I assume you are aware that Bitcoin has a capacity limit. The capacity limit is already being reached, every day now. It is impossible for the capacity limit to be increased without consensus being reached, in practice on the network, for a technical solution. Instead now, if more people want to use Bitcoin, they must pay higher fees than others in order to be included in the blockchain*. This fee amount has been increasing at an exponential rate for the last few months. Those who do not pay this increasing fee, don't get to use Bitcoin.
* There is some limited scope for optimizing transactions to take up less space without a network consensus change, but the space is still fundamentally limited.
Yeah but that capacity limit is dictated by some things you're not taking into account. Like Halvin, which is the upgrade in security of the algorithms produced by the mining industry (if you can call it that way) that make them produce less and less and have to buy new machines, so taking this into account this creates a market between other cryptocurrencies, which means when bitcoin drops because of the halvin in example, you just buy another coin that is more profitable for you, bitcoin created a gigantic market that you can play with, thats why bitcoin will always be available in my opinion and always be used. At least for another 15 years, and im scared of thinking that is little time, actually in my thoughts I believe it will be more. Excuse my english if there are any mistakes, I speak spanish. What Im trying to say is that Bitcoin is the father to all this new market we are seeing these days, and I believe is practically impossible for it to fail, because of the peer2peer transactions without government or bank institutions interventions, and who doesn't loves that? I mean you're closing yourself that this world is only bitcoin, but actually now is waaaay bigger and has so much more material to make it productive that I see almost impossible for it to fail.
Replying to your other comment here.
Yes, I agree that the wider cryptocurrency/blockchain concept will not fail. However, if you own Bitcoin, you want Bitcoin itself to succeed, not some altcoin you don't have. Bitcoin itself can fail, with Bitcoin holders paying the price, even if the wider "Bitcoin" concept succeeds.
Gotcha, nice discussion bro. greetings from a third world country where my money is safer with bitcoin than anywhere else, lol.
Thanks, great thread!
Can you explain how the halving affects capacity? The coinbase reward schedule has nothing to do with capacity.
Not with the capacity itself, youre right I expressed myself wrong, but in the movement of the coin itself towards other directions that are not bitcoin.