a loss. Transaction fees are "designed" into the system to eventually be a full replacement for block reward. That means fees need to be as high after each reward drop as the sum total of the loss in block reward + fees were before the reward drop. If he doesn't understand that then stop talking to him because he's an idiot and will never understand how Bitcoin works.


Oh, one other point to help your argument. As a miner long ago, I mined a ton of Bitcoin. When you mine the equipment you mine with gets really, really fucking HOT. I mean like fry a fucking egg hot. Computers and HOT go together like gasoline and a match. Mining equipment needs to be constantly upgraded and replaced as you mine (I bought dozens of HD 5970 GPUs as replacements when I was mining). As these farms continue to mine their equipment replacement cost will continue to go up at a rate equal with the annual cost of living increase. The transaction fee increases will also need to include the cost of mining equipment replacement. Any mining company (farm) that doesn't understand this will go out of business or have their profit dwindle down to nothing.

Yeah it does something good. Because all those who already have something good in the bitcoin it will always trust bitcoin for profit, because if we don't get a good thing then it will not be possible to be able to use it always gains in altcoin. because of the advantages in the bitcoin, so it was all something of a good thing.Do a good thing for us is something quite difficult and we must also do something better so that we can not get a bad thing

Yes Bitcoin failed to deliver, but read in signature what coin will not fail. ;)

That guy is obviously looking for a fight not an argument, so he may want to find someone else

Having said that, we should not forget that miners get fees per block basis. That basically means that if one block can contain more transactions, the miners will receive more fees (if the average fee per transaction remains the same and blocks are full). Since the block fill-up ratio roughly depends on the adoption of Bitcoin by general public (at the same block size), increasing the block size (following the increase in adoption) should make the fee revenue grow, and that could, at least, hypothetically lead to lower fees per transaction. In other words, miners would be earning through increasing sheer volume of transactions, not through rising fees per transaction

Yes, that's true. That is a component of the mix. I always believed increasing transaction volume would offset rising equipment costs. That way increases in transaction fees would only need to offset the loss in block reward. That ended up not being true when I stopped mining completely at the first reward drop. I also had no intention of buying massively expensive specialized hardware to mine because the transaction volume was not increasing to pay for my investment. At this point we will just have to wait and see what the future holds. If Bitcoin becomes an everyday spendable currency for a large group of people instead of its current role as a speculation vehicle everything might work out just fine. Only time will tell if Satoshi was right.

I stand over 'too early to say that' side. Well, it almost 8 years of bitcoin since the first time been invented.

In fact, many of the people that Bitcoin was supposed to put to pasture have now adopted the Bitcoin tech and are still around. So the libertarian vision of a decentralized currency run on cryptographic democracy has not really materialized. Instead, we are still living in a world of governments, banks and big financial services businesses.

Yes, we are still living in that economics world, so what? It doesn't matter.
I will wait until 12 years later as Mr.Satoshi said to say bitcoin has failed to deliver. For now it's seems so Great for me.