Post
Topic
Board Beginners & Help
Topic OP
Bitcoin Feasibility and it's future
by
Robotguy
on 08/09/2011, 20:36:37 UTC
 I recently have joined the Bitcoin community. I did what little research I could to try to understand how bitcoin works. I downloaded the bitcoin software and managed to buy some coins on a virtual exchange. After trying to transfer the coins to my address I kept looking in my software and there were no coins. After a little observation I noticed that the blocks were still updating on my software. How long will it take for my blocks to be fully caught up? Do I have to download all blocks since the beginning of bitcoin existence. What will happen to the poor chump in the future, oh let's say 2056, when e decides he want's to open a bitcoin account? Will that poor chump have to download all the blocks since the beginning of bitcoin existence? This is anoying for me, I'm sure it will be extremely frustrating for him. Perhaps someone has already taken this into consideration and has decided to modify the software so that only the previous 10,000 blocks are relevant, but you can't can you? This system is designed to float gently on the web and operate in all of our computers. We can't make the first blocks irrelevant because what if Bobby Bongo never traded the first bitcoin ever to exist? Those blocks are required for reference to confirm that if Bobby Bongo ever wished to spend his bitcoin he is indeed the owner of that bitcoin.
 I really do enjoy the concept of bitcoin, and I agree that every private individual has the right to spend their money as he or she pleases. Our traceable economy of credit cards and debit cards  and online banking comes in handy when you want to have evidence of purchases for warranty issues or to prove your bills have been paid. There are other times however when we prefer to use cash, for example we wish to tip a stripper, buy some drugs on the street corner, or just simply send little Tommy five dollars in his birthday card. I do believe the American dollar reads "for all debts public and private" I believe as much as the internet is a community it should enjoy some, if not all, of the luxuries of a living breathing community.
 
 The genisis block. Does the genesis block determine the outcome of bitcoin? Is bitcoin a monster that has been set on its way like a runaway train with no tracks? Can bitcoin be improved in any fashion to meet the demands of the public? So many questions.

 I hope it's all so much simpler than I think, I hope bitcoin enjoys a long and fruitful life.