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Bitcoin in Daily Use:
Bitcoin not being widely used for daily transactions yet is not due to a lack of technology but user habits. However, second-layer solutions like the Lightning Network make everyday payments faster and more cost-efficient, paving the way for broader adoption.
No, it's due to the fact that Bitcoin takes up to 30 minutes and cost up to $30 to do a single transaction. That is not "user habits".
Bitcoin cannot possible scale to handle even a tiny portion of the world's daily transactions. It will never EVER be a mainstream means of payment. Ever. It was never made to do that, and it doesn't.
If you want mainstream, find an architecture that will actually scale to the world's daily transaction load. Everything else is just a speculation instrument.
Totally agree. This is what i wanted to express initially.
Re: Presenting a new version of Pollard's kangaroo secp256k1 ECDLP solver
I just want to update that the code now supports 254-bit range and multiple GPUs (on linux only).
Can not compile it:
Merge.cpp:10:21: error: 'filesystem' is not a namespace-name
10 | namespace fs = std::filesystem;
| ^~~~~~~~~~
Merge.cpp: In function 'bool isRegularFile(const string&)':
Merge.cpp:20:12: error: 'fs' has not been declared
20 | return fs::is_regular_file(filePath);
| ^~
Merge.cpp: In member function 'void Kangaroo::MergeDir(std::string&, std::string&)':
Merge.cpp:77:30: error: 'fs' has not been declared
77 | for (const auto& entry : fs::directory_iterator(dirName)) {
| ^~
Merge.cpp:78:13: error: 'fs' has not been declared
78 | if (fs::is_regular_file(entry.path())) {
| ^~
make: *** [Makefile:60: obj/Merge.o] Error 1
What version of gcc/c++ are you using? You need a modern version with support of the cross platform filesystem library.
It doesn't matter how large the market cap is. Bitcoin defined itself as a currency - currently, it is a very limitet one. Very far from being mainstream for a currency. For an asset? Sure it is mainstream. But bitcoin defined itselt (at least, satoshi did) as a currency - not an asset.
If you talk about Bitcoin as a mean of payment, then I agree with you, it's not a mainstream and will never be because it's not designed for that. Bitcoin was created to simply get rid of 3rd parties and create a decentralized, P2P transaction in ecommerce.To be honest, I think that Bitcoin was most likely a test project than a final solution to the problem that Satoshi wanted to solve. There are 7 billion people in the world, 5.5 billion of them have access to internet and Bitcoin's block size is 1 MB. It's impossible for Bitcoin to become a mainstream currency because 1 MB block size is the limit. For it to become mainstream, we need to change it's protocol, so still, I wouldn't say that it will never become a mainstream because it can, we only need to modify things.
I agree with you, but I do think the original goal of bitcoin was to create a mainstream payments system.
About the block size, it's not only that. As transactions/userbase grows, the operation cost (I mean, more miners will join as bitcoin becomes more and more popular) grows exponentially. Proof of work just doesn't scale well.
Maybe I'm wrong, and satoshi did create this as an inital proof of concept.
I think that bitcoin will never become mainstream due to the nature of it. The only possibility I can see that it will get mainstream is via centralized parties, like easy-to-use exchanges managing the users coins.
I think you're very limited in what you know about Bitcoin; its already mainstream in some parts of the globe, and it always headlines in mainstream media. Some companies also accept cryptocurrency. Just check up Namecheap.
Here in our country, there are restaurants and services that accept cryptocurrency. You just have to check and dig deep and not just assume based on your little knowledge.
It sure is mainstream for an asset, but not for a currency. This is the different. Namecheap, and other internet companies are exceptions.
Currently, the transaction fee is around 2-3 sat/vB. That's roughly 30 cents for simple one-input, one-output transactions. You think that's too expensive to interact with the most secure decentralized network out there?
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Considering that it might take more money/time to get confirmed fast, yes, it is way too expensive. see how other cryptocurrency platforms manage to get an actual near-zero transaction cost at bigger scales.
Re: Anyone has a minimalistic, C++ Implementation of the original bitcoin protocol?
I think it's better off to start with the qt versions rather than the wxwidgets versions actually, but anyhow these old bitcoin source codes are not as good looking (in the sense of code readability) as a project like gocoin.
Alright, but just a warning about the Qt builds:
I don't know when they started building with Qt5, but old builds using Qt4 (if any) are going to be extremely hard to compile since most distros stopped shipping Qt4 libraries in their repos. You're better off using an older distribution in that case.
Happened to me while I was trying to run Armory (a bitcoin wallet) so this could be relevant here.
Thanks for the information,
I am currently working on some code based on btcd, however.
That's just not true, take for example stocks, real estate, etc.
You're correct for real estate.But wait, stock is the same, some people loss and some people earn, because the larger people invest in stock, it will pump the stock price.
I think that you should accept the fact people use Bitcoin more as an investment than as a currency and centralization trying to adopt Bitcoin. You know, Bitcoin is decentralized, decentralized is where no one can control Bitcoin, so it's up to anyone to use Bitcoin for whatever they like and doesn't limit specific people or institution to buy Bitcoin.
I accept that fact, but that brings the contradiction with it. If bitcoin is an investment and not a currency, than this means the only reason it goes up is because people think that other people will buy it, and thus its price will go up, not because they want to use it as a currency.
About stocks, it's different because when you buy a stock you buy a share of a company, you get some power in the control of it, its profits, not just from the price of the stock.
I think that bitcoin will never become mainstream due to the nature of it. The only possibility I can see that it will get mainstream is via centralized parties, like easy-to-use exchanges managing the users coins.
What are the arguments that support bitcoin will go mainstream? Any argument I can find online is something non-related to bitcoin itself - For example, if the US government buys bitcoin, or Tesla accepts Dogecoin it isn't something that (in my opinion, at least) makes bitcoin more accessible for the normal, non-technical every day person.
I think bitcoin became a scam not by purpose. see, these days people on social media just tell you to buy it, because it's a currency and its price will go up. but what makes bitcoin a currency? its community? but most of its community just bought it as an investment, not as a currency - as an asset. it's like a pyramid scheme.
Bitcoin does bring some good things to the world, where free (as in freedom
) digital money is inaccessible, but to the western world, what it brings? gambling? crime? mostly. some will argue privacy, but what exactly is private about bitcoin?
It also grows exponentially in terms of energy and resources needed to operate it, which is a total waste.
Some will argue it's a "new kind of global currency". but again, most bitcoin users don't use it for daily transactions. you might say, how do I know that? simple - because all the data on the blockchain is completely public.
And it's overpriced.
Leave your comments.
How can you say that Bitcoin will never become mainstream while it's actually a mainstream? Look at Bitcoin's market cap and compare it to other coins, it's bigger than all coins taken together. Compare Bitcoin's market cap to companies like Microsoft, Alphabet, Apple and others. It's definitely a mainstream and from this point, any argument that says it's not a mainstream and will never be, is simply not valid.What are the arguments that support bitcoin will go mainstream? Any argument I can find online is something non-related to bitcoin itself - For example, if the US government buys bitcoin, or Tesla accepts Dogecoin it isn't something that (in my opinion, at least) makes bitcoin more accessible for the normal, non-technical every day person.
I think bitcoin became a scam not by purpose. see, these days people on social media just tell you to buy it, because it's a currency and its price will go up. but what makes bitcoin a currency? its community? but most of its community just bought it as an investment, not as a currency - as an asset. it's like a pyramid scheme.
Bitcoin does bring some good things to the world, where free (as in freedom
) digital money is inaccessible, but to the western world, what it brings? gambling? crime? mostly. some will argue privacy, but what exactly is private about bitcoin?It also grows exponentially in terms of energy and resources needed to operate it, which is a total waste.
Some will argue it's a "new kind of global currency". but again, most bitcoin users don't use it for daily transactions. you might say, how do I know that? simple - because all the data on the blockchain is completely public.
And it's overpriced.
Leave your comments.
The fact that people buy Bitcoin for investment purposes doesn't mean that Bitcoin is a pyramid scheme. Everyone buys it for different reasons. There are lots of people who buy it because they appreciate all the benefits that Bitcoin brings. If you want to know more about them, please read Bitcoin Whitepaper, you'll understand what is the real pro of Bitcoin and what problems this invention solves.
It doesn't matter how large the market cap is. Bitcoin defined itself as a currency - currently, it is a very limitet one. Very far from being mainstream for a currency. For an asset? Sure it is mainstream. But bitcoin defined itselt (at least, satoshi did) as a currency - not an asset.
I think bitcoin became a scam not by purpose. see, these days people on social media just tell you to buy it, because it's a currency and its price will go up. but what makes bitcoin a currency? its community? but most of its community just bought it as an investment, not as a currency - as an asset. it's like a pyramid scheme.
You are one of those people who think pragmatically and maybe you don't understand how bitcoin was created. If you think bitcoin is a scam then why are you talking about it because in this forum you will understand that everyone will support bitcoin. You are entering the lion's den and I think your mindset is like someone who doesn't know this forum because even if we discuss you will stick to your own opinion.Bitcoin does bring some good things to the world, where free (as in freedom ) digital money is inaccessible, but to the western world, what it brings? gambling? crime? mostly. some will argue privacy, but what exactly is private about bitcoin?
I don't know where to start because you are almost trying to equate bitcoin with gambling, crime and other negative things. So there is no possible conclusion that can be discussed if you don't have a positive side to talk about and I think you need to learn more about bitcoin. Privacy is something that is very important and you will understand how it works when you know bitcoin thoroughly. ) digital money is inaccessible, but to the western world, what it brings? gambling? crime? mostly. some will argue privacy, but what exactly is private about bitcoin? Well, if you look at the numbers, you see tons of usage in crime/gambling with bitcoin. Regarding the privacy - why do you think bitcoin is private? It's clearly not. Anyone can trace you. How is that more private?
That's not true. In a pyramidal scheme, the profits of old users are directly generated by the incoming money of new investors. it doesn't necessary mean new investors lose; it means that after some point, the whole thing will collapse, and then they will.
From that perspective, every stock in the stock market is a pyramid scheme because the price is rising only because the people are buying and selling it.
Hence the early investors are gaining profits just because the new investors are buying it at higher prices.
If you argue that companies have intrinsic value and so the prices are rising then bitcoin's intrinsic value is the trust of people over it and that's why the demand is there for it and the price is rising.
So are stocks from a pyramid scheme too? If yes, then bitcoin is too.
The difference here is that when you buy a stock you buy a share of the company. It's not just a "virtual asset". Besides, the money doesn't only come from new investors in stocks - so this argument is incorrect.
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Sounds like someone who missed the moon train and butt hurt that the price doesn’t go lower for his entry.
Bitcoin already has an ETF that has insane amount of trading volume. Billionaire company is already on board while the upcoming president of the US is pro Bitcoin so I wonder where this comment of yours based while all the evidence for Bitcoin already a mainstream is already there.
I suggest to read some news!
If bitcoin is already mainstream, how come i can't literally buy anything with it on any stores on most countries, like buying a computer, house, car, even milk or eggs. This is true that some progress been done (and will be done - also because trump elected) but this is VERY FAR from mainstream. I read news - i suggest you read about the definition of mainstream.
Bitcoin gives freedom and privacy to it's holders that is why they're at liberty to either spend it as a decentralized digital currency or they can hodl it as an investment asset. Bitcoin is a new innovation in the financial system and it's not even two decades old, so you can't expect it's usage as a currency to be compared with fiat just yet, you have to give it time. I believe that in the near future the naretive about Bitcoin by those that are still skeptical about it will change, it's already happening, the adoption is increasing geometrically. Some businesses have started to accept Bitcoin, gradually more will join as the awareness and adoption continues to increase. Remember that great things starts from small beginnings and it's sad that Rome, wasn't built in a day, so it's not too late for you to hop on the train.
i appreciate your detailed comment, i agree with you on most things, but one thing is still a problem - the usage. The normal, everyday user doesn't know (and doesn't want to deal with) securing their coins in cold wallets. Once a mistake is done, the money is gone and no one can revert it. And it doesn't seem like the bitcoin community even cares about this problem. Decentralization solves some problems, but creates other problems.
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yes the price moves up and down.. congratulations you are learning that all currencies fluctuate
however bitcoin is deflationary. meaning over the long term its value per item bought increases to be able to buy more items.
First, how do you know it's deflationary? limited supply doesn't guarantee that. I can give plenty of examples of things that have limited supply and are not deflationary.however bitcoin is deflationary. meaning over the long term its value per item bought increases to be able to buy more items.
Well, bitcoin fluctuate based on hype on meme coins, investigation against crypto exchanges, social networks, Elon musk tweets, and stuff like that - unlike any other fiat currency.
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And it's overpriced.
Leave your comments.
And it's overpriced.
Leave your comments.
My comment is that you have a lot of ideas but you don't have a dime.
At least it's not bad to have a troll around here once in a while, I was already missing proudhon.
Instead of facing the arguments, let's call it a troll. this will solve the problem. good job big boy!
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So you're comparing that with Bitcoin? I don't understand how these two could be comparable because they'll both (according to you) eventually collapse. If so, how do you know that?
I don't "know" that but it is a very reasnable and logical assumption, and a probable outcome.
Most new people come to bitcoin to invest in it as an asset ->
They don't use it as a currency ->
currency can be anything.. women trade their body for many things.. sex is their currency
friends/neighbours trade alcohol for a helping hand.. beer is their currency
yes its not government issued cash.. but its all still currency.
anything traded that has an accepted value of exchange is a currency
gold is a currency
This creates high damand for bitcoin and limited supply ->
The price goes up ->
People on social media promote bitcoin as an investment ->
The price goes up
It will eventually stop, and the price will crash.
The price goes up ->
People on social media promote bitcoin as an investment ->
The price goes up
It will eventually stop, and the price will crash.
yes the price moves up and down.. congratulations you are learning that all currencies fluctuate
however bitcoin is deflationary. meaning over the long term its value per item bought increases to be able to buy more items
yep its not stable so swings up and down but broadly and long term the price moves up.
each time there is a crash/correction, its actually a good discount period/opportunity to buy more before the next rise
enjoy the crashes, dont fear them. because the next cycle the price will be higher, not lower
You defined a currency as a storage of value - that's incorrect. A currency has a fixed value, one US dollar = another US dollar.
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Calling Bitcoin a pyramid scheme shows how much knowledge you lack about Bitcoin, here is what you should start asking yourself right now.
I don't lack knowledge about bitcoin, it's just an opinion.
By the way, I didn't call bitcoin a scam - read again what i wrote. I wrote that it will eventually crash.
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So you're comparing that with Bitcoin? I don't understand how these two could be comparable because they'll both (according to you) eventually collapse. If so, how do you know that?
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I don't "know" that but it is a very reasnable and logical assumption, and a probable outcome.
Most new people come to bitcoin to invest in it as an asset ->
They don't use it as a currency ->
This creates high damand for bitcoin and limited supply ->
The price goes up ->
People on social media promote bitcoin as an investment ->
The price goes up
It will eventually stop, and the price will crash.
So you're comparing that with Bitcoin? I don't understand how these two could be comparable because they'll both (according to you) eventually collapse. If so, how do you know that?
[/quote]
I don't "know" that but it is a very reasnable and logical assumption, and a probable outcome.
Most new people come to bitcoin to invest in it as an asset ->
They don't use it as a currency ->
This creates high damand for bitcoin and limited supply ->
The price goes up ->
People on social media promote bitcoin as an investment ->
The price goes up
It will eventually stop, and the price will crash.
Any kind of investments works like that except you invest in something like give fixed return e.g. time deposit, bonds etc.
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That's just not true, take for example stocks, real estate, etc.