Will Bitcoin scale in 5-10years?

[LoyceV]

Still, what about my proposal of a MEGABLOCK to remove all this size stuff? A MEGABLOCK should be determined based on the size of total transactions remaining uncomfirmed in mempool, so that everyone will remain assured that at some point of time during a day, they will get at least one confirmation?

I think it's worse than just bigger blocks. As far as I understand, the work required to validate a block increases exponentially with the size of the block. If I am correct on this, it would take a long time to validate that one block. Adding transactions with the lowest fees will not benefit the miner who mines that block, so he still has reason to ignore them.

[Tutikv]

I think the possibility of receiving bitcoin in the community is certain, and bitcoin will be used as a legitimate transaction tool, such as with virtual money that is in use in various countries.
Thus bitcoin will equalize the value of the currency in the world

[jafu]

100% it will scale up because people are liking it and after the government is not liking we are unstoppable
and people are like digital coin rather than paper money 

[solaroi]

1. if governments all over the world says no, then no
2. if some of the alter-coins become far more advanced than bitcoin, then no

[dado7]

Since there will not be many Bitcoins in existance, it will prove to be the advantage for the scalability and disadvantage for it to be the main payment instrument.

I think since the number of Bitcoins is limited, although the number of transactions with Satoshis increase every day, the technology will catch up. There are many good tools out there that other altcoins use and more to be yet discovered / developed. I am sorry, but I am not a highly technical guy so I cannot go into details.

However, there number of Bitcoins, even the number of Satoshis, let's put it that way, is I think to small to cover the whole world goods exchange market.

[jnano]

Still, what about my proposal of a MEGABLOCK to remove all this size stuff?

If it's just sized to fit whatever amount of transactions there are, it's no different on average than increasing the normal block size. It's just more complex to implement.

[Stedsm]

Still, what about my proposal of a MEGABLOCK to remove all this size stuff? A MEGABLOCK should be determined based on the size of total transactions remaining uncomfirmed in mempool, so that everyone will remain assured that at some point of time during a day, they will get at least one confirmation?

I think it's worse than just bigger blocks. As far as I understand, the work required to validate a block increases exponentially with the size of the block. If I am correct on this, it would take a long time to validate that one block. Adding transactions with the lowest fees will not benefit the miner who mines that block, so he still has reason to ignore them.

Can't there be anything implemented to only gather data that's needed to keep the records, and the remaining data be removed "just like segwit transactions" in order to have even that MEGABLOCK not that mega in size or that any code adjustments be made to get such MEGABLOCKS validated without much ado and waiting period be cut down less for them?

Guess you are not seeing the big picture there. There remain many transactions, a lot. And even with less fees, the number is so big that the accumulated fees on total number will also be very high. Why would they choose not to take such transactions in a MEGABLOCK when they are already being rewarded for their work with newly generated coins? Doesn't this count as greed?

[Tutikv]

in that time definitely bitcoin will experience a very rapid increase. Because in a few days I bitcoin is so high price.
As time increases bitcoin increases too

[13abyknight]

1. if governments all over the world says no, then no
2. if some of the alter-coins become far more advanced than bitcoin, then no

Firstly, this has nothing to do with governments accepting or banning Bitcoin as even futile attempts by multiple national governments' to regulate it has gone in vain. Countries are literally powerless when it's citizens are using Bitcoin and can only sit and warn that it could be a 'big bubble'.

Secondly, altcoins like Ethereum are much more advanced than Bitcoin and have shown more growth than it in the past few years. Again, this has nothing to do with Bitcoin's scalability as it will always remain the first crypto and on top of the tables.

[pawanjain]

Bitcoin is still in it's development stage and yet the price has increased so much due to it's growing popularity. The limited number of transactions per second is a bane that Bitcoin has and is a problem that needs to be fixed soon. In my opinion the lightning network will give many advantages to the bitcoin network in terms of speed and fees. Although the on chain transactions will yet have high fees the lightning network will be used for micro transactions. Other alternatives such as segwit and bitcoin cash  might be used at times when BTC fails to facilitate the transactions.

[jnano]

futile attempts by multiple national governments' to regulate it has gone in vain. Countries are literally powerless when it's citizens are using Bitcoin and can only sit and warn that it could be a 'big bubble'.

I guess we're entering a side discussion, but governments do have power to greatly influence it. It can be made illegal. Local exchanges can be closed, banks can be disallowed from transferring funds to or from international exchanges. Even people-to-people trade can be curtailed to a degree by going directly after ad posters.

[Victorheywhy]

Bitcoin is really changing the world. I do not see it wane anytime soon. As long as people are keeping their pace as regards the coin.

[Pantoflascrypt017]

Scalability generally refers to how much tx they can perform in a certain time period relative to how many transactions are taking place, not the fee per transaction. At the moment there is just far too much tx for the current setup to handle hence why we see slow times and higher fees as a result, i think that steps are being taken but these are too late and in reality we need to see much further development with bitcoin soon.

[Olalomi]

I am very optimistic the scalablity issues of bitcoin will be resolved before that time going by the recent improvement on SegWit2x hardfork and the adoption of Lightning Network.       

[onrise]

1. if governments all over the world says no, then no
2. if some of the alter-coins become far more advanced than bitcoin, then no

I think considering the last few months few of the government has clearly given the warning and some of them might ban the cypto currency in their country. So if I see overall banning or getting stricter laws are more than legalizing the btc in their country. So this if it continues we would not see btc scaling much as many countries than follow the same rules as other countries.

[turkeylove]

I think its  prime its past but my thought that its gonna keep rising but with lower rythme.

[Mark R. Slater]

5 or 10 years is not a road, it probably goes 5 or 10 years
Bitcoin prices are likely to exceed $ 100,000 over the next 10 years, up nearly 36 times from the recent peak of $ 2,780. That's from analyst Kay Van-Petersen, who predicted exactly the momentum of this virtual currency this year.

In December of the same year, Saxo Bank (Denmark) published its annual report called "Outrageous Predictions." One of the predictions is that the bitcoin price will reach $ 2,000 in 2017. By the time the report was released, bitcoin traded at $ 754. Five months later, bitcoin reached $ 2,000 on May 20, 1977, an increase of 165%.

Now, the prediction is that Kay Van-Petersen is looking at the long term and thinks bitcoin will continue to appreciate.

[onnz423]

Can somebody explain their vision as to how Bitcoin(and scallability issue) will exist in say next 5-10 years?

As we know, currently there are only few transactions per second at maximum, the question is, HOW is it going to scale? Is the solution still just a myth? Or is it still an experiment and it may never scale? With LN you'll be able to transact "freely" once the funds are committed, but still a on-chain fee will have to be paid to open and close the channel...

So what's your vision in 5-10 years. Will bitcoin have 100k/tps scallability, or will it be too expensive to use for payments(and only usable as gold) and can never scale?

The scalability of any network will always depend on the cooperation of the numerous institutions using that network, in the case of bitcoin, it will be the exchanges, stores, organizations and customers working together to adhere to a strict set of principles, such as the lightning network. If there is outside interference, e.g. from competing currencies, government bans etc, then these may act to completely block bitcoin scaling. But, in my opinion, a world-wide ban is highly unlikely, so we'll start seeing progress with scaling once LN is out of the test net.

[Anti-Cen]

2. Lightning Network which proved can manage million users/payment while keeping decentralization

Yes but only if we have 100,000 people all spending $1 each morning to buy a coffee from the same shop
at the end of the street for month after month.

As soon as anyone close a channel with a banking hub that charges fees then the balance hits the block-chain
and then we have inter banking settlement between hubs so again these transactions will hit the block-chain

We have also added a degree of centralization into the process for the hubs/banks and forget the carrot of
hub fees will be low because we have already seen "Virtual free transactions" from the original white paper
become $55 per transaction.

Bitcoin was sold on the back of this wonderful new thing called the "Block-Chain" so lets stick with all
transactions staying on the block chain instead of changing religion half way through life.

The same type of centralization used in Lightning could be used to distribute the block-chain across
many nodes and is called Block-matrix so that we don't have 20,000 full nodes all trying to sync data
in a 200gb file which was never something that was going to scale and they knew this from day one.

Maybe what i say upsets big oil who like all the wasted energy, Intel who loves CPU wars and both
the miners and developers who seem to want to come up with excuses for mega high fees but if they
keep this game up then Bitcoin will soon be knocked off the chart just like IBM in the 1980's 

[lenarichi]

In a few years there will be a situation where there will be 200 million people around the world who will try to fight for several million bitcoins. I think, that this will lead to the fact that the price will be 50 000 dollars - a value of 1 trillion. dollars, which is less than 15% of what is now gold.