When will Bitcoin become obsolete?

[ridery99]

Regular people are refused to use Bitcoin or doesn't understand why it's important except for criminals and speculators.
Transaction times are too slow... The list goes on. Everybody I know already know what Bitcoin is but they are not
interested.
So it's a matter of time when central bank(s), government(s) or bank(s) create their own crypto currencies and block chain
based services more advanced than Bitcoin. Same happened with the internet: In the beginning it was free stuff and
small open source projects, now it's completely dominated by few huge companies who collect all the revenues (Google,
Facebook, etc)

So when this will happen to block chain and Bitcoin will become obsolete?

(Please no delusional believers "Bitcoin will replace fiat" type of nonsense comments)

[Zacudis]

Bitcoin is still in early stage. It is still being developed actively. If it keeps on evolving, it will not be obsolete for many decades.

[owm123]

Regular people are refused to use Bitcoin or doesn't understand why it's important except for criminals and speculators.
Transaction times are too slow... The list goes on. Everybody I know already know what Bitcoin is but they are not
interested.
So it's a matter of time when central bank(s), government(s) or bank(s) create their own crypto currencies and block chain
based services more advanced than Bitcoin. Same happened with the internet: In the beginning it was free stuff and
small open source projects, now it's completely dominated by few huge companies who collect all the revenues (Google,
Facebook, etc)

So when this will happen to block chain and Bitcoin will become obsolete?

(Please no delusional believers "Bitcoin will replace fiat" type of nonsense comments)

Its not a matter of time. Its already started, at least in Russia:
http://cointelegraph.com/news/115302/russia-to-create-bitruble-a-state-run-digital-currency-for-2016

They want to have government controlled bitruble there.

[Amph]

where is never? it's not like it will happen at 100%

banks blockchain is different from bitcoin blockchain, it will be like a pos centralized coins, why it should put a dent on bitcoin?

we are here primarily for decentralization, so bank can do what they want, as long as it is centralized i don't care

[OmegaStarScream]

Regular people are refused to use Bitcoin or doesn't understand why it's important except for criminals and speculators.
Transaction times are too slow... The list goes on. Everybody I know already know what Bitcoin is but they are not
interested.
So it's a matter of time when central bank(s), government(s) or bank(s) create their own crypto currencies and block chain
based services more advanced than Bitcoin. Same happened with the internet: In the beginning it was free stuff and
small open source projects, now it's completely dominated by few huge companies who collect all the revenues (Google,
Facebook, etc)

So when this will happen to block chain and Bitcoin will become obsolete?

(Please no delusional believers "Bitcoin will replace fiat" type of nonsense comments)

If people are refusing Bitcoin it's because of the media , the media is showing Bitcoin as something bad and if it's used only by terrorists and Darkweb users (to buy weapons & drugs and any other illegal activities) .
Transaction times are instant , It's only the confirmation's that takes time .
Now if central banks & Governments create Cryptoo currencies by themselves as you said ... then it wouldn't make much sense to switch from fiat to digital currency because it will be for sure Centralized and controlled by them which defeats the purpose of using cryptoo currencies on the first place .
Only thing that will make Bitcoin die in my opinion is the price part , more users are coming to bitcoin and more companies are starting to accept , but if at one point miners see that it's not profitable for them anymore .. then we are done .

[Lauda]

-snip-
(Please no delusional believers "Bitcoin will replace fiat" type of nonsense comments)

You're the one who is delusional. You're the type of people who let the capitalists milk money out of everything while 99% of the world have to work (most slave like effort and hours) in order just to survive. We should be fighting the magic money making machine, not supporting it. Regardless, Bitcoin replacing fiat might be a overstatement. However, do you really plan on using dirty fiat for the rest of your life?
Update: Fixes.

Errr. Delusional, much?

Definitely not. Either you're aware of this, or you're not.

[stereotype]

It will never be obsolete. Never.
Crudely, you only need two people to come to a trust-less consensus to exist. That on its own, is a valuable use case. Now factor in the huge network effect we have, its inconceivable to me that that, will somehow have no value, or viable use cases.

I suspect Governments and banks will indeed produce and maintain their own networks/blockchain, but it will have an 'internal' function (at least for the next 5-10years). As Joe public slowly come to understand and not fear the concepts of decentralisation, some clever bod will come up with a way of merging those centralised blockchains into THE blockchain.
 
An example of 'internal' is when the banks stopped lending to each other in 2008/9 because they did not trust what each others liabilities were. Their own agreed open protocol, would be a huge improvement on what exists for them today. We are starting to see them start this collaborating process now.....


http://www.coindesk.com/wells-fargo-ing-among-5-new-banks-partnering-with-r3/

[Blue_Tiger73]

Bitcoin is still in early stage. It is still being developed actively. If it keeps on evolving, it will not be obsolete for many decades.

Yeah, that is true. Bitcoin is still trying to find it's mark in society, the price is still trying to stabilise and people are still learning about it. With things like halving, I think Bitcoin will only be around for another 20-30 years. Also, more places are starting to accept Bitcoin as payment, so Bitcoin is becoming more usable in day to day life.

[stereotype]

-snip-
(Please no delusional believers "Bitcoin will replace fiat" type of nonsense comments)

You're the one who is delusional. You're the who who is letting the capitalists milk money out of everything while 99% of the world have to work (most slave like effort and hours) in order just to survive. We should be fighting the magic money making machine, not supporting it. Regardless, Bitcoin replacing fiat might be a overstatement. However, do you really plan on using dirty fiat for the rest of your life?

Errr. Delusional, much?

[Blue_Tiger73]

-snip-
(Please no delusional believers "Bitcoin will replace fiat" type of nonsense comments)

You're the one who is delusional. You're the who who is letting the capitalists milk money out of everything while 99% of the world have to work (most slave like effort and hours) in order just to survive. We should be fighting the magic money making machine, not supporting it. Regardless, Bitcoin replacing fiat might be a overstatement. However, do you really plan on using dirty fiat for the rest of your life?

You definitely can't say that Bitcoin is replacing fiat, I doubt that that will ever happen. People still find fiat the easiest thing to use and I don't see why, I much prefer Bitcoin over fiat. The only problem is that most people aren't interested in Bitcoin and aren't bothered to start using Bitcoin seeing as fiat is still good enough.

[el kaka22]

Your polling choices are not objective enough, please add 'more than 15 years, but it will obsolete one day' and 'never' as two of the choices.
BTW I don't think BTC will become obsolete, but it may not replace fiat either (imagine people in poor countries who don't have Internet access and a device as a bitcoin wallet). The current situation is fine for bitcoin. Bitcoin is, and will still be the currency of the kingdom of the Internet.

[JITENDERPAR]

since in the category of digital currency the bitcoins is more popular .
but the popularity of bitcoins can be fallen down . there are many reasons
1) bank(s) can start own currency as digital currency .
2) the no. of peoples using bitcoins have no more option to sped btc directly .
3) there are less method to earn bitcoins in a valuable amount.
 

[Mickeyb]

OP you do remember that this is the first successful try to build something like this ever, in history?! You do realize that this takes a lot of time, don't you?

I also hope that you do realize how Bitcoin technology and features are not set in stone. They will be improved, added and work upon. You also say that Bitcoin transactions are slow. But slow compare to what? Maybe to the Bitshares unproven blockchain or to the Visa system that takes horrendous fees from each transaction, but it's very fast compared to bank wire transfer!

My answer is never and you should add it to the pool!

[Denker]

What a shitty poll is that without giving the opportunity to vote for "NEVER!"
Furthermore the question should be when is fiat and traditional are becoming obsolete.
Then you're on the right path!

[Mr. Forum]

Thanks for a good insight. However my opinion seems to be contradictory, I do believe that bitcoins will not become obsolete. The crypto currency was just launched a few years ago and believe me you it has gained popularity. Even if most of the countries and governments in the world have not accepted it as a formal currency, the demand will lead to them accepting it. I feel that in the coming years, the whole bitcoin issue will have up-scaled and will be the talk of the town.

[1Referee]

Everything here on earth will at some point get replaced by something (better)else. The nice thing of Bitcoin is that its open source nature allows it to be updated when needed. If the devs do their job well enough, we might see Bitcoin stay here for plenty of years.

[redsn0w]

When something of better will be created.

[amacar2]

Bitcoin Blockchain is not only famous for its security level but also due to its decentralization. People like to use or store their money with themselves like they store their golds and gems. If any banks create their own blockchain based digital currency than it can only be a centralized one to record or track the transaction. This will not replace bitcoin in any of the means.

[LiteCoinGuy]

this is a silly pool because i cant vote: "never"

http://bitcoinandtheblockchain.blogspot.co.nz/2015/11/bitcoin-its-safe-bet.html

[Decoded]

Bitcoin is basically a couple of hashes encrypted with cool encryption (Exaggerated). Maybe a new, cooler encryption can be discovered, that is harder for everyone to crack (including the foretold quantum computers), and will become super-popular. You never know. I feel that bitcoin will become obsolete, but not any of your options. I believe it will become obsolete somewhere around 20 years from now.