The thing that will destroy Bitcoin.

[gregyoung14]

Guess the blockchain size and its performance would be key. But i dont know what it is but im still confident with Bitcoin.

[Dekker3D]

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....

Wondering if altcoins can provide a remedy on that matter and at the same time maintain all the good stuff BTC brought us.

[blunderer]

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.

Minor detail: When I buy with CC, the CC company is lending me that money, for free, for up to a month That's on top of buyer protection.
Amazing, huh?

[aarons6]

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.

not true.. since you cant control people, if they send the tx with a low fee.. or even the suggested one.. and its not enough the tx will fail and they will get their bitcoin back and you will be out of luck.

[Yakamoto]

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.

Minor detail: When I buy with CC, the CC company is lending me that money, for free, for up to a month That's on top of buyer protection.
Amazing, huh?

Well during that "free" month, sure you don't have to pay the money back immediately, but you also get an average 16% interest rate on that remaining balance after that month. So you better be able to pay the month you spent at the end of the month, or you're going to have more and more money compounding on top of it.

The downside of the debit card (and Bitcoin) is that you actually have to have the money to pay for something, as opposed to being able to spend money that you don't have.

[AGD]

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?).

Satoshi wanted it that way.

[blunderer]

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.

Minor detail: When I buy with CC, the CC company is lending me that money, for free, for up to a month That's on top of buyer protection.
Amazing, huh?

Well during that "free" month, sure you don't have to pay the money back immediately, but you also get an average 16% interest rate on that remaining balance after that month. So you better be able to pay the month you spent at the end of the month, or you're going to have more and more money compounding on top of it.

The downside of the debit card (and Bitcoin) is that you actually have to have the money to pay for something, as opposed to being able to spend money that you don't have.

Lol, paying my bills on time is a bit simpler than not being able to shop @ 99% of the places I want to shop (because they don't accept BTC).
Re. 16% deadbeat fees after 1 month, start here.
BTW, go to the lending section of this forum -- 16% yearly rate would be a *gift*, people are paying 16% *weekly*

[Nemesis099]

Bitcoin can only will be destroyed by some other new and other innovative currency if it appears in near future, there are no other factors that can destroy bitcoin, as bitcoin would be ruling the world unless it doesn't face any competition from any other new currency.

[Anddos]

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.

Yes, but in the end that can damage bitcoin severely. Big Brother can't stand not being in control.

[MTBTT]

maybe like fork. you know bitcoin xt and core. if both live i think bitcoin will destroy

[eon89]

How about a bet? 1 BTC. You name the time period. If BTC lives I get the BTC. If it doesn't you do.

[David Rabahy]

How about a bet? 1 BTC. You name the time period. If BTC lives I get the BTC. If it doesn't you do.

What is the measure of being live?

[AGD]

How about a bet? 1 BTC. You name the time period. If BTC lives I get the BTC. If it doesn't you do.

What is the measure of being live?

Transaction volume>0

[Cryptochan]

I one thing did not mentioned here, IT so fast moving, that in nearest 10 - 25 years technologies will make very large step, and such things like now days crypto algorithms will be just simple lessons about "how it was starting in early 20xx" . New processors will work 1000000^x faster then today, it will give ability to make backward changes or some kind vulns, that impossible to do today. Then every body will remember Bitcoin like you know Fidonets(early 1990) just very old past ... But now blockchain very cool and we need to pleasure it, just like it possible. 

[RustyNoman]

Bitcoin can only will be destroyed by some other new and other innovative currency if it appears in near future, there are no other factors that can destroy bitcoin, as bitcoin would be ruling the world unless it doesn't face any competition from any other new currency.

Bitcoin can only be destroyed internally. There is a conflict of interest in the developer team at the moment.

[crairezx20]

I think there's no other reason that can destroy bitcoin in the future. because if you see some website they accepted bitcoin as payment.
And bitcoin will be strong as real money or fiat.. unlike other new born altcoin in few days they will scam.

[sirdevil]

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?

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..

Well, this is invalid. If people do need fast confirmation, they just put higher fees. Even with higher fees it is very cheaper than traditional methods of moving money around.

[mavrick951]

I think the only thing that could definetely destroy bitcoin would be a massive change that would make people get away from it. I don't see this massive change happening, though. Why would that be?

[HardFlaccid]

Bank institutions, USA government or other powerful organization could bring down bitcoin if they wanted to. It's not that strong yet.

[RustyNoman]

Bank institutions, USA government or other powerful organization could bring down bitcoin if they wanted to. It's not that strong yet.

If these organizations can make more profit by embracing bitcoin. They will integrate it. If they cannot beat bitcoin, they will join it.