Topic: Is bitcoin really the future of money? (Read 1057 times)

We have an example of obsolescence of "physical money", Sweden implements a philosophy of cashless society and many trade and service enterprises accept only cash as for now. About 87% of all purchases in the country were made online (even more in Norway, 92%). So it is possible to refuse "physical money" at all in the future (I'm not standing for it, I'm just considering probability of this).

So why not to use Bitcoin instead of a bank card? NFC + smartphone + Bitcoin wallet can easily replace old payment system in the future when all problems with transaction fee and time and scalability will be solved.

Bitcoin was developed to provide us with an alternative to fiat currency, which almost always loses value. With Bitcoin, we can have complete control over our finances because we anticipate a constant rise in the price of the digital currency. The primary issue is lack of trust in Bitcoin, which is why those who do have faith in it believe it will fully and quickly recover.

Generally, Bitcoin opens some best opportunities that we ever found in fiat. However, we never appreciate it in its early days of existence, in fact, we ignore this technology until the moment that it boomed. But the situation seems not okay yet, many were still doubtful and even these big companies are not accepting Bitcoin as payment. We can say it was designed as a digital currency but in the overall market view, it was just considered by the majority as an investment. Of course, things can be changed in the future and we are looking for more adoption this could prove that Bitcoin is not a failure but a successful currency innovation.

The introduction of Bitcoin brought about a totally new way of sending and receiving money which leads to companies been form to offer services for this new monetary system. This companies will need workers to help with the day to day affairs of the companies so in some way Bitcoin has affected the job industry by introducing more job into the economy of any nation that accept Bitcoin with open hands, the country mightn't necessary make Bitcoin a legal tender but give Bitcoin a welcoming environment and companies will flow into your nation.

Bitcoin has come a long way and achieved so much in the very little time it has exited, anyone thinking Bitcoin won't last long isn't living in reality as everything is going digital meaning soon fiat paper currency will be out of existence and money like Bitcoin with other centralized money will dominate.

  - When you say "Future Money" it means that all physical money or paper money is no longer needed. If this is true, when will it happen? Second, is it possible for this to happen? Third, has anyone here proven that Bitcoin is the future of money?

At this time, I don't see any reason for Bitcoin to become a future money, because in truth bitcoin at the moment can only be said to be an alternative way to be used as a digital currency that can be exchanged for Fiat currency. But, as real money not yet.

Then again, Nakamoto didn't say anything that he created Bitcoin to be exchanged for fiat currencies around the world. But he did this to provide an alternative way to conduct transactions through Blockchain technology to make it easier and easier for other people. And the number 1 thing that is affected by the creation of bitcoin is the banks in my view and opinion.

Yes, Of course.According to Deutsche Bank, the current monetary system is fragile. Deutsche Bank predicts that  digital currencies will grow to more than 200 million users by 2030. In the Imagine 2030 report, Deutsche Bank hints that digital currencies could one day replace cash. , as the demand for anonymity and  more decentralized means of payment grows.
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Investment asset and money are not the same. Some shares can be good for investing but you'll hardly use them for paying for your coffee in a cafe. So when we talk about Bitcoin, it has different sides: you can use it for trading or investing but you can also use it as money, but as for its currency nature, it still has some known technical problems. For instance in El Salvador they use Lightning Network for solving some of those problems, but it is still layer two decision. I'm sure we'll see some new blockchain inventions which will solve all technical problems at the level one and Bitcoin will become a world popular currency besides being a good investment already. But as for now it is not yet.

Well, BTC definitely looks like it could reach those heights. It’s just a matter of time, I think and soon it can become a great alternative. There are already so many people interested in investing in BTC. It is also a great long term investment. Many beginners choose to begin their journeys by investing in bitcoin. So, yeah, there is hope.

Bitcoin is absolutely the future of money. It might not be easily visible to consumers but it will absolutely take over as the dominant form of money.

Those of us who are able to wield its power at the base layer and second layer will be in a better position than those who rely entirely on custodians.

Those who use representative/derivative money will naturally be at the whims of those who dilute their money. With the growth of trustless models and joint custody arrangements like Unchained Capital, Casa, Nunchuck, and others to come, the inevitability is that bitcoin will take over because it will force the system to behave honestly.

For example, nobody voted to eliminate the phonebook. They simply stopped using them because the internet is so much more valuable. Bitcoin will be the same. People won't need to vote away bad money. They will simply stop using it because something better has come along.

It's also important to note that bitcoin is not likely to be adopted in parts of the world where the fiat currency is strong (USD, EUR, GBP, AUD, etc.) but rather it will happen from the bottom up in parts of the world where the money is historically weak and untrustworthy.

Bitcoin's price may be dumping but the actual VALUE of it and the infrastructure that is growing all around it is increasing.

I don't think so. In my opinion, digital money is the future but I don't see it as a binary solution. Bitcoin, altcoins, bankcoins, stablecoins; all have a place in global economy. Some will be used strictly as store of value. Eventually, all currencies will be cryptographic, and even if you hate Bitcoin, you'll have to accept your pay in bankcoins or stablecoins. I am sure banks are already working on this technology as we speak I think, allowing bank customers the peace of mind knowing their money is insured while being able to instantly send that money to anyone anywhere. So I can see Bitcoin having a place in the future long term, but it is quickly evolving into a store of value and nothing more.

Bitcoin will definitely affect the structure of currency with a decentralized attitude. Maybe its essence is not currency or technology, but a profit-seeking way to tell people that decentralization is the correct direction of the future process. Now It seems that many people will not believe it, but with the gradual popularization of the encryption industry and the gradual popularization of Bitcoin, it is more trustworthy and safe for people to accept decentralized operations. Fairness and transparency are rigid requirements. .

I cannot say that Bitcoin is a feature of money because bitcoin is safe is your money but I did that money that you cannot see or you cannot control so Bitcoin I have it characteristics and it operation how it works not directly with money but they can convert it to turn to money whenever you feel like so that is why I said that this current work with a Fiat currency

Bitcoin is the money of the future for me, I believe that in less than 10 years bitcoin will have a price close to 1 million dollars, and I am not exaggerating, because the same people will make the price reach that price, the whales and all the companies that have bought bitcoin have not done so in vain, they are clear that bitcoin is the future, buying at 16 thousand dollars is a bargain for what is to come in a few years, whoever believes that this is not the case, I think who then does not know much, fiat money will die? I don't know, maybe, but not Bitcoin, it will be the currency that will have the most money, more so because it doesn't depend on asking for permission from banks and governments.

Many people give their own reasons why Bitcoin is created as point of view, so i believe that Bitcoin have a very good technology and the reason why it's created should be base knowns to Satoshi, so therefore i believe that Bitcoin have its tune. But if i should explain why Bitcoin is being created, from my point i will say that it's a decentralized currency that is made to work in accordance with Fiat currency to add more values and easier way of making money transfer from another continent to another so easy without passing much stress.

Why not both though? I mean it could be something not to care about all that much if you do not want to hold long term, and it would lose you money to do that. If you really want to trade, keep on trading, but put aside a bit for bitcoin as well.

The biggest example of this could be switching from fiat oriented to bitcoin oriented. What this means is that when you are trading, the aim should not be having more dollars, it should be having more bitcoins and I have done it like that for a long time. I am not saying that it will be easy if you do it that way, but it would definitely be a thing that will take a bit of time for sure.

I disagree with you, because Satoshi never created Bitcoin to replace fiat money than to reduced unemployment and eliminate delay in people transaction. I don't think, Bitcoin will be future of money, because Bitcoin is a decentralized currency that is not control by the government like the way government control fiat money in the time of inflation and deflation which their major power to do all those things is central bank. Bitcoin will remain decentralized currency to fulfill the purpose it was created by Satoshi for the whole world to enjoy.

Not everyone understand the idea behind bitcoin creation, even though bitcoin is also an alternative currency with asset value that outweighs the currency feature.
Paying for goods and services with bitcoin may be a no-go area to some of us since we are in for long-term purposes, but we still have some Bitcoin users who are in for the short term and will exchange their bitcoin as quickly as they could because they don't have confidence on the future of Bitcoin.
But all that could be attributed to a lack of knowledge, because when you have good knowledge of Bitcoin you will know that long-term gains outweigh its short-term gains.

Actually you're right to an extent, because many people in their sense of reasoning taught that it's only the cryptocurrency that it's value drops, not been known that fiat currency dropped in the value due to the economic determination of the country, because some certain countries their economy always drop or go higher because of dollars rates and especially All this African countries precisely.

That is because they consider Bitcoin as a trading currency, not a valuable thing that they have to hold long-term. They might think that trading is more profitable than just holding and selling during Bullrun. However, I don't mind if people will value and appreciate Bitcoin as currency because not all will understand the purpose of its creation. Some will consider this as an investment while some as currency but overall, we still make Bitcoin grow, yet in a different way.

Bitcoin is meant to be hold for long term in other to maximize the potential and if one have adequate knowledge of how the bitcoin market works, you will be in a better position all the time.
Bitcoin can only be used as a currency when the individual have no other alternative and most times, it will be a trance border transaction.
We have few companies who are making their transaction using bitcoin, that way. The transaction is more secured and fees are less compare to sending same amount using the bank.