When will Bitcoin become obsolete?

[Amph]

maybe when bitcoin mining will end, then there will be 'a turning point because the miner would earn only from transaction fees

Mining will never end. If majority of the miners stop mining, the network will slowly decrease the difficulty and mining would be more profitable again. When mining ends, the electrical cost and hardware cost/efficiency would be much better and hence those in the future can have more revenue compared to the same scale mining farm.

it will end if the network is unsecure, you can not simply say that the diff will increase and evewrything will be as it is now

also miners need a certain amount of reward coming from fee, which as a minimum if that minimum keep going down then the diff will decrease until the network will be vulnerable to many attacks

[ranochigo]

maybe when bitcoin mining will end, then there will be 'a turning point because the miner would earn only from transaction fees

Mining will never end. If majority of the miners stop mining, the network will slowly decrease the difficulty and mining would be more profitable again. When mining ends, the electrical cost and hardware cost/efficiency would be much better and hence those in the future can have more revenue compared to the same scale mining farm.

it will end if the network is unsecure, you can not simply say that the diff will increase and evewrything will be as it is now

also miners need a certain amount of reward coming from fee, which as a minimum if that minimum keep going down then the diff will decrease until the network will be vulnerable to many attacks

If the network becomes insecure due to quantum computing or similar exploit, the network could agree on a new algorithm and roll back the attack(if made). It isn't a huge concern at all.

With the increase of block size in the future, there would be more fees in a block. The network would likely not to have its difficulty going down with a widespread adoption. Remember, some people would still have extremely cheap electricity. With the hashrate going lower, the only attack that can happen is 51% attack.

[Pursuer]

I don't believe that bitcoin is going to replace fiat and banking system in one day but I don't believe that it is going to be obsolete either.
say whatever you want about bitcoin flaws like confirmation time but it has a lot of other perks that you can not ignore. like the anonymity or the very low fees with fast speed.

[Amph]

maybe when bitcoin mining will end, then there will be 'a turning point because the miner would earn only from transaction fees

Mining will never end. If majority of the miners stop mining, the network will slowly decrease the difficulty and mining would be more profitable again. When mining ends, the electrical cost and hardware cost/efficiency would be much better and hence those in the future can have more revenue compared to the same scale mining farm.

it will end if the network is unsecure, you can not simply say that the diff will increase and evewrything will be as it is now

also miners need a certain amount of reward coming from fee, which as a minimum if that minimum keep going down then the diff will decrease until the network will be vulnerable to many attacks

If the network becomes insecure due to quantum computing or similar exploit, the network could agree on a new algorithm and roll back the attack(if made). It isn't a huge concern at all.

With the increase of block size in the future, there would be more fees in a block. The network would likely not to have its difficulty going down with a widespread adoption. Remember, some people would still have extremely cheap electricity. With the hashrate going lower, the only attack that can happen is 51% attack.

yeah i was talking about 51%, since the hashrate would decrease also if the diff decrease, thus making the network unsecure by direct atatck from maybe some rich entity that want to kill bitcoin

[Lutzow]

BTC will be obsolete once the whales decide to. Even if an alt coin become better than bitcoin in all aspects. As long as the investors are throwing money going to btcs way, there's not much we regular users can do about it but to ride their wave.

[diodio5]

Bitcoin in still very young, we just celebrated it's 7th birthday. Surely it had it's ups- and downs, but
that was related to MtGox, Silk Road, Cryptsy, Mike Hearn. But I'm convinced the future looks bright

the age of the bitcoin is still young. unexpectedly bitcoin is becoming very popular early age. I think getting older of bitcoin. the bitcoin will be increasingly popular

[goinmerry]

BTC will be obsolete once the whales decide to. Even if an alt coin become better than bitcoin in all aspects. As long as the investors are throwing money going to btcs way, there's not much we regular users can do about it but to ride their wave.

Some points may be true. But it started without whales right? Without whales maybe the bitcoin will go down. But being obsolute is far far away from reality. I dont think it is that easy to just change it or erase it.

[elizabethqueen]

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)

even pick 15 years option on poll,i dont think bitcoin will be obsolete,i just think bitcoin will more and more mass adopted,and maybe some countries will use bitcoin as their national currency,i wish that will happen.

[Nahl]

OP should be put in more options for this vote because i'm so sure bitcoin would not be become obsolete till next 15 years

[prtty2gal2]

OP should be put in more options for this vote because i'm so sure bitcoin would not be become obsolete till next 15 years

Not even in 150 years. There are no chances for bitcoins to become obsolete. Because bitcoin is the most needed payment solution of modern digital era. If we do not need of Internet than we can say we do not need bitcoins also.

[Jhanzo]

I'd like to say never but nothing last forever. so I'll say about 50 years from now.. by what? dunno. maybe quantum technology, or something.

[wuvdoll]

I'd like to say never but nothing last forever. so I'll say about 50 years from now.. by what? dunno. maybe quantum technology, or something.

Up to my studies, quantum technology are not feasible for next two or three centuries. Because, the technology of computers science needs to evolve more to match what is theoretically quantum computing.
So, still now no one knows what is the practical or the real power of quantum computing.

[Zacudis]

I'd like to say never but nothing last forever. so I'll say about 50 years from now.. by what? dunno. maybe quantum technology, or something.

Quantum technology will destroy everything, including the modern banking system which relies on cryptography.

[Amph]

I'd like to say never but nothing last forever. so I'll say about 50 years from now.. by what? dunno. maybe quantum technology, or something.

Quantum technology will destroy everything, including the modern banking system which relies on cryptography.

not going to destroy anything related to sha256, you need a farther better tech to destroy it, something which is not even imaginable

[goinmerry]

I'd like to say never but nothing last forever. so I'll say about 50 years from now.. by what? dunno. maybe quantum technology, or something.

Yeah nothing last forever. But look at how is technology now. It is like every home have 1 personal computer or maybe a laptop or a smartphone that can access the internet. Through that bitcoin could be more known. For me, bitcoin is still at its early stage. Still growing up.

[ranochigo]

I'd like to say never but nothing last forever. so I'll say about 50 years from now.. by what? dunno. maybe quantum technology, or something.

Quantum technology will destroy everything, including the modern banking system which relies on cryptography.

It would destroy ECDSA due to Shor's algorithm[1]. It wouldn't break SHA256 for sure. It isn't a magical machine that can break everything. Bitcoin addresses would however be in danger. It can break public key to derive private keys. Public key is broadcasted when a transaction is broadcasted. The only logical immediate solution for it is to not reuse address but the earlier addresses which uses pay-to-pubkey will get cracked, even if no TX is sent. When quantum computing is successful, Bitcoin wouldn't be the first to get attacked.



[1] https://en.wikipedia.org/wiki/Shor%27s_algorithm

[erikalui]

I am currently looking at altcoins growing popular these days and competing with bitcoins. I don't see bitcoins dying anytime soon but if it's not adopted by any Government, it would most probably get banned soon or be traded illegally and I wouldn't want this to happen.

[jyakulis]

It hasn't even caught on yet and we are already becoming obsolete?

My only guess is if a truly innovative alt coin comes out or there is freedom from central banks.

[neonshium]

It hasn't even caught on yet and we are already becoming obsolete?

My only guess is if a truly innovative alt coin comes out or there is freedom from central banks.

Everything comes to an end one day and if bitcoins become obsolete and banks come up with a new crypto currency, that currency could also be nicknamed as bitcoins as the purpose of using crypto currency is the same. I am more worried
about the advantages of using bitcoins and the fees being less compared to banks as that could affect my usage of bitcoins then.

[davinchi]

I'd like to say never but nothing last forever. so I'll say about 50 years from now.. by what? dunno. maybe quantum technology, or something.

Quantum technology will destroy everything, including the modern banking system which relies on cryptography.

not going to destroy anythignr elated to sha256, you need a farther better tech to destroy it, something which is not even imaginable

Yes, many hackers have tried to crack Sha256 but haven't succeeded. If they are unable to crack it, they would find another technology than can make sha256 redundant and even though it seems unimaginable now. 50 years back nobody would have thought about crypto currencies but we have it today.