Topic: If Bitcoin is digital gold, what will be the digital "dollar"? - page 2. (Read 1312 times)
Bitcoin is or will act as both digital gold and digital dollar too. Bitcoin might take over dollar and act or work as the single accepted currency all over the world. Also the value of most of other cryptocurrencies like eth, dgb, xem etc are assesed on the basis of bitcoin's current price so bitcoin is already working as digital dollar as far as other cryptocurrencies are concerned. So bitcoin will remain at the top and everything else gold, dollar, eth, etc, dgb will remain subject to the king bitcoin.
Isnt USDT already took a cryptodollar position?
Literally it is yes, but I think OP was looking more to compare an altcoins usability to the dollar rather than an actual virtual dollar.
Bitcoin is also fairly slow
it is the fastest thing you can hope for. when you send a transaction it takes about 3 seconds to propagate through the whole network and for the receiver to see it in his wallet.the confirmation is what takes time and that time is 10 minutes on average for 1 and for making it un-spendable 1 is 99% irreversible because of the high difficulty and 3 is more suitable for bigger transaction sizes. meaning time is between 10 to 30 minutes.
in comparison i have never checked the propagation time and never seen any studies (the 3 seconds above was a research) so i can't say anything about that.
some altcoins have faster blocks even in seconds but because of number of orphans, lower difficulty and some other things everyone asks for much higher confirmation which means the total confirmation for an irreversible transaction is usually the same 30 or in some cases 1 hour.
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Bitcoin also has a cap at 21MBTC.
this is only a positive thing!Quote
Could it be that Bitcoin will become the equivalent of digital gold?
No. despite everyone wanting to see it that way, bitcoin was made with the purpose of being a digital currency and it is doing exactly that.Quote
Everyone recognizes gold as very valuable but it's not used for everyday transactions.
gold used to be used as a currency for transactions. and now it is used as a backing for the fiat in many countries.Quote
I've seen people describing LiteCoin and Etherium as digital "silver" if BTC is the digital gold.
they call litecoin the silver to bitcoin's gold never before anyone called ethereum as such.ether is not even a currency to be compared with bitcoin. it is a platform for smart contracts that happens to have a token which is only supposed to be used for smart contracts nothing else. and it can not and is not designed to be used as a currency.
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But silver isn't used in everyday transactions either.
nobody uses a precious metal for transaction (aka as a currency) you can make coins out of them like the old ages and use those coins as currency though.Quote
Is there a cryptocurrency out there that has what it takes to become the "digital dollar"? A cryptocurrency suitable for everyday transactions...
What makes it/them suitable?
IMHO the concept is a bit awkward.
The Dollar (and any other Fiat currency out there) is constantly being diluted with freshly printed Fiat, and that is the exact opposite of what we want from a cryptocurrency.
But if a currency only has a fixed amount of units, it'll be in a perpetual deflationary state, that's not necessarily a positive thing either.
i don't quite get this part.What makes it/them suitable?
IMHO the concept is a bit awkward.
The Dollar (and any other Fiat currency out there) is constantly being diluted with freshly printed Fiat, and that is the exact opposite of what we want from a cryptocurrency.
But if a currency only has a fixed amount of units, it'll be in a perpetual deflationary state, that's not necessarily a positive thing either.
if you want a digital crtypocurrency which is decentralized, has a large supply without an end (no cap), has a solid blockchain and network, is secure, fast and cheap then i guess off the top of my mind i can name Dogecoin.
i believe they removed the cap!
but the problem is always adoption. it doesn't matter what the coin is, as long as nobody uses it as a currency, it will remain useless.
It took many centuries for the fiat to replace the gold, can we give at Btc a few years?
Hard to do only 1st time.Now all will be faster, here is some https://wmx.wmtransfer.com/ , but not only this.
It took many centuries for the fiat to replace the gold, can we give at Btc a few years?
Comething like:
https://wmx.wmtransfer.com/
but on goverment control, like gold standart Dollar but BITCOIN
https://wmx.wmtransfer.com/
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WMX top-up and withdrawal service
The service for storing and transferring your BITCOIN property rights is provided by the Guarantor of X-purses, INDX Transactions LTD. Terms of the service are set forth by the Guarantor in the terms and conditions (storage Agreement) accepted by users of the system upon registering their X-purses. Your BTC storage rights are verified in the form of deposits to your X-purses equivalent to the sum of WMX acceptance receipts. The exchange rate set by the Guarantor is 0.001BTC = 1 WMX.
The Guarantor will deposit the WMX to your purse after receiving six or more confirmations on the bitcoin.org P2P database verifying your transfers of BTC to the addresses provided by the Guarantor.
The Guarantor will accept any BITCOIN amounts for storage, but will deposit WMX only in amounts exceeding 0.0001 BTC.
Only BTC of the amount exceeding 1.00 WMX can be returned from the storage. For the return from storage transaction, you need to set the service fee yourself. The service fee varies depending on the current BitCoin transaction fees but not less than 0.0005 BTC and not greater than 0.010 BTC. The transaction FeeRate, which is the ratio of the transaction fee in BTC to its size in kB, directly depends on the selected commission. The higher the FeeRate, the quicker your transaction will be confirmed by the Bitcoin network. The Guarantor undertakes the responsibility to forward your transaction into the Bitcoin network with the FeeRate which is no less than the one selected by you.
The service for storing and transferring your BITCOIN property rights is provided by the Guarantor of X-purses, INDX Transactions LTD. Terms of the service are set forth by the Guarantor in the terms and conditions (storage Agreement) accepted by users of the system upon registering their X-purses. Your BTC storage rights are verified in the form of deposits to your X-purses equivalent to the sum of WMX acceptance receipts. The exchange rate set by the Guarantor is 0.001BTC = 1 WMX.
The Guarantor will deposit the WMX to your purse after receiving six or more confirmations on the bitcoin.org P2P database verifying your transfers of BTC to the addresses provided by the Guarantor.
The Guarantor will accept any BITCOIN amounts for storage, but will deposit WMX only in amounts exceeding 0.0001 BTC.
Only BTC of the amount exceeding 1.00 WMX can be returned from the storage. For the return from storage transaction, you need to set the service fee yourself. The service fee varies depending on the current BitCoin transaction fees but not less than 0.0005 BTC and not greater than 0.010 BTC. The transaction FeeRate, which is the ratio of the transaction fee in BTC to its size in kB, directly depends on the selected commission. The higher the FeeRate, the quicker your transaction will be confirmed by the Bitcoin network. The Guarantor undertakes the responsibility to forward your transaction into the Bitcoin network with the FeeRate which is no less than the one selected by you.
but on goverment control, like gold standart Dollar but BITCOIN
Isnt USDT already took a cryptodollar position?
Digibyte could meet the needs of very fast daily transaction with almost no fee. It's future is bright
I'm sure there's a new thread every day asking which Alt-Coin is going to be the most profitable and what you should invest in today. That's all fine, I'm interested in that too. Today however I'd like to cast a wider net.
As a n0ob with cryptocurrencies, I'm convinced I'll make some errors and I'm sure there are things that I've misunderstood; Feel free to correct my if I mess things up.
From what I've seen, Bitcoin is without a doubt the dominant cryptocurrency out there. Bitcoin is also fairly slow and resource hungry. Bitcoin also has a cap at 21MBTC.
Could it be that Bitcoin will become the equivalent of digital gold?
Everyone recognizes gold as very valuable but it's not used for everyday transactions.
I've seen people describing LiteCoin and Etherium as digital "silver" if BTC is the digital gold.
But silver isn't used in everyday transactions either.
Is there a cryptocurrency out there that has what it takes to become the "digital dollar"? A cryptocurrency suitable for everyday transactions...
What makes it/them suitable?
IMHO the concept is a bit awkward.
The Dollar (and any other Fiat currency out there) is constantly being diluted with freshly printed Fiat, and that is the exact opposite of what we want from a cryptocurrency.
But if a currency only has a fixed amount of units, it'll be in a perpetual deflationary state, that's not necessarily a positive thing either.
As a n0ob with cryptocurrencies, I'm convinced I'll make some errors and I'm sure there are things that I've misunderstood; Feel free to correct my if I mess things up.
From what I've seen, Bitcoin is without a doubt the dominant cryptocurrency out there. Bitcoin is also fairly slow and resource hungry. Bitcoin also has a cap at 21MBTC.
Could it be that Bitcoin will become the equivalent of digital gold?
Everyone recognizes gold as very valuable but it's not used for everyday transactions.
I've seen people describing LiteCoin and Etherium as digital "silver" if BTC is the digital gold.
But silver isn't used in everyday transactions either.
Is there a cryptocurrency out there that has what it takes to become the "digital dollar"? A cryptocurrency suitable for everyday transactions...
What makes it/them suitable?
IMHO the concept is a bit awkward.
The Dollar (and any other Fiat currency out there) is constantly being diluted with freshly printed Fiat, and that is the exact opposite of what we want from a cryptocurrency.
But if a currency only has a fixed amount of units, it'll be in a perpetual deflationary state, that's not necessarily a positive thing either.
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