Is Bitcoin designed to last forever?

[Mastsetad]

I am pretty sure bitcoin wont last forever. Everything we see is temporary but as long as bitcoin is still in operation let's make the most out of it.

Its true that nothing lasts forever nor bitcoin will, but as you said until it is there we should not waste our time thinking about these things, but we should enjoy the freedom it provides and we should make the most out of it until it is alive and running and i feel the period of bitcoin being alive would be really long by looking its potential growth.

[AxlYo]

I am pretty sure bitcoin wont last forever. Everything we see is temporary but as long as bitcoin is still in operation let's make the most out of it.

Its true that nothing lasts forever nor bitcoin will, but as you said until it is there we should not waste our time thinking about these things, but we should enjoy the freedom it provides and we should make the most out of it until it is alive and running and i feel the period of bitcoin being alive would be really long by looking its potential growth.

I so agree with your statement about not wasting our thinking about these things and enjoy bitcoin. My opinion too is we should all be well aware of when it's going to end but let's enjoy it for now.

[DeDordtenaar]

No nothing in this world can last forever include bitcoin, but the good things about bitcoin is decentralized, so if there is still transaction and pump and dump, bitcoin will stay alive, but when people dont't used it anymore then bitcoin is dead

how by fiat? where if the government in power they will certainly maintain it until whenever. I'm sure fiat will continue to be used until Judgement. I might say that bitcoin will continue to survive if all users continue to use whatever happens and continues to believe, then as time went on and the growth of the bitcoin users in turn will continue to persist for the entire user trust in bitcoin

[kiklo]

Is Bitcoin designed to last forever?

No it is designed to last until you run out of Fiat.
Electricity drain will make it unsustainable & unaffordable in a few years.
http://motherboard.vice.com/read/bitcoin-could-consume-as-much-electricity-as-denmark-by-2020

I’m an engaged environmental researcher and have recently become a bitcoin enthusiast.

These are two possibly conflicting fascinations, as previously pointed out by Christopher Malmo here at Motherboard. That’s because bitcoin is incredibly energy intensive: at the time of Malmo’s piece, he calculated that a single bitcoin transaction requires as much electricity as the daily consumption of 1.6 American households, and that number has increased since then. “Adopting Bitcoin as a major currency anytime in the next few decades,” he wrote, “would just exacerbate anthropogenic climate change by needlessly increasing electricity consumption until it’s too late.”

As I have some experience in developing energy scenarios, I wanted to see how this could develop into the future. My findings weren’t much more encouraging. According to my calculations, if the bitcoin network keeps expanding the way it has done recently, it could lead to a continuous electricity consumption that lies between the output of a small power plant and the total consumption of a small country like Denmark by 2020.

http://www.newsbtc.com/2016/07/21/bitcoin-miners-in-washington-state-to-pay-more-for-electricity/

Bitcoin miners in Chelan County, Washington will now have to shell out more for the electricity following Public Utility District‘s decision to increase energy tariff from next year.

The increased energy rates are not just applicable to Bitcoin mining centers but to other energy intensive operations including regular data centers and server farms. According to reports, the public discussion and negotiations regarding the new electricity rates extended for over 18 months before reaching this point. Bitcoin business owners in the region took part in these negotiations as any increase in the energy costs may significantly affect their profitability. The effects will be further compounded by the recent halving of Bitcoin rewards and stagnant Bitcoin price.

Bitcoin mining farms are classified as High-Density Load consumers under the ‘Schedule 35‘ provided they consume over 250-kilowatt hours of electricity per square foot of operational floor space in a year, with the requirement not exceeding 5 megawatts at any point in time.

However, reports suggest that none of the representatives of the Bitcoin mining operations in the region were present during the voting process. The results of the voting are said to be unanimous in the favor of new increased tariff which will come into effect on January 1, 2017.

Starting next year, High-Density Load operators will have to pay a monthly charge ranging from $130 to $860 per meter along with additional $5.50 per kilowatt and $0.027 per kilowatt hour as monthly demand charges and energy charges respectively. They will also have to make an upfront payment to cover all the costs incurred by the department to distribute power to the facilities.

According to the Public Utility District commissioners, the new rates were introduced after they noticed a sudden surge in demand for electricity. Upon study, it was discovered that the surge was driven by increased Bitcoin mining activity in the county, which was otherwise known for cheaper energy prices compared to other places in the United States.

 

[Dudeperfect]

I am pretty sure bitcoin wont last forever. Everything we see is temporary but as long as bitcoin is still in operation let's make the most out of it.

Its true that nothing lasts forever nor bitcoin will, but as you said until it is there we should not waste our time thinking about these things, but we should enjoy the freedom it provides and we should make the most out of it until it is alive and running and i feel the period of bitcoin being alive would be really long by looking its potential growth.

Bitcoin was started as a project which turned out to be a revolutionary concept in crypto currency technology. No one can tell how long bitcoin will last but in future I am sure the payments will have great impact of crypto currencies and any other alt coin can replace bitcoin. Probably in next 5 or 10 or 50 years, no one can predict accurate future but right now we should concentrate on bitcoin because down the road it will guide the next coins.

[requester]

after 4 5 halving there is significantly very less number of miners. now itself bitcoin mining is Less profitable and after 4 5 halving obviously there well be negligible profit. and many miner will quit mining bitcoin and will probably switch to other altcoins. So i think mining of 21 million bitcoin will continue as long as our planet exists. hypothet in my view.ical situation

[Daffadile]

Forever is a long time and I don't think when people design something they expect it to last forever. Eventually something new will take it's place.
I guess a newer version of bitcoin could eventually replace the current one.

[Fatanut]

Forever is a long time and I don't think when people design something they expect it to last forever. Eventually something new will take it's place.
I guess a newer version of bitcoin could eventually replace the current one.

It will be replaced by a newer version but we don't know if there would still be a better payment method or currency than bitcoin. Among all the other crypto-currencies, bitcoin stands out. I am not sure, though. Because back then, when we're still at the barter system, we didn't even know that fiat would be the primary way of paying somebody. Years ago, we didn't know that there would be something better than the fiat -- it's the cryptocurrency.

[carriebee]

Bitcoin possible to last forever because as of now its demand is high.
And many users are currently in touch with bitcoin because this gives
an extra income. Before we dont know that fiat could exchange to other
currency, but since bitcoin was become popular this could be possible
to last forever.

[sonnyacg]

we will never know about the future, because the future is another mystery. if the entire bitcoin in this world only reached 21 million spread. it's good to be grateful for the existence of the current bitcoin. if keberadaa bitcoin has run out someday, it might take very much time to spend the entire amount of existing bitcoin. so this time we should be grateful because we can still get bitcoin.

[markisanon2434]

Bitcoin can stay forever but it is going have some serious forks to it. The energy drain is considered as a serious problem and I feel fork will be made in future to the code or make it , what can I say, more energy efficient ...We can expect shifting it to POS. In future, we can definitely expect new changes and innovation being made. This will have an impact on bitcoin and bitcoin mining.

[delliaerd]

Bitcoin can stay forever but it is going have some serious forks to it. The energy drain is considered as a serious problem and I feel fork will be made in future to the code or make it , what can I say, more energy efficient ...We can expect shifting it to POS. In future, we can definitely expect new changes and innovation being made. This will have an impact on bitcoin and bitcoin mining.

That is the weaknes of bitcoin. Anyway, By this technology we can send money to anywhere that have electricity and internet connection. And I think probably we do not spend too much electricity for bitcoin. Satoshi nakamoto is one of genious people that make a change of the world. although bitcoin did not have intrinsic value but fiat is just paper, both are the same but bitcoin is have so many advantage, like fast transaction.

[uname]

I am pretty sure bitcoin wont last forever. Everything we see is temporary but as long as bitcoin is still in operation let's make the most out of it.

yeah I agree with you that all things will not last forever, including bitcoin. I think bitcoin has a lifespan and could possibly die
but as long as users continue to use It so bitcoin will continue to live

[dinofelis]

Bitcoin cannot last forever, because of the 10 minute block time, it means all nodes have to be within 10 light minutes.  Mars is outside of that range (it varies between 4 and 24 minutes).  You cannot have bitcoin miners on Mars and on earth, because a block mined on Mars could not reach miners on earth before they mined the next one, and vice versa.

As the earth will be swallowed by the Sun turning into a red giant in about 1 billion of years, that would be the end of bitcoin too.

Hence, bitcoin cannot go interplanetary and certainly not interstellar and hence is doomed to die with the earth, even if our species or whatever is living on earth can leave, it cannot take bitcoin with it.
 

[Techie5879]

Nothing is permanent, even something as popular as BTC. Also, the amount of maximum BTC that can exist at any given time is set at 21 million, so if it reaches 21 million, BTC will lose/gain some of its value, but it will soon go out of circulation as the production will be stopped. Also, it can be banned by a country and it could lose its popularity and die. But, yes, it is unlikely that BTC will ever lose its popularity.

[Yutikas_11920]

Nothing is permanent, even something as popular as BTC. Also, the amount of maximum BTC that can exist at any given time is set at 21 million, so if it reaches 21 million, BTC will lose/gain some of its value, but it will soon go out of circulation as the production will be stopped. Also, it can be banned by a country and it could lose its popularity and die. But, yes, it is unlikely that BTC will ever lose its popularity.

I very much agree with you. But everything you say or think is not always true, for a future we cannot guess easily. Because all the things that are in the future is the will of God, so that we can only see and enjoy it. BTC is not something that can be missing from circulation if in the future growth of the bitcoin's getting good or stable while all total BTC completed in mine.

[Babayega31]

Nothing is permanent, even something as popular as BTC. Also, the amount of maximum BTC that can exist at any given time is set at 21 million, so if it reaches 21 million, BTC will lose/gain some of its value, but it will soon go out of circulation as the production will be stopped. Also, it can be banned by a country and it could lose its popularity and die. But, yes, it is unlikely that BTC will ever lose its popularity.

I very much agree with you. But everything you say or think is not always true, for a future we cannot guess easily. Because all the things that are in the future is the will of God, so that we can only see and enjoy it. BTC is not something that can be missing from circulation if in the future growth of the bitcoin's getting good or stable while all total BTC completed in mine.

No one will last forever in this world but, if in my own opinion with bitcoin i must say it will last longer but not forever. As long as many people believe and will use bitcoin this cryto currency will have long life i could not say specific life span but it will live longer in the circulation of the internet world. Go bitcoin and soar high around the world as our hope this will last longer for so many years.

[Zadicar]

Nothing is permanent, even something as popular as BTC. Also, the amount of maximum BTC that can exist at any given time is set at 21 million, so if it reaches 21 million, BTC will lose/gain some of its value, but it will soon go out of circulation as the production will be stopped. Also, it can be banned by a country and it could lose its popularity and die. But, yes, it is unlikely that BTC will ever lose its popularity.

I very much agree with you. But everything you say or think is not always true, for a future we cannot guess easily. Because all the things that are in the future is the will of God, so that we can only see and enjoy it. BTC is not something that can be missing from circulation if in the future growth of the bitcoin's getting good or stable while all total BTC completed in mine.

No one will last forever in this world but, if in my own opinion with bitcoin i must say it will last longer but not forever. As long as many people believe and will use bitcoin this cryto currency will have long life i could not say specific life span but it will live longer in the circulation of the internet world. Go bitcoin and soar high around the world as our hope this will last longer for so many years.

No one  could really  predict  the  lifespan  of  bitcoin since no one  could able to  predict the future. I agree with you it may not designed to last  forever  but  it would surely last  for  longer  years as long there are people who  would still use  it  and  as  we all know bitcoins  adoption  cant  be stopped and with this   it would  make  bitcoin more  stronger than before and  would established.

[sempak]

It could happen .because most media payments are not designed to last forever. because there will always be updating technology. there will be a replacement for bitcoin, but for now bitcoin is a revolutionary thing.

[danherbias07]

It could happen .because most media payments are not designed to last forever. because there will always be updating technology. there will be a replacement for bitcoin, but for now bitcoin is a revolutionary thing.

That is right. We cant stay of what we are now bevause we are getting populated. We need a faster transaction that can deal with a bloated problem when it comes to money. Sending money, online transactions, paying bills and a lot more. We want convenience and bitcoin is offering that.