Will Bitcoin scale in 5-10years?

[bitcoinisbest]

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.

Also consider that till that time only btc will not be a option. You will have several other coins more than what we have today and thus people will shift to more cheap coins to get the maximum gains as btc price is already very high. So this might not help btc to scale up much.

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[Julia_KA]

For a non IT person this thread is very enlightening. Not sure I got all the solutions that have been discussed but I hope I could grasp at least some. So seems like there is still a possible effective solution for bitcoin scalability. I'm personally holding as a gold equivalent in crypto world but would be good if it kept having big turnover.

[gold1112]

Do you think ethereum will overtake bitcoin...many of the upcoming and current ICO's are based on ethereum...do you see the crypto becoming the number one in the crypto marketplace

Ethereum has also many problems with blockchain and cost of transactions. But it is posible to be No.1

[popoyuyun]

Many question from us about this issues, i think bitcoin can stay longer if every people can accept bitcoin in their reality life

[ariaalex]

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.

[Windybi]

From 5 to 10 years from now, I think bitcoin will be universally accepted as a global currency, so I think bitcoin will grow fast. So now if anyone knows about this e-money market, then invest now.

[onrise]

Many question from us about this issues, i think bitcoin can stay longer if every people can accept bitcoin in their reality life

To start accepting in real life you would require the stores or the departments to start accepting it. And this would only be possible when the government or the country clears the rules regarding the state of cypto currency in respective countries. Currently most of the countries have still not full accepted or rejected it thus creating a dilemma about it.

[jbkg111816]

The one thing I am hoping to happen is for another online store fully accepts bitcoin as a mode of payment which would greatly benefit us bitcoiners. Also, other stores accepting bitcoin as payment as having incentives for example providing points for every purchased made using bitcoin and if you earned respective number of point you can use as exchange for bitcoin.

[savushkinTA]

Create altcoin, include bitcoin in name.

spam network with lowfee transactions (because you collect them anyway)

Steal hashpower from bitcoin with broken EDA (causing massive inflation but no ones really paying attention)

Look bitcoin has high fees and is slow! Come to our coin!

[signalbitbot]

Yes, bitcoin will live and it will be expensive

[otynurko]

I believe in bitcoin, there will be growth

[TrumpD]

One thing is for certain, digital payments is here to stay for the foreseeable future, and cryptocurrencies will have a huge role to play in this. With regards specifically to Bitcoin, it depends on perception and value given to it by the the people who use it. A ruby is only as valuable as perceived by the audience. Who determines that diamonds are more precious than rubies? The people, the users, the perceives. Bitcoin will scale, and so will other cryptocurrencies, but which stays as the most valuable will be determined my the powers that back it, and the "perceived value" given to it.

[abdulq]

One thing is for certain, digital payments is here to stay for the foreseeable future, and cryptocurrencies will have a huge role to play in this. With regards specifically to Bitcoin, it depends on perception and value given to it by the the people who use it. A ruby is only as valuable as perceived by the audience. Who determines that diamonds are more precious than rubies? The people, the users, the perceives. Bitcoin will scale, and so will other cryptocurrencies, but which stays as the most valuable will be determined my the powers that back it, and the "perceived value" given to it.

I hope so that btc will be prevailing the market as always and will be much higher in value soon in coming years. Finger crossed.

[Oceat]

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.

Also consider that till that time only btc will not be a option. You will have several other coins more than what we have today and thus people will shift to more cheap coins to get the maximum gains as btc price is already very high. So this might not help btc to scale up much.

Those early adopters will be the first to gain the millions of hundreds of dollars if 5 to 10 years from now will rise at $50,000 but it seems almost impossible from that range of years but i think nothing is impossible if everyone is trying to make a move. The changes is inevitable in the upcoming years but let's expect that huge loss will occur also if user mishandled their investments.

[Anti-Cen]

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.

Yes Lightning Network make out that Alice and Bob want to play ping-pong for the night and then says
look how much money they say, it only cost the $25 to close the channel

They won't even except here in many cases that hubs are in fact banks that charge fees or the network
won't work without them.

Bit like we can only make a crypto currency if we have CPU-Wars between miners because other coins
have managed and they all work faster than Bitcoin and will scale

[alexander_the_great]

I believe that in 10 years there are lot of possibilities that is value be 0 and we had forgotten it. Keep your feet on the floor.

[t1192002]

Please do your research before ask since bitcoin already have scaling solution/future solution such as :
1. SegWit which have lower tx size which means lower tx fee. Also, maximum block weight can reach up to 4MB if everyone use SegWit.
2. Lightning Network which proved can manage million users/payment while keeping decentralization
3. Schnorr signature which lets multiple input only needs a signature

More info/source :
1. https://www.reddit.com/r/Bitcoin/comments/7na2xb/day_6_i_will_post_this_guide_regularly_until/
2. https://www.reddit.com/r/Bitcoin/comments/7mwag6/simulating_a_decentralized_lightning_network_with/
3. https://medium.com/@SDWouters/why-schnorr-signatures-will-help-solve-2-of-bitcoins-biggest-problems-today-9b7718e7861c

So the alt coins developing to solve bitcoin problems are useless at the moment?

[Awraawra]

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?

i still don't know how to explain everything about this?but in my own vision i would rather say that bitcoin will be last forever until our grandchildren will reach this bitcoin and they will learn and know how to earn and sell more bitcoins they have for.

[dashis]

I believe that in 10 years there are lot of possibilities that is value be 0 and we had forgotten it. Keep your feet on the floor.

That would be like Nokia vs iPhone. It's possible, but who knows. One thing is certain - Bitcoin's supply is decreasing and its price in the near future should really skyrocket (even if it gets overtaken by another cryptocurrency)

[sjyi]

Migrating from a few transactions per seconds to 0.1 Million tps in 5-10 years?

I would safely say no.

It would take entirely new architecture to go to such a performance level.

It would be great to participate in such an endeavor.