- Apr 25, 2011
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- 28,315
I agree BTC is more like gold or silver - a store of value - but what about The lightning network, perhaps that will be used for day to day transactions.
- Nov 22, 2019
- 6,960
- 1,681
All the big banks owners would love to attend this funeral.
MR_HOUS3
Newbie
- Feb 24, 2024
- 41
- 21
Why would it become impossible?
- Apr 25, 2011
- 19,849
- 28,315
It’s true. Thats when you know a system is serious when the existing competition start panicking and saying how it won’t last.
- Jan 12, 2011
- 2,693
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yes i can see
- Nov 11, 2018
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Because it's finite and people will start to hord it more and more so less and less will be available for transaction.
wimiphp
Regular Member
- Dec 16, 2023
- 310
- 159
So, is there any alternative to blockchain? Becuase its supposed to be the next big wave comming in.
- Sep 10, 2010
- 11,806
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I meant BTC's blockchain specifically. There are cheaper blockchains which are more practical for day to day usage.
- Apr 25, 2011
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- 28,315
I don't think that neccesarily matters on its own because if people hord it and there is less available BUT the demand is still there then that would naturally make the price rise - until it was at a figure where people were willing to sell it then price would sebtle. If price rises then it doesnt mean there is less bitcoin it just means that people would need less of it as that smaller amount would come with more purchasing power.
However, I think its more the case that there is only so much bandwidth for processing of transactions therefor there is essentially a shortage of supply and a high demand for the processing of transactions thus cost is naturally increased.
Having said all of that, I don't think BTC is going to become transactional itself, I think its more likely to be similar to gold in that its a good store of value. For transactions I think a layer 2 network such as lighting will be used.
As above, lightning network or some other layer 2 protocol will be more suitable.
True as well, my preference at the moment (Unless I can use lighting network) is LTC. But then I assume they will have similar issues as they grow in popularity.
sscaz
BANNED - Discussion of Prohibited Activities
- Jul 18, 2022
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No one can stop bitcoin, it will always be used, crime on crypto is funny as hell since cash has been used since ever to do illegal stuff hence crypto will be used so too, they're all just trying to bring the price down so that they eat a stake in bitcoin for themselves as well, never trust governments, banks, richest people etc, whatever they say they say for their own benefit/ideals and not for yours.
- Sep 10, 2010
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As far as I have seen myself, proof of stake networks are a littlebit more pocket friendly due to a high barrier of entry of validators (you have to have $$$$ staked). Proof of work blockchains are much costlier because everyone can mine and the competition is huge.
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Hoboninja
Regular Member
- Sep 25, 2020
- 292
- 289
bitcoin doesn’t need to be worth a dime as it has already done its job making people ask questions and learn about financial things they wouldn’t have otherwise .
Bitcoin is like the plane made of paper and sticks and we use jet engines now.
The most value crypto in 50 years will be the one that allows for safe cheap transactions and increases in value naturally due to its ability to create and hold wealth / value like regular currency does ( in theory) without acting like a pyramid scheme.
A more realistic name given for the crypto ecosystem would be digital-ponzi-bond as people hold for x amount of time hoping to sell for a profit that exceeds inflation, taxes and other vessels used to create wealth.
When people start to keep servers in their house as naturally as they have a microwave and stove Crypto can really become a useful mechanism for average folks to not need government backed financial mechanisms.
That’s a long ways away still.
I’m also extremely ignorant and don’t know what I’m talking about, and this isn’t financial advice.
Bitcoin is like the plane made of paper and sticks and we use jet engines now.
The most value crypto in 50 years will be the one that allows for safe cheap transactions and increases in value naturally due to its ability to create and hold wealth / value like regular currency does ( in theory) without acting like a pyramid scheme.
A more realistic name given for the crypto ecosystem would be digital-ponzi-bond as people hold for x amount of time hoping to sell for a profit that exceeds inflation, taxes and other vessels used to create wealth.
When people start to keep servers in their house as naturally as they have a microwave and stove Crypto can really become a useful mechanism for average folks to not need government backed financial mechanisms.
That’s a long ways away still.
I’m also extremely ignorant and don’t know what I’m talking about, and this isn’t financial advice.
