Abiky (OP)
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www.Crypto.Games: Multiple coins, multiple games
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June 18, 2018, 08:28:20 PM |
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Right now we are in a very interesting time in the development of cryptocurrencies, while I believe in bitcoin we are still not sure if it is going to be the dominant cryptocurrency in the future, segwit was a step forward and it decreased the fees somehow, if the LN is really successful then bitcoin will be the dominant crypto for decades but if it fails then another crypto with superior technology will have the open door to try to take that place.
Yes. It's a very interesting time for cryptocurrencies indeed. Ever since SegWit was activated last year, Bitcoin has seen a sharp decline in fees, as well as increased user interest. Now that this has been achieved, it's possible to use the Lightning Network within Bitcoin. While LN has many benefits to help improve Bitcoin's scalability, it's not a perfect solution as some people say that it will make Bitcoin more centralized over time. Perhaps, in the future, the Lightning Network would become successful enough to handle all the world's payments, while retaining decentralization which is the value proposition of any blockchain. If LN could remain decentralized, then there should be nothing stopping it from becoming used in the mainstream world. However, if all else fails, there's always the option of altcoins since they have already implemented certain upgrades for scalability (like Bitcoin Cash's 32MB block size). In the end, it will be up to the people decide what's best for Bitcoin in the long term. Just my thoughts.  To tell you truth, bitcoin cannot be vanished or disappeared from the world. Bitcoin is so much adapted and used all over the world that no one can even think of leaving it. There is only one possibility is that we found a severe bug in the blockchain which may make all the bitcoins lost, but this again is no gonna happen.
Exactly. Bitcoin has grown strong over the years, which makes it practically impossible to become dead anytime soon. With the current amount of hashrate available on the network, as well as, the number of nodes distributed across the world, it would take a lot of effort and money to make Bitcoin disappear. However, if Bitcoin never scales to expand itself to a greater number of users worldwide, then it would be doomed as other cryptocurrencies with better technology will take the lead. Only time will tell us what will happen once Bitcoin fails to scale in the mainstream world.  |
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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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beckham88
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June 19, 2018, 08:49:28 AM |
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if Bitcoin is the main currency (so far) crypto currency, and it has not been scaled as currency, there is no crypto currency that tends to scale for mass adoption.
The real obstacle I see is price stability. It's hard for merchants to have confidence in receiving bitcoin if they do not have confidence that the income they produce today will have the same value as tomorrow.
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Abiky (OP)
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www.Crypto.Games: Multiple coins, multiple games
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June 20, 2018, 06:58:10 PM |
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if Bitcoin is the main currency (so far) crypto currency, and it has not been scaled as currency, there is no crypto currency that tends to scale for mass adoption.
The real obstacle I see is price stability. It's hard for merchants to have confidence in receiving bitcoin if they do not have confidence that the income they produce today will have the same value as tomorrow.
Yes. Bitcoin's the original cryptocurrency and the reserve currency of the crypto market. If it fails to scale, then other coins might not gain traction (even if their technology is proven to scale), simply because their leader has fallen. Blockchain tech wouldn't have been possible without Bitcoin, and if the first application of the blockchain as a currency fails, then I doubt that another crypto would take BTC's place if it becomes scalable. Also, the real problem as you've mentioned is the price stability of Bitcoin. Since it's a volatile cryptocurrency, a real value cannot be established, making it an unstable medium of exchange for merchants and businesses alike. In contrast, fiat is stable and doesn't face any scalability issues. Therefore, if Bitcoin wants to be used as cash instead of a store of value, it would need to scale as soon as possible, otherwise people might turn into other options or they will stay away from anything crypto. Scalability is necessary for mainstream adoption of cryptocurrencies and blockchain technology, and if all else fails, then centralized payment processors will remain in the lead. Just my thoughts |
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TTITA
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June 28, 2018, 05:40:03 AM |
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For me bitcoin as the face of digital currency. When you meet someone and you want to tell them about your digital currency you should first mention bitcoin. You can not mention all the coins, but at least its history will be traced to bitcoin. Even if it never scales it would be a great store value, people would buy it and exchange it with other cryptoes, especially ethereum or dasboard, because they want faster tractionactionIf the bitcoin doesn't scale anymore maybe the bitcoin does not become famous and maybe we haven't forum now. Maybe bitcoin will more powerful in some day. If bitcoin doesn't scale maybe other money or coin will release and it being famous.
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JakeJM0st
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June 29, 2018, 07:49:36 AM |
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It will become a powerful cryptocurrency and we will use it for every transaction if we want,then it will be a store of value and some other altcoins will be used for the daily trades.
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TheChung1904
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June 29, 2018, 08:05:37 AM |
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You think the idea of electronic money has been reduced. It did not. And if Bitcoin is the leading currency (so far), and it is not scaled as a currency, no electronic currency is likely to extend to mass acceptance.
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TimesVeronica
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June 30, 2018, 08:58:41 AM |
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Everyone wants to own it. 21 million divided by 9 billion.
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adjong
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July 04, 2018, 03:17:07 AM |
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For me the value of Bitcoin is derived solely because it is registered and traded, bitcoin value is nothing without exchange
And the value of stock securities listed and traded in the exchange is based entirely on falsehood,f. This is simply that bitcoin has proved to be a superhero coin giving life to others. To prove this is the glaring fact of the way the effect of bitcoin has affected every other coin, no one has been able to take the ride upwards yet.
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tanjilrifat
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August 16, 2018, 05:21:16 PM |
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This is simply that bitcoin has proved to be a superhero coin giving life to others.You can not mention all the coins, but at least its history will be traced to bitcoin.
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Haliburton
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Liberated Forever. Domesticated Never.
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August 17, 2018, 05:48:41 PM |
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You think the idea of electronic money has been reduced. It did not. And if Bitcoin is the leading currency (so far), and it is not scaled as a currency, no electronic currency is likely to extend to mass acceptance.
Good point. If Bitcoin (being the original cryptocurrency) hasn't been able to successfully scale yet, then I doubt that other altcoins will do so too. Even if they manage to scale quicker than BTC, they won't gather the level of attention within our world, since Bitcoin already has brand recognition and first-mover advantage. Honestly, I don't think that it's quite necessary for Bitcoin to scale, since after all it still functions as intended. Sure, it's quite slow, and expensive when it gets loaded with a bunch of transactions, but sometimes I prefer it to be that way, for the sake of decentralization. Upgrading Bitcoin to become much more scalable, might affect its decentralization, in my own opinion. This is largely because there will be more bandwidth and storage requirements for nodes (when increasing the block size), or simply not everyone will be able to open or close a channel (in the LN when fees rise according to usage). Therefore, I think that the role of scaling would belong better to other altcoins than Bitcoin itself.  |
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Pan Troglodytes
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August 24, 2018, 09:43:49 AM |
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Right now we are in a very interesting time in the development of cryptocurrencies, while I believe in bitcoin we are still not sure if it is going to be the dominant cryptocurrency in the future, segwit was a step forward and it decreased the fees somehow, if the LN is really successful then bitcoin will be the dominant crypto for decades but if it fails then another crypto with superior technology will have the open door to try to take that place.
Yes. It's a very interesting time for cryptocurrencies indeed. Ever since SegWit was activated last year, Bitcoin has seen a sharp decline in fees, as well as increased user interest. -snip- Exactly. Bitcoin has grown strong over the years, which makes it practically impossible to become dead anytime soon. With the current amount of hashrate available on the network, as well as, the number of nodes distributed across the world, it would take a lot of effort and money to make Bitcoin disappear. However, if Bitcoin never scales to expand itself to a greater number of users worldwide, then it would be doomed as other cryptocurrencies with better technology will take the lead. Only time will tell us what will happen once Bitcoin fails to scale in the mainstream world. I don't agree with the statement in red. I think that the transaction fees are decreased now because much less people transact bitcoin than in Dec 2017 when the price reached its peaks. When the price increases to new peaks again in the future, I am sure that more people will want to transact (=sell their) bitcoin again and the network will be helplessly clogged again. I agree, however, that if the bitcoin doesn't scale, it will be doomed eventually, even if it still can survive the next time like Dec 2017, it may be the last one it survives. |
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meritbygrace
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August 25, 2018, 06:33:35 PM |
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bitcoin will no longer be used for micro transactions,But remain a king.it will remain as a history,cos before you mention any coin you will ever introduce bitcoin before that person can understand.
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lillyann
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August 25, 2018, 07:10:50 PM |
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if value is placed on bitcoin as one of the poineer cryptocurrency it would help bitcoin not to be obsolete and be of great gain
I do not understand what you write. This is not about. BTC can not be scaled up. This is an impossible process because BTC is an independent unit ... |
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riyarana1123
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August 25, 2018, 07:36:32 PM |
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I do not think that this kind of situation is ever come in the market because now bitcoin is popular in every country.Moreover its market is also strong some countries start accepting it as a tuition fee and some use it as an asset.The day is not so far when the bitcoin will become a global currency.
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♛ SATURN♛
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MrRiuss
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August 25, 2018, 08:13:22 PM |
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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? i think may be one time in the future, another cryptocurrency will take bitcoin place as the top. nothing is impossible |
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stayeduptolate
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August 27, 2018, 03:53:52 PM |
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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? What I feel is that bitcoin is a decentralised crypto currency and the reason being for bitcoin in lots of controversy is that its in decentralised form as there is no such proper authentic regulating body over the bitcoin that could keep eye over all the bitcoin activities and thus most of the countries feel very unsafe in legalising bitcoin in their nation as according to them the introduction of bitcoin in their nation would bring lots of terrorism in their country and the most important thing that they needs to understand is that only legalising of bitcoin everywhere in the world can resolve this issue. |
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Rustamm
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Bitcoin lover!
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August 27, 2018, 04:32:10 PM |
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people will still use it as a speculative tool like gold, to store wealth, and someone will still use it as a currency with the merchants that are accepting it, will remain without any much doubt a niceh market
but if you think about it, if few people will begin to use it, the fee shoudl decrease over time, thus making it usable again
According to polls, and information from practice, people buy bitcoin just because they hope that it will go up in the future. If the probability of such a hope decreases, then the demand for it will drop and digital bitcoin gold will collapse at one point. If the scalability of bitcoin grows very slowly, bitcoin will gradually continue to lose demand and the level of capitalization, until the price ceases to dominate the price over other types of crypto currency. As soon as this happens, bitcoin will lose everything and at best remain an honorary crypto currency with the use for expensive transactions. The truth in this case is very difficult to predict its price. |
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grabpopcorn536
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August 27, 2018, 05:11:04 PM |
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Altcoin is a development of Bitcoin based on Blockchain technology. I think we should not stop there, someone will make Bitcoin change and establish its position with the world. The development of technology will not stop, I still hope Bitcoin will go further in the future.
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ZoomhashLLC
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August 27, 2018, 05:12:44 PM |
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Altcoin is a development of Bitcoin based on Blockchain technology. I think we should not stop there, someone will make Bitcoin change and establish its position with the world. The development of technology will not stop, I still hope Bitcoin will go further in the future.
This is also my take on it. Bitcoin was the seed, now it is growing and the roots are taking hold. The stock is growing and the branches are developing, these branches are altcoins. What will be the leaves? What will be the blossomed flower? |
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Haliburton
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Liberated Forever. Domesticated Never.
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August 28, 2018, 08:11:18 PM |
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Altcoin is a development of Bitcoin based on Blockchain technology. I think we should not stop there, someone will make Bitcoin change and establish its position with the world. The development of technology will not stop, I still hope Bitcoin will go further in the future.
Let's hope for Bitcoin to become the biggest currency in the world with the successful adoption of the Lightning Network. I'm sure that once Bitcoin scales, it will leave other altcoins in the dust as it'll be able to perform instant transactions at near-zero costs. People from around the world would be using Bitcoin at a large scale and would no longer need to deal with altcoins to obtain better speeds and cheaper costs. But, if Bitcoin never scales, then I guess that it will still be alive and supported by the community for a long time. It'll never lose its quality of being digital gold, as it's the most secure cryptocurrency today. Sometimes, for the sake of decentralization, it's good for Bitcoin to remain as is. Because, bigger blocks or trusting LN nodes, might lead Bitcoin to centralization in the future. Therefore, the most important thing is for Bitcoin to scale safely without compromising its decentralization. |
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