Bitcoin Forum

Hello guys,

Major cryptocurrencies comes with many downsides such as large wallet size (over 190GB), huge cost for mining, etc.
What will be the future of cryptocurrency? If someone invents a new kind of digital currency that won't come with such downsides, what will happen to all existing cryptocurrencies?  or do you guys think cryptocurrencies will evolve and remove all of its problems?
I want to know what people will do when Bitcoin's wallet size reach 300GB or bigger.
And how long will it take to reach wallet size that people want to avoid downloading?

Bitcoin's disk growth rate is relatively fixed at one block every 10 minutes. The block size is fixed, so you can easily do the math.

Hard drives are getting larger and larger. You have multiple terabyte SSD's now for the price you'd pay for same size spinning disks just a few years ago. So storage will always be plenty.

The future of cryptos will be interesting decentralized apps that actually solve problems. I think Basic Attention Token has potential because if it achieves what it set out to do, it'll solve the online ads problem. Lightning Network looks awesome as well, allowing almost instant transactions with almost no cost.

Times are rough for people who bought at all time highs, but the future looks just as promising as it did 8 years ago!

You are talking about a wallet like Bitcoin Core, right?
The fact is that Bitcoin Core as a wallet is not a big application. It's a full node which means once you install it and it's running on your computer, it will help with the validation and transmission of other transactions on the Bitcoin network and will save a copy of the entire blockchain on your computer... That's why you think the wallet is big in size, but instead, it's the whole blockchain data saved in there.

The advantage of this wallet is it brings in better privacy since it won't rely on peers or external servers to get data.

Solution to the Size problem is to;
- Store you blockchain data on a separate Harddrive, but always ensure it's mounted when you run your Bitcoin Core
More details here:How do I relocate my bitcoin data in bitcoin-qt to save space? (https://bitcoin.stackexchange.com/questions/43636/how-do-i-relocate-my-bitcoin-data-in-bitcoin-qt-to-save-space/43637#43637)
- Use other lighter wallets like;

• Electrum (https://electrum.org/)
• Copay (https://copay.io/)
• Bitcoinj (https://bitcoinj.github.io/)

More information about Thin Client Security (https://en.bitcoin.it/wiki/Thin_Client_Security)

There have been over thousands of cryptocurrencies (2072 coins/tokens are officially listed on coinmarkecap (https://coinmarketcap.com/)) introduced with an attempt to overtake bitcoin in the number one position in terms of market cap and adoption  but none has succeeded to this date, so, "What will happen to all existing cryptocurrencies?" I bet your guess is as good as mine

Just as most things in life cryptocurrency would get better with time and the coming of more advanced cryptocurrency is welcome but to me I think it would be that the already existing coins would develop

As @Bitcoinnation points out, the wallet issue with size you are focusing on is if you are running a full Bitcoin Core none, being the size hazard easily overcome by adding a simple external USB disk as a repository (I use a 3Tb external USB 3.0 disk and it works smoothly). You obviously do not need to run a full node to use a BTC wallet.

As for the costs of mining, it depends on the crypto type itself and the underlying algorithm and difficulty established. There are well known cryptos such as Ripple, Cardano, Stellar, Eos and Neo that are premined, and therefore have no mining associated cost.

One of 2 year afther 190 or even 300gb would be nothing and truly said its nothing now ,so dont think its a problem and afther years 300gb would like 300 mb or even kb 300 for users.

It's not going to happen,the bitcoin can never be replaced,and of course individuals and groups have been creating cryptocurrencies right before the bitcoin itself,but they all had a short life span
Only the bitcoin survived and gave birth to over 2000 coins currently in the market.
There can be no system without a downside,and that of the bitcoin is being worked on daily to reduce it's inimical effect on its growth.
Every or any coin that has and will be created will also have it's downside.
What the bitcoin offers, I doubt any coin can

Solve both of the problems in the OP by running a pruned node, and don't mine blocks. Then you can run your own node, and get all the flexibility and control it gives.

it will prevail i am sure... we have to break away from the traditional system

You are mixing blockchain size with wallet size.

Crypto currency is here to stay.  Once more people get familiar with it, and see its use cases, the crypto market will become more stable.  Right now it swings wildly both ways (mainly downward trend at the moment).

I agree with @bitcoinnation. The simple solution would be to plug your external disk before running it.

Well let's just patiently wait till the new invention will be dine but for now let's enjoy cryptocurrency for as long as it last which would in my opinion be for a very long time

Future of the cryptocurrency will be good and it will be long lasting as it is having the good features and specs with the good rewards.
People nowadays are making investment in the cryptocurrency and investors are increasing. It is the long term investment.

At least cryptocurrency will be used as a payment option.

The smallest example: traders from Iran face real problems while making a deposit to forex brokers. here comes crypto! the easiest way to send and receive money without being checked by the authorities.

So, I guess crypto life has just started.

Cryptocurrency Have a Prosperous  Future. Cryptocurrency Will Replace  National Currency futurist and author Thomas Frey, He predicts that cryptocurrencies are going to displace roughly 25% of national currencies by 2030 On Earth. Bitcoin Price Hits $24,000 in Iran as Government Approves Crypto Mining Industry. There Are Top 10 Countries They are Accepted Cryptocurrency. In Future Cryptocurrency Will Be In A Good Position.

At the moment the fintech and cash money offer some better solutions in terms of speed and privacy for most of the people. Probably this is the reason why bitcoin didn't take over the world

Cryptocurrency is a successful project that attracts more and more investors every day, so in the future it will be only developing and growing.

Cryptocurrency it self is a digital currency or cryptography so would any other currency developed under that platform not fall under the idea of cryptocurrency.
There is still room for improvement on the part of cryptocurrency and the future would be better

You don't need to download Bitcoin core at the moment. Leave it for miners and nodes. Bitcoin will be the king as it always was. If someone finds a better solution, it will be applied at Bitcoin too. Now it's developing in the right way. Scaling problem already solved (https://cryptodetail.com/lightning-network-reduces-blockchain-fees). So the future of cryptocurrency will be awesome, revolution is coming to our place.

Running a pruned node "solves" the storage issue, but not the bandwidth and time it needs to sync, since it does download the entire blockchain. I'm running little test here and bitcoin-core seems to be using about 2.2gb of data with prune=550 so far (on year 2015)

Thankfully OP can just run a light wallet like Electrum and be done with it...

This situation with the cryptocurrency repository implies the need to create a project that will eliminate such a problem in ICO.

The future of crypto currency is still guaranteed in the future to come, I would not want to stress myself with that but rather how to keep updating myself with updating technologies. This is digital market that is just getting realized, the world is just turning into it. I believe as time goes the nodes, the crypto core as well as the OP and wallet size all will increase to accommodate the growing technology.