Bitcoin won't live to see the next 10 years

[GreenBits]

Its not so much the forks as the fact that bitcoin will most likely be obsolete by then. we have already had amazing innovation with other coins; updating bitcoin to try to accomodate all the new features seems like a diversion from the original vision. the forks are doing alot to harm the brand/diminish confidence, however. the fact that these forks are essentially political just adds insult to injury.


just like we no longer use typewriters as a majority, despite how much they have improved, so will we treat bitcoin

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[jseverson]

Quick Disclaimer:
1. I'm not here to support any shitcoin.
2. We're all gathered here because of bitcoin, so it's hard for me to see it fading way.

Bitcoin was designed not be fully anonymous since transactions were open permanently for the public to view.
Authorities and security agencies were able to trace the bitcoin owners based metadata and transaction pattern, history and so on.

Some developers understand this issue and they go ahead to create some new altcoins which they are fully anonymous by implementing new hashing algorithms on their very new altcoins such as Dash, Monero, Zcash and Zcoin.

So why the bitcoin "hard fork" instead of updating the original bitcoin core?
Forked coins like BitcoinCash & BitcoinGold are moving from ASICs to GPU mining for faster transactions, why not BTC?
Why not update bitcoin mining algorithm to Equihash (zk-snarks) like Zcash and the next upcoming Bitcoin Gold BTG? 

Instead of updating the original bitcoin core to have more secure and fast transactions with lower xt fee, yet making hard forks!
I think hard forks will soon kill the original bitcoin.
 
What do you think, huh? Share with us what you think. thanks

Excellent points. I quite agree that Bitcoin, as far as technology goes, is being left behind. It is the first of its kind after all, and it wouldn't make sense for other newer cyrptocurrencies which were basically cloned to some extent from Bitcoins, to follow it to the letter.

I think, however, that if anything can kill Bitcoins, it would be these countries' official cryptocurrencies. You might think, 'eh, they're centralized, etc. etc.', but I don't think majority of the population cares about that. If they did, everyone would be abandoning fiat, and everyone would be all over Bitcoins. These altcoins are going to be state sponsored, with the same state being capable of creating policies that can de-incentivize people from using other cryptocurrencies. We're still far far away from that though. I don't know what the landscape will look like in 10 years, but I simply don't see Bitcoins being dethroned in the foreseeable future.

[Nahl]

i would not vote because possible the answers yes but possible too not and nobody could predict the future of bitcoin indeed since first time to launch most people don't too concern for bitcoin and underestimate them but bitcoin has proven able to grow even the price raise more than 1000% if we compare the price at 2009 but there is something distrubing me for bitcoin that government still consider bitcoin as the tool for negative things and some people also still consider bitcoin is bad

[syntac]

I agree with your statement, bitcoin will not last 10 years. Bitcoin currently has a competitor who is getting more and more always fixing his shortcomings. If Bitcoin does not take immediate steps to improve its features it is likely that in the next 10 years it will lose competitiveness with others.

[ipanks]

i vote yes, bitcoin will live to see next 10 years. i am not bitcoin expert which know the details of bitcoin and maybe for me is like this. with all of the hard fork, bitcoin starting a new evolution to be better than yesterday. and with all fork is happen, bitcoin is trying to make a new innovation but unfortunately there is one vote from each of bitcoin dev (bitcoin core, bitcoin cash, or even bitcoin gold). each of them have different opinion that bitcoin bla bla bla. we've still in each community under each "bitcoin" name but we don't united in one named "bitcoin". if in future, there is any fork happen and there will be another new "bitcoin" is out then its make a new community, then how bitcoin become stronger from the community if each of community is not united.

[kpcian]

I believe that Bitcoin will long last after 10 years, you have to consider it that day by day technology has been changed all short of transaction method, in the future, the Fiat money will be replaced by the digital money, already digital money along with cryptocurrency has been popular in the developed countries. so it can be assumed that Bitcoin will last for a long time.

[CryptoBry]

Voted 'yes'. I presume Bitcoin will still be around in 10 years but probably won't be the leading coin in the world of cryptocurrencies anymore. It is getting outdated as you sort of mention in the OP and other, better performing altcoins are already emerging rapidly. BTC dominance in the total market capitalization is 49% nowadays, a huge drop compared to the 80 - 90% we've seen up until march this year.

I also voted yes because hard forks will not actually be happening every year...we just have to get past 2017 and by next year we do expect Bitcoin to be really back for more growth specially that there can be new markets to be opened and more demand can be expected. Plus all of those new coins out of the hard fork are just altcoins no matter how they claimed they are not. Bitcoin is a very resilient coin as shown by its being strong in the face of China rejection.

[DoublerHunter]

These forks are just part of bitcoin and i think it is just an opportunity that is given by the developers to earn more money using bitcoin and to encourage people to hold because when there is a fork then there is another coin created that is different from the original by its name and some sort of features but it is completely free and you can earn profit by getting those free coins because after the fork is done, they are officially priced already.

[Sithara007]

It will be quite difficult for Bitcoin. The main issue is that the block size is not capable of accommodating the growth in the user base. Even if the block size is increased to 2 MB, how long do you guys think it is going to last? After 4-5 months the cycle will repeat again. High fees, delayed transactions, angry users and more and more FUD.

[Herbert2020]

So why the bitcoin "hard fork" instead of updating the original bitcoin core?

it is called bitcoin not bitcoin core. core is a client.

and forks happen because majority want bitcoin like what it is right now. not any other way, like having a different mining algorithm.

Forked coins like BitcoinCash & BitcoinGold are moving from ASICs to GPU mining for faster transactions, why not BTC?

do you have a reference for BCH moving to GPU mining?

why? because you will have to keep forking the coin each time pools shape up and people start pooling their GPU and create farms to mine bitcoin. ASIC resistance is a myth.

Why not update bitcoin mining algorithm to Equihash (zk-snarks) like Zcash and the next upcoming Bitcoin Gold BTG? 

if you want a different thing then use a different thing. that is why they exist anyways.

I think hard forks will soon kill the original bitcoin.

why?
for years people have been forking from bitcoin, creating an altcoin and dying after a while. the only difference is now they are also giving away airdrops.

[nareshrohra]

As bitcoin is not anonymous as you rightly pointed. Government agencies will support it compared to other anonymous altcoins. So, people who are concerned about regulations will prefer bitcoin over anonymous coins. So, I guess bitcoin will not go away that easy unless it faces technical challenges

[Drixy]

Well you dont know that now And whos youre source? Lol we dont have a concrete evidence if bitcoin will live up to next 10 or a max of 10 years but hoping that will bitcoin will overcome after 8 years or so hoping that it will be more long lasting to not cut ties with all of us depending only on bitcoin so many jobs that have been developed sucessfully we dont want to erase this incredible experience right? Mate? We want to earn more and almost live only on an easy life and financial probelm free getting the idea of earning on only mobile using is so great to have

[centralbanksequalsbombs]

LOL hahahaa.

Why are all these equihash / ethereum / etc algorithm coins not valued more than bitcoin? Why isn't the whole world transacting on these scamcoins that do everything cheaper, anonymous, and "faster"? LOL AHHAHA. maybe because they're more centralized? less secure? less scarce? not open-source? stuck to one/two countries? premined? networks where you can easily spam transactions? not immutable? weak to forks? scam start with ICO? hackable difficulty? There have been hundreds/thousands of altcoins for many years. Bitcoin has been around for eight years.

Though it is still very early adoption by the world population (most people everywhere don't know what it is)...
Bitcoin (the King) has freed, continuing to free, and tomorrow will still free many people globally from the centrally controlled debt-based fiat system that confiscates your wealth with inflation and tax. Bitcoin is a TRUE savings vehicle. Buying Real Estate, Hospital healthcare, Global traveling, College Education gets cheaper as you hold Bitcoin.

And it has become clear that...
Bitcoin CANNOT be controlled.

Bitcoin cannot be made legal. Governments may still attempt to do so.

Bitcoin cannot be made illegal. Governments may still attempt to do so.

Central banks already control and manipulate Stocks, Real Estate, Gold, Interest Rates. Central banks will never have such domination of Bitcoin.

Bitcoin reached escape velocity 4-years ago in 2013 which means it cannot be stopped - cannot make it illegal or legal - governments/banks do not matter.

On the opposite end of the spectrum the global fiat (US Dollars, Indian Rupees, Chinese Yuan, etc) bubble system broke a couple of decades ago.

Fiat around the world is forced to inflate issuance as its heavily infested, burdened and broken with:
-regulatory burden on fiat banks & system (incredibly costly)
-unemployment & other welfare costs
-inflating fiat to keep stock market rising and to keep house-prices from collapsing
-financing conflicts, bombs, and "aid"
-insurance fraud
-false claims and insurance loss-events
-stabilize regions after natural disasters
-keeping monopolies with internet access centralized and search engine crawlers centralized
-money laundering
-chargebacks
-frivolous legal costs (lawsuits bogging the system down)
-state-sponsored corruption and unofficial corruption (governments and gangs, banks and conartists)
-retirement obligations (debasement in value to keep up with payments from government or other retirement-obligations)
-fake credit (goods being transacted with credit-loss, replaced by inflation of monetary base rather than bringing perpetrators & source to justice)
-using enforcement labor to freeze accounts and assets and take away your money
-costs of auditors and budgetors and accountants to governments and businesses

Bitcoin, systemically, is free from these burdens.

Bitcoin is GLOBALLY held and sought after by people in almost every country - see global trade data by country or see this list:
https://bitcointalk.org/index.php?topic=1853019.0

CAN SOMEONE PLEASE STOP BLOWING BUBBLES OF EXTRA FIAT MONEY AROUND THE WORLD? (PLEASE NO MORE USD, EUROS, JAPANESE YENS, INDIAN RUPEES, CHINESE YUAN, MEXICAN PESOS - PLEASE STOP INFLATING AND MAKING BITCOIN SO VALUABLE)...stop this pumping

https://macromon.wordpress.com/2017/04/26/the-chart-that-floats-overvaluation/

[leonix007]

Quick Disclaimer:
1. I'm not here to support any shitcoin.
2. We're all gathered here because of bitcoin, so it's hard for me to see it fading way.

Bitcoin was designed not be fully anonymous since transactions were open permanently for the public to view.
Authorities and security agencies were able to trace the bitcoin owners based metadata and transaction pattern, history and so on.

Some developers understand this issue and they go ahead to create some new altcoins which they are fully anonymous by implementing new hashing algorithms on their very new altcoins such as Dash, Monero, Zcash and Zcoin.

So why the bitcoin "hard fork" instead of updating the original bitcoin core?

Proponents for the forks wanted Bitcoin to have lesser transaction fees and faster confirmations by doubling the block size, thus, compromising other aspects such as resources since the block will be doubled, running a full node requirements will also increase and ordinary users cannot cope up thus big companies will be in advantage to it and will consider it as not a Decentralized already.

Forked coins like BitcoinCash & BitcoinGold are moving from ASICs to GPU mining for faster transactions, why not BTC?

this will not happen, it does not changed algo, still it is in ASIC.

Why not update bitcoin mining algorithm to Equihash (zk-snarks) like Zcash and the next upcoming Bitcoin Gold BTG?  

Bitcoin is not an Altcoin

Instead of updating the original bitcoin core to have more secure and fast transactions with lower xt fee, yet making hard forks!
I think hard forks will soon kill the original bitcoin.
 
What do you think, huh? Share with us what you think. thanks

Already stated above my reasons.

[Rahar02]

Yes, I'm sure bitcoin will be here for the next 10 years.
Bitcoin isn't anonymous but it can be, in some ways to make it happen.
Why bitcoin hard fork and create another altcoin after Bcash? Bitcoin core developers don't want to hard fork and increase blocksize.
This problem about blocksize has been discussed since few years ago https://en.bitcoin.it/wiki/Block_size_limit_controversy
We have bitcoin segwit right now, as long as transaction could be confirmed within 10 minutes or less than an hour, it will be fine without increase blocksize.

[bob123]

Bitcoin will still b here in 10 years.
The Simple reason Bitcoin Core is not making 100 changes is because its just not necessary.
Bitcoin never was intended to be Anonymous.
A ledger with Pseudonym is what Bitcoin needs.
Same reason for not changing mining Algorithm.
It would be senseless. Look at the beautiful coins which dd "everything better than BTC".
They Stück at around 200-300$. Compared to BTC thats pretty low..

[Snaic]

If Bitcoin is updated not only to expand the bandwidth of transactions, but to solve some of its vulnerabilities, it will live a very long time. However, if this does not happen, then it will become obsolete, lose its support and go into the background of more successful crypto-currencies.

[Pursuer]

bitcoin living to see next 10 years or not has nothing to do with the things you said. at least these are not that big an issue to have any effect on bitcoin's future.

and you know what, you can change all the things you said here such as how mining works. but change has to be needed first then it has to gain enough support to be able to be accepted by all the network. so far there is no need to change mining. you are just caught up in the hype of the mining with GPU and think if it is changed everything will be happy. but you are wrong.

[Soros Shorts]

I'm not certain anyone realizes how close american and european fiat may be to imminent collapse.

Reserve currencies like the USD or EUR are not likely to collapse. They would just devalue over time but people would still continue to use them. Some smart savers would move their cash assets over to Bitcoin and cryptos, but people who live from paycheck to paycheck would stick to fiat.

[baedrill]

I don't think hard forks will ever be a threat. They're improved Bitcoins, to a degree, but being premined hurts them. Other altcoins are more of a threat, but I don't think the one that will eventually topple Bitcoins has been born yet. Ethereum can come close, but it has several issues of its own.