Abiky (OP)
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November 09, 2018, 01:12:17 AM |
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what prevents you from using bitcoin as a way of storage, not a way for frequent transactions?
Exactly. If you need a cryptocurrency for frequent, daily transactions, then Bitcoin is not recommended for you. You're better off looking into other altcoins which have proven to be faster, cheaper, and much more scalable than Bitcoin. However, if you're looking for unparalleled security, reliability, and a store of value, then Bitcoin would be the right choice for you. Scaling is only necessary for mainstream adoption of Bitcoin by millions of people around the world. Hence, if Bitcoin doesn't scale, it wouldn't die but rather stay as a functional cryptocurrency that's useful as a store of value. The only downside would be that the more people use Bitcoin in its current state, the slower and costly it will be. But the bright side is that Bitcoin would retain its decentralization and security, which is the most important thing. If by any chance Bitcoin scales successfully with the Lightning Network, then it'll be a plus. Other than that, I believe that Bitcoin could continue to operate as usual, while it leaves other altcoins in charge of bigger transactions worldwide. Just my opinion.  |
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rizqoAD
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November 09, 2018, 01:29:03 AM |
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If bitcoin isn't scaled it won't be as popular as it is now. Altcoin prices tend to be stagnant and there is no upward movement in value because currently bitcoin can be regarded as a benchmark value in cryptocurrency.
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BlackRacerX
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November 09, 2018, 01:55:17 AM |
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What do you think that might happen with Bitcoin if no scalable solution becomes accepted? Will it remain as a store of value, while other altcoins take the lead for everyday transactions? Or will another cryptocurrency take its place as the top in marketcap? I would like to know your thoughts about this, as the ongoing scaling debate will further limit Bitcoin from reaching new heights. As for me, I believe that the Bitcoin community would come up at a resolution somehow to put an end to this issue, and make the pioneer cryptocurrency great again. What do you think? If it doesn't scale up, it'll probably start crashing down slowly. Like an airplane losing altitude due to loss of fuel. I think bitcoins will spike back up to its $20,000 value last year and all it takes to do it is one swift investor move from everyone. But alas, we can't do so because we all have different ideas in mind. |
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Netnox
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November 09, 2018, 03:33:55 AM |
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The answer is quite simple isn't it? The number of transactions will be limited and this can either result in one of the two scenarios. The first scenario is that the transaction fee will skyrocket and users will be paying $100 or $200 for a single transaction. The second scenario is that the number of users will remain constant or even decline, as users will move towards a scalable coin.
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DennyPen
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November 09, 2018, 11:11:05 AM |
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Does btc really need to be scaled? I mean, of course, scaling will have its positive impact, but it's needed only if btc will become the mainstream means of payment, which is highly unlikely due to the very nature of btc. The best scenario for btc would be becoming value storage. No scaling needed in this case.
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Abiky (OP)
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November 15, 2018, 12:32:12 AM |
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The answer is quite simple isn't it? The number of transactions will be limited and this can either result in one of the two scenarios. The first scenario is that the transaction fee will skyrocket and users will be paying $100 or $200 for a single transaction. The second scenario is that the number of users will remain constant or even decline, as users will move towards a scalable coin.
Yes. In fact, many people have already moved towards scalable cryptocurrencies with far better features than Bitcoin itself. Cheap micropayments and quick transfers are already possible with altcoins. However, I believe that it's good for Bitcoin to scale, since it'll be able to grow in ways that were never thought possible. If it scales, then most people would use it at a greater level than altcoins themselves. The only advantage altcoins have right now, is their quick speeds and low costs. However, Bitcoin can achieve the same results if it scales with the Lightning Network. Since many altcoins have already scaled, there shouldn't be any reason to worry about Bitcoin scaling to the world. It can be used as a store of value, due to its limited supply and unparalleled security. At the cost of slower speeds and higher costs, it could be worth securing your money in Bitcoin if it provides you with unmatched security unlike any other cryptocurrency in existence. Nonetheless, time will tell us whenever the Lightning Network will become adopted by the world or not. Just my thoughts  |
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loloos
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November 15, 2018, 12:45:10 AM |
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At first bitcoin is indeed accepted as an asset. It's just the development until now bitcoin serve as a means of payment. If bitcoin never scales in my opinion bitcoin will remain an assetand the use of bitcoin as a means of payment will decrease
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#dhabitamartha
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November 15, 2018, 01:19:29 AM |
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bitcoin will still be the best gold coin and I am sure bitcoin will remain number one even though transactions are not as many as altcoin because they have high selling points and crytocurrency will always increase and will always strengthen many altcoins wherever the market I think will be busy and investors will be happy in selling and buy if the market is crowded so that bitcoin will become the peak of altcoin sales
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Wodomi
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November 16, 2018, 03:35:33 AM |
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Despite all the current difficulties with bitcoin development, it can still be used as a currency, not just an investment. It will be able to scale as intended.
Bitcoin as a comparison in cryptocurrency is something that should be, because the value of bitcoin itself compared to altcoin is very different. Indeed there are a number of altcoins that are close to the price of bitcoin, but that is not a measure because of price fluctuations that cause price differences. |
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Pan Troglodytes
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November 28, 2018, 02:19:53 PM |
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The answer is quite simple isn't it? The number of transactions will be limited and this can either result in one of the two scenarios. The first scenario is that the transaction fee will skyrocket and users will be paying $100 or $200 for a single transaction. The second scenario is that the number of users will remain constant or even decline, as users will move towards a scalable coin.
Yes. In fact, many people have already moved towards scalable cryptocurrencies with far better features than Bitcoin itself. Cheap micropayments and quick transfers are already possible with altcoins. However, I believe that it's good for Bitcoin to scale, since it'll be able to grow in ways that were never thought possible. If it scales, then most people would use it at a greater level than altcoins themselves. The only advantage altcoins have right now, is their quick speeds and low costs. However, Bitcoin can achieve the same results if it scales with the Lightning Network. Since many altcoins have already scaled, there shouldn't be any reason to worry about Bitcoin scaling to the world. It can be used as a store of value, due to its limited supply and unparalleled security. At the cost of slower speeds and higher costs, it could be worth securing your money in Bitcoin if it provides you with unmatched security unlike any other cryptocurrency in existence. Nonetheless, time will tell us whenever the Lightning Network will become adopted by the world or not. Just my thoughts LN is an off-chain solution. I don't know about other users, but for me it is just not the same as seeing my tx in a block explorer. So, I am still looking for Bitcoin to scale, really scale, on-chain scale. Otherwise, the first scenario (of skyrocketing fees) will happen, of that I am sure. |
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strannik1998187
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November 28, 2018, 06:57:03 PM |
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The problem of bitcoin scalability is related to the initial limitation by developers of the size of one megabyte of the basic structure for data storage (block) in its blockchain
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BlaineEvans
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November 28, 2018, 07:19:03 PM |
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If BTC never scales, the industry will be majorly affected, people will not invest in other coins that are connected or inclined with BTC. Some "coins" will be dissolved as well. There might be a chance that the whole market will be disrupted  |
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Abiky (OP)
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November 30, 2018, 08:34:03 PM |
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LN is an off-chain solution. I don't know about other users, but for me it is just not the same as seeing my tx in a block explorer. So, I am still looking for Bitcoin to scale, really scale, on-chain scale. Otherwise, the first scenario (of skyrocketing fees) will happen, of that I am sure.
Well, it's hoped that the LN would reduce load on the main Bitcoin blockchain by doing everything off-chain. Fees might not rise drastically like it did last year, since opened channels on the LN could process thousands (if not millions) of transactions without the need to close them. The on-chain fee would rely on opening/closing a LN channel. However, because channels could remain open for as long as the user wants, stress on the main chain would not be that much. Better off, Channel Factories would greatly eliminate the need to constantly open/close a LN channel, resulting in lesser fees on the BTC network. As for on-chain scaling, it might work, but it has a far more centralized approach than LN. Imagine having a blockchain with huge block sizes of 128mb (like Bitcoin SV). This will involve higher storage and bandwidth costs for full node operators, which results in greater centralization of the blockchain. On the other hand, LN is a much more decentralized approach as anyone (AFAIK) can launch a LN node without the need to spend a lot in resources. The LN enables the user to select among different nodes available if he/she believe that a specific node is centralized. While I'm not sure how LN transactions could be tracked, it seems to be the safest approach for scaling Bitcoin without compromising the blockchain. Nonetheless, if by any way Bitcoin doesn't scale, then it shouldn't be an issue, since other Bitcoin forks have managed to increase their block sizes for greater capacity. They'll serve their purpose as "digital cash", while Bitcoin will remain as a store of value and the King of Cryptocurrencies. Just my opinion |
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kabum21
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November 30, 2018, 08:40:41 PM |
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I think that if bitcoin does not scale, it will dry out as with any technology/company that does not progress into the future, it will be replaced and forgotten, but for that to happen the community has to let it die, which I do not think will happen because btc is decentralized and have very committed fans.
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cxmyifan16
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November 30, 2018, 09:13:51 PM |
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I think that btc will have a great future. I hope that it will be used widely all over the world. I think that it will be able to povide us with numerous advantages and one of them is the fast payments and confidentiality btc offers
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Urbexs
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November 30, 2018, 10:45:24 PM |
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If you can not scale bitcoin.
People are going to start losing bitcoin's reliability and it can go down much more.
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pinoyden
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November 30, 2018, 11:59:35 PM |
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If you can not scale bitcoin.
People are going to start losing bitcoin's reliability and it can go down much more.
If it doesnt scale , it may become stable which is i think good because it will be less threatening though we cannot experience a high potential profit anymore but this event can still open many possibilities for bitcoin . Actually most of the people are buying bitcoin as investment rather than to use in their daily life, but maybe soon it will be used to pay different things in daily life.
when governments start accepting payment of taxes and fees in bitcoin, then employers will start using it to pay salaries and bitcoin will enter people's lives even more. Bitcoin can never get taxed because it is not under the governments but it can still be used by a government organozation or any other companies and they can used it to pay for thier employees . |
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BennyK
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December 01, 2018, 12:48:45 AM |
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I think that if bitcoin does not scale, it will dry out as with any technology/company that does not progress into the future, it will be replaced and forgotten, but for that to happen the community has to let it die, which I do not think will happen because btc is decentralized and have very committed fans.
Scalability alone cannot kill Bitcoin although it is good for it to scale in order to achieve the daily usage of BTC in the purchase of goods and services, thus serving its first purpose as a currency. If BTC does not scale, it will still remain as a store of value which is already seen now - due to its limited supply, the increase demand will raise its value which will bring more profits to its investors/holders. |
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biskitop
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December 01, 2018, 12:53:50 AM |
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the community will definitely maintain the bitcoin market cap. if there is a store that accepts bitcoin as a payment, surely bitcoin is a coin that will be used for that. because bitcoin is the most popular coin and we cannot refute it. but if indeed the facts in the field indicate that the altcoin is more leading for everyday transactions, the ether, ripple, or xlm will lead it. and bitcoin will be forgotten.
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xiahui135
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December 01, 2018, 01:25:41 AM |
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Then it will be a terrible currency system. Number of the users will be limited, and bitcoin can only serve a small group of people. Other program will replace bitcoin one day.
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