In many videos Ivan tells that Bitcoin has a great potential in future.
But why do you think so?
I mean, even now there are a lot of different cryptocurrencies that beats Bitcoin on different parameters. So why Bitcoin with its long transaction time, problems with scalability and plenty of forks will be the main cryptocurrency in the future or at least play a significant role? Bitcoin also has limited amount of coins that means that when they all will be mined, transactions fees will grow because it will be the only way for miners to earn money. And when it happens, it’s very likely that a lot of people will switch to another crypto with lower transactions fees.
What do you think about it?
In many videos Ivan tells that Bitcoin has a great potential in future.
I believe bitcoin will remain in a similar role as it performs today, being used to store value and act as a kind of ‘termomether’ of how the ecosystem is developing in terms of adoption, market cap and so on. However as you mentioned there are a number of problems with bitcoin that make it impossible to use in all day to day transactions, with the time of confirmation and the fees being the main ones.
I believe some other crypto like Iota, dash or Litecoin are better suited to microtransactions, but maybe something new comes up in the future.
I agree with Caiof. BTC had the longest exposure to the market, survived several hack attacks, forks and crazy crashes due to the shutdown of the silkroad, etc. There is a nice talk from Tone Vays:
Bitcoin is digital gold and will be, once it is having a bigger market cap. You won’t need it for transactions on a daily basis, as we don’t need gold for a daily basis. It is a storage of value.
There is many other coins and technologies that will take over the daily use. Cryptocurrencies aren’t made by a country, they are created and then the whole community decides what happens with it. So, decentralized coins that find there niches in this market will most likely survive, because they are useful and used. So for long term I think it is a good idea to hold a bit of btc. But Who knows. Nobody can predict this markets future.
I think BTC is worth a lot later, not B2X and not BCH. Even though it is slow, and expensive, maybe thats even better so you don’t fear sell when market crashes. I just hope, that we can all kind of come to agreements and find coins that are useful fopr payments, storage of value, usecase for invoices etc, loan lending etc.
What about the lightening network? That will make Bitcoin transactions fast and very cheap. Iota may be the exception to this but most alt coins don’t have the same amount of users and transactions arguably when they do they will face the same challenges as Bitcoin is today. Bitcoin is just further ahead in its evolution.
true. with its experiences it survived, it is also the most proved one. i guess litecoin might be a way to do every days normal transactions, maybe dash. but most alt coins won’t have a chance against bitcoin as a storage of value or a payment methode I guess. But there is much more alternative ways to use the blockchain technology, so I guess in the end we will have about 10 coins or currencies for different aspects like lending, etc.
But lets see if lightening is going to work on a big scale. interesting is also the technology of COMIT (TenX).
I also believe that Bitcoin is going to remain at the forefront for a long time. It has a strong history and community. It’s technology is very stable and at the same time it has room for dynamism, through soft or hard forks. Centralised systems will not be able to compete against bitcoin. They will find it difficult to stop its growth. There is plenty of room for other cryptos. But BTC and it’s forked relatives will continue making a strong presence.
i hope it stays decentralized… cause right now it is quite centralized through this huge mining centres…
Yeah, that’s the problem with ASICs mining, it brings the cost of mining to high for the average user to even consider starting. That’s the whole idea with bitcoin gold, they would use an ASIC resistant mining algorithm, and maybe doing so they will atract a lot of miners.
I think the large players in crypto space are really trying to consolidate their grip with segwit2x, i sincerely hope it fails for the future of bitcoin.
yeah i guess it is in humans nature and wil disrupt this space for a while. we just started, 1-3% involved… so there might be more forks, more coins until the bubble crashes and the 5 to 20 % of goot tokens or coins will survive. I don’t know, but I surely am glad when this fork is over.
Read up on the Lightning Network, too. It is crucial to the future of bitcoin as a store of value and a currency.
@Caiof please could you elaborate in why you think segwit2x is a power grab by centralised miners?
From want i have seen about who supports which side, most of the largest miners are backing Segwit2X, while bitcoin core is backing the legacy chain.
The reason i think this will increase centralization is that a 2mb blocksize will also increase the time it takes to broadcast and receive a block in the network, which will in turn give an advantage to miners with extremely fast connections, everything else equal.
This adds yet another cost to a miner starting out, increasing the advantages well established mining companies already have.
Another problem I see with this fork is the fact that most of the companies who signed the new York agreement made it behind close doors, and are now trying to push that decision to the community. If this forks succeeds we are basically saying that the miners own the network, because the changes they agree to are implemented, and not discussed properly with the community.
nicely said caiof. I agree. the arcane bear also has a nice video about it and why it isn’t really doing anything good for the community. it is not an upgrade at all.
I’m not going to say i understand everything but I’m really impressed something like that is being developed, it really changes how I fell about the future of bitcoin, even though i still think there will be better alternatives for microtransactions.
I’s a really cool idea and i hope to see it ready for implementation soon.
No, There are number of new cryptocurrencies . see this videos: https://www.youtube.com/watch?v=ZailwCJIuIU
I do agree with your arguments on other cryptocurrencies beating bitcoin in various parameters, but here is why bitcoin has (and will continue having a big impact on the market).
Many people associate cryptocurrencies with bitcoin. They still have the conviction of bitcoin being the biggest and dominant player in the market. Thus, if something happens with bitcoin, they think other coins will behave the same way and the whole market will follow that logic. The recent market crash is a vivid example of that. Bitcoin prices went down, people started panicking, sold their altcoins (because they were thinking the crash of bitcoin would end up everything), that’s why the prices of altcoins also significantly went down.
Also, many altcoins depend on the bitcoin blockchain (somehow, I don’t know exactly how), that’s why people think, that those coins will do the same as bitcoin does in the market.
Finally, if I am not mistaken, 80% and more of BTC has already been already mined, which means they have their owners, who can impact the price of BTC in the market. And that’s a huge number for the dominant coin. Thus, the mined BTC probably rules the market (simply because it occupies a big percentage of the existing coins in circulation), that why other altcoins are still somehow dependant on the BTC market value.
These are the main reasons, I believe!