When will Bitcoin become obsolete?

[HostSurf]

Never, it's still being developed and it's growing everyday.

Just because the majority of the people in the world don't believe or use it doesn't mean it's just going to die.

If people, that are already using bitcoin, are keeping up with demand and supply it will always be here.

[Arcteryx]

I very much doubt it will be. Bitcoin hasn't even reached it potential yet. So how could anybody say that it is obsolete yet?

[GODLIKE]

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)

https://www.youtube.com/watch?v=pWdd6_ZxX8c

"BitPay is a global bitcoin payment service provider headquartered in Atlanta, Georgia.[2] It was founded in May 2011 by Tony Gallippi and Stephen Pair. BitPay provides payment processing services for merchants, and is one of the largest bitcoin payment processors.[3] In 2014, BitPay started processing $1 million USD daily.[4]"

For example, Ebay volume is around 90 million $ per day.
But Ebay established in 1995, while Bitpay established in 2011.
The situation is much better of what it seems, it's only hidden to the mainstream, but it will explode sooner or later.

In my opinion, Bitcoin will serve, together with a bunch of other cryptos, for 20-30 years, before being replaced by another possible technology... but there's also a concrete chance that Bitcoin will evolve and adapt to hold up to the end of the century when hopefully there won't be the need for any form of money... or humanity will have wiped itself nearly entirely.

[foxkyu]

I think still too early talking about bitcoin obsolete. Bitcoin is the great innovation in financial ecosystem.

I doubt if bitcoin will obsolete in the next few years. Bitcoin still in early stage for bitcoin to people for adopt this technology.

[Daniel91]

I doubt bitcoin will become obsolete

Bitcoin has very big potential.
Major company starting to accept bitcoin, there are more ways to spend/use bitcoin. Also, bitcoin has uniqueness that fiat or gold don't have.

I think Bank and company won't make their own cryptocurrency because government will forbid it or ask them to use government's cryptocurrency.
So, i think future bitcoin competitor is only few major altcoin & government cryptocurrency. But, altcoin has less users than bitcoin & you can't see government cryptocurrency worldwide, so i think bitcoin won't be obsolete.

Very good points, I agree with you.
If ''big'' online players like Amazon, Google, Microsoft etc. accept Bitcoin, we will become mainstream in online payments services and will not need banks or governments, they will need us
Nobody can control Internet.

[USB-S]

Bitcoin will not become obsolete, at least in this century. We are gaining too much acceptance to be classified as obsolete. However in the future my guess would be that we would use some sort of an alternative currency, which would be digital as well.

[meono]

Why do noobs always speak loudest?


To all the noobs, avg ppl will not even know they're using bitcoins in near future. Does that mean bitcoin is obsolete?

When machine pay another machine through bitcoin with no human interaction, does that mean bitcoin is obsolete?

I think the answer is yes to all the "avg" ppl, as the general public IQ is quite low as is.

[davinchi]

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 every bank/government/company creates it's own crypto-currrency, then after some 5 years a gambling site will need to accept some 5000 different coins for deposit/withdraw to cover all the users from all the countries .

This is an impossible scenario.

Only a common currency will solve this problem. Most probably bitcoin would be that common currency for many reasons.

The idea of creating own crypto-currency by any bank/country will become obsolete even with above simple reason.

[croato]

Cat is out of box and you trolls can only watch and cry. Bitcoin is revolutionary concept and ppl finally have their own money in their wallets without any gov or bank behind it. Just another troll thread, nothing to see here move along...

[SelfPaid]

bitcoin will never become obsolete
it is the future

[Raimonn]

I don't know how future will be, but i think that bitcoin have growing potential. It didn't reach its final level, bitcoin can grow as a payment system and to secure contracts on blockchain.

[virtualx]

Most likely very far in the future. If people had the power to 'steal' or disrupt this digital money, it would have already been done.  To initiate a bitcoin transaction you need a private key. It is computationally too expensive to generate all private keys at this point in time.  Keep in mind that the Bitcoin protocol can be updated, which has happened in the past.

[Snorek]

Op, if you think that bitcoin users are only criminals, terrorists and speculators you probably watched too much TV. Which can brainwash you to the point you don't think for yourself anymore.
Bitcoin is so far the greatest invention of the 21th century, judging it by small percent of criminals who want to capitalize on it is seriously not right thing to do.

[calkob]

I think Bitcoin will some day become obsolete as computer technology becomes more advanced, but i dont think that is any time soon.  and as for Bank blockchains or private ledgers i pretty much agree with andreas antonopoulos on this one.... bubble boy    the link below sums it up

https://www.youtube.com/watch?v=Rw8W92iIHZ8

[nerFohanzo]

Cat is out of box and you trolls can only watch and cry. Bitcoin is revolutionary concept and ppl finally have their own money in their wallets without any gov or bank behind it. Just another troll thread, nothing to see here move along...

Yeah, Bitcoin can never become obsolete, in fact it has just started to shine like a star, still a long way to go, Bitcoin is the future and I don't think any other currency can replace bitcoins in near future, and as a bitcoin users we want that it should keep on growing and become more popular in the future replacing all the fiat currencies who have the control of government and banking systems.

[Velkro]

When FIAT money become obsolete? It took over ~7000 years, till bitcoin happen, so bitcoin can last quite long if you ask me.

[meono]

When FIAT money become obsolete? It took over ~7000 years, till bitcoin happen, so bitcoin can last quite long if you ask me.

Ughhh..... do you realize "fiat" money is actually very young? Less than 100 yrs old.

Maybe you should start researching where the term "fiat" comes from.

[johnyj]

Almost everyone with a little bit skill, after hearing about bitcoin's success, would start to drive his own altcoin/blockchain in 6 months, and he will realize his mistake in another 6 months and return to bitcoin

We are in a phase of large scale altcoin/blockchain experiment period which might last for another year or two, and they will fail due to they don't understand the soul of bitcoin: Decentralization and consensus based community

If you try to run a centralized system, you simply don't need blockchain, it will just be another layer of wasted resource which adds lots of complexity. If you want to run a decentralized system, then bitcoin is already light years ahead

[Amph]

When FIAT money become obsolete? It took over ~7000 years, till bitcoin happen, so bitcoin can last quite long if you ask me.

Ughhh..... do you realize "fiat" money is actually very young? Less than 100 yrs old.

Maybe you should start researching where the term "fiat" comes from.

maybe the legalized money"fiat" money is young but dollars is very old https://en.wikipedia.org/wiki/History_of_the_United_States_dollar

[kpitti]

Bitcoin as great idea will not become obsolete as there is a Blockchain behind.
Bitcoin as financial tool will became obsolete when not used by people. It`s a question of attractivity and benefits it brings. I thought it will take a long time, even more then 10 years. So I did not vote.