Bitcoin Forum

Hello folks,

I've been watching this for a long time now, and I've just recently gotten involved...gotten my first .05...the whole nine yards.

It feels great.

But at the same time, I have a question that has been gnawing at me for sometime. I've been reading people's posts about this being a real future currency. I know it's a currency now, but it's not mainstream.  And it's certainly not something that is close to adoption on a large scale.  Here's the issue I see:

Difficulty to mint bitcoins is increasing. This is something that is SUPPOSE to happen, but doesn't this hurt the future of the bitcoin? Using computer power to create more means that those with computer power are the most powerful (not to be redundant).  This works now because it's a new commodity on the uprise..but what happens when the difficulty rises above what an average computer user can manage? In fact, hasn't it already?  To really be competitive in acquiring more of these things, I need to go out and spend a couple hundred dollars on a new video cards. I don't want to argue with anyone about how much the buy in is right now, because that's not really the point.  Difficulty will continue to increase, and what I see when I look ahead is a future where supercomputers mint new bitcoins. That's interesting, isn't it?  Now, I realize that by this point the market will be much more saturated with these things, but I'm trying to parallel this with the dollar.

In a Bitcoin future, will Intel be the next federal reserve?

There will be many such 'Intels' and anyone can potentially start one.  But even the biggest player won't be able to change the rules without everyone agreeing.

Those who are parasite on electrical source could be competitors. You might have whole zombie botnet that just mine bitcoin.

But when the difficulty really gets up there (this is all theoretical..this assumes bitcoins will take off and become something huge) will there really be many Intels? Won't there only be a handful of setups that can mint new coins?  Hell, right now, a supercomputer could mint a couple thousand of these things a day. This is a very perplexing to me as a potential investor.  Do I really want to place my worth into a currency that rewards processing superiority?



This opens up a whole different discussion about legality.  However, it's semi-pertinent.  This system rewards computer power. That is really troublesome.


....I realize I'm scrutinizing the whole idea...and if I don't like it..I shouldn't use it. Yeah yeah. I know. But are people considering this future? Is this what we want for the bitcoin?

Would any amount of randomizing the mint system help this problem?  Or what if everyone had the same odds? And then as the difficulty arose the time between a new mint would increase...

The whole point of processing is to secure the bitcoin network. Zombie botnet secure it. Intel supercomputers secure it.Bitcoin banks with an interest in bitcoin security will just throw some  mining hardware at the problem. Anybody who mines, secure it. 

Beside, you can never mint more than 21 million bitcoin. It's impossible by design.

We scrutinized this ourselves long time ago and come to a consensus that this is the most fair way we know to distribute bitcoin. Somebody must secure bitcoin in the first place, why not get rewarded for it?

Would you mind expanding on this idea of "securing" it?  Why does this secure it?  Because it guarantees that there will always be more?

It makes counterfeiting incredibly difficult.

So....I'm trying to make this make sense using real events.

Are we in a "gold rush" stage with Bitcoins? Where eventually the difficulty will get so high that the rate of new mints will be SUPER slow? So then..the "bitcoin veins" will dry up and people will have whatever they have and won't likely be able to mint new ones...? Then...people will have to do business to actually move them around?

No, the new mint will not be super slow. It will alway try to make sure that there are six new blocks per hour. After mining is over, bitcoin miners will then demand transaction fees to sustain its activity. Right now, it is free to make payment because for many miners, 50 BTC is sufficient.

Please read the https://en.bitcoin.it/wiki/FAQ because it seem that you are asking basic question about how bitcoin works.

Actually there will always be miners...

Except they will be mining an infinite amount of fractions off the last Bitcoin.

Technically yes, but they will mine for transaction fees. And the transaction fees will be as high as is needed to motivate miners to get 1 block every ~10 minutes.

Thank you for the suggestion. I've read this several times, however, and I was really just trying to find out where all this is headed. That's all.

It seems everyone always misses the point, that you're not supposed to mine bitcoins, that's a sideshow to the fact that it's a more convenient currency.

Ask yourself what happens to the price of gold if, the production of gold came to a halt?

Demand would be the same but supply would reducee. This means the price of gold would continue to increase as long as there is sufficient demand. It would get to the point where a gold wedding ring would be worth enough to buy a moderate family home.

This is what happens when bitcoin mining slows down or becomes too expensive or whatever.

If tomorrow no more bitcoins were being mined, the price of bitcoins would grow even quicker than it is now.

I don't agree that mining is a sideshow for Bitcoins right now.

It is already a sideshow for me.

Hey..there is no blame here at all. I'm just stating the obvious.  I'm actually trying to get in on the action myself.

I only wish I'd been mining for the last six months! I first started in August, generated a 100 BTC off my CPU in a week, and when I discovered that they were trading for virtually nothing, I stopped and forgot all about it. If I'd known about GPU mining, and that the value would increase so dramatically, you better bet I would have kept on mining! I'm excited to see what happens in the next six months.

The exact same thing happened to me, except it was 1000 btc that I had mined before I got bored.

Theoretically, perhaps, but it's implemented with 64-bit integers, so as soon as that last "1" drops of the right-hand bit, the mining reward will be exactly zero forevermore. This won't happen within my lifetime though.

Yes, in future, there will be only a handful of players who will mine the majority of new Bitcoins. We will see the kind of consolidation that happens in most mature industries.

By that time however, most of the Bitcoins will already have been mined.  The small, and decreasing rate of Bitcoin production will make it difficult for these players to manipulate the economy.

A double spending attack by a cartel of miners is another danger, however:

Pulling off a double spending attack is hard enought, pulling it off profitably is nearly impossible.

Double spend too much, and users will get pissed off with Bitcoin and move to Bitcoin v2 en masse. The value of Bitcoin will collapse and soon you may find that your loot is worth less than the Billions you have spent on gaining more than 50% of the network's hash/s.

Double spend too little, and you may find that you may as well use your computational power for honest generation instead of double spending.  Technically, the network may be vulnerable to double spending by this cartel, but there is also a social barrier. The community can choose to reject blocks from nodes who are known to be dishonest.

Stop confusing this poor person, all of you!  Yes telestrial, here on the forums you are likely to find a lot of people who do mining, talk about mining, etc.  But mining is just the competitive process to mint bitcoins and keep them secure.  It's about as relevant to the whole bitcoin economy as the printing of banknotes is to the U.S. dollar economy:  the normal way for regular people to use bitcoin is just like any other currency where you are rewarded for working, selling things, or offering services regardless of what computer you run.  If you want bitcoins I recommend you do what I did and exchange some other currency for them via https://www.bitcoin4cash.com (https://www.bitcoin4cash.com) or some other reputable service, accept them for work, or sell something for them.

As an aside, however, the mining process is actually a beautiful detail in bitcoin because of the competition being based on computing power.  Forgetting the technical side of things for a moment we can see how amazing it is by relating it to the printing of banknotes.  Most banknotes cost a few cents to print and the job of doing that is contracted to specific people.  But what if, once it had been decided how many more new banknotes were needed, anyone could compete to produce them?  As long as we have a way of ensuring that only that number are produced, and that the company printing the most secure banknotes gets to spend them, we can see that competition will drive the amount of security going into each note close to its face value.  We would end up with notes much more secure than anything we've had before, and instead of one entity making money hand over fist the competition would mean the company makes roughly the fair value of what it costs to perform the work of creating the bills.  This is how bitcoin works--competition keeps driving the difficulty of mining closer to the cost of mining, and this all makes bitcoin incredibly secure because attackers of the network need to either overpower the network temporarily (for a small scam, like spending coins they already own twice) or perform as much work as has been done cumulatively so far (to take over the whole network).  Most beautifully, as bitcoin increases in value the difficulty will tend to scale with it, meaning that the more people use bitcoin, the more secure it gets.  Pretty cool, hey?

Getting back on track, the vast majority of people who use bitcoin will not and should not do any mining.  Mining is just a technical detail that makes everything work.  It has to be in place first, but once it is people can just use bitcoin like any other currency and be able to trust that it's secure without necessarily knowing the nitty gritty of why.  For some other parallels beside using cash and printing banknotes, think of the difference between:

Using the Internet and running an Internet Service Provider (ISP)
Wiring money to someone and running a currency transfer company like Western Union
Using a computer and designing one
etc.

When I explain bitcoin to people, I don't even tell them about the mining process unless/until they ask who creates the coins, or if they would be interested in the technical design.  It's just plain irrelevant to everyday people, except to know that it's very secure (and getting moreso all the time).  I hope that helps!

Sincerely,
eMansipater

You shouldn't worry about super computers...it won't pay...mining will migrate toward the most cost effective hardware, not necessarily the fastest.  Already people claim that a 5870 card is more cost effective than a 5970.  Pooled mining with commodity hardware is probably going to be more cost effective than super computers.

Impact of bitcoin in future is looking good by watching their demand and supply and Blockchain technology because it’s the best time to enjoy the impact in future due to its low price and you can observe by watching previous years rates of bitcoin that show you the bitcoin future and makes your mind clear to put all funds into bitcoin and one thing more is the good option of bitcion investment is right now, this is the good time to invest in bitcoin,

Future of bitcoin is very bright and classy.
there will be no more transfer fee and speed will be faster (thanks for the lightning)
Price will not be so vulnerable going down and we can see that bitcoin is gaining much value slowly but surely.
People all over around the world will be with bitcoin and the most country will be officially using this one,.
and those who banned it will think again about it.

Bitcoins future is very bright and promising because bitcoin is the first crypto currency started to the yea r2009..Bitcoin haste specific character that it is a de centralized one and maintain the anonymity it become more popular in the crypto market.  Bitcoin has attracted by the global business community followed by the rich investors  and later the day traders too. Imagine and  the price of bitcoin last year it was around1000 usd.and last December it has shoot up to 20K USD and now the bare market brought it down to between 6&7K Usd.Very shortly bitcoin price will come up.

As the time passes the system will be more flexible and easy to use for bitcoin. We all know that the future will be that of digital currency and bitcoin is the mainstream and that is the reason that the future if bitcoin is very bright. I am waiting for the time that all the people of the world will use just one digital currency.

the future of the bitcoin is unpredictable.
many people predict that bitcoin price on April will be rise very high, but the fact is bitcoin now only rised not too much on the market.

For me the future of bitcoin is uncertain but I believe there are bigger things to come. The price of bitcoin has barely scrapped the surface of the possibilities that can happen and it is going to be epic.

I firmly believe that bitcoin will have a bright future because it looks very promising and many people join and use bitcoin but bitcoin can be a source of income and this will be a boon to me and the people who use it.

I believe bitcoin will develop further in the future in Vietnam. Many people have invested in it and have become rich. Hopefully the bank will accept the bitcoin payment. Bitcoin will be recognized by law and become even more popular.

Yes, I believe bitcoin will grow further in the future because it is very promising and many people join and use bitcoin and it can be a good source of income for everyone. I hope People around the world will have bitcoin and most of the country will be officially using it.

I wonder what you're doing here. If that really is your opinion then you need to register on forum of lovers Fiat. There is a saying, Dogs bark but the caravan moves on. Bitcoin is waiting for a great future and cannot be stopped. Even Islamic countries are already considering bitcoin as a currency is not contrary to the laws of Sharia.

Of course, I believe bitcoin will grow in the future because it is very promising and many people get rich by owning a bitcoin and it can be a good source of income for everyone. I believe in the future bicoin will thrive and may reach $ 25000 by the end of 2018.

Bitcoin's currency has risen by 18.37% over the day to 8.104 thousand dollars. This is evidenced by the data of the site coinmarketcap, Ukrainian News transfers.
At the same time, Bitcoin's capitalization, which is the leader in this indicator, as of Friday is 137.5 billion dollars, the volume of transactions for the last 24 hours amounted to 9.7 billion dollars.

The second on the capitalization of the crypto currency is Ethereum with a capitalization of 51 billion dollars.

It is noted that 16.974 million Bitcoin coins have already been received in total.

As Ukrainian News reported, the National Bank, the National Commission on Securities and the Stock Market and the National Commission for Regulation of Financial Services Markets do not recognize crypto currency as a means of payment, as a monetary surrogate or as a value.

In the meantime, by the end of the week all the major crypto-currencies in terms of capitalization have risen in price.

if you read what's good about what the future or bitcoin mean is so great if you know the strategy to earn bitcoin it's just a bit of bitcoin to start getting bit bye and sure it will help you in the difficulty to get you you are in poverty in the world

I think the lightning network will not make the transaction fee free but with the beta lightning network bitcoin, bitcoin transaction fee become cheaper.

I think to wait for a strong and stable bitcoin must wait 3 or 4 more years until bitcoin is received by the world.

Bitcoin's production is constant, so don't worry about a centralized producer. Producers of mining machines can only increase relative productivity but cannot increase absolute productivity.
So I think Bitcoin's future is a slow and steady appreciation.

It is good that mining becomes difficult with time as it will make bitcoins more valuable. Technology is advancing fast and thus the computers will also evolve with time.

We already know that bitcoin is currently very valuable in the crypto market and has proven its power over time. Nowadays bitcoin attracts many people and many big investors to participate in it, it is really good for long term investment and I believe in future bitcoin will thrive.

Bitcoin is waiting for a great future and cannot be stopped. it is really good for long term investment.
bitcoin is gaining much value slowly but surely.
obviously Bitcoin future Bright.

That way, the future of anything cannot be predicted because future itself is unpredictable. But if everything goes smoothly and generally it does, estimations based on the present data and statistics can help greatly. This way, a person can make decision for his betterment. Bitcoin has a bright future and so far, it has not disappointed the crypto experts who set targets for it every time.

Chief investor Snapchat Jeremy Lew together with the CEO of the blockbuster Peter Smith notes that in terms of money transfers to other states have doubled in the last ten years and reach 0.76% of the world's gross output.

Investors believe that with increasing awareness of this currency and cheapness in use, its attitude to international transfers will rise by half. This also contributes to the growth of gadget users, who are given the opportunity to perform financial procedures with the help of smartphones.

Yes slow and steady wins the race so bitcoin is following this rule and price of bitcoin is increasing with time, the safety of bitcoin is all about investors and holders when more and more investors hold bitcoin, it use to improve the value in market and bitcoin gets stronger with time, I want to save my bitcoin for the bad days of my life as I know bitcoin has very bright future, increasing legalization and widely usage of bitcoin is a sign soon we are going to see bitcoin as legal currency globally, I am holding and I can see the shinning bright future of bitcoin.

Yeah agreed and the reason is that there are lots of benefits of bitcoin. People can easily buy anything anywhere in the world and can pay from their bitcoin wallet and it is also a currency business. People have earned a lot of money from their investment in bitcoin. So the future of bitcoin is no doubt bright.

price increases bitcoin currently true irrational because feels like inflation in general and it turned out there are so many cryptocurrency and many more crypto2 new to supply a very much even hundreds of millions for each crypto

The risks are there and I would recommend medium term investment for around 3 years rather than long-term holding (5 to 10 years). After 3 years, either you can sell all of your coins, or a part of it.

For me, 3 years is already long term. I consider 1 or 2 years as medium term. I think it is not that risky if we talk of Bitcoin. The thing here is that while the price has already skyrocketed since its early days, we still have to consider that there is still a larger population around the world that is not yet part of the community of Bitcoin. But these people are expected to join us sooner or later. So the price will still grow a lot bigger in the years to come.

The future of the bitcoin I believe will be very good.Because many people are already supporting bitcoin.Bitcoin is very well known by many people and has been and aid in the financial needs of many people that is why it is very strong.

You shouldn't worry about super computers...it won't pay...mining will migrate toward the most cost effective hardware, not necessarily the fastest.  Already people claim that a 5870 card is more cost effective than a 5970.  Pooled mining with commodity hardware is probably going to be more cost effective than super computers.

more rules may be much better, to minimize the number of data theft of criminals, and account hijackers. so there will not be much bounty scam and spam. thus making the heart calm and comfortable.

I am really passionate Bitcoin. I would like own Bitcoin as much as possible. However, It maybe too late to do that. So, find my opportunity for other digital crytocurrencies.

It's great to have the same insights as you, and I think Bitcoin is like a long-term investment with low risk and it's probably not risky to hold it for long periods of time. Bitcoin is slowly coming back slowly and not significantly reduced.

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I hope the cost of bitcoin will be between $ 15,000 and $ 25,000,
Bitcoin's future is very bright.

With the current blockchain technology is the very high degree of protection as Bitcoin trading platform is very safe and can not replace the blockchain if you do not hold 90% of the volume. In the same, we do not need to worry about the level of security and security as it will not be the hack.

Bitcoin in the future will be more popular, it will gain more followers in the whole world because of the opportunity that brings us to earn more by just trusting in a way of investing then hold. If we just believe and trust at bitcoin it will gives as high profits sooner by just holding and sell only if the price goes high. Bitcoin will be more valuable in the future.

I think the bitcoin will be developed in the future again because bitcoin more and more interest, and many investors are increasingly period to hunt bitcoin.

Talking about security meamng not need to worry. but now cases of conspiracy may occur within the set set. such as between an exchanger and a dev coin. they could work together to steal the user's assets. so many are recommended securing assets in private wallet

Bitcoin is interested in investing in a large number of people, because they can earn money on investment. Bitcoin's future is very bright if the interest of the investor remains intact.

Bitcoin investment is a good way to achieve success. His study system is very important in college to get knowledge about Bitcoin. Some people love Bitakaye but do not know much about it. So, in order to spread the knowledge of Bitcoin among all, Bitcoin education system should be started in the college.

Bitcoin has been rising in recent months as its exchange rate continues to rise dramatically. But what exactly is the future of this cryptocurrency? James Altucher, a technology investor, fund manager, and venture capitalist, wrote 10 predictions about this digital currency. According to him, 98% of existing digital currencies fall into the category of fraud, but bitcoin, and a number of other digital currencies, have different cases.

Future of Bitcoin is looking very bright and as in previous days i have read an article where price of bitcoin was imagined 25k$ in the end of 2018. So if such happen then bitcoin will get more success and more people will be start investing here. So as users of bitcoin is increasing then it means bitcoin future will be shining more and more.

Currently, so many countries have tried to develop cryptocurrency, especially bitcoin. I feel that this will continue to be continued and developed, until everyone in the world uses this technology as one of the tools to grow their business, and their business. I predict that bitcoin will actually become popular in the future.

Bitcoins future is very bright and promising because bitcoin is the first crypto currency started to the yea r2009..Bitcoin haste specific character that it is a de centralized one and maintain the anonymity it become more popular in the crypto market.

it will become legal in more and more countries

 I agree on you, that will depends of everyones decision that may affect to the possible results. The future of bitcoin either positive that 95% of people will be happy and the rest for the negative instances. Bitcoin guarantee that it os a smart way of investing and safe bitcoin trading. After the big crash, cryptocurrency prices are slowly starting to stabilise. Investors use this crash as an opportunity to buy into the market. The possible thing bitcoin undergoes to become strong enough.

The future of bitcoin, not just bitcoin but the whole market and cryptocurrency itself will rely and depend on us, on how we connect to digital world and how we use it. I see the future of bitcoin as a great thing that we are going to have in the future, a new innovation of daily currency and a volatile asset.

The future will be more difficultbecause there are more players who follow market.

Bitcoin's future is assured; it's well beyond the point of no-return now... It will become the world reserve currency simply out of the fact that it's always a safe place to put your money when your government (inevitably) acts poorly.And also you can assured your money safe.

it will be reach around $25000 above people are hoping like that me too and price is start little fluctuating so hope is coming and just waiting for that time where people can take rest in this year it will happen in the end.

Yeah whatever you talk about the minting/mining of the bitcoin is true but we do have to make realise ourselves that it is not just the only way to earn it in the first place. I mean as simple as you can just buy BTC and make room for yourself in the BTC world. Rest of the ways are 99% here on the forum only which will keep the popularity of bitcoin in huge demand always. Anyway that’s not the real point here, what is real is how the BTC will be utilised in the future time and that is what will decide its ultimate fate.

I think the future of bitcoin is good and we can sure the trust of bitcoin to hold in longtermway and i think the price of bitcoin will replace now the price and goes up to the highest price of bitcoin.

At least there will be one country whose currency is dead, possibly Argentina or Venezuela. This will make the bitcoin adopters increase enormously, which will trigger an increase in bitcoin value to over USD 50 thousand when it happens.

On the complete end of the bearish trend, one can speak only when bitcoin manages to overcome the resistance point by $ 8,500

Personally, I am seeing a great future for Bitcoin. Ever since I already know that Bitcoin is a technology for the future, it has a awesome technology and algorithm that backs it up. The world is becoming more and more digital as days go by. Bitcoin already established its community and it is rapidly growing over time so I am really seeing Bitcoin still being use and will continue to evolve and grow in the coming years. It will continue to be a great help to people. Bitcoin is here to stay and will last for a long time, longer that we all expected.

bitcoin and a number of other digital currencies will one day replace the banknotes as a legitimate means of exchange in the future. The reason, this currency can fix problems that exist in paper currency, and indeed in history, the same thing always happens in the new currency that replaces the old currency.

Bitcoin has got a very bright future. Despite a lot of fake news circulating about bitcoin in the media, it hasn't in anyway affected its popularity. In fact, it is getting strong day by day.

Bitcoin future is very bright and promising,more patronage  are going on and more users,like companies are embracing it..

Yes, I believe that the future of Bitcoin will be Right. Bitcoin will improve on the  world. And give a digital world a gift. And Bitcoin will live throughout life

Future of Bitcoin is unpredictable. But in my opinion it have a bright future. And their are some reason present which justify my opinion. Bitcoin is highly accepted crypto currency and highly recommend too :). Many online retailer choose Bitcoin as a first option for trading because many Bitcoin user use bitcoin as first option for online shopping. Many developed countries like japan, india, Germany using Bitcoin for their various purpose and also promote their people to use this. Bitcoin has a lot of advantages then other currency due to this many people Use this. Many international companies start using Bitcoin. This thing justify my opinion about Bitcoin  ;)

The future of bitcoin is in any case due to the fact that Bitcoin is the basis of all the crypto-currency foundation on which everything stands. I hope Lightning Network will be implemented finally and we will also see very small commissions and huge speeds.

I think the future of bitcoin is unpredictable.
many people predict that the price of bitcoin in April will be very high, but in fact - bitcoin is now not too much increased in the market.but still I think the future will be promising.

 think the altcoins will take more and more shares of tc...although i think btc will stick around some time...not because it is a good currency..but more just because it was the first and is biggest and people use it as an entry point..

We require couple of countries to legalise the Btc and this will boost the overall market scenario as more other countries may think on that line and can help people to boost the demand in the market and thus will also lead to price rise.
 

The future of the bitcoin is dependent on the members of the bitcoin community. they create demand and control the market by their demand. Also there are other factors that have a direct or indirect bearing on the prices of various crypto coins. So the future of the bitcoin is very bright from where I see. Bitcoin is the king of the virtual world. It has made its investors rich and happy. The market goes happy n high once the price of the bitcoin rises. Ultimately whenever in the future the blockchain technology takes a step forward, there's ought to come an improvement in the bitcoin that is going to be phenomenal.

No one can predict what tomorrow  brings it depends on how you will use mind .
Theres an always a bright future when you think it positively , with hardworking , determination , and with trust .

The future of bitcoin seems to be good from bitcoin has value stable because if the value of bitcoin like now always lower is then there’s a possibility of the user bitcoin will leave botcoin and if the user left bitcoin then bitcoin will end