Has Bitcoin Failed to Deliver ?

[Xester]

No I don't think that bitcoin had failed because there are many bitcoin inspired and bitcoin related projects happening world wide so bitcoin stand as the role model for them. An  I think that bitcoin would be the role model for the coming generations.

I agree, in addition if bitcoin have failed then why is it that the demands are increasing everyday. And why is it that the price keeps on going up in the market. The answer is simple, bitcoin has been growing strong everyday and has been accepted and embraced by many everyday. In short, bitcoin is a successful campaign in cryptocurrency economy.

[1714675799]

1714675799

[1714675799]

1714675799

[1714675799]

1714675799

[Mastsetad]

I'll say it would be too early to say that bitcoin has failed to deliver what it has to, because bitcoin is still to young, it is not even known by everyone using internet yet and all the world is still to know it and maybe use it, and then if we see nothing special happening, then we might should say that.

[babyjesusftw1]

Bitcoin is still in the adoption phase. I don't think you can expect much from it until the world gets used to the idea of a virtual currency and learn how to use bitcoin wallets and understand blockchain. If it stays in the adoption phase for a lot longer, then I will consider bitcoin to have failed to live up to its potential. Bitcoin hasn't really been around that long at all, and I think it's current growth has been amazing, and more and more countries are seeing it used within their borders. I'd still give it more time before judging it as a success or failure.

[titibach]

Bitcoin has delivered me a way of life I never had before. I was never in control of my own money, my internet security, my life. Bitcoin has delivered for me and if it hasn't for any of you then you need to work out what you want from Bitcoin in the short/Medium/Long term.

[mobnepal]

So in your opinion , Bitcoin has indeed failed to deliver or It's too soon to say?

Its too soon to say that, its only been 7 years since bitcoin have started as decentalized currency and running just by community support rather than any company/government backing it or releasing new update/upgrades regularly.

I think blockchain tech will be taken as revolutionary tech rather than bitcoin because we are now seeing several startups/projects which are developing decentralized storage, decentralize trading market etc on top of blockchain tech which may become quite popular soon in future along with bitcoin as payment method which can't be shut down.

[severaldetails]

I don't know that bitcoin promised anything.
People had hopes regarding bitcoin. Some of these hopes were fulfilled, other not.
But I'm not aware that promises came from bitcoin creators.
Personally I'm satisfied the way bitcoin has developed.
Currently we are entering the phase of mass adoption,  I don't think that could be taken for granted 7 years ago.

[RawDog]

Currently we are entering the phase of mass adoption

lol!   User adoption is very near zero now.  All potential uses of bitcoin have been smothered.  The only remaining 'store of value' and speculation keep things going.  But with 3tx/sec limits and high fees, all interesting uses of Bitcoin are thwarted.  End users abandon ship a long time ago.  Just ask Circle or BitPay.

The ship has sailed.

[mindrust]

I don't know it Satoshi intended this but bitcoin definetely not doing good with daily purchases where you need your confirmations very fast.
It is ok for online shopping kinda stuff where the seller should wait at least for a confirmation but purchasing stuff from malls and restaurants is practically impossible. That's where bitcoin failed.

Other than that, it does a great job.

[alyssa85]

Currently we are entering the phase of mass adoption

lol!   User adoption is very near zero now.  All potential uses of bitcoin have been smothered.  The only remaining 'store of value' and speculation keep things going.  But with 3tx/sec limits and high fees, all interesting uses of Bitcoin are thwarted.  End users abandon ship a long time ago.  Just ask Circle or BitPay.

The ship has sailed.

This. Bitcoin has become too centralized, and the whole business of becoming an alternative to the dollar collapsed starting in 2014, when the dollar started to rise for the first time in 30 years against all major currencies, and continues to rise.

Bitcoin needs to solve a problem that can't be solved using fiat or plastic or paypal. To date it hasn't done that. Even in places like Venezuela and Argentina, it didn't achieve critical mass.

What holds it back? People feeling nervous that all the mining is concentrated behind the great firewall of China? The small blocks and the slowness in getting transactions confirmed? The backlogs and the fees? The difficulty in buying it?

Your guess is as good as mine. But something has gone wrong.

[n691309]

Bitcoin has often been compared to the Internet itself. A project that will change the very world that we live in. The Internet has come to define the age that we currently live in, but can the same be said of Bitcoin? Has Bitcoin been an empty promise? Well, the truth is that we need to dig deeper into that question, and more importantly, we need to ask that question.

https://cointelegraph.com/news/has-bitcoin-failed-to-deliver

So in your opinion , Bitcoin has indeed failed to deliver or It's too soon to say?

It's too early to say but we should be sure that bitcoin is the first cryptocoin which encouraged many other coins to create othercoins and add new features, so I wouldn't say that bitcoin is an empty promise, it's already a new way of dealing online.

[tvbcof]

...
https://cointelegraph.com/news/has-bitcoin-failed-to-deliver

So in your opinion , Bitcoin has indeed failed to deliver or It's too soon to say?

Bitcoin has delivered for me personally in a economic sense quite nicely, thank you very much.

More generally, being alive and well half a decade after I first studied it in some detail has been a 'delivery' which I had not considered very probable.  Absent a small number of individuals with the right mixuture of skills, ethics, and philosophy I'm sure that my more probable expectation (failure and collapse) would have been realized.

I'll reserve final judgement on Bitcoin's success of failure until we hit a point when it is actually needed.  This would be a global monetary crisis and a host of associated challenges.  We simply have not seen this situation yet so it is unclear whether Bitcoin, or distribued crypto-currency generally, will come through as a success in the way I would define it.  I'll consider it a 'success' if it imposes significant limitations in mobility of those who have exploited our current monetary regimes and will be lining up to do the same for the following ones.

[RawDog]

Currently we are entering the phase of mass adoption

lol!   User adoption is very near zero now.  All potential uses of bitcoin have been smothered.  The only remaining 'store of value' and speculation keep things going.  But with 3tx/sec limits and high fees, all interesting uses of Bitcoin are thwarted.  End users abandon ship a long time ago.  Just ask Circle or BitPay.

The ship has sailed.

This. Bitcoin has become too centralized, and the whole business of becoming an alternative to the dollar collapsed starting in 2014, when the dollar started to rise for the first time in 30 years against all major currencies, and continues to rise.

Bitcoin needs to solve a problem that can't be solved using fiat or plastic or paypal. To date it hasn't done that. Even in places like Venezuela and Argentina, it didn't achieve critical mass.

What holds it back? People feeling nervous that all the mining is concentrated behind the great firewall of China? The small blocks and the slowness in getting transactions confirmed? The backlogs and the fees? The difficulty in buying it?

Your guess is as good as mine. But something has gone wrong.

ASICs turned a well distributed group of over 6000 miners into about 5 mega miners in China.  GMaxwell convinced these 5 miners only he is competent in matters of cryptography. 

BAM! - centralization. 

That was the end.

We need >5000 independent voters to achieve true decentralization.  Those days are long gone. 

[Liang_Kubur]

I think there is no perfect thing, failure when receiving or sending bitcoin certainly can happen due to a great many deals. that's the thing the weaknesses which could be exploited by other coins to be able to replace the bitcoin.

[Pursuer]

I think there is no perfect thing, failure when receiving or sending bitcoin certainly can happen due to a great many deals. that's the thing the weaknesses which could be exploited by other coins to be able to replace the bitcoin.

can you explain more about what you have in mind because there is no such thing in bitcoin called failure to send or failure to receive bitcoin!

for sending as long as you are connected to internet and have your private keys you can send bitcoin to anyone (just like any replacement that claims)

for receiving (again just like any other claimers) you have to wait for confirmation. and if it is a regular transaction with regular amount of fees and it is regular time it will be confirmed within around 10 minutes. and this is true about all other coins which want to replace bitcoin!

[veleten]

cointelegraph describing bitcoin as an established entity with  predesigned roles that has failed to deliver
lets have a look...
unneccessary generalisations:
bitcoin succeeded in some areas and failed in others,it is same as saying paper money failed to fight inflation and ensure smooth payments between individuals
too early to draw conclusions:
there are almost 10 million coins to be mined,bitcoin is far from established
we don't know how will its eco system change once all of the coins are mined,what price it is going to be traded at,what level of adoption will it have etc.
don't blame the game-blame the player:
bitcoin itself is impartial
it is secure,decentralised and in general working as seen on TV
its up to the community to make it more popular and valuable
don't want to sell for bitcoins? too complicated? too much effort to explain to your friend how to use it? any other reason to not use or popularise it?  blame only yourself
to change reality one has to change mentality,simple as that

[Jeremycoin]

I think it's too soon to say so, because Bitcoin hasn't reached the peak of its Glory. The glory of Bitcoin is when all of the people in this world knows and when everyone is already using Bitcoin, and at that time we can finally judge has Bitcoin failed to deliver or not.

[1Referee]

Bitcoin failed to deliver? Heck no! If I just look at what it has been doing for me in the way that I have been given the ability to store a big chunk of my wealth outside the banking and governmental system, then that alone makes Bitcoin for me the best invention of the last 10 years. Then I haven't even mentioned the trading aspect that made it possible for me to grow my entire wealth with at least 500% since very early 2013. If there was no Bitcoin, I would most likely continue being a sheepy slave of the governmental system for ever, and my total wealth wouldn't be anywhere near it is right now.

[bitbunnny]

I couldn't agree that Bitcoin is a failure. Even if it doesn't achieve everything that is expected, Bitcoin is the revolutionary thing and it will be remembered in history. It's one of the kind.
But we haven't seen all yet, Bitcoin is on the way to reach its peak, just wait and see.

[Zadicar]

I couldn't agree that Bitcoin is a failure. Even if it doesn't achieve everything that is expected, Bitcoin is the revolutionary thing and it will be remembered in history. It's one of the kind.
But we haven't seen all yet, Bitcoin is on the way to reach its peak, just wait and see.

We really havent see the full potential of bitcoin hence its just on its earlier ages and even its not on its peak we could say that its has a good benefits from people and cant be easily forgotten by someone who uses it. If bitcoins adoption would be on its fullest potential then i could think a fast and accessible online transaction and even on offline.

[BTCLovingDude]

I couldn't agree that Bitcoin is a failure. Even if it doesn't achieve everything that is expected, Bitcoin is the revolutionary thing and it will be remembered in history. It's one of the kind.
But we haven't seen all yet, Bitcoin is on the way to reach its peak, just wait and see.

i agree. bitcoin is still young.
and also the least thing that bitcoin has achieved is introduction of a new technology called blockchain which has opened up countless possibilities that even big financial companies are interested in pursuing.