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Author Topic: The Future of the Bitcoin  (Read 5964 times)
Timo Y
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February 24, 2011, 09:45:16 AM
 #21

In a Bitcoin future, will Intel be the next federal reserve?

Yes, in future, there will be only a handful of players who will mine the majority of new Bitcoins. We will see the kind of consolidation that happens in most mature industries.

By that time however, most of the Bitcoins will already have been mined.  The small, and decreasing rate of Bitcoin production will make it difficult for these players to manipulate the economy.

A double spending attack by a cartel of miners is another danger, however:

Pulling off a double spending attack is hard enought, pulling it off profitably is nearly impossible.

Double spend too much, and users will get pissed off with Bitcoin and move to Bitcoin v2 en masse. The value of Bitcoin will collapse and soon you may find that your loot is worth less than the Billions you have spent on gaining more than 50% of the network's hash/s.

Double spend too little, and you may find that you may as well use your computational power for honest generation instead of double spending.  Technically, the network may be vulnerable to double spending by this cartel, but there is also a social barrier. The community can choose to reject blocks from nodes who are known to be dishonest.

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eMansipater
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February 24, 2011, 08:46:52 PM
 #22

Hello folks,

I've been watching this for a long time now, and I've just recently gotten involved...gotten my first .05...the whole nine yards.

It feels great.

But at the same time, I have a question that has been gnawing at me for sometime. I've been reading people's posts about this being a real future currency. I know it's a currency now, but it's not mainstream.  And it's certainly not something that is close to adoption on a large scale.  Here's the issue I see:

Difficulty to mint bitcoins is increasing. This is something that is SUPPOSE to happen, but doesn't this hurt the future of the bitcoin? Using computer power to create more means that those with computer power are the most powerful (not to be redundant).  This works now because it's a new commodity on the uprise..but what happens when the difficulty rises above what an average computer user can manage? In fact, hasn't it already?  To really be competitive in acquiring more of these things, I need to go out and spend a couple hundred dollars on a new video cards. I don't want to argue with anyone about how much the buy in is right now, because that's not really the point.  Difficulty will continue to increase, and what I see when I look ahead is a future where supercomputers mint new bitcoins. That's interesting, isn't it?  Now, I realize that by this point the market will be much more saturated with these things, but I'm trying to parallel this with the dollar.

In a Bitcoin future, will Intel be the next federal reserve?


Stop confusing this poor person, all of you!  Yes telestrial, here on the forums you are likely to find a lot of people who do mining, talk about mining, etc.  But mining is just the competitive process to mint bitcoins and keep them secure.  It's about as relevant to the whole bitcoin economy as the printing of banknotes is to the U.S. dollar economy:  the normal way for regular people to use bitcoin is just like any other currency where you are rewarded for working, selling things, or offering services regardless of what computer you run.  If you want bitcoins I recommend you do what I did and exchange some other currency for them via https://www.bitcoin4cash.com or some other reputable service, accept them for work, or sell something for them.

As an aside, however, the mining process is actually a beautiful detail in bitcoin because of the competition being based on computing power.  Forgetting the technical side of things for a moment we can see how amazing it is by relating it to the printing of banknotes.  Most banknotes cost a few cents to print and the job of doing that is contracted to specific people.  But what if, once it had been decided how many more new banknotes were needed, anyone could compete to produce them?  As long as we have a way of ensuring that only that number are produced, and that the company printing the most secure banknotes gets to spend them, we can see that competition will drive the amount of security going into each note close to its face value.  We would end up with notes much more secure than anything we've had before, and instead of one entity making money hand over fist the competition would mean the company makes roughly the fair value of what it costs to perform the work of creating the bills.  This is how bitcoin works--competition keeps driving the difficulty of mining closer to the cost of mining, and this all makes bitcoin incredibly secure because attackers of the network need to either overpower the network temporarily (for a small scam, like spending coins they already own twice) or perform as much work as has been done cumulatively so far (to take over the whole network).  Most beautifully, as bitcoin increases in value the difficulty will tend to scale with it, meaning that the more people use bitcoin, the more secure it gets.  Pretty cool, hey?

Getting back on track, the vast majority of people who use bitcoin will not and should not do any mining.  Mining is just a technical detail that makes everything work.  It has to be in place first, but once it is people can just use bitcoin like any other currency and be able to trust that it's secure without necessarily knowing the nitty gritty of why.  For some other parallels beside using cash and printing banknotes, think of the difference between:

Using the Internet and running an Internet Service Provider (ISP)
Wiring money to someone and running a currency transfer company like Western Union
Using a computer and designing one
etc.

When I explain bitcoin to people, I don't even tell them about the mining process unless/until they ask who creates the coins, or if they would be interested in the technical design.  It's just plain irrelevant to everyday people, except to know that it's very secure (and getting moreso all the time).  I hope that helps!

Sincerely,
eMansipater

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February 25, 2011, 01:13:24 AM
 #23

You shouldn't worry about super computers...it won't pay...mining will migrate toward the most cost effective hardware, not necessarily the fastest.  Already people claim that a 5870 card is more cost effective than a 5970.  Pooled mining with commodity hardware is probably going to be more cost effective than super computers.

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April 13, 2018, 06:45:15 PM
 #24

Impact of bitcoin in future is looking good by watching their demand and supply and Blockchain technology because it’s the best time to enjoy the impact in future due to its low price and you can observe by watching previous years rates of bitcoin that show you the bitcoin future and makes your mind clear to put all funds into bitcoin and one thing more is the good option of bitcion investment is right now, this is the good time to invest in bitcoin,

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April 13, 2018, 06:47:37 PM
 #25

Future of bitcoin is very bright and classy.
there will be no more transfer fee and speed will be faster (thanks for the lightning)
Price will not be so vulnerable going down and we can see that bitcoin is gaining much value slowly but surely.
People all over around the world will be with bitcoin and the most country will be officially using this one,.
and those who banned it will think again about it.

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April 13, 2018, 07:49:14 PM
 #26

Bitcoins future is very bright and promising because bitcoin is the first crypto currency started to the yea r2009..Bitcoin haste specific character that it is a de centralized one and maintain the anonymity it become more popular in the crypto market.  Bitcoin has attracted by the global business community followed by the rich investors  and later the day traders too. Imagine and  the price of bitcoin last year it was around1000 usd.and last December it has shoot up to 20K USD and now the bare market brought it down to between 6&7K Usd.Very shortly bitcoin price will come up.
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April 15, 2018, 11:26:30 AM
 #27

Future of bitcoin is very bright and classy.
there will be no more transfer fee and speed will be faster (thanks for the lightning)
Price will not be so vulnerable going down and we can see that bitcoin is gaining much value slowly but surely.
People all over around the world will be with bitcoin and the most country will be officially using this one,.
and those who banned it will think again about it.
As the time passes the system will be more flexible and easy to use for bitcoin. We all know that the future will be that of digital currency and bitcoin is the mainstream and that is the reason that the future if bitcoin is very bright. I am waiting for the time that all the people of the world will use just one digital currency.
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April 15, 2018, 12:48:37 PM
 #28

the future of the bitcoin is unpredictable.
many people predict that bitcoin price on April will be rise very high, but the fact is bitcoin now only rised not too much on the market.
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April 15, 2018, 12:51:00 PM
 #29

For me the future of bitcoin is uncertain but I believe there are bigger things to come. The price of bitcoin has barely scrapped the surface of the possibilities that can happen and it is going to be epic.
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April 15, 2018, 12:57:01 PM
 #30

I firmly believe that bitcoin will have a bright future because it looks very promising and many people join and use bitcoin but bitcoin can be a source of income and this will be a boon to me and the people who use it.
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April 15, 2018, 01:01:00 PM
 #31

I believe bitcoin will develop further in the future in Vietnam. Many people have invested in it and have become rich. Hopefully the bank will accept the bitcoin payment. Bitcoin will be recognized by law and become even more popular.

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April 15, 2018, 01:05:38 PM
 #32

Yes, I believe bitcoin will grow further in the future because it is very promising and many people join and use bitcoin and it can be a good source of income for everyone. I hope People around the world will have bitcoin and most of the country will be officially using it.

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April 15, 2018, 01:08:35 PM
 #33

For me the future of bitcoin is uncertain but I believe there are bigger things to come. The price of bitcoin has barely scrapped the surface of the possibilities that can happen and it is going to be epic.
I wonder what you're doing here. If that really is your opinion then you need to register on forum of lovers Fiat. There is a saying, Dogs bark but the caravan moves on. Bitcoin is waiting for a great future and cannot be stopped. Even Islamic countries are already considering bitcoin as a currency is not contrary to the laws of Sharia.
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April 15, 2018, 01:10:26 PM
 #34

Of course, I believe bitcoin will grow in the future because it is very promising and many people get rich by owning a bitcoin and it can be a good source of income for everyone. I believe in the future bicoin will thrive and may reach $ 25000 by the end of 2018.

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April 15, 2018, 01:12:39 PM
 #35

Bitcoin's currency has risen by 18.37% over the day to 8.104 thousand dollars. This is evidenced by the data of the site coinmarketcap, Ukrainian News transfers.
At the same time, Bitcoin's capitalization, which is the leader in this indicator, as of Friday is 137.5 billion dollars, the volume of transactions for the last 24 hours amounted to 9.7 billion dollars.

The second on the capitalization of the crypto currency is Ethereum with a capitalization of 51 billion dollars.

It is noted that 16.974 million Bitcoin coins have already been received in total.

As Ukrainian News reported, the National Bank, the National Commission on Securities and the Stock Market and the National Commission for Regulation of Financial Services Markets do not recognize crypto currency as a means of payment, as a monetary surrogate or as a value.

In the meantime, by the end of the week all the major crypto-currencies in terms of capitalization have risen in price.

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April 15, 2018, 01:12:51 PM
 #36

if you read what's good about what the future or bitcoin mean is so great if you know the strategy to earn bitcoin it's just a bit of bitcoin to start getting bit bye and sure it will help you in the difficulty to get you you are in poverty in the world

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April 15, 2018, 01:23:58 PM
 #37

Future of bitcoin is very bright and classy.
there will be no more transfer fee and speed will be faster (thanks for the lightning)
Price will not be so vulnerable going down and we can see that bitcoin is gaining much value slowly but surely.
People all over around the world will be with bitcoin and the most country will be officially using this one,.
and those who banned it will think again about it.
I think the lightning network will not make the transaction fee free but with the beta lightning network bitcoin, bitcoin transaction fee become cheaper.

I think to wait for a strong and stable bitcoin must wait 3 or 4 more years until bitcoin is received by the world.

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April 15, 2018, 01:26:34 PM
 #38

Bitcoin's production is constant, so don't worry about a centralized producer. Producers of mining machines can only increase relative productivity but cannot increase absolute productivity.
So I think Bitcoin's future is a slow and steady appreciation.
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April 15, 2018, 01:49:20 PM
 #39

It is good that mining becomes difficult with time as it will make bitcoins more valuable. Technology is advancing fast and thus the computers will also evolve with time.
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April 15, 2018, 02:02:59 PM
 #40

We already know that bitcoin is currently very valuable in the crypto market and has proven its power over time. Nowadays bitcoin attracts many people and many big investors to participate in it, it is really good for long term investment and I believe in future bitcoin will thrive.
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