Is Bitcoin ever be Mainstream?

[Amial]

Bitcoin is slow to transact, energy intensive and if you lose it, you really lose it. You can't just call the bank to get it back.
It is, at the same time, intriguing and a very intelligent design. Nonetheless, it carries the seeds of its own destruction.
If you don't already know, bitcoin is 'produced' by vast data-centres, consuming on aggregate the same energy as the whole of Ireland. And that's with a current minuscule market cap.
Sustainable? Naah...

Have you considered the vast number of data centres full of whirring computers it takes to run the very Internet we converse on? It's only 'worth it' if you consider it worthwhile. You simply don't consider bitcoin worthwhile. While others clearly think that Bitcoin has tremendous value with much more to come. Perhaps they are wrong, or are you missing something?

Well - we have currency today that is free and fast to transact, free to store and enables others to prosper, since our surpluses can be lent to others. Transactions are also guaranteed so that you are protected from fraud.
Bitcoin is very slow to transact (about 10 mins), costs a lot to store, is not easy to lend and the big problem is this: if you are defrauded, then tough luck. It's gone.
There maybe 250,000 active users of bitcoin, consuming more energy than the whole of Ireland, just to keep this ponzi scheme going.

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[Kesecer]

Bitcoin is slow to transact, energy intensive and if you lose it, you really lose it. You can't just call the bank to get it back.
It is, at the same time, intriguing and a very intelligent design. Nonetheless, it carries the seeds of its own destruction.
If you don't already know, bitcoin is 'produced' by vast data-centres, consuming on aggregate the same energy as the whole of Ireland. And that's with a current minuscule market cap.
Sustainable? Naah...

Have you considered the vast number of data centres full of whirring computers it takes to run the very Internet we converse on? It's only 'worth it' if you consider it worthwhile. You simply don't consider bitcoin worthwhile. While others clearly think that Bitcoin has tremendous value with much more to come. Perhaps they are wrong, or are you missing something?

Well - we have currency today that is free and fast to transact, free to store and enables others to prosper, since our surpluses can be lent to others. Transactions are also guaranteed so that you are protected from fraud.
Bitcoin is very slow to transact (about 10 mins), costs a lot to store, is not easy to lend and the big problem is this: if you are defrauded, then tough luck. It's gone.
There maybe 250,000 active users of bitcoin, consuming more energy than the whole of Ireland, just to keep this ponzi scheme going.

The internet on a whole uses a lot more energy than Bitcoin, but it is a lot more efficient in that I can send multiple online data transactions for a fraction of the energy expenditure required to make a single Bitcoin transactions.

If Bitcoin had the same activity and economic output at the internet does currently, the energy expenditure needed to secure it would be orders of magnitude larger than the internet.

[Usine]

Bitcoin is slow to transact, energy intensive and if you lose it, you really lose it. You can't just call the bank to get it back.
It is, at the same time, intriguing and a very intelligent design. Nonetheless, it carries the seeds of its own destruction.
If you don't already know, bitcoin is 'produced' by vast data-centres, consuming on aggregate the same energy as the whole of Ireland. And that's with a current minuscule market cap.
Sustainable? Naah...

Have you considered the vast number of data centres full of whirring computers it takes to run the very Internet we converse on? It's only 'worth it' if you consider it worthwhile. You simply don't consider bitcoin worthwhile. While others clearly think that Bitcoin has tremendous value with much more to come. Perhaps they are wrong, or are you missing something?

Well - we have currency today that is free and fast to transact, free to store and enables others to prosper, since our surpluses can be lent to others. Transactions are also guaranteed so that you are protected from fraud.
Bitcoin is very slow to transact (about 10 mins), costs a lot to store, is not easy to lend and the big problem is this: if you are defrauded, then tough luck. It's gone.
There maybe 250,000 active users of bitcoin, consuming more energy than the whole of Ireland, just to keep this ponzi scheme going.

The internet on a whole uses a lot more energy than Bitcoin, but it is a lot more efficient in that I can send multiple online data transactions for a fraction of the energy expenditure required to make a single Bitcoin transactions.

If Bitcoin had the same activity and economic output at the internet does currently, the energy expenditure needed to secure it would be orders of magnitude larger than the internet.

You are forgetting Moore's law. And Bitcoins finite number.

[Washball]

The intention was to have p2p transactions, so third parties like Banks, would be avoided. So, using bitcoin as a mainstream currency would be like missing the whole point. It's not only because of technological issues like scalability, slow transactions and high fees, that will not make it work like a currency. Although there are companies accepting bitcoin, the high volatility makes it risky to use as a currency.

[Amial]

The intention was to have p2p transactions, so third parties like Banks, would be avoided. So, using bitcoin as a mainstream currency would be like missing the whole point. It's not only because of technological issues like scalability, slow transactions and high fees, that will not make it work like a currency. Although there are companies accepting bitcoin, the high volatility makes it risky to use as a currency.

took me 10 days to sell my shares into FIAT..get the money into my traditional bank, send thsat money from Australia to overseas where I live then withdraw that money from my local ATM - all attracting fees..Then I bought my Bitcoin and had it in my wallet in 8 mins..LOL..

[Bamel]

The intention was to have p2p transactions, so third parties like Banks, would be avoided. So, using bitcoin as a mainstream currency would be like missing the whole point. It's not only because of technological issues like scalability, slow transactions and high fees, that will not make it work like a currency. Although there are companies accepting bitcoin, the high volatility makes it risky to use as a currency.

took me 10 days to sell my shares into FIAT..get the money into my traditional bank, send thsat money from Australia to overseas where I live then withdraw that money from my local ATM - all attracting fees..Then I bought my Bitcoin and had it in my wallet in 8 mins..LOL..

Very good points and exactly why I think - on its own - Bitcoin is a fantastic invention. However, plenty of fantastic inventions fail. And I think this will be one of them.
Blockchain, on the other hand, is much more interesting....

[Rludd]

The intention was to have p2p transactions, so third parties like Banks, would be avoided. So, using bitcoin as a mainstream currency would be like missing the whole point. It's not only because of technological issues like scalability, slow transactions and high fees, that will not make it work like a currency. Although there are companies accepting bitcoin, the high volatility makes it risky to use as a currency.

took me 10 days to sell my shares into FIAT..get the money into my traditional bank, send thsat money from Australia to overseas where I live then withdraw that money from my local ATM - all attracting fees..Then I bought my Bitcoin and had it in my wallet in 8 mins..LOL..

Very good points and exactly why I think - on its own - Bitcoin is a fantastic invention. However, plenty of fantastic inventions fail. And I think this will be one of them.
Blockchain, on the other hand, is much more interesting....

Could anyone explain to me why if Bitcoins and other 'currencies' are so valuable, the seller would want to be paid cash for them?

[Renr]

To complete a real-world transaction in which the buyer / seller requires a traditional currency.
Plenty of trades take place solely in bitcoin.
Think: drugs, extortion, you get the idea.

[Usine]

To complete a real-world transaction in which the buyer / seller requires a traditional currency.
Plenty of trades take place solely in bitcoin.
Think: drugs, extortion, you get the idea.

I'm not sure I really understand your comment. You could just as easily ask the question the other way around. Using cash to buy something is a method of exchange, that's all. Buying a cryptocurrency with cash is no different than buying foreign currency with cash. The only measure of the value you could ascertain from either transaction would be the exchange rate.

[Kesecer]

To complete a real-world transaction in which the buyer / seller requires a traditional currency.
Plenty of trades take place solely in bitcoin.
Think: drugs, extortion, you get the idea.

I'm not sure I really understand your comment. You could just as easily ask the question the other way around. Using cash to buy something is a method of exchange, that's all. Buying a cryptocurrency with cash is no different than buying foreign currency with cash. The only measure of the value you could ascertain from either transaction would be the exchange rate.

"One of the newest offered to market is Tazos..."

No Tazos are something different, does anyone proof read this stuff ?

[Amial]

To complete a real-world transaction in which the buyer / seller requires a traditional currency.
Plenty of trades take place solely in bitcoin.
Think: drugs, extortion, you get the idea.

I'm not sure I really understand your comment. You could just as easily ask the question the other way around. Using cash to buy something is a method of exchange, that's all. Buying a cryptocurrency with cash is no different than buying foreign currency with cash. The only measure of the value you could ascertain from either transaction would be the exchange rate.

"One of the newest offered to market is Tazos..."

No Tazos are something different, does anyone proof read this stuff ?

I highly recommend anyone curious of the space to research Ethereum. It is gaining traction for good reason. It's a bit like Bitcoin but you can run code called smart contracts on top of it, making it very clever. As a currency alone, transactions are done in seconds for cheap compared to Bitcoin which for the same price will take hours or you can pay very high fees for the transaction to go through quicker.

[Bamel]

To complete a real-world transaction in which the buyer / seller requires a traditional currency.
Plenty of trades take place solely in bitcoin.
Think: drugs, extortion, you get the idea.

I'm not sure I really understand your comment. You could just as easily ask the question the other way around. Using cash to buy something is a method of exchange, that's all. Buying a cryptocurrency with cash is no different than buying foreign currency with cash. The only measure of the value you could ascertain from either transaction would be the exchange rate.

"One of the newest offered to market is Tazos..."

No Tazos are something different, does anyone proof read this stuff ?

I highly recommend anyone curious of the space to research Ethereum. It is gaining traction for good reason. It's a bit like Bitcoin but you can run code called smart contracts on top of it, making it very clever. As a currency alone, transactions are done in seconds for cheap compared to Bitcoin which for the same price will take hours or you can pay very high fees for the transaction to go through quicker.

Bitcoin has scaling issues (and other issues) because it is the original and still number 1. Ethereum, while very promising, has the same issues awaiting it. I think the will both solve their issues over time and continue to live happily side by side.

[Rludd]

To complete a real-world transaction in which the buyer / seller requires a traditional currency.
Plenty of trades take place solely in bitcoin.
Think: drugs, extortion, you get the idea.

I'm not sure I really understand your comment. You could just as easily ask the question the other way around. Using cash to buy something is a method of exchange, that's all. Buying a cryptocurrency with cash is no different than buying foreign currency with cash. The only measure of the value you could ascertain from either transaction would be the exchange rate.

"One of the newest offered to market is Tazos..."

No Tazos are something different, does anyone proof read this stuff ?

I highly recommend anyone curious of the space to research Ethereum. It is gaining traction for good reason. It's a bit like Bitcoin but you can run code called smart contracts on top of it, making it very clever. As a currency alone, transactions are done in seconds for cheap compared to Bitcoin which for the same price will take hours or you can pay very high fees for the transaction to go through quicker.

Bitcoin has scaling issues (and other issues) because it is the original and still number 1. Ethereum, while very promising, has the same issues awaiting it. I think the will both solve their issues over time and continue to live happily side by side.

Yes, Bitcoin will perhaps solve it's problems. But at least Ethereum has a roadmap with plenty of developers working within to advance it's technology.

[Aneelal]

Ethereum has the biggest scaling issues of them all, all related to a concept called concurrency. Not even close to being capable of doing what it says on the tin and may never be able to.

[pri3oner]

Will we ever use Bitcoin for day by day use? Buy a bread, a phone, a car, an appartment? Or Bitcoin will more likely be a way of just storing value and we have to rely on altcoins to use them daily?

I prefer your second opinion like BTC to be storing value. The costs prove it us. I dont think BTC will go down to costs of alts so we will use them for daily.

[Stianyd]

Will we ever use Bitcoin for day by day use? Buy a bread, a phone, a car, an appartment? Or Bitcoin will more likely be a way of just storing value and we have to rely on altcoins to use them daily?

I prefer your second opinion like BTC to be storing value. The costs prove it us. I dont think BTC will go down to costs of alts so we will use them for daily.

Just a heads up to anyone getting into this field. Amongst the genuinely revolutionary tech is a minefield of scams and people simply pumping their own investments. For every over night millionaire there is a bunch of bag holders. Be very wary of people recommending this or that. Do your own research. Don't get emotional and 'panic buy'. And only invest what you can afford to loose. It's truly un unregulated wild west. Be careful.

[spyderbilt]

Will we ever use Bitcoin for day by day use? Buy a bread, a phone, a car, an appartment? Or Bitcoin will more likely be a way of just storing value and we have to rely on altcoins to use them daily?

I prefer your second opinion like BTC to be storing value. The costs prove it us. I dont think BTC will go down to costs of alts so we will use them for daily.

bitcoin in the future will be a coin that can be used everyday if bitcoin is legend in various countries, and the use of altcoin I think only limited to be traded alone can not be used for day-to-day transactions because bitcoin more dominate for use transaction.

[Usine]

Will we ever use Bitcoin for day by day use? Buy a bread, a phone, a car, an appartment? Or Bitcoin will more likely be a way of just storing value and we have to rely on altcoins to use them daily?

I prefer your second opinion like BTC to be storing value. The costs prove it us. I dont think BTC will go down to costs of alts so we will use them for daily.

Just a heads up to anyone getting into this field. Amongst the genuinely revolutionary tech is a minefield of scams and people simply pumping their own investments. For every over night millionaire there is a bunch of bag holders. Be very wary of people recommending this or that. Do your own research. Don't get emotional and 'panic buy'. And only invest what you can afford to loose. It's truly un unregulated wild west. Be careful.

Yes, Bitcoin will perhaps solve it's problems. But at least Ethereum has a roadmap with plenty of developers working within to advance it's technology.

I do a lot of research and all should do the same. The projects I mentioned are pretty solid. Most importantly these are relatively still in early stages of development or growth, bigger risks or bigger rewards, if as this article suggests crypto will go mainstream.

[Kesecer]

Will we ever use Bitcoin for day by day use? Buy a bread, a phone, a car, an appartment? Or Bitcoin will more likely be a way of just storing value and we have to rely on altcoins to use them daily?

I prefer your second opinion like BTC to be storing value. The costs prove it us. I dont think BTC will go down to costs of alts so we will use them for daily.

Just a heads up to anyone getting into this field. Amongst the genuinely revolutionary tech is a minefield of scams and people simply pumping their own investments. For every over night millionaire there is a bunch of bag holders. Be very wary of people recommending this or that. Do your own research. Don't get emotional and 'panic buy'. And only invest what you can afford to loose. It's truly un unregulated wild west. Be careful.

Yes, Bitcoin will perhaps solve it's problems. But at least Ethereum has a roadmap with plenty of developers working within to advance it's technology.

I do a lot of research and all should do the same. The projects I mentioned are pretty solid. Most importantly these are relatively still in early stages of development or growth, bigger risks or bigger rewards, if as this article suggests crypto will go mainstream.

Sorry..replied to wrong comment. Guardian doesn't allow you to delete??

[Amial]

Will we ever use Bitcoin for day by day use? Buy a bread, a phone, a car, an appartment? Or Bitcoin will more likely be a way of just storing value and we have to rely on altcoins to use them daily?

I prefer your second opinion like BTC to be storing value. The costs prove it us. I dont think BTC will go down to costs of alts so we will use them for daily.

Just a heads up to anyone getting into this field. Amongst the genuinely revolutionary tech is a minefield of scams and people simply pumping their own investments. For every over night millionaire there is a bunch of bag holders. Be very wary of people recommending this or that. Do your own research. Don't get emotional and 'panic buy'. And only invest what you can afford to loose. It's truly un unregulated wild west. Be careful.

Yes, Bitcoin will perhaps solve it's problems. But at least Ethereum has a roadmap with plenty of developers working within to advance it's technology.

I do a lot of research and all should do the same. The projects I mentioned are pretty solid. Most importantly these are relatively still in early stages of development or growth, bigger risks or bigger rewards, if as this article suggests crypto will go mainstream.

Sorry..replied to wrong comment. Guardian doesn't allow you to delete??

Not the least of which is the utter bullshit spouted by the people behind it in this piece. It's pure word salad.