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Author Topic: whats the future of crypto?  (Read 1301 times)
mustyoshi
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June 11, 2017, 08:43:50 AM
 #21

Over the past year we've seen a dramatic amount of growth in cryptocurrency. Considering that the value and the healthy cash flow of cryptocurrency that just tells you that the value of cryptocurrency will keep growing and the future will see lots of cryptocurrency adoption.

I think the cryptocurrency is going on a red carpet path, everything is fine, and I believe it will be even better in the future, bitcoin is the most concrete evidence of its amazing development.
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June 11, 2017, 09:32:07 AM
 #22

So we've got bitcoin, which is great as a deflationary digital gold type of thing, and great for buying very expensive things or moving large amounts of money around, and great for just in general sending large amounts of money. And we've got ethereum whose decentralized network of apps may or may not become a reality.

But one piece missing, a widely used blockchain coin with near instant transaction confirmation and very low fees. Bitcoin is fine for buying something online when neither party cares that it'll take an hour or so to complete the transaction, but how buying other things with bitcoin....it is entirely unsuitable. Lightning Network I guess could solve this but I'm not totally sold on the Lightning Network. Wouldn't its only use be for when you are a repeat buyer somewhere, whether it be Amazon, or Starbucks, or whatever, because you have to tie up a certain amount of bitcoin with that other client. Or is the idea that everyone would eventually be on this totally interconnected lightning network and it would end up working seamlessly? I've read explanations of Lightning Network but not really sure I fully understand how useful it would be. I mean wouldn't most transactions be one-off transactions and therefore not use the Lightning Network (also has me wondering how much scalability it would actually provide).

For cryptos to be used as an actual everyday currency I think there needs to be a third main pillar in the crypto world beyond bitcoin and ethereum (assuming they both succeed as store of value/move or spend big money and decentralized apps). A coin that fully confirms a transaction within less than 5 seconds - about how long you wait for the credit card to work in a store - and fees on the order of a cent so that small purchases and micro transactions are possible.


Thoughts, opinions? Can bitcoin handle these things after Lightning Network and scalability is solved? What about bitcoin being wayyy too slow for lots of types of purchases? Will bitcoin be relegated to digital gold and another crypto takes the mantle of an actual currency? Do you think there will be other major use cases for cryptos that will see more than 2 or 3 coins emerge as globally successful?

Bitcoin fees are already much lower than bank transfer fees when you send money overseas. And when bitcoin forks to solve this transaction fee problem then it'll be nearly free. It's really not a good argument to say that because bitcoin has a fee and another altcoin doesn't, bitcoin isn't going to have a future. In fact if near instant confirmations and no fees on transfers is what you're after, as well as low volitility compared to bitcoin, then there is already an altcoin available called Steem Dollars. You can send/receive with 0 fees no matter how many times you do it and steem dollars are somewhat pegged to the value of a dollar.

Bitcoin is a bit like gold, in the sense that it's a good store of value but probably not designed for instant day to day transactions. Sure, there might be some altcoins that will exist alongside bitcoin and be successful(ethereum etc.) but bitcoin will be #1.
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June 11, 2017, 03:49:40 PM
 #23

Bitcoin fees are already much lower than bank transfer fees when you send money overseas. And when bitcoin forks to solve this transaction fee problem then it'll be nearly free. It's really not a good argument to say that because bitcoin has a fee and another altcoin doesn't, bitcoin isn't going to have a future. In fact if near instant confirmations and no fees on transfers is what you're after, as well as low volitility compared to bitcoin, then there is already an altcoin available called Steem Dollars. You can send/receive with 0 fees no matter how many times you do it and steem dollars are somewhat pegged to the value of a dollar.

Bitcoin is a bit like gold, in the sense that it's a good store of value but probably not designed for instant day to day transactions. Sure, there might be some altcoins that will exist alongside bitcoin and be successful(ethereum etc.) but bitcoin will be #1.



Yes perhaps Bitcoin will only be regarded as a store of value, digital gold type of crypto in the future, ceding the everyday currency role to another coin. Which I think is fine. I could still see a several trillion dollar market cap on Bitcoin eventually even with it just being an investment vehicle and a safe haven asset. Afterall, I agree with a previous poster who said having a limit on coin supply doesn't allow usage as an everyday currency. Precisely because a supply limit means disinflationary which means bitcoin should be expected to increase in value until it has full globalization as a investment vehicle and safe haven asset (could be worth hundreds of thousands of dollars by then), which means it is always much smarter to buy and hold bitcoin rather than spending it.

So perhaps a crypto with a constant rate of inflation that matches what we expect of fiat - say 3% - would be better for use as an actual currency. Though of course the problem with using any crypto is that the only way it will be adopted in the first place is as an investment vehicle. That's the entry point use case for cryptos. People will only be interested in it if they can make money on it. Once a coin gains wide global adoption then to become a relevant currency it needs to have stability, which means its annual inflation would need to be set yearly to match the inflation of fiat currencies (perhaps going off of the dominant fiat currency - USD right now).

This would allow it to be used as an everyday currency, but not as an investment vehicle. The tricky part is the transition between these two though. Would the people who bought it as an investment move their money out once it made the transition from growth to stability? It's fundamentals as an everyday currency (near-instant transactions and very low fees) would have to be rock solid and people would have to start using it as a currency in large numbers before the developers enacted a fiat matching inflation rate to make it stable because then investment people would probably move their money to other investments.
Andri.Ghani
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June 11, 2017, 04:29:57 PM
 #24

Have a very good future crypto can be an investment for the future, so it is not wrong if I choose investment crypto Grin
yogaantoni
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June 11, 2017, 05:06:26 PM
 #25

The future of crypto that I think to date is not so good, The main problem we have to face now is the confirmation time and transaction costs. I hope this will come soon,
itsallpc
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June 13, 2017, 04:39:30 AM
 #26

We could not find a cryptocoin better than bitcoin.Bitcoin's network has become very big with large number of users nowadays.So,its quite natural that we would face some difficulties in transactions.But still,transaction fee in bitcoin is lower than other payment systems in payments sent from abroad.Segwit has to be implemented to fasten the transactions.
the rise
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June 13, 2017, 05:10:32 AM
 #27

We could not find a cryptocoin better than bitcoin.Bitcoin's network has become very big with large number of users nowadays.So,its quite natural that we would face some difficulties in transactions.But still,transaction fee in bitcoin is lower than other payment systems in payments sent from abroad.Segwit has to be implemented to fasten the transactions.

If calculated from the nominal amount of money sent between countries, the cost of charged transaction is not much different, and the transaction fee with small nominal in the country is also still big bitcoin compared with fiat. Actually I do not really care about the fee, I am only comfortable with efficient transactions and no need to visit banks and other protocol matters. This is a good future for the financial world, where everything is easy, transparent and efficient.

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