Bitcoin in 5 years

[miaviator]

Banned in 17 countries.

+1 

This actually may be true!  But even if true, the good thing is their is still another 179 other countries that it will be legal in.  And as long as China, US, Russia, England, etc aren't part of the 17 I think we'll be ok.

Out of that list I could see Russia as the only one left not ban bitcoin. 

[1715030036]

1715030036

[kulinsj]

6) Used for certain types of transactions where you can afford to wait a while for confirmation on the most secure and trusted currency network (ex. mortgage payment). Other, faster coins will be used for more mundane, everyday purchases (ex. groceries).

[Ed4252]

Is there anything faster than Litecoin that's kinda popular?

[Cryddit]

I think it'll be used as a medium for online and international transactions, and that investors will use it to hedge financial positions that would go south if the economy melts down - the same way they use Gold today.

I'm pretty sure it'll remain too volatile for most people to consider using it as a store of value, and it'll start to see the effects of serious inflation as other cryptocurrencies gain market share.

By 5 years from now there'll be at least one or two other cryptocurrencies that are starting to be a serious challenge to Bitcoin because of developing new technology that Bitcoin doesn't partake of.  Some examples of the sort of thing that would give a challenger an advantage include a distributed 'tumbler' for financial privacy, GHOST protocol for resolving block conflicts, a good scaling strategy that remains distributed, peer-to-peer markets in digital assets (possibly including digital stock certificates), offline transactions, instant confirmations, etc.  Five years is probably too soon for them to have "replaced" bitcoin, but by then it's going to be a competitive market, and that competition is going to show in Bitcoin inflation coupled with deflation in the leading altcoins.  That'll be driving speculator money into the new altcoin challengers, tending to equalize the leading options as time goes on.

There's going to be more regulation.  It'll be seriously impossible for just anybody to legally launch a cryptocurrency starting sometime within the next five years; there's going to be registering, bonding, possibly requirements to back the new coin with some commodity, etc.

Also, the protocol is going to be used to transfer fiat money just as easily as Bitcoin sometime in the future -- though that'll probably be ten years or more rather than five or less.

[Siegfried]

1) How do you think what will be with cryptocurrencies in 5 years perspective?

Nobody can now for sure. There could be a serious flaw in Bitcoin that make it disappear totally.

Could be that it's stunning successfull.

Never forget it's still an experiment.

As for Altcoins, if there would go something wrong with Bitcoin (no matter if legal or technical) it would affect all alts as well. If Bitcoin goes down all of them will go down, too. If not, I doubt all or even the majority will still be around then and I doubt that any of them will get the adoption as Bitcoin.

If your service doesn't involve currency exchanges, I see no point in including alts, as the majority of potential customers is in Bitcoin anyway and every altcoiner is able to pay in Bitcoins as well.

2) Is there any chance that during 5-6 years (till 2020) new coin/technology will appear and replace bitcoin and all cryptocurrencies as we know them now? Any predictions what it will be?

Sure, if any would do some significant thing better. If I could know what actually would be such a massive improvement that it could replace Bitcoin, I would try to build it. So far I haven't seen any Improvements of real significance.

There have been many fiat currencies that have collapsed, yet other fiat currencies survive. Why wouldn't other cryptocurrencies survive bitcoin's fall?

[SirBitsalot]

Is there anything faster than Litecoin that's kinda popular?

Not that I know of... something will pop up within the next few years though I imagine

[DCP]

hey guys, there's much more to the Bitcoin architecture then just storing/sending/receiving funds... that's just the visible part of the iceberg.  This video is really informative if you want to go deeper: http://www.youtube.com/watch?v=Cs6F91dFYCs&feature=share&list=UUC3L8QaxqEGUiBC252GHy3w&index=1

[ak84]

In 2019 Bitcoin will be in economics books.

I could see it! Imagine whole classes and even universities based around the learning and mastering of computing Bitcoins. You could have people specializing in mining Bitcoins, understanding Bitcoins, improving Bitcoins, and even predicting what will happen with them. It's very fascinating.

that is pretty much what bitcointalk is minus the trolling and scammers

[Xenophis]

I believe after riding the momentum it has had last year, the integration process has already begun. It's just a matter of time (years, maybe a decade) until it becomes fully within the realm of mainstream use, but it's absolutely on its way. And it has capital behind it as well to drive it in the proper direction.

[deisik]

I would say:

"Used mainly for value storage, online transactions and international transfers."

I think it will be more similar to virtual gold than virtual currency.

Did you quote this or make it up yourself?  It's by far one of the best explanations I've seen describing what most likely Bitcoin is starting to become and one day hopefully it will become. 

The main difference is between BTC and gold though is this is a lot easier to trade and "use" for everyday purchases, transfers etc.

Yes, as long as you have Internet at hand. The main weak spot of bitcoin is hidden where its strengths come from. You can trade in gold using some primitive scales, without Internet, electricity or whatever...

It is very vulnerable without a state behind it

[Ada_and_Alternative]

Oh, I see that the community is rather optimistic about bitcoin and other cryptocurrencies future.
But... we mostly think from our own position of advanced users. We are unfortunately not the whole world

I, myself, believe that bitcoin will be widely spread and become one of the most popular payment methods. Or will be replaced by something new. But very similar.

However... what do the other people think? I mean, do your parents or even children know about bitcoin? How many of them? Is it convinient for them to use BTC? Will it be ever?
Do they want to use cryptocoins? And - the most important - do they need it?  

[eboard10]

IMO Bitcoin will still be there in 5 years time, however, it won't be used for everyday purpose due to it's high volatility and because it cannot be controlled by governments. I fear that increased regulation by governments and speculation for such a small market will hinder the spread of Bitcoin to such levels.

[Akka]

There have been many fiat currencies that have collapsed, yet other fiat currencies survive. Why wouldn't other cryptocurrencies survive bitcoin's fall?

If something happens, maybe due to Gouverments outlawing Bitcoin, that would have the same Effect on Alts as well.

If Bitcoin breaks due to a technical issue, all alts are done for, too. Because they all base on Bitcoins code. Simple as that.

[aminorex]

The main difference is between BTC and gold though is this is a lot easier to trade and "use" for everyday purchases, transfers etc.

Yes, as long as you have Internet at hand. The main weak spot of bitcoin is hidden where its strengths come from. You can trade in gold using some primitive scales, without Internet, electricity or whatever...

It is very vulnerable without a state behind it

I'm not buying that.   Transporting gold from place to place is extremely vulnerable to brigandage.  Storing gold anywhere makes it vulnerable to robbery.  Bitcoin, not so much; it's up to you how secure or insecure your bitcoin are; there are no physical limits.  I think using gold depends on the state much more than does using bitcoin.

[deisik]

The main difference is between BTC and gold though is this is a lot easier to trade and "use" for everyday purchases, transfers etc.

Yes, as long as you have Internet at hand. The main weak spot of bitcoin is hidden where its strengths come from. You can trade in gold using some primitive scales, without Internet, electricity or whatever...

It is very vulnerable without a state behind it

I'm not buying that.   Transporting gold from place to place is extremely vulnerable to brigandage.  Storing gold anywhere makes it vulnerable to robbery.  Bitcoin, not so much; it's up to you how secure or insecure your bitcoin are; there are no physical limits.  I think using gold depends on the state much more than does using bitcoin.

Without Internet all your bitcoins instantaneously become just digital garbage. Gold is not perfect either, but it is material and has been around as a means of exchange and store of value for almost five millennia (compare it with just five years of bitcoin, lol) despite all its drawbacks...

[Holdaaja]

The main difference is between BTC and gold though is this is a lot easier to trade and "use" for everyday purchases, transfers etc.

Yes, as long as you have Internet at hand. The main weak spot of bitcoin is hidden where its strengths come from. You can trade in gold using some primitive scales, without Internet, electricity or whatever...

It is very vulnerable without a state behind it

I'm not buying that.   Transporting gold from place to place is extremely vulnerable to brigandage.  Storing gold anywhere makes it vulnerable to robbery.  Bitcoin, not so much; it's up to you how secure or insecure your bitcoin are; there are no physical limits.  I think using gold depends on the state much more than does using bitcoin.

Without Internet all your bitcoins instantaneously become just digital garbage. Gold is not perfect, but it has been around as a means of exchange and store of value for almost five millennia...

How would internet disappear?

[deisik]

The main difference is between BTC and gold though is this is a lot easier to trade and "use" for everyday purchases, transfers etc.

Yes, as long as you have Internet at hand. The main weak spot of bitcoin is hidden where its strengths come from. You can trade in gold using some primitive scales, without Internet, electricity or whatever...

It is very vulnerable without a state behind it

I'm not buying that.   Transporting gold from place to place is extremely vulnerable to brigandage.  Storing gold anywhere makes it vulnerable to robbery.  Bitcoin, not so much; it's up to you how secure or insecure your bitcoin are; there are no physical limits.  I think using gold depends on the state much more than does using bitcoin.

Without Internet all your bitcoins instantaneously become just digital garbage. Gold is not perfect, but it has been around as a means of exchange and store of value for almost five millennia...

How would internet disappear?

Just unplug your cable or turn off your wi-fi router. As easy as that...

[Holdaaja]

The main difference is between BTC and gold though is this is a lot easier to trade and "use" for everyday purchases, transfers etc.

Yes, as long as you have Internet at hand. The main weak spot of bitcoin is hidden where its strengths come from. You can trade in gold using some primitive scales, without Internet, electricity or whatever...

It is very vulnerable without a state behind it

I'm not buying that.   Transporting gold from place to place is extremely vulnerable to brigandage.  Storing gold anywhere makes it vulnerable to robbery.  Bitcoin, not so much; it's up to you how secure or insecure your bitcoin are; there are no physical limits.  I think using gold depends on the state much more than does using bitcoin.

Without Internet all your bitcoins instantaneously become just digital garbage. Gold is not perfect, but it has been around as a means of exchange and store of value for almost five millennia...

How would internet disappear?

Just unplug your cable or turn off you wi-fi router...

Well that wouldn't make my coins worthless.

[deisik]

Without Internet all your bitcoins instantaneously become just digital garbage. Gold is not perfect, but it has been around as a means of exchange and store of value for almost five millennia...

How would internet disappear?

Just unplug your cable or turn off you wi-fi router...

Well that wouldn't make my coins worthless.

They are worthless as long as there is no Internet for you. As simple as that...

[Holdaaja]

Without Internet all your bitcoins instantaneously become just digital garbage. Gold is not perfect, but it has been around as a means of exchange and store of value for almost five millennia...

How would internet disappear?

Just unplug your cable or turn off you wi-fi router...

Well that wouldn't make my coins worthless.

They are worthless as long as there is no Internet for you. As simple as that...

You think paper wallets are worthless? I don't.