The thing that will destroy Bitcoin.

[ctlaltdefeat]

The thing that will destroy Bitcoins is simple. It will be the bloated size of the blockchain. Soon the blockchain will be so large, that we will need centralized "housing" to hold it. We will have to trust "Central" to state what is in the blockchain every time we want to use Bitcoin. And, this is the thing we are trying to get away from - centralization.

The blockchain is almost 70 gigabytes large right now. Imagine what it would be like if people around the world traded something like the Forex on it.

Someone better figure out a way to make it a whole lot smaller, and fast. Why fast? Because when fiat collapses, a lot of people will jump into Bitcoin. The blockchain will surge in size. In a short time it will be too large to use.

One solution that I can see would be to keep the current blockchain in total, on several servers around the world, including any person who thinks he has enough hard drive space to store it on, and enough bandwidth to handle all the transactions that hit Bitcoin at once. At the same time, implement a new kind of blockchain that keeps only a record of the first use of a new address, and, say, the last two uses of it. Everything else is deleted. This will be a reasonable solution, I think, until a better kind of blockchain can be developed.

What does anybody think about this?

What ideas do you have for overcoming this problem?




Okay. From the comments we have more points. So far we have...

1. Blockchain size for storage and downloading;

2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;

3. Impractical confirmation time without a fee;

4. Unreasonably long confirmation time even with a fee;

5, (more?).

i am agree with number 4,Unreasonably long confirmation time even with a fee. yes i also think that this is will be not good for bitcoin,delaying more than 3 days is worst,even take some fee,i dont know why it still happen.

[aarons6]

The thing that will destroy Bitcoins is simple. It will be the bloated size of the blockchain. Soon the blockchain will be so large, that we will need centralized "housing" to hold it. We will have to trust "Central" to state what is in the blockchain every time we want to use Bitcoin. And, this is the thing we are trying to get away from - centralization.

The blockchain is almost 70 gigabytes large right now. Imagine what it would be like if people around the world traded something like the Forex on it.

Someone better figure out a way to make it a whole lot smaller, and fast. Why fast? Because when fiat collapses, a lot of people will jump into Bitcoin. The blockchain will surge in size. In a short time it will be too large to use.

One solution that I can see would be to keep the current blockchain in total, on several servers around the world, including any person who thinks he has enough hard drive space to store it on, and enough bandwidth to handle all the transactions that hit Bitcoin at once. At the same time, implement a new kind of blockchain that keeps only a record of the first use of a new address, and, say, the last two uses of it. Everything else is deleted. This will be a reasonable solution, I think, until a better kind of blockchain can be developed.

What does anybody think about this?

What ideas do you have for overcoming this problem?




Okay. From the comments we have more points. So far we have...

1. Blockchain size for storage and downloading;

2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;

3. Impractical confirmation time without a fee;

4. Unreasonably long confirmation time even with a fee;

5, (more?).

i am agree with number 4,Unreasonably long confirmation time even with a fee. yes i also think that this is will be not good for bitcoin,delaying more than 3 days is worst,even take some fee,i dont know why it still happen.

also the fact that your #4 can actually cause the transaction to FAIL and the sender getting his bitcoin back.. causing the receiver to be at the mercy of the sender to resend it.

[PakistanHockeyfan]

Well yeah, anything has the potential to destroy Bitcoin, but not anytime soon. As far as I am concerned, the best plan to stick with would be to simply just focus on more tacticle moves in terms of growing and strengthening Bitcoin, rather than focusing on what could kill it it. Yes, it is very important to know what we're up against. Sometimes though, it is impossible to eliminate them from the journey, so in some cases (not all), we must learn to coexist.

[bearex]

This is definetly true. More exchanges and BTC transfers, the more the size will grow. And soon you wont be able to store it on your computer, so something will have to get changed. But it will not be as "decentralised" if any new things like that take place such as one central place where transactions will be stored.

[yenxz]

nothing,i just said that there is nothing can destroy bitcoin,even bitcoin used for illegal activity,bitcoin will not dissapear,even goverment ban bitcoin,it can be people stop using bitcoin.

[Anddos]

Bitcoin was created years ago, time in which it would have died if it would have been so full of imperfections as you say it is. I think time has and will show that the system works. And that's the best argument in its defense.

[darewaller]

nothing,i just said that there is nothing can destroy bitcoin,even bitcoin used for illegal activity,bitcoin will not dissapear,even goverment ban bitcoin,it can be people stop using bitcoin.

Yeah, It can be people stop using bitcoin and it is the destruction of bitcoin, but why will they stop using it? Is it the price going lower down and people will stop it, yeah it is the only reason I think that because of it people will leave it, but people are getting more interest in it and so intern there is no any chance for the price to go down.

[vrm86]

This is definetly true. More exchanges and BTC transfers, the more the size will grow. And soon you wont be able to store it on your computer, so something will have to get changed. But it will not be as "decentralised" if any new things like that take place such as one central place where transactions will be stored.

We don't live in 2004 anymore to be worried about 60 or even 600GB disk space. I wonder if there could be any mechanism that would encourage people to set dedicated bitcoin servers (nodes). If it would be economically reasonable (I am not saying about stream of $$$) I'd run one on my own.

[prtty2gal2]

Well yeah, anything has the potential to destroy Bitcoin, but not anytime soon. As far as I am concerned, the best plan to stick with would be to simply just focus on more tacticle moves in terms of growing and strengthening Bitcoin, rather than focusing on what could kill it it. Yes, it is very important to know what we're up against. Sometimes though, it is impossible to eliminate them from the journey, so in some cases (not all), we must learn to coexist.

Bitcoin is currently an interesting and benefiting currency for online users, so with that capacity the bitcoin will go stronger and if the people leaved bitcoin then the time of destruction will start, but the people are not going to leave it. So its strength is in us, the people.

[ShrykeZ]

But drive capacity will further expand and is relatively cheap to purchase, I have seen multiple 1TB drives as low as £30-40.

[naidray]

nothing,i just said that there is nothing can destroy bitcoin,even bitcoin used for illegal activity,bitcoin will not dissapear,even goverment ban bitcoin,it can be people stop using bitcoin.

But the governments will ban it, yeah the governments will ban if the bitcoin were used for criminal act frequently then the affected states’ governments will ban. But no one can stop people using bitcoin and saving it.

[RustyNoman]

nothing,i just said that there is nothing can destroy bitcoin,even bitcoin used for illegal activity,bitcoin will not dissapear,even goverment ban bitcoin,it can be people stop using bitcoin.

But the governments will ban it, yeah the governments will ban if the bitcoin were used for criminal act frequently then the affected states’ governments will ban. But no one can stop people using bitcoin and saving it.

Bitcoin itself it not for criminal usage. I use it a lot. But I am not a criminal. The government should ban the criminal activity itself.

[Tavos]

Storage disks will increase in size as well, and decrease in price. Right now, you can get a few TBs for only ~100$.
Regarding 5, I have not had a problem with that.

[blunderer]

...
Bitcoin itself it not for criminal usage. I use it a lot. But I am not a criminal. The government should ban the criminal activity itself.

Rusty, criminal activity is already banned, by definition. It wouldn't be criminal if it wasn't.
Those who do evil shit against which no laws have been written are just evil assholes, not criminals.

[elizabethqueen]

The thing that will destroy Bitcoins is simple. It will be the bloated size of the blockchain. Soon the blockchain will be so large, that we will need centralized "housing" to hold it. We will have to trust "Central" to state what is in the blockchain every time we want to use Bitcoin. And, this is the thing we are trying to get away from - centralization.

The blockchain is almost 70 gigabytes large right now. Imagine what it would be like if people around the world traded something like the Forex on it.

Someone better figure out a way to make it a whole lot smaller, and fast. Why fast? Because when fiat collapses, a lot of people will jump into Bitcoin. The blockchain will surge in size. In a short time it will be too large to use.

One solution that I can see would be to keep the current blockchain in total, on several servers around the world, including any person who thinks he has enough hard drive space to store it on, and enough bandwidth to handle all the transactions that hit Bitcoin at once. At the same time, implement a new kind of blockchain that keeps only a record of the first use of a new address, and, say, the last two uses of it. Everything else is deleted. This will be a reasonable solution, I think, until a better kind of blockchain can be developed.

What does anybody think about this?

What ideas do you have for overcoming this problem?




Okay. From the comments we have more points. So far we have...

1. Blockchain size for storage and downloading;

2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;

3. Impractical confirmation time without a fee;

4. Unreasonably long confirmation time even with a fee;

5, (more?).

Impractical confirmation time without a fee,its almost impossible,i thik every transaction must be have fee,so far bitcoin have a very good fee,and i dont think that exchange or wallet will agree with this.

[Anddos]

I'd love to meet you all one year ago from now and see what you'll say when bitcoin will still be here.

[fruitcommander]

nothing,i just said that there is nothing can destroy bitcoin,even bitcoin used for illegal activity,bitcoin will not dissapear,even goverment ban bitcoin,it can be people stop using bitcoin.

But the governments will ban it, yeah the governments will ban if the bitcoin were used for criminal act frequently then the affected states’ governments will ban. But no one can stop people using bitcoin and saving it.

Bitcoin itself it not for criminal usage. I use it a lot. But I am not a criminal. The government should ban the criminal activity itself.

But I think the only thing can destroy bitcoin is the Government, as they are against bitcoin and they can ban use of bitcoin in their respective country, So if bitcoin wants to survive then it should get the support from the Government.

[RustyNoman]

nothing,i just said that there is nothing can destroy bitcoin,even bitcoin used for illegal activity,bitcoin will not dissapear,even goverment ban bitcoin,it can be people stop using bitcoin.

But the governments will ban it, yeah the governments will ban if the bitcoin were used for criminal act frequently then the affected states’ governments will ban. But no one can stop people using bitcoin and saving it.

Bitcoin itself it not for criminal usage. I use it a lot. But I am not a criminal. The government should ban the criminal activity itself.

But I think the only thing can destroy bitcoin is the Government, as they are against bitcoin and they can ban use of bitcoin in their respective country, So if bitcoin wants to survive then it should get the support from the Government.

They cannot ban the bitcoin itself. It is a legal property. They can ban the usage of bitcoin in criminal activities.

[AraCoins]

The thing that will destroy Bitcoins is simple. It will be the bloated size of the blockchain. Soon the blockchain will be so large, that we will need centralized "housing" to hold it. We will have to trust "Central" to state what is in the blockchain every time we want to use Bitcoin. And, this is the thing we are trying to get away from - centralization.

The blockchain is almost 70 gigabytes large right now. Imagine what it would be like if people around the world traded something like the Forex on it

i think before that people are going to get tired of waiting days for transaction confirmations..

as it is now, if i want to sell something for bitcoin, i have to wait HOURS before it confirms.. unless you tack on a stupid high fee.. which nobody does..

i totally agree, whenever i send a transaction it takes around an hour for it to confirm, and it gets tedious when you have to stay in contact with your buyer for an hour to make sure it confirms.

Yes its very annoying but there is nothing we can do about it.
I hope it will be faster and not with a stupid fee....

[enhu]

An hour or maybe 24 hours before the confirmation is technically still faster than transactions with credit cards as far as i know.
So having said that, its no problem with bitcoin still so long as you send the txid to someone you do business with, its going to be good as paid. and transaction is valid.