Bitcoin Forum

Hi, all.
I am not fully understand on bitcoin mechanism.
I would like to ask the advantages and disadvantages of bitcoin,
as far as I know, the most advantages for it is the reduction of transcation cost.
but with the recent development of technology, I'm skeptic on it.

1. The code for bitcoin can't be edited, right?
Is it possible to decode bitcoin on the next future 50 years?


2. With the increase in the price of bitcoin, there are many new crpto-currency in the markets,
This bring to a new questions, since there are not authrity that can controlled crpto-currency,
those new crypto-currency will eventually create chaos in the market.
Especially in order to create wealth, those who have lots of money can suddenly enter the new crypto-currency,
due to a high demand and new crypto-currency will be more valued.
How bitcoin increase its value in a month in 2009.
And those wealth people are going to be more richer than before.
Do you agree that authority should be given to certain parties to control the flow of crypto-currency?

I nominate you. 

this you will be known only after 50 years

50 future laters mate ?
i think no one can predict this, this is very long long way to go
maybe btc didnt exist anymore in next 50 years :D

50 Years is a long time :)

Imho bitcoin is a gamble with inceasing odds over time  ;D

If it succeeds it will be huge.. probably utilized in ways no one dares to think about, yet.

I believe that bitcoin is the missing protocol (transfer of value) and a majority of all value transferred over the internet will be transferred through the bitcoin network.

"Internet of Things" and automation will unravel bitcoins potential. Besides, the current financial system is doomed anyway.

50 years is a crazy long time, im not even sure the internet will exist anything like it looks like now by then so cant say about bitcoin.  50 years could be long enough for us to be a cashless society also - even though that would be pretty quick evolution.

I wouldn't dare to predict what would happen in next 50 years. High chances I wouldn't be around by then to even see whether prediction will become a reality or otherwise. Fact is bitcoin is so dynamic... it's crazy to even think what are the changes in just a 10 years time span. On your questions, yeah the codes can be edited, it's open source anyway but the community has to agree to adopt it for the changes to be effective. And no, no way, I would like to see central authority.

I'd guess neither. It will be utilized on the national level of various countries. Unification of currencies to one of global use offers no true benefits to any country.

50 years in modern time is literal mental masturbation. Just focus on the next 10 and indicators say 100% chances the blockchain survives and about 90% btc is the coin that wins.

15 years is a more realistic range ...
- 5 years to create
- 5 years to adopt
- 5 years to use

Bitcoin has the potential to become a global currency but also the potential to fail. If the price collapsed to double digits then miners would likely be forced to shut up shop. That could spell the end for bitcoin.


Bitcoin could have been and gone within five years or it could gain massive adoption. I think only time will tell but either way it's exciting to find out.

i think crypo currencies is the future, but they will coexsist with fiat

cryptocurrencies will be around for a long time. not sure they will be able to replace fiat.

with all whats happening with the exchanges it does not seem right. there will always be something that could go wrong ..

I think bitcoin will grow steadily over the next few years and it will have it's biggest use with industries like gambling and the remittance market, but I agree it will always be used alongside fiat. I'd really love it to become some sort of alternative worldwide currency that you can use around the world. I see that as a big benefit of it and gives the average traveler the ability to save money on fees and not have to convert their national fiat into local currency all the time.

I expect that Bitcoin will be a niche currency in 50 years. It won't have replaced any existing large scale currencies, nor will it have evaporated.

Rubbish.

If there isn't a better currency in 50 years, we will all be in trouble.

Imaging future of bitcoin for next 50 years would be Stupidity. It's good to think for next 10 to 15 years as definitely it will be having great future for this particular time. And yes it should become a global currency that will reduce the costs of a person traveling to different countries.

5-10 years will be enough to tell us where things are headed. By 2021 coin inflation will be under control and all of the respectable financial instruments will be in place. If it isn't going places by then then I seriously doubt it ever will.

I dont know about trouble, the last 50 years of america seemed to be just chugging along, so I dont see why it wouldnt for the next 50 years to come.

Things will definitely change in tech, and easier adoption, but the currency will forever go due to other international banks helping out each other.

rubbish

we can do better than this

You need to elaborate, better then what?

You mean the years it`ll take to have a global currency. Its already global in my eyes, if someone from the phillpines is sending money back to the states with bitcoin. How global can you get other then that? lol.

As for the 50 year mark, its still going to be around not be rubbish at all since main money laundering for gambling sites use bitcoin.

Difficult to predict for next 50 years. May be not. It will face the competition in next 5 to 7 years itself by the new technologies so I don't believe that it will exist for next 50 years. We can expect some better technologies in future which would erase the memories of bitcoin.

50 years is kind of far fetched. I would assume the price for bitcoins would meet even and stop fluctuating. As long as the coin would be traded at a constant rate, everything should be fine.  :D

you don't need to wait that many years, another two halving at best and you could easily tell if bitcoin is gonna die or not, we don't certainly need to wait until there are only fee mined by miners

I think in about 5-10 years bitcoin is going to be global currency, it will depend however on governments decisions. They can either speed things up or slow them down, especially USA as its the biggest market. But also global corporations will have major impact on this as well (the more capabilities for customers the better).

1. The bitcoin protocol and BlockChain cannot be changed, but the software is easily configured in different forms!
2. There are many crypto currencies, but they are just clones, nothing new provided, which will die soon and wouldn't affect the status of bitcoin. No ppl will demand this shit coins, even the wealthy.

Bitcoin protocol can be changed, and it is designed to be able to change in the future to adapt better and more advanced technology. It is true that bitcoins developers alone have little power over it.
Since the release of Bitcoin v0.3, changes to the protocol have been minor and always in general agreement with bitcoin community. In the future we can see more dramatic changes.

I think we would ourselves in the list of foolish if we keep on thinking that what is the value of bitcoin after 50 years??

Did you ever thought in late 90s that internet would be having this impact on individuals and corporates and its the same can't expect what bitcoin has to offfer. So lets keep it for short term and believe that it will grow rather then thinking for next 50 years.

Did I fought in late 90s that internet would be having this impact on individuals and corporates?No but there were thousands of greeks around the world that were positive about it. Today we (at least 50% of us I think) are "bitcoin geeks" thinking on how BTC can change global finance in future ;)

Hello Everybody,

I think bitcoin becomes the stabilizer of changes euro-dollar.
Also bitcoin can be used by states or banks as a store of value comparable to gold.

Hi, do you know approximativly, the day when the number of bitcoin mined will be divized by 2?

http://bitcoinclock.com/ then the next one should be around same date but in 2020

ok ! thanks ;)

Yeah. It will be a global currency in coming future. But can't afford to have faith in Government. I don't understand what's going through their minds. They should accept the change and should go with it as its going to change the entire scenario of the market in coming future.

For Bitcoin to make it as a global currency, we need people using BTC to purchase from small businesses to keep the circulation of BTC going.

As a small business owner that accepts mostly BTC I can say that " BTC is the gift that keeps on giving".

I Don't think  it can be a global currency. As it will face many competition from new entrants in coming period of time. It's difficult to predict whether bitcoin will survive for 50 years or not the picture will clear in next 5 to 6 years whether bitcoin will survive or not.

Then you're travelling in a wrong boat man. Bitcoin will definitely future global currency. It will definitely face the competition from new technologies but it wont affect bitcoin. Just remember one thing 'Daddy is Daddy. And the value will reach the sky limit in coming period of time.

No, no one should control "the flow of crypto", thats what we are trying to solve with a transparent ledger (with options to be anonimized), open source project like Bitcoin. There will be no better alternative than Bitcoin, it will keep getting increasingly better, assimilating any competence. The goverment will remove cash and digitize everything, which as a consequence will put BTC out there even more. People will wake the fuck up.

I believe it is not a rubbish. Bitcoin can be a global currency depending upon the acceptance and the adoption of the society which also includes the full support from the Government and the banking systems. And though next 50 years is a very long span of time but that is possible.

That's Correct.

But as per my knowledge I believe thinking of next 50 years would be not relevant. I think we should think of next 10 to 15 years and its going to be great for the bitcoin community as a investors and many chances that bitcoin would be a global currency every individual and honest person is waiting for that day to come.

The only place altcoins create chaos is in the altcoin section of this forum. Most people don't take altcoins serious. Which is a good thing as most of these coins are P&D coins.

A special currency suitable for special uses, mostly anti-inflation long term saving and international remittance, but since you seldom get it in the form of income, it will not be used widely

It can be a global currency of future depending upon the adoption rate of the people. If everyone start using bitcoin as a mode of payment and every shop or retailers start accepting bitcoin as a mode of payment it can soon replace the fiat currency and then no need of banks too.

50 years is too long of a prediction, we can't even predict what price will be tomorrow and you want us to predict the future of bitcoin in 50 years

one can only base his opinion on probability here, i say that probably it would not be rubbish or global currency but it should reach a good spot in the world economic system

Banks can operate on bitcoin as well as on "traditional" money, so they wont just despair even if btc will be dominant.
As for bitcoin being global currency, it takes more then just "being popular" currency that everyone uses.

Ya thats true that it is really difficult to predict the future of bitcoin for next 50 years but if you ask me about next 5 to 10 years then it will reach to a next level so without thinking of next 50 years its better to concentrate on present and believe its a right time to invest.

Bitcoin is already a global currency - it was from the start.

I don't think bitcoin can resist for 50 years , but if did I don't think we can see less than 5000$ per bitcoin ,
the price won't pump a lot  :o .

Bitcoin Boy .

i think when you imagine for 50 years, its to early for now, cause when look from 2009 until now, rate, difficult, and block are change and its to much if btc can survive until next 50 years, im predict maybe for 10 until 25 years btc gonna be survive 

It is very difficult to even predict for 5 years.
If you ask people who were involved with Bitcoin early on, I doubt if they would have foreseen the rise to $1000 or fall to $200

I think/hope the value will grow with each block reward halving.   I think the most significant spike will occur during the next having in 2016 as that is a huge change.   It will have to be coupled with continued demand obviously.

In 50 years 1 BTC will be the global standard of value, gold will have been long time ago deprecated by it. Being one of the 21 million people that owns 1 BTC will put you in the 0.1% of world's wealth.

I think the halving after that will be the most significant. Annual coin inflation will be down to 1.8% by then and the financial instruments will be very established and widespread. If a much healthier amount of demand exists at that point we will see some genuine deflationary effects.

Halving will have nothing to do with the value unlike some goods which economics laws is applied into.
Economic laws : less supply high demands will increase the price for the goods

BTC currently has a low demands on it which means that even if the supply of the coins were to drop , it will not have a severe effect for the value. As we see, BTC is currently most used to gain some profit through trading , which means that the supply in circulation actually has no effect to the price since the value will be based on the trading orders and it can be easily manipulated though

Money may be digital all over the western world, but it has now some real competition, and competition always helps the customer. Bitcoin is not going to become the primary global currency, but it will for the rest of the world to catch up to what bitcoin can do for every person who uses it.

There is really no way to know what is going to happen to Bitcoin in 50 years. People can only offer their own predictions about what is going to happen. I believe that Bitcoin will still be around in 50 years, and it will be worth a lot. But who knows? I guess only time will tell what is going to happen to Bitcoin.

Definitely global currency. Definitely not rubbish, lol.

I think in 50 years time bitcoin will be long gone, either completely redundant or just replaced by a better version. either that or it will be worth hundreds of thousands but i will be dead probably anyways so doesnt really matter =p

anyway , after being a computer and the more diversity and has everything in a larger number of people and connected by a network and expect to receive the money or something like that and having a goal of money and the cost of any and characteristics of commodity-money relations are imposed , will bitcoin the currency of the world, show up in time, people in search of the usual form and meet already existing form with the same content will have the original intended, but the tools are already created make it easy to manage this process

look my friend 50 years is a very very long short that non of us know about and most of use would be in our seventies and we might laugh at the stuff we are doing right now, so it a rubbish question but still answering your questions

there is a possibility that bitcoin code cannot be decoded even after 50 very long years because bitcoin might not be the same bitcoin which it is today.

entering into a new crypto-currency with a lot of wealth is a huge risk and very less sign of reward, as a lot of new crypto-currencies are crashing with increase in bitcoin value. bitcoin is a commodity that is controlled by the emotions of people and giving some authority any kind of control would do injustice to others.

I'll be dead in 50 years, so the timeframe I'm interested in is much shorter and it's impossible to predict anything that far out when it comes to Bitcoin. I take it a day at a time.

it all seems pretty shaddy at this point. Bitcoin could still fail, or governements around the world could bann it. But if bitcoin is still alive 50 years from now it will surelly be the most used currency in the world.

That's the way I see it, if bitcoin is still going in 50 years time then very few people will be able to afford one whole bitcoin. 

Yeah you cant judge where bitcoin would be in next 50 years either it would be on mainstream or just disappeared and that totally depends on the adoption level but even if the adoption level reaches to a next level bitcoin can never become a global currency it will survive but cannot replace any major currency in future.

I would say it will be global currency

Global? Let's hope it will get mainstream fast enough.

Then we will see how the markets and most important investors will react.
Will they embrace bitcoin or ignore it..

Yes, there are lot of chances to be global currency. But I find 50 years too far to predict now itself. But we can believe the last 5 years performance will be repeated with mass user base. So, there are no chanced for becoming rubbish.