Why Bitcoin isn't the future...

Two reasons: slow transactions and high fees.

Bitcoin has the first mover advantage, but I don't think it will be on top of the Crypto world forever.

Like we saw with the rise of the Internet, "top projects" of today (AOL, Yahoo, etc.) will fall by the wayside as new, more efficient, and more useful projects (Google, Amazon, etc.) enter the space and gain recognition. Improvement is the name of the game. Who can come along and add the most value to the crypto community?

Cryptocurrency is still in its very early stages, and ultimately, this race is a marathon and not a sprint. I have my ideas, but I am curious about yours. Who will we still be talking about in 10, 15, 20 years?. . .and which projects are likely to fade due to their lack of practical use cases?

The problem that plagues the Bitcoin community is fees for transferring between wallets or spending. After Bitcoin has grown so much in value, you can no longer simply transfer $30 worth of bitcoin to a friend to pay for some pizza. Every time a small transaction is made, it seems like you lose about $5 worth of fees. In theory, this shouldn't be a big deal because fees decrease when larger amounts of BTC are spent. But, In reality, the majority of the public would be using Bitcoin for small purchases. A stay at home mom isn't going to want to spend $120 on groceries when instead she could spend $105 on her credit card and get American airlines miles at the same time.

@afridylan said in Why Bitcoin isn't the future...:

Who will we still be talking about in 10, 15, 20 years?


What about lightning? Apparently, that solves both speed and fees. I've used it before too and it worked perfectly.

@admin said in Why Bitcoin isn't the future...:

What about lightning?

Yes it is helping a bit.

Fixing bitcoin has become an obsession among the developers, miners and investors who wish to see the cryptocurrency become the future of finance. The problem lies at the heart of its design. When a person buys or sells something using bitcoin, that transaction is broadcast to the entire bitcoin network. No matter how small or big, every payment is stored on the approximately 200,000 computers participating in the network. With bitcoin’s popularity soaring, that arrangement leaves the system straining to handle the load.

@nicolaortiz Lightning definitely solves this though by using multi hop payment channels and digital signatures.

It is true that there are fundamental structural problems with bitcoin that stop wider adoption. As @admin rightly points out, Lightning Network is a great idea, and I will have to look into why it is not being used more. But at the heart of the bitcoin problem is a lack of consensus for resolving these issues. And the cause of this lack of consensus is that miners control the adoption of new solutions.

When the problem for users is that miners make too much money out of fees, we can't wait around for the miners to agree on a solution to reduce their profits. They play a complex game of balancing bitcoin's popularity with its profitability. And because of this fundamental floor, I believe bitcoin is ultimately doomed. Their only hope is to address this systemic floor before a competitor beats them. Because once bitcoin loses its number-one position, it will never get it back. This is because it only holds its number-one position because it has first-to-the-market advantage.

I don't know which coin will win, but I currently think it will be a Proof of Stake or something other than Proof of Work based coin. This is because the cost of mining drains the value of the cryptocurrency. And the coin which remains at the top will be the one where the adoption of improved code is easy, cheap, and driven by a consensus of informed users who are most likely to benefit from improvements.

I believe Blockchain is the future, not necessarily the Bitcoin. Bitcoin is too expensive to be a currency. The future has a crypto coin which can be used as a currency as well. Bitcoin is too pricy to be currency. Transaction fee is high cause the mining is more difficult and of course the price or value is high.

Bitcoin is digital gold, it will be first of all the way to accumulate wealth and keep. For transactions there are lots of other cryptos, in some of them you don't pay transaction fees at all. (Steemit for example, or EOS new project will also be like this)
So I would say Bitcoin is both Present and Future and we (as blockchain enthusiasts) can't imagine future without Bitcoin

Bitcoin is the future, and it's time for regulators to act accordingly.

Looking past the sensational reports of millions being gained or lost in months, there is no doubt that block chain technology and digital cryptocurrencies are here to stay. Whether the future framework will include the pioneering bitcoin currency is anyone’s guess, but we can be sure that its progeny will be as much a part of our lives tomorrow, as the internet is today. These would include Ethereum, Ripple and Litecoin among many others.

I agree with you. A Bitcoin-centric prediction of the future of cryptocurrencies is risky: prior to the advent of bitcoins, the world had previously not seen anything like it, and thus, cannot predict its future trajectory.

First and foremost, the blockchain is here to stay. Like every other piece of human invention, it will constantly evolve and not remain static.

I honestly don't see Bitcoin becoming the answer to the what the blockchain seeks to achieve. There are many unanticipated inherent design flaws, and trying to solve those issues will just bring about other issues.

My expectation is that we will learn from the limitations of Bitcoin and then use the lessons learned to engineer solutions that will make the limitations which you mentioned mere trifles.

My favorites, especially for micro-transactions and viability as fiat alternatives include:

1 - Litecoin (LTC)
2 - Dimecoin (DIME)
3 - Ether (ETH)
4 - Ripple (XRP)
5 - Stellar (XRM)
6 - Verge (XVG)


Don't forget Bitcoin Lightning Network! And the fact that Bitcoin will not go down without a fight.

Once the Bitcoin Lightning Network, currently in beta, becomes active, it would mean high-throughput, zero fees and suitability for micropayments, et al. To that end, it could simply continue being the alpha and omega of cryptocurrencies. But that all depends on how well the recent engineering for scalability works out.

What did you find special in Dimecoin?
Never met anyone who was inspired with it
The only thing which I remembered is that Dimecoin is very cheap
It had a rise in price in December and January, like everything
But it's still cheap now https://coinmarketcap.com/currencies/dimecoin/

@flodner I am not excited about DIME but my mentioning was because it is engineered to take care of microtransactions exclusively. The project isn't getting any attention now, but I think if done right, it has a chance of real-world impact. And yes, they're dirt cheap.

@coin_raven thanks for explanation.
Yes I remember a while ago I got 10 000 of Dime or may be even 40 000 but it wasn't worth a lot, so I exchanges them to Dogecoins on Cryptopia)

I think the fees to withdraw are very high and more when it is difficult to get it

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@AfriDylan it will be difficult to rethink the crypto space without Bitcoin. Actually, as it is now, when you ask someone whether they have heard about cryptocurrencies, majority say no. But immediately you mention Bitcoin, the answer becomes yes. So, Bitcoin may have high fees and other hurdles that are affecting its massive adoption but this virtual currency is here to stay. Let's not forget that its the most valuable coin right now. Can't really tell how long it will remain on top, But one thing for sure is that the virtual currency that allows for quick and cheap transactions will definitely enjoy mass adoption.

This comment from yesterday (at the 2nd World Intelligence Conference in Tianjin, China) seems applicable here:

E-Commerce Giant Alibaba's Jack Ma Says Blockchain Is Not a Bubble, Bitcoin Is

Kind of along the lines of what I was saying above... thoughts?