About the future of bitcoin - What are you worried about?

[mk4]

Are you sure still now Bitcoin is on beta software? From where do you quote this? I am really curious. Wondering if it's only me that don't know Bitcoin is still on Beta software. I agree that doesn't put all money into Bitcoin, because it's much volatile and anything could happen at any time. However, even on beta software, I am still not worried.

It's arguably still is. Beta software mostly means that it's experimental(in which Bitcoin is still obviously is), not necessarily meaning that it will be full of bugs and glitches that could break the software/network.

[davis196]

I'm not worried about Bitcoin. I'm worried about my financial situation and I'm kinda worried about the future of the Planet Earth.
Bitcoin Core still being a "beta software" isn't something we should worry about. I'm no expert in this field, but I think that open source codes would most likely remain "beta" forever, as there are constant updates and improvements.
The Satoshi quote about Bitcoin having large transaction volume or no volume after 20 years has been repeated many times in the forum.
We are heading towards 2029-2030 and Bitcoin is still strong. Maybe Satoshi was right about the first option and Bitcoin will have a large transaction volume. Nobody knows what will happen after 5-6 years. Technology is advancing really fast.

[EarnOnVictor]

My worries about Bitcoin have passed, what I could say is that instead of "worries," I now have more hope and optimism about the crypto. Bitcoin has gone to a stage in the world's financial transactions that it can't just disappear or be ridiculed by anyone, group or the government, so why worry again?

Of course, stiffer regulations would happen, which is nothing to worry me about since I am legit. And more adoptions and usage as payment is what I see judging by the level of its achievement so far. It has also stabilized in the mainstream market, so I expect a more successful future for our lovely BTC.

[DanWalker]

Then, what do you think about the two points above.

1. Similarly to many other people here, this is the first time I've heard that bitcoin is just a beta version, but I don't care about that at all. Whether it's official or beta, it's important to never put all your eggs in one basket like you say, even if bitcoin is better now, never put it all on one thing. There is no such thing as absolute in this world, everything can change at any time.
2. Satoshi was right about this, as no one can be sure what will happen in the future, but it is amazing that bitcoin is increasing in volume day by day and if we can maintain this for another 20 years, bitcoin's transaction volume will be monstrously large.

[Bazzu]

Of course, everyone who invests in bitcoin will be worried if bitcoin's price drops greatly and is also accompanied by low trading volume. but if I personally am not worried about investing in bitcoin because I invest in bitcoin using idle money. so there is no worry about bitcoin even if bitcoin will fall very low in price.

[Falconer]

Basically anything that's still experimental means there are risks to consider. That is what requires you to invest a reasonable amount where you have also considered everything including being able to afford to lose. The first point of the warning is clear; Don't put all your money in bitcoin, unless you can afford to lose.

For the second point, I think the current volume of bitcoin transactions is huge right now so worrying about it probably won't be too much of a bother. Bitcoin is over 12 years old, it's been over a decade but of course we don't know what will happen in its second decade yet. Everything is still speculation, but some things can always be analyzed such as rewards or subsidies received by miners.

[taufik123]

Basically anything that's still experimental means there are risks to consider. That is what requires you to invest a reasonable amount where you have also considered everything including being able to afford to lose. The first point of the warning is clear; Don't put all your money in bitcoin, unless you can afford to lose.

For the second point, I think the current volume of bitcoin transactions is huge right now so worrying about it probably won't be too much of a bother. Bitcoin is over 12 years old, it's been over a decade but of course we don't know what will happen in its second decade yet. Everything is still speculation, but some things can always be analyzed such as rewards or subsidies received by miners.

This risk will be a consideration for those who understand bitcoin. If Bitcoin is said to be Experimental and has been running for 12 years, then the Experiment will certainly get results, and the result is that Bitcoin is currently the most hype crypto digital currency and attracts everyone's attention, and the volume of bitcoin transactions is getting bigger because many new investors are entering. keep going to bitcoin or cryptocurrency.

If some people worry about bitcoin that bitcoin will fall and will not rise again, then those concerns can be rebutted with some bitcoin developments getting better and some bitcoin adoption has also been done. Bitcoin is still in great need, although there are many pros and cons, bitcoin is an optional payment that has future technology. We as crypto users just need to support it and hope that bitcoin will continue to grow and contribute to the world economy.

[ShowOff]

I think it'll stay until there's no more significant changes to the code like has been said above. It might remain in beta for a long time more and I don't think that's a problem. Sometimes companies release beta updates a week or two before the main stable update and make them reversible - we might not yet know if we need this with a future bitcoin fork.

Most people who believe in bitcoin and its software version probably wouldn't mind that, but I honestly don't know why it's tied to something that seems so vulnerable to its future. I'm sure there aren't many bug encountered so far "though I don't know much", but of course this concern would be synonymous with the risk of losing money. Certainly, people should still care about the risks.

I hope a lot of people realize that they can't go 100% all-in on bitcoin, let alone sell all of their physical assets for bitcoin. No flag, but it's just bitcoin created and developed for smooth financial transactions as an alternative to fiat. I don't want to think too far, this is just a form of my vigilance about the future of bitcoin.

[TurbineHead]

My 2 cents:

Bitcoin is like a Toyota. Limited functionality, battle tested, robust and high reliability.

Ethereum and others that support native smart contracts are like a Tesla. Cutting edge technology, but sometimes things don’t work as they should.

For example, take a look at how many hacks we had in the last 4 days. It’s not Ethereum’s fault, but it’s still on their network. So, I think the original concern around bitcoin should actually worry Ethereum and other Native Smart Contract chains.

I’ll end this post with this quote:

Ethereum has vast potential, whereas Bitcoin won't ever do anything well beyond implementing a currency.

- Nick Szabo

I'm sure there aren't many bug encountered so far "though I don't know much", but of course this concern would be synonymous with the risk of losing money. Certainly, people should still care about the risks.

This reminded me of Bitcoin’s overflow bug which allowed someone to create 184 Billion Bitcoins.
Here’s the link: https://bitcointalk.org/index.php?topic=823.0

[moderator's note: consecutive posts merged]

[GonnaGrinditout]

I've checked a number of factoid slots and found some points that might find interesting to discuss with you.

I'd like to discuss some of the points I quote below about the future of bitcoin, and I'd really like to know if you're worried about that?

2. "I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi

About the second point: It is possible that there was no transaction volume in bitcoin's first 20 years. However I wouldn't worry too much about that because up to now the volume of bitcoin has been huge and bitcoin has dominated the market for a long time.

Then, what do you think about the two points above.

There is a secondary network now, so off-chain transactions don't happen on public bitcoin.

[Mr.right85]

1. Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
2. "I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi

I was a little confused on what Beta software might mean so I checked it up online and it entails, the second phase (after the alpha-Indoor) testing where the developer of a software gets to put it out to the public to use it as a way of testing it.
If this be true, then I think over 12years and almost 13years of public testing and the wide range of people that are hooked onto the network would be such a way to do that.
Bitcoin might has as well long past these phase but I agree that, its not wise for one to put all there money in bitcoin. There should be room for diversification as it offers some securities and comfort.

On the second point, we aren't 20years yet and we could say, these numbers have come through, some more will still come through and the network would grow functional still.

[BlackHatCoiner]

I'm worried that I won't succeed on accumulating as much as I want.  

Jokes asides, there isn't something I'm less worried about nowadays than the future of bitcoin.

About the first point: I assume that there is a risk of failure on this currency given that bitcoin is still beta software.

Yes, it's still treated as an experimental software, but I'm comfortable with that. In any case, what isn't experimental? Is fiat currency not experimental? Of course not, gold standard was abolished in 1971, and we're now observing the consequences of monetary policies that depend on irresponsible politicians.

[_BlackStar]

I don't want to say bitcoin is risk free regardless of what risk you think. Some people may worry about a 50% attack while others reinforce each other until most of the group is comfortable with accepting the consequences. In fact, bitcoin is indeed an experiment that is constantly being developed to achieve new milestones as a different financial system from fiat. I don't have to worry too much about its future, but of course bitcoin is a risky currency.

OP, if you are worried about the future of bitcoin then you should understand that asset diversification is necessary for any investment you like. So don't put all your eggs in one basket.

[justdimin]

I'm not worried about Bitcoin. I'm worried about my financial situation and I'm kinda worried about the future of the Planet Earth.
Bitcoin Core still being a "beta software" isn't something we should worry about. I'm no expert in this field, but I think that open source codes would most likely remain "beta" forever, as there are constant updates and improvements.
The Satoshi quote about Bitcoin having large transaction volume or no volume after 20 years has been repeated many times in the forum.
We are heading towards 2029-2030 and Bitcoin is still strong. Maybe Satoshi was right about the first option and Bitcoin will have a large transaction volume. Nobody knows what will happen after 5-6 years. Technology is advancing really fast.

I feel like the high transaction volume was calculated by satoshi but maybe not this much. This is why we moved from the legacy, and now moved into other stuff. I mean lets all remember, our address' started with 1 back in the day, then started with 3, and now starts with b most of the time, why did that happen?

Because the transaction volume increased, which made the transaction fee high, so we changed it into something that would benefit everyone and drop the transaction fee. This means we may end up seeing something different yet again, if there is another bull run, which I believe will, then we are going to have even bigger fee, and we will need to change it yet again.

[adzino]

-snip-

1. Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
2. "I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi

-snip-

1. Yes, bitcoin and other crypto currencies are still on its infant stage. The market is very volatile and unpredictable. So yeah, you don't put all your money on something that cannot be predicted or has high risk.


2. He wasn't wrong. Like I said, crypto currencies are unpredictable. Hence back then, even Satoshi knew that crypto currencies might fail. It has been almost a decade and we have seen large volumes. But there are no assurance that we will see the same within next decade.

[rendravolt]

Maybe the main thing is about bitcoin security, actually I'm still not sure about it even though so far there have been many hacking cases on platforms or exchanges. But so far there is still no loophole through software or similar wallets that support bitcoin. Yes, that's all, let the bitcoin developers continue to improve their security.

[Gallar]

There must be worry, because bitcoin is still beta software.

but when it comes to bitcoin transaction volume,
until now there are still quite a lot and stable, for the future I also can't predict it, because anything can happen to bitcoin.

but there's one thing i'm more worried about,
namely the loss of internet access, because that is the heart of it,
no one knows in the future what this internet network will be like,
If you look at it, it's growing now, but I still feel afraid if Internet access is lost.

[FP91G]

Former MEP Nigel Farage dubs Bitcoin the ‘ultimate freedom’ as government can’t get near it
Comparing the idea of Bitcoin with Brexit in terms of opposition, Farage said that:
“Any new idea will automatically face the opposition of the entire establishment because they own the settled status quo, they’re very comfortable, they’re doing nicely, they don’t want anything to come along and disrupt.”
https://finbold.com/former-mep-nigel-farage-dubs-bitcoin-the-ultimate-freedom-as-government-cant-get-near-it/

[Jet Cash]

I believe that Bitcoin was created as a central bank experiment. It is still beta because the end products will be the central banks digital currencies. The 20 million limit, and the 10 minute block times were included to ensure that it would never become a competing currency. It has been a massive success, and has now become a store of wealth, and a reliable international payment method. I accept Bitcoin in payment for domain names and other items  where immediate payment confirmation is not essential. I did have concerns that central bankers and other major investment houses were purchasing large blocks of Bitcoin, and that this would create problems. The almost infinite divisibility of Bitcoin, and even Satoshi, means that regardless of whale holdings, it can still be used by small investors and traders. Lightning has helped with this.

Gold appears to be making a comeback to underpin sovereign currencies, and we may see China and Russia introduce gold backed digital payment units. Bitcoin is the only virtual currency that has a real intrinsic value, and because of this, I think it has a long future, and may take its place alongside gold and silver.

[Kelvinid]

There must be worry, because bitcoin is still beta software.

Really? Bitcoin launched 13 years ago and you still think that we are in a trial period?
In fact, you have noticed the growing demand for Bitcoin and its adoption which means that Bitcoin is proven already that it works according to its purpose.

but when it comes to bitcoin transaction volume,
until now there are still quite a lot and stable, for the future I also can't predict it, because anything can happen to bitcoin.

but there's one thing i'm more worried about,
namely the loss of internet access, because that is the heart of it,
no one knows in the future what this internet network will be like,
If you look at it, it's growing now, but I still feel afraid if Internet access is lost.

You worried too much because you carried negativity. You need to trust Bitcoin and let the market change on its own, not in your favor as it was not designed by that. It certainly won't give you peace in mind if you keep thinking the impossible things to become possible.

What I just worried about when Bitcoin become centralized and when the government take control of it. Definitely, that losses confidence about it.