Could Bitcoin be the Public Currency of the Future?

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legendary

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Quote from: luckyrichh on February 25, 2022, 05:00:16 AM

Could Bitcoin be the Public Currency of the Future? I`m new to this topic.
So I would like to know if you think the opportunities, risks, advantages, and disadvantages of Bitcoin are our future currency.
And if you think it can happen, what will
Bitcoin be for us in the next few years? What will we pay for in the next 7-10 or 15 or 20 years?

That's a good question that denotes that you are new to this. The initial idea when it was created is that Bitcoin would be an electronic cash system that would not depend on any central authority, therefore potentially being able to replace cash for all types of transactions.

Over the years we have seen a number of problems and limitations, including the number of transactions that can be processed and the speed of confirmation. Even a solution that allows more transactions to be processed almost instantaneously, such as the Lightning Network, does not seem to be a solution for Bitcoin to be used for all transactions on a global scale.

As of today it seems that Bitcoin will be something like digital gold, something valuable that people have to keep but that will also be used for certain transactions and for day to day transactions like paying for a coffee, people will continue to use fiat (state money) Bitcoin but with Lighting Network or other cryptocurrencies.

teosanru

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Quote from: luckyrichh on February 25, 2022, 05:00:16 AM

Could Bitcoin be the Public Currency of the Future? I`m new to this topic.
So I would like to know if you think the opportunities, risks, advantages, and disadvantages of Bitcoin are our future currency.
And if you think it can happen, what will
Bitcoin be for us in the next few years? What will we pay for in the next 7-10 or 15 or 20 years?

No matter how strongly I want to say yes, the answer will be a no only. The average block time and the traffic congestion on the network will not really allow it to become a currency for the general public. One cannot really wait for 5-7 minutes for just one transaction to get approved, secondly, fees which recently have come down after segwit but are still quite high if you see from a daily transaction perspective. But yes definitely some cryptocurrency can be used as an alternative to fiat, something which is very fast and cheap at the same time and still is highly secure. Even if it comes in form of CDBC you will definitely be using only cryptos in next 10 years.

PrivacyG

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As in replacing Fiat? No way it will replace dirty money. Bitcoin may become more adopted but will not do miracles against corruption and all of that.

It has the advantage of being impossible to censor and kill. This alone will massively increase its longevity. The disadvantage is that it is impossible to censor and kill. This will keep our governments pushing Bitcoin as far back as possible every time, even if adoption is at this point inevitable.

Opportunity? Letting humans finally live bank free. Risk? So few know how to hold privacy at a high level that it is increasingly easy to build a transparent ledger of identifiable wallets. This could bring so many issues, even long term. Imagine being asked years from now about a transaction that has clearly been broadcasted by your wallet. Even if you have high level privacy, one mistake could reveal your entire history.

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Regards,
PrivacyG

Gozie51

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As you see that just few country have made bitcoin as legal tender like El Salvador. Legal tender means everyone will accept it as money and means of payment and no acceptance is a crime. But how far that can go for other countries still dependent on time.

As far for now, countries are yet talking and discussing legalization for bitcoin, that means a choice to use it and not a crime if you don't. You see the traditional system is still around.

You can move this thread to bitcoin discussion board here, except you mean this to be legal.

https://bitcointalk.org/index.php?board=1.0

luckyrichh

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Could Bitcoin be the Public Currency of the Future? I`m new to this topic.
So I would like to know if you think the opportunities, risks, advantages, and disadvantages of Bitcoin are our future currency.
And if you think it can happen, what will
Bitcoin be for us in the next few years? What will we pay for in the next 7-10 or 15 or 20 years?

Topic: Could Bitcoin be the Public Currency of the Future? (Read 140 times)