Quote:
Originally Posted by Fuzz
I think ultimately if Bitcoin sticks around, it's going to have to migrate to a new platform. It just has to many inherent flaws, like it's power consumption. Perhaps the whole thing shifts to a new system and just "imports" Bitcoin into it to keep the legacy name and value. I'm not sure if that is technically feasible, but as is it doesn't seem sustainable.
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I would guess the Bitcoin blockchain transactions will move from Proof of Work to Proof of Stake. This will effectively eliminate power consumption. I believe Ethereum is working towards this change. In turn, it could provide earnings to BTC holders.
As for transaction speed/volume, I believe developers are working towards offchain/side chain transactions. Being decentralized, blockchain changes can be cumbersome to implement but they do happen.
I do tend to agree with you though, it's likely a more currency based crypto will be used for daily transactions as people will be reluctant to spend their inflation hedge.
Sure are seeing alot of companies and investment groups getting involved. Now Twitter, MasterCard and Uber are talking crypto.