Bitcoin Forum

What will be Bitcoin 2.0?

I remember reading awhile back that Bitcoin is considered the beta technology and that something will come out to replace it with all the bugs worked out. It will be considered "Bitcoin 2.0" Mark Cuban supposedly commented that he won't touch Bitcoin, but he will dump a lot of money into Bitcoin 2.0. Have you heard of Bitcoin 2.0 or have an inkling of what this might be?

Mark Cuban only wont invest in bitcoin because he wanted to get in at a lower price, has he spoke recently since the price has been down? wouldnt be surprised if he is in or gets in.

Bitcoin 2.0 are the businesses built on the bitcoin's blockchain protocol. Decentralized bitcoin's price may fluctuate for thousands of factors, but not the business return running on blockchain. So, Cuban chose the later...

I never actually heard cubes mention any technical critique of bitcoin which is why i think he just wanted a better price.

Bitcoin 1.0 doesn't even exist yet and Bitcoin has been around for over 6 years.  At this point we are only on version 0.10.  I wouldn't expect to see version 2.0 for many decades.

There is no need to create a new Bitcoin 2.0 in order to get "all the bugs worked out".  New updates to the Bitcoin software are released after they've been reviewed and tested, so Bitcoin is constantly being improved.

Anyone that is waiting around for some Bitcoin replacement probably doesn't understand the nature of Bitcoin.

Internet also started as an experiment. Have we gotten to the Internet 2.0 yet?

The invention of PoW-secured blockchain (and I would like to emphasise the PoW part as crucial for long-term competition) started with Bitcoin and requires time for the distribution of coins to work out as designed by the algorithm. Distribution is critical for money to work, and any permission-less distribution requires a lot of time.

Thus any Bitcoin 2.0 would need to compete with original Bitcoin's adoption curve or lack on the permission-less status of its distribution, which in turn would ruin its resilience to censorship and bring its PR image down with it. Buying coins from holders requires their permission to sell, that's why mining exists in the first place.

We cannot foresee bitcoin 2.0 until we actually get there. Like internet for example, are we using internet 2.0 or 3.0? Back in the 90s, when we have internet 1.0, can we have specifics of how internet 2.0 would be?

Things will improve along the way, like for example post-quantum cryptography, that Bitcoin will have to switch to at some point, but competing with its orginal distribution of coins and the network effect it brings will be hard without sacrificing the neutrality of the process, altough a few good alt-coins will definitely help offset it a little bit.

Quantum cryptography doesn't seem at the moment like it is going to be suitable for a distributed system, but who knows. It's mainly like a message that self destructs if anyone other than intended recipient tries to open it, 2 participants, point to point.

Bitcoin 2.0 ??!!!?? ??? ??? ???

Can we get to a full version 1.0 first, before skipping over to 2.0.  I'm pretty sure we're still on Bitcoin Core 0.10 (zero - ten) which has bugs of it's own still:

https://github.com/bitcoin/bitcoin/blob/0.10/doc/release-notes.md


As for Internet, IPv6 exists and seems like only like 5% or so traffic is on it only.  Majority of users are still with IPv4.

Once we get to Bitcoin 1.0, iron out the major wrinkles, and also address the "hard fork" issue brought up by Gavin, then we can continue to push forward as a burgeoning technology.

It took about 17 years to even have vendors and companies to start using IPv6 from IPv4, so it'll take quite awhile before we get to the next Bitcoin revision.

I think quantum cryptography is something entirely different, but the post-quantum cryptography is a branch of conventional field of cryptographic sciences, which is resilient to attacks by quantum computers. That's my current understanding of it.

Bitcoin 2.0 is not really the right term, better call is Crypto 2.0, these are services that extend the power and flexibility of the underlying platform of bitcoin 1.0, usually with features that bitcoin doesn't offer. Like Ethereum, Sidechains, Counterparty, Gemz, Storj etc. Usually bitcoin bagholders don't like to see this, because the majority of these cryptos fall not under the 'bitcoin' brand.

Counterparty is what makes Bitcoin itself bitcoin 2.0 IMO.

You have to be careful when someone says he is not betting on bitcoin, maybe he is keeping most its bitcoins but selling some and by the time you read what he said he is already thinking it's time to buy bitcoins again.