Bitcoin Forum

I've checked a number of factoid slots and found some points that might find interesting to discuss with you.

I'd like to discuss some of the points I quote below about the future of bitcoin, and I'd really like to know if you're worried about that?


About the first point: I assume that there is a risk of failure on this currency given that bitcoin is still beta software. I don't know if my concern about that is unreasonable or not, but there are certainly risks I can think of.

About the second point: It is possible that there was no transaction volume in bitcoin's first 20 years. However I wouldn't worry too much about that because up to now the volume of bitcoin has been huge and bitcoin has dominated the market for a long time.

Then, what do you think about the two points above.

I believe that bitcoin still being a beta software is not a threat or something we should be scared about. Remember bitcoin is open source and still developing. If the software is taken to the final stage, implementation of new ideas and advancement of bitcoin will not be easy. We should only worry for a beta software that is close source for a long time and not the decentralized bitcoin.

Are you sure still now Bitcoin is on beta software? From where do you quote this? I am really curious. Wondering if it's only me that don't know Bitcoin is still on Beta software. I agree that doesn't put all money into Bitcoin, because it's much volatile and anything could happen at any time. However, even on beta software, I am still not worried.

Regarding the second option, I am not worried as well. Because transaction volume has been increasing day by day, not reducing at all. Hope it will be more when reaching 20 years. But crypto is always risky, could happen anything.

One thing which Satoshi is really pertaining into, is that there's no guarantee on what would happen in the future which even the creator itself doesnt have any idea if the thing he had created would succeed or not.

But it did turn out to be big and if he's alive as of today then he had really made out a big and something revolutionary kind of thing which the community did really end up on mainly supporting it.

It wasnt on Beta anymore yet it does really do the job on what its intended supposed to do.The rest would really be depending on the community support itself.
You cant really tell on what the future holds until it do happens.

I already told you, the two points I quote in this thread are from factoid slots. About the first point, of course I don't really know is bitcoin still beta software, of course there are concerns about the risks in the future.

Honestly, I'd really like to know some opinions on what the risks might be if bitcoin was beta software, have you thought about it?

I think it'll stay until there's no more significant changes to the code like has been said above. It might remain in beta for a long time more and I don't think that's a problem. Sometimes companies release beta updates a week or two before the main stable update and make them reversible - we might not yet know if we need this with a future bitcoin fork.

One of the main things I can see aside from forks is mining. What if someone somewhere produces really powerful mining chips and has a monopoly on it by being able to mine at a low rate (this might be on the extreme as it'll probably not take too long for companies to catch up and compete but it might pose a risk still too).

I think it's kept with bitcoin core also because it's a flage that might welcome feedback and people to join the team to fix bugs and submit reports maybe that one bug that doesn't do much now could do a lot once a feature it effects gets implemented differently.

A lot of companies also come out of beta to charge people to use their software too - like Microsoft did with windows 10.

If you open bitcoin core software and click on "Help" at top of the window and go to "About Bitcoin Core", you will see a message saying "This is experimental software."
That's shown in the following image.

https://i.imgur.com/ziA2YZw.jpg

experimental software and beta software are two different things, I wouldn't say bitcoin is beta software because right now we are in the core version 23.0. We could say the first versions was the beta software, but right now bitcoin has a really solid base.

Point one is partially acceptable in the sense that A part needed more facts for clarification while the B part is right which is the concluding aspect, a simple and softle warning that says don't put all eggs on the same basket, point two is still showing thesame pattern in one except and only you're able to provide a link that ascertain that there may not be an increasing transaction volume in the next 20 years.

So I will go with an ever increasing transaction volume in bitcoin network since it not altcoins we are dealing with here, bitcoin adoption will always increases and same way the transaction volume as long as the thirteen years journey is evident with massive increase, the next 20 years will be an outburst beyond imagination.

Satoshi said that but I think that if he's still out there and looking at the success of bitcoin, he'd say that it's no longer beta software as it's become a successful project worldwide. There's no doubt from being beta software to making it into the mainstream, this is no longer a beta software.
And about the volume, it might be true but I don't want to stress it out since we're still far from 20 years of its existence. But judging by the looks of it now, we see how large it is today.

I believe the OP's worry was about the possible vulnerability that usually occurs when software ware still in beta and this reminds me of the vulnerability called BTC inventory out of memory denial of service attack (https://invdos.net/#paper) which was detected by Braydon Fuller in the year 2018.
Yes, we don't need to see it as a threat since the BTC dev ^{( of course Braydon Fuller is among them)} is making a contribution to the development of the software to prevent possible vulnerability.

Bitcoin is developing as it moves forward. Just like everything else. Updates are released every now and then. But perhaps it is something to be worried about when a day would come when nobody would contribute to its development anymore. A number have left; Mike Hearn, Jonas Schnelli, Wladimir van der Laan, and others.

I'm a little worried about the time when Bitcoin would end, because it most probably will. Generational wealth could probably be stored in Bitcoin. But at some point, it might lose relevance.

About the first point: Yes I believe, it's why investors do a little diversification.
About the second point: No volume is probably too much but if Greenpeace succeeds in thier agenda to make BTC POS, it may have less volume because why go for BTC when there is already ETH? or Matic or DOT.

Not something that many would worry about in times when everyone is scrambling to make money. The more worrisome for now is whether the price will go up or not.

bitcoin right know is not beta software again in my opinion, we seen 50 attack but still we good at it. to me bitcoin is like gold the price will continue to rise since the community is growing and the big company start to look at it

1. I didn't know that Bitcoin is still in beta software but thanks for this one. With regards to putting all of your money into BTC, I agree with it because I believe in diversification and when I say diversification, it means putting money into different assets like Crypto, Stocks, Bonds, Real Estate etc. etc. Maybe there is some here who puts all of their trust into BTC thus, they went all in into it and there's nothing wrong with it since it's your decision and money. Just be ready if incase...

2. This is the one that I worry about. This one depends on the adoption of Bitcoin worldwide because either people will integrate Bitcoin in their everyday lives or not at all. It's either we see people trading Bitcoin or using Bitcoin in our daily transactions or not at all. On the contrary, we've seen Bitcoin's volume if not increasing remain sideways on a day-to-day basis, but it isn't still safe to say that Bitcoin will not disappear after 20 years. That again depends on the adoption of Bitcoin.

I am still not agree with you that Bitcoin is still beta software. where you got this info ? i didn’t seen anything like that yet. but yes as a virtual currency no one should put there all of money on bitcoin . coz investing on cryptocurrency is still high risky

your 2nd point,  In the last 20 years Bitcoin will probably have a large transaction volume and a large value but it is very hard to say that Bitcoin will have no value after the last 20 years.  Because of the way Bitcoin is growing in popularity and the way Bitcoin is being used worldwide, Bitcoin may become a more valuable asset in the future.

I am not too concerned about the future of bitcoin. I am sure that when it turns 20 years old, which won't be that long, the volume of trading will be considerable, even greater than now, and that the price will be considerably higher, so that the 20,000 USD at which we can buy it now will seem very cheap.

As for it being in beta software, I'm not sure like others who have expressed doubts, but I think it simply means that as functional as it is, it still needs to be improved and some features implemented.

1. Beta or not, not putting everything in BTC is something that must be done not only in BTC but also in other forms, but that is not a reason for us to diversify into altcoins which are actually more risky
2. So far the transaction is still going well with a large amount, need to be a concern when adoption begins to decline because it will greatly affect the number of transactions.
Talking about worry, I think it needs to exist because worrying makes us more careful, maybe at this time what we are worried about looks impossible but actually anything can happen, when we are in denial, it will make no longer alert to the possibilities that could happen.

Maybe everyone here agrees on the fact that bitcoin is so new, which means that a lot of people in the world still don't understand it.

I think Satoshi is very intelligent and has a bigger vision, which will take time to develop. To really understand what he's talking about, we must at least first understand how money works. Just as the internet needs to be understood beyond computers and browsers, money is more than just coins and cash. The bank accounts and credit cards you use are just one part of using money.

In the long term, I believe bitcoin will work to further decentralize the financial authority that currently resides in the big banks and regulatory bodies. This may mean a lot in the years to come but in the end, it will be good for everyone as long as we protect ourselves from theft along the way.

I personally would love to buy a new house with bitcoin one day!!!

Experimental or beta software, bitcoin has been recognized all over the world. There could be an attack on its network in the coming futures but its still developing and as it goes forward I think it will strengthen security with potential threat too.

Looks like we can scrap the 2nd point since volume of bitcoin trading globally is huge and its quite impossible to reduce to near 0 figure.

It's arguably still is. Beta software mostly means that it's experimental(in which Bitcoin is still obviously is), not necessarily meaning that it will be full of bugs and glitches that could break the software/network.

I'm not worried about Bitcoin. I'm worried about my financial situation and I'm kinda worried about the future of the Planet Earth.
Bitcoin Core still being a "beta software" isn't something we should worry about. I'm no expert in this field, but I think that open source codes would most likely remain "beta" forever, as there are constant updates and improvements.
The Satoshi quote about Bitcoin having large transaction volume or no volume after 20 years has been repeated many times in the forum.
We are heading towards 2029-2030 and Bitcoin is still strong. Maybe Satoshi was right about the first option and Bitcoin will have a large transaction volume. Nobody knows what will happen after 5-6 years. Technology is advancing really fast.

My worries about Bitcoin have passed, what I could say is that instead of "worries," I now have more hope and optimism about the crypto. Bitcoin has gone to a stage in the world's financial transactions that it can't just disappear or be ridiculed by anyone, group or the government, so why worry again?

Of course, stiffer regulations would happen, which is nothing to worry me about since I am legit. And more adoptions and usage as payment is what I see judging by the level of its achievement so far. It has also stabilized in the mainstream market, so I expect a more successful future for our lovely BTC.

1. Similarly to many other people here, this is the first time I've heard that bitcoin is just a beta version, but I don't care about that at all. Whether it's official or beta, it's important to never put all your eggs in one basket like you say, even if bitcoin is better now, never put it all on one thing. There is no such thing as absolute in this world, everything can change at any time.
2. Satoshi was right about this, as no one can be sure what will happen in the future, but it is amazing that bitcoin is increasing in volume day by day and if we can maintain this for another 20 years, bitcoin's transaction volume will be monstrously large.

Of course, everyone who invests in bitcoin will be worried if bitcoin's price drops greatly and is also accompanied by low trading volume. but if I personally am not worried about investing in bitcoin because I invest in bitcoin using idle money. so there is no worry about bitcoin even if bitcoin will fall very low in price.

Basically anything that's still experimental means there are risks to consider. That is what requires you to invest a reasonable amount where you have also considered everything including being able to afford to lose. The first point of the warning is clear; Don't put all your money in bitcoin, unless you can afford to lose.

For the second point, I think the current volume of bitcoin transactions is huge right now so worrying about it probably won't be too much of a bother. Bitcoin is over 12 years old, it's been over a decade but of course we don't know what will happen in its second decade yet. Everything is still speculation, but some things can always be analyzed such as rewards or subsidies received by miners.

This risk will be a consideration for those who understand bitcoin. If Bitcoin is said to be Experimental and has been running for 12 years, then the Experiment will certainly get results, and the result is that Bitcoin is currently the most hype crypto digital currency and attracts everyone's attention, and the volume of bitcoin transactions is getting bigger because many new investors are entering. keep going to bitcoin or cryptocurrency.

If some people worry about bitcoin that bitcoin will fall and will not rise again, then those concerns can be rebutted with some bitcoin developments getting better and some bitcoin adoption has also been done. Bitcoin is still in great need, although there are many pros and cons, bitcoin is an optional payment that has future technology. We as crypto users just need to support it and hope that bitcoin will continue to grow and contribute to the world economy.

Most people who believe in bitcoin and its software version probably wouldn't mind that, but I honestly don't know why it's tied to something that seems so vulnerable to its future. I'm sure there aren't many bug encountered so far "though I don't know much", but of course this concern would be synonymous with the risk of losing money. Certainly, people should still care about the risks.

I hope a lot of people realize that they can't go 100% all-in on bitcoin, let alone sell all of their physical assets for bitcoin. No flag, but it's just bitcoin created and developed for smooth financial transactions as an alternative to fiat. I don't want to think too far, this is just a form of my vigilance about the future of bitcoin.

My 2 cents:

Bitcoin is like a Toyota. Limited functionality, battle tested, robust and high reliability.

Ethereum and others that support native smart contracts are like a Tesla. Cutting edge technology, but sometimes things don’t work as they should.

For example, take a look at how many hacks we had in the last 4 days. It’s not Ethereum’s fault, but it’s still on their network. So, I think the original concern around bitcoin should actually worry Ethereum and other Native Smart Contract chains.

I’ll end this post with this quote:
- Nick Szabo

---

This reminded me of Bitcoin’s overflow bug which allowed someone to create 184 Billion Bitcoins.
Here’s the link: https://bitcointalk.org/index.php?topic=823.0

[moderator's note: consecutive posts merged]

There is a secondary network now, so off-chain transactions don't happen on public bitcoin.

I was a little confused on what Beta software might mean so I checked it up online and it entails, the second phase (after the alpha-Indoor) testing where the developer of a software gets to put it out to the public to use it as a way of testing it.
If this be true, then I think over 12years and almost 13years of public testing and the wide range of people that are hooked onto the network would be such a way to do that.
Bitcoin might has as well long past these phase but I agree that, its not wise for one to put all there money in bitcoin. There should be room for diversification as it offers some securities and comfort.

On the second point, we aren't 20years yet and we could say, these numbers have come through, some more will still come through and the network would grow functional still.

I'm worried that I won't succeed on accumulating as much as I want.  :)

Jokes asides, there isn't something I'm less worried about nowadays than the future of bitcoin.

Yes, it's still treated as an experimental software, but I'm comfortable with that. In any case, what isn't experimental? Is fiat currency not experimental? Of course not, gold standard was abolished in 1971, and we're now observing the consequences of monetary policies that depend on irresponsible politicians.

I don't want to say bitcoin is risk free regardless of what risk you think. Some people may worry about a 50% attack while others reinforce each other until most of the group is comfortable with accepting the consequences. In fact, bitcoin is indeed an experiment that is constantly being developed to achieve new milestones as a different financial system from fiat. I don't have to worry too much about its future, but of course bitcoin is a risky currency.

OP, if you are worried about the future of bitcoin then you should understand that asset diversification is necessary for any investment you like. So don't put all your eggs in one basket.

I feel like the high transaction volume was calculated by satoshi but maybe not this much. This is why we moved from the legacy, and now moved into other stuff. I mean lets all remember, our address' started with 1 back in the day, then started with 3, and now starts with b most of the time, why did that happen?

Because the transaction volume increased, which made the transaction fee high, so we changed it into something that would benefit everyone and drop the transaction fee. This means we may end up seeing something different yet again, if there is another bull run, which I believe will, then we are going to have even bigger fee, and we will need to change it yet again.

1. Yes, bitcoin and other crypto currencies are still on its infant stage. The market is very volatile and unpredictable. So yeah, you don't put all your money on something that cannot be predicted or has high risk.


2. He wasn't wrong. Like I said, crypto currencies are unpredictable. Hence back then, even Satoshi knew that crypto currencies might fail. It has been almost a decade and we have seen large volumes. But there are no assurance that we will see the same within next decade.

Maybe the main thing is about bitcoin security, actually I'm still not sure about it even though so far there have been many hacking cases on platforms or exchanges. But so far there is still no loophole through software or similar wallets that support bitcoin. Yes, that's all, let the bitcoin developers continue to improve their security.

There must be worry, because bitcoin is still beta software.

but when it comes to bitcoin transaction volume,
until now there are still quite a lot and stable, for the future I also can't predict it, because anything can happen to bitcoin.

but there's one thing i'm more worried about,
namely the loss of internet access, because that is the heart of it,
no one knows in the future what this internet network will be like,
If you look at it, it's growing now, but I still feel afraid if Internet access is lost.

Former MEP Nigel Farage dubs Bitcoin the ‘ultimate freedom’ as government can’t get near it
Comparing the idea of Bitcoin with Brexit in terms of opposition, Farage said that:
“Any new idea will automatically face the opposition of the entire establishment because they own the settled status quo, they’re very comfortable, they’re doing nicely, they don’t want anything to come along and disrupt.”
https://finbold.com/former-mep-nigel-farage-dubs-bitcoin-the-ultimate-freedom-as-government-cant-get-near-it/

I believe that Bitcoin was created as a central bank experiment. It is still beta because the end products will be the central banks digital currencies. The 20 million limit, and the 10 minute block times were included to ensure that it would never become a competing currency. It has been a massive success, and has now become a store of wealth, and a reliable international payment method. I accept Bitcoin in payment for domain names and other items  where immediate payment confirmation is not essential. I did have concerns that central bankers and other major investment houses were purchasing large blocks of Bitcoin, and that this would create problems. The almost infinite divisibility of Bitcoin, and even Satoshi, means that regardless of whale holdings, it can still be used by small investors and traders. Lightning has helped with this.

Gold appears to be making a comeback to underpin sovereign currencies, and we may see China and Russia introduce gold backed digital payment units. Bitcoin is the only virtual currency that has a real intrinsic value, and because of this, I think it has a long future, and may take its place alongside gold and silver.

Really? Bitcoin launched 13 years ago and you still think that we are in a trial period?
In fact, you have noticed the growing demand for Bitcoin and its adoption which means that Bitcoin is proven already that it works according to its purpose.
You worried too much because you carried negativity. You need to trust Bitcoin and let the market change on its own, not in your favor as it was not designed by that. It certainly won't give you peace in mind if you keep thinking the impossible things to become possible.

What I just worried about when Bitcoin become centralized and when the government take control of it. Definitely, that losses confidence about it.

I think Bitcoin software is strong enough to not worry about a critical failure, unless external circumstances suddenly change (a leap in quantum computing), but I doubt that will happen. Also, I think we can already see a large transaction volume, and I see no reason for it suddenly stopping to be the case by 2029. I am not worried about Bitcoin. I think it'll only get bigger, more adopted, the price will also continue growing, and that it's unlikely that something will make it worthless unless something that ruins human civilization happens, but in that case Bitcoin will be the last thing to worry about.

https://twitter.com/ki_young_ju/status/1579947485266874371?s=20&t=i0ObDJHXUSiaK0XZmvVnSA
"#Bitcoin market cap is just 0.25% of top custodian banks' holdings.

And most of them just entered the crypto custody space this year.

Good luck
@jpmorgan
@HSBC"
https://i.ibb.co/cy2xxtK/Fe0-YOGXWIAs3-RXk.jpg (https://ibb.co/j83HHG9)

But a year ago we could not even imagine that such a thing would be possible. And in 5 years, all world banks will provide services in cryptocurrencies.

First point: if bitcoin is only a beta software, that means it is in the development and testing stage and bitcoin has been tested for the past 12 years without any problems so it can be said that it has become the official version. At the software level, it is already official and safe to use but when it comes to investment, any investment is risky, even stocks or gold are risky so invest within our means. This is common advice in finance and is not specific to bitcoin.

Second point: With what's going on, this is really nothing to worry about anymore, things are getting bigger and bigger than we thought.

I don't really have any doubts regarding the bitcoin network nor its existence will be in the next 20 years, bitcoin will stay and there is no flaw in the network.

But my only concern is bitcoin will remain as speculative asset forever so we only talk about bearish and bullish trends, what will happen to the price, what is the right time to invest???

Because it is created to be used as a currency which part is still not happening in the reality, 99% of the bitcoins are used for trading and investment purposes.

Bitcoin is a decentralized currency regardless of whether people like it or not. The government doesn't like it for reasons of possible abuse but that's not the main concept why bitcoin was created. Do not put eggs in one basket, really it is a must consider regardless of the purpose of people having them be it an investment asset or a store of value. Despite all that, the risk of technical failure is possible so you should really understand why the advice in the first point exists.

On the second point, I believe the transaction volume will not reach zero anytime soon or even if bitcoin reaches its 20th anniversary. Satoshi talked about bitcoin's possible future back then, but now the transaction volume should lead people to believe that the volume will not come close to 0.

We should remember that the "beta" in the software section is not really about bitcoin but more towards the bitcoin wallet, or the things you use for bitcoin. On top of that, it will never get out of the beta stage, it's an experiment done by satoshi and we are the beta users and that's it, there isn't a full release of it and there will never be one, proven by the fact that satoshi is gone and we do not know who satoshi was, and he can't come back and do something about it.

We already steered away from what he left last, so we are using something better than what satoshi built, and yet still in beta. So do not be afraid of bitcoin because of the beta word.

I didn't think that Bitcoin would last this long, honestly this is a really good record for Bitcoin assets even the system that Bitcoin has is very well structured, of course it will be well made, otherwise there will be no Bitcoin today  , this is what makes me not want to leave Bitcoin from myself, that I believe in its development in the future, I don't know when for sure sooner or later Bitcoin will change Fiat currency with Bitcoin, I don't know what it will be like, but we can see all the time  In this case, people out there are forced to do all kinds of technology such as their activities in business, school, trade, or shopping, it's impossible that all of that doesn't have a certain meaning, of course everyone is led to continue spending as much technology as possible, so that  Later, when the system is changed to digital currency, everyone is ready to use Bitcoin  n in the age of technology...