New Here , Am i too late for bitcoin ?

[nondescriptmale]

Once bitcoin has replaced VISA, you'll probably not make a substantial profit of bitcoin anymore, but you'll still want to buy it because of the utility it brings.

Can the bitcoin network support the volume of transactions it would take to replace VISA or any other major credit card?  The Visa web site says they process 150 million transactions per day http://corporate.visa.com/about-visa/technology/transaction-processing.shtml.  Is there an practical upper bound on the transactions/day for the bitcoin protocol?  I imagine the block chain would get enormous very fast at that volume, but I'm still a newbie so I may be missing something.

[westside8]

Great Video:

http://www.youtube.com/watch?v=kGf-E8ShrBI

Also see:

http://bitcoindifficulty.com/

Thanks for these resources. Been looking for info on difficulty.

[newtothescene]

Only too late if you don't have some level of support/belief that virtual currencies will see a wider(er) use in the world.  We are probably 2-5 years away from seeing a more mainstream usage of this type of value exchange. 

[Anon136]

Well look around. How many gas stations accept them? How many major retailers accept them? How many of your friends are using them? Is your mom using them? don't worry you are still early to this party.

[mantaxer]

Bitcoins still seem like a great investment but a total lack of trusted exchanges and ways to buy with credit card or banks without countless checks and delays.

[tearfereon]

Once bitcoin has replaced VISA, you'll probably not make a substantial profit of bitcoin anymore, but you'll still want to buy it because of the utility it brings.

Can the bitcoin network support the volume of transactions it would take to replace VISA or any other major credit card?  The Visa web site says they process 150 million transactions per day http://corporate.visa.com/about-visa/technology/transaction-processing.shtml.  Is there an practical upper bound on the transactions/day for the bitcoin protocol?  I imagine the block chain would get enormous very fast at that volume, but I'm still a newbie so I may be missing something.

Currently about 7 transactions/second is the Bitcoin limit, but will be increased later. Block chain is still very small, about 12 GB, it is nothing with today TB drives, and for normal person client version without blockchain downloads are avaiable like Electrum

[nondescriptmale]

Once bitcoin has replaced VISA, you'll probably not make a substantial profit of bitcoin anymore, but you'll still want to buy it because of the utility it brings.

Can the bitcoin network support the volume of transactions it would take to replace VISA or any other major credit card?  The Visa web site says they process 150 million transactions per day http://corporate.visa.com/about-visa/technology/transaction-processing.shtml.  Is there an practical upper bound on the transactions/day for the bitcoin protocol?  I imagine the block chain would get enormous very fast at that volume, but I'm still a newbie so I may be missing something.

Currently about 7 transactions/second is the Bitcoin limit, but will be increased later. Block chain is still very small, about 12 GB, it is nothing with today TB drives, and for normal person client version without blockchain downloads are avaiable like Electrum

Good to see people have already been working on this issue.  Here is a useful link I found for other newbies like me:  https://en.bitcoin.it/wiki/Scalability

[Anon136]

Once bitcoin has replaced VISA, you'll probably not make a substantial profit of bitcoin anymore, but you'll still want to buy it because of the utility it brings.

Can the bitcoin network support the volume of transactions it would take to replace VISA or any other major credit card?  The Visa web site says they process 150 million transactions per day http://corporate.visa.com/about-visa/technology/transaction-processing.shtml.  Is there an practical upper bound on the transactions/day for the bitcoin protocol?  I imagine the block chain would get enormous very fast at that volume, but I'm still a newbie so I may be missing something.

Currently about 7 transactions/second is the Bitcoin limit, but will be increased later. Block chain is still very small, about 12 GB, it is nothing with today TB drives, and for normal person client version without blockchain downloads are avaiable like Electrum

hard drive space is not the problem. the problem is that with larger blocks is that it gives big advantages to miners with high speed internet connections and incents people to join larger pools. inotherwords it would cause bitcoin to become more centralized.

i think this problem will be solved also, but trying to brute force a solution with larger and larger blocks is probably not wise. there are proposals that could potentially make each transaction smaller and centralized but trustless off chain ledgers that use bitcoin for clearing could take over the load for smaller transactions.

[Bobbydiggital]

I saw that BTC could reach 10k in 2014 or more i know its all speculation but whats your toughts on that?

[MicroGuy]

Hi all , just read about bitcoin lately and saw the bullrun. Am i too late to invest to mine or to buy them to keep ?  

It's never too late! The altcoin bull run is just beginning! Bookmark this page: http://coinmarketcap.com


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Oh, and check out my video from today! You might like it! vvvvvvvvvvvvvv  

[malumeze86]

Right now, bitcoin is still far from mass adoption.
It is not really too late yet.

That's sound advice!

If you think it's going to go up then jump in now.  If you're not willing to risk it, then just skip it.

It's all up to YOU! 

I know, not the best advice but that's kinda how it works. 

Go with your gut. Just don't risk more than you can afford to lose. 

[Mondy]

Dont mine - too late
Invest - Still early!