Bitcoin Forum

I see all these companies interested in the Blockchain technology. What will happen to Bitcoin itself if only the Blockchain is adopted for use? More importantly, what will happen to the miners?

Well I don't think anything will happen to Bitcoin or miners at all , depends on the area though
If they are using Blockchain for making a game or something , how that will affect Bitcoin in anyway ?  ???

Why would anything happen? Bitcoin will go on regardless and the other companies will use their own blockchains and tech. If they plan to use our Bitcoin blockchain in some way then I'm sure they'll have to pay the appropriate fees.

you dont seem to understand bitcoin yet - no problem here  :)

you should start learning more about Bitcoin (and "THE BLOCKCHAIN")  :)

https://www.youtube.com/watch?v=O0oDDIy0P2s


(short answer: you cant have one without the other.)

Thank you all for your replies. Checking out the 1 of 3 on the video series now. I know enough to know I need to know more.

Mining at 10.765 TH
17.99 BTC to date :)

unless they work on their own blockchain, which seems exactly the case, this will not be so different than having a random altcoin, in the altcoin section, but maybe centralized, which is even worse

if they will follow this strategy, i don't think they will gain much in the end...

not to mention that their altcoin if it isn't centralized, it need to have a big network to be secure, otherwise we can just destroy it with few asic  ;D

ING Bank Amsterdam has been experimenting with private blockchains without using Bitcoin. They have also been experimenting with a Ripple network clone, but without using ripples (XRP coins). Creating a network of nodes controlled by a centralized bank is much easier than creating a network of nodes controlled by nobody. There are advantages and disadvantages to both centralized and decentralized systems. The banks might want a centralized system that uses blockchain technology because they will not be worried about the risk their centralized system will be shut down by a government.

http://cointelegraph.com/news/114659/eu-banks-forced-to-report-bitcoin-linked-accounts-transacting-over-1000?utm_source=google&utm_medium=cpc&utm_campaign=EG

Blockchain is worthless without bitcoin, e.g. Litecoin blockchain is weaker than Bitcoin as the incentive to keep the network stronger is less valuable. Bitcoin is blessed with the magic of Satoshi.

yes, they can make their own altcoin/blockchain - i guess they have an Intranet too  - no problem.  ;)


@jjalison

18 BTC - not bad. make sure you store/secure it properly.



(there are alot of good BTC 101 videos from that author)

How much did u spend to earn this ?

Originally $800 for my first 2 miners. From there I used BTC to purchase additional miners. It is easier for me because I don't pay for electric.

How long it has been since you invested the original $800 ? And who pays for the electricity ?

Jan 2014
It has been slow progress.
The company I work for pays for it. I told them I wanted to do a personal project on Bitmining and they said cool. Just stay within my budget  :)

I think most companies are looking for ways to use the blockchain technology without using bitcoin. They want to harness the advantage of a decentralised database without loosing control of it. The most difficult problem is the security of their blockchain. They want as many miners as possible but miners need to be rewarded for mining. Who is going to mine when there is no reward involved?

Blockchain and bitcoin is like bread and butter or like penut butter and jelly or like water and air or like H2O can have one with out the other.

you can not seperate bitcoin from its bloackchain they are the same thing and can not use one without the other.

although using blockchain technology is something else, and using blockchain to create a new one for themselves doesn't affect bitcoin.

any bitcoin blockchain forums yet

What do you mean "bitcoin blockchain forums"?

When these companies refer to the "Blockchain" they are acctually saying the technology behind it.

If they develop their own technology/protocol based on the concept of the Bitcoin Blockchain, it might have a negative affect, IF people are forced to use their technology.

Governments could implement NEW regulations forcing people to abandon the Bitcoin Blockchain and to use the NEW technology. {Chinese}

The Bitcoin Blockchain would take a beating, because the transactions will decrease, IF less people use it. The miners will also get less transaction fees.

So you have a valid concern in my opinion. In my experience people will go in the opposite direction, when they are forced to do something. {Black markets}

somethign along the line of "blochchaintalk.com"

but you can discuss about blockchain here, i don't see any problem, maybe he was joking

It is becomming the Global Hub.....
with its openless for cryptocurrency developments...

Nothing will happen to bitcoin. It's just the technology that they are interested in. However, if you are talking about using the blockchain technology to develop a payment system that rivals or even better compared to bitcoin, that will be another different scenario. I suggest you read up about what is blockchain because your confusion seems to stem from the fact that you thought both are inseparable.

All the companies that use their own blockchains instead of the Bitcoin blockchain will go Kodak. All the companies that use the Bitcoin blockchain will succeed, and it will translate in the BTC price.

I think a lot of these companies that say they want to research blockchain technology and look into creating their own don't really understand the point. A small centralized ledger is pointless since it can be way too easy to change old blocks, just use a database instead. Sometimes I think companies just throw around hip terms without knowing what they are. Just like they did with "the cloud" 3-4 years ago.

Bitcoin miners are specialized computers that do the work required to verify recorded transactions in the block chain. As a reward for the work the miners earn bitcoin, this is how new bitcoin are released into circulations. Bitcoin and Blockchain goes together, I do not know why you differentiate those two's.

Blockchain is just a technology. It's a innovative way for these cryptocurrencies, not necessarily have to do with btc. If large companies do use the blockchain, that means btc will be used more. When the demand is high, the value increases. Chance of inflation goes down. I think it will do good for btc.  ;)

Blockchain and bitcoin is perfect combination and cannot exist w/o the other. More large companies adopt blockchain technology and create their own ledger or altcoins, it has nothing to do with bitcoin. I cannot understand the reasons they demand bitcoin, probably some will, coz they want to adopt bitcoin. I will be good for bitcoin ecosystem. More merchants are accepting bitcoin.

nothing will happen to bitcoin if blockchain technology is used by many companies. bitcoin will continue its way towards its own future (whatever it is),
and IMO adopting blockchain technology can even be a good news for bitcoin. and currently there are a lot of news and chatter about using blockchain technology by many big companies.

I too often hear people say that the Blockchain is amazing, but Bitcoin itself is not. I am not sure how valid that statement is, but the Blockchain is impressive technology. If a company were to use Blockchain technology, I am not sure if that would have a good or bad effect on Bitcoin, if it has any effect at all.

Nothing should happen. Bitcoin has the first mover advantage, by that it also has the most trust of all the other blockchain technologies. Arguably the smartest people have developed and are developing bitcoin. All of this should keep it a number 1.

Of course this doesn't mean anything in the real world. Bitcoin must keep innovating and developing. If bitcoin doesn't, somebody else will. I guess only time will tell, but this is some exciting time. :)