Topic: Will bitcoin be the ideal currency of the future? (Read 1641 times)
Bitcoin is another payment option like Fiat, Paypal and Credit Cards.
bitcoin is the currency for the future, in the future everything is sophisticated and bitcoin is a fairly sophisticated payment instrument compared to fiat currency, I think in the future everyone will know more about bitcoin and start using bitcoin. who knows bitcoin, but in the future I'm sure bitcoin will be more popular.
Globally Bitcoin is best financial framework and for this you will discover a few seconds within the Bitcoin computerized installment framework as there are numerous surrenders in conventional installment frameworks and we all endure from these surrenders at the display time. Maybe bitcoin isn't idealize sufficient but I think it's way better than the current money related framework and bitcoin installment highlights far more than its blemishes. Cryptocurrency and Bitcoin came as an great strategy of installment because it gives tall speed, fetched and exceptionally small exchange expenses.
Sending and receiving transactions will definitely have a conflict since if you want a faster transaction, it requires high fees. In that case, it can't be an ideal currency. But if bitcoin can still be developed, then there's a chance. I guess if we will go to cashless, people will still prefer digital fiat than cryptocurrency for transactions. Bitcoin dominating the other currency? I don't think it's possible.
Also, countries will probably create their own cryptocurrency and that makes it impossible for bitcoin to be an ideal currency.
Also, countries will probably create their own cryptocurrency and that makes it impossible for bitcoin to be an ideal currency.
Bitcoin will definitely be an actual means of payment in 100 years, but I doubt that it will be the best. Most likely, it will be something like crypto gold, and will perform mainly this function.
For us bitcoiner?yeah Bitcoin is the Ideal currency of the future but of course this is just US and not the whole world.maybe this will take long time but in time it will happen.
there are many factor about Bitcoin that can prove being ideal and the whole world must realize this.
there are many factor about Bitcoin that can prove being ideal and the whole world must realize this.
For two or three years, there are countries that have been planning to create their own cryptocurrencies. After these countries create their own cryptocurrencies, I don't know if they will allow the use of Bitcoin in their country.
of course they will ,because Bitcoin is the mother of all cryptocurrencies and those countries crypto will be needing bitcoin to have a crypto value.Now btc is very votatile if its this nature control then it will be a perfect ideal future money.
So whats the essense of crypto currencies if not volatile?so whats the different from Fiat if thats the case. 
For two or three years, there are countries that have been planning to create their own cryptocurrencies. After these countries create their own cryptocurrencies, I don't know if they will allow the use of Bitcoin in their country.
So so many fiat currencies vying for dominance in the markets, like the Dollar, Euro, Yen, Yuan, and others, now you are asking if Bitcoin can achieve that ideal dominating currency status in the whole world. Umm, we are talking about almost 300 countries saying Aye, to Bitcoin, and I think that will never happen. Alternative currency that can be used worldwide, yes. Ideal world changing currency, for me a resounding No. The big finance and world banks will not allow that and will put up a fight to make Bitcoin fall on its tracks. You can invest and trade Bitcoin, but you won't be able to pay your school tuition or eat at KFC's right now in Bitcoin.
^ currency is synonymous with a stable exchange rate but Bitcoin does not meet that requirement. Bitcoin is perfect for asset transfers because it is able to transfer funds of enormous value but at a low fee.
do not we think too much that Bitcoin should be the currency that is used as a means of payment in the future.
do not we think too much that Bitcoin should be the currency that is used as a means of payment in the future.
Now btc is very votatile if its this nature control then it will be a perfect ideal future money.
A long way from being an ideal one. Without a doubt, it is far superior to fiat, however not generally ideal. I can't state whether ideal cash will show up whenever later on, or maybe ideal money relies upon a specific time or even among individuals, however, I realize that ideal money should be totally smooth and with no badly arranged glitch. Bitcoin is very a long way from that. For instance, in a perfect world, I incline toward my exchanges to be a moment. I additionally don't have any desire to pay a charge for going through my cash. I likewise don't need individuals to know how much cash I have in my wallet.
Bitcoin has a big disadvantage that makes it not so ideal. Bitcoin is very volatile, the perfect currency needs to be more stable.
The most high-technology driven future is fast approaching but there are still lots of things to consider before we comprehend the real essence of ideal currency. There might also a lot of uncertain things/events to occur that might affect the value of bitcoin and other crypto currency. We can see now the wider global adoption to Bitcoin and its popularity, but these doesn't mean that its an ideal currency despite all the awesome features and profits it gives to people. It may be more on top, even bigger and bolder, and will exceeds more than our expectations, but still it was too far to be an ideal currency. I think, I would go for the one above that it really depends on the peoples adoption in the mainstream world, and there are really things to consider before we can call it as an ideal currency.
The ideal currency is one that has intrinsic value because, with the use of currency that has intrinsic value, justice will be achieved for all people on earth, and there is no difference between the intrinsic value and the currency value (seigniorage). So in the end there will be no subtle theft by the monetary authority to the public or from one country to another, avoiding the instability (bubble economy) caused by socio-economic inequality.
Fiat has absolutely no intrinsic value and is only useful if society uses and trusts it, decides on paper money as a means of storing assets as well as a means of transaction. Meanwhile, people have to work hard to get it. Seigniorage only benefits certain parties, that is; commercial banking through the provision of a number of free banking services and preferential borrowers from banks through low interest rates. Meanwhile, society's loss is the difference in the opportunity cost of creating money to society and the primary interest rate.
The most high-technology driven future is fast approaching but there are still lots of things to consider before we comprehend the real essence of ideal currency. There might also a lot of uncertain things/events to occur that might affect the value of bitcoin and other crypto currency. We can see now the wider global adoption to Bitcoin and its popularity, but these doesn't mean that its an ideal currency despite all the awesome features and profits it gives to people. It may be more on top, even bigger and bolder, and will exceeds more than our expectations, but still it was too far to be an ideal currency. I think, I would go for the one above that it really depends on the peoples adoption in the mainstream world, and there are really things to consider before we can call it as an ideal currency.
When I say ideal I mean:
These are some basics requirements for the ideal currency. But I have a question. There are public and private keys out there. You can take anyone's public key and send him/her bitcoins. In the future, like 2100, you understand that technology is advancing. Those years I believe that brute forcing a private key will not be something impossible. Do you think that bitcoin will be spoiled by human in the future?
Should bitcoin use SHA512? Or something even stronger?
Nope, bitcoin won't really be an ideal currency if we are talking about 80 years from now. There are a lot of reasons about it. - People cannot born them from blown air and some day they will not be able to earn from coinbase's rewards.
- Over time, it will still have value.
- It cannot be spoiled by human.
- It is decentralized, no one controls it.
- You can send/receive the currency really quickly.
These are some basics requirements for the ideal currency. But I have a question. There are public and private keys out there. You can take anyone's public key and send him/her bitcoins. In the future, like 2100, you understand that technology is advancing. Those years I believe that brute forcing a private key will not be something impossible. Do you think that bitcoin will be spoiled by human in the future?
Should bitcoin use SHA512? Or something even stronger?
1. It can be spoiled by humans even if this looks unrealistic as of now future carries it's own uncertainty. The type of pace we are seeing in our technological advancements I really doubt that Bitcoin would be able to maintain it's solidarity until then.
2. Hyper deflationary spiral. Even though argued by a few this has been one of the greatest threats for using bitcoin as a currency. We haven't seen any use case solutions for this so far. This was why in history too the rare metals currencies were always short lived.
3. We definitely can't send receive it that quickly if we are talking about daily transaction atleast. Moreover the alternatives to bitcoin would be the biggest problem in the way. They would provide much better performance at lesser fees. so bringing the whole world on single currency without some sort of legislation is going to be pretty difficult i believe.
Bitcoin may be the grandfather (Adam AND Eve??) of all Crypto and have a place for exchanging high volumes of fiat dollars/euro etc, but the smaller than one satoshi it is aimed, then people will turn to other cypto and use the bitcoin to transition their funds back to fiat. We may have already seen bitcoin at its ATH for that very reason.
Look's like Bitcoin has all the criteria you mentioned, i also believe that Bitcoin will be much more valuable in the future, because unlike any other asset it has no infinite supply that can create inflation causing all units in the supply to decrease in purchasing power. Also its more easy to use than gold, that gives financial freedom to the user. You can be your own bank without a centralized authority controlling your money.
It might not be Bitcoin per se buy I foresee Federal digital currency to be adopted in the future. I am very sure each jurisdiction re still studying this revolution.
When I say ideal I mean:
These are some basics requirements for the ideal currency. But I have a question. There are public and private keys out there. You can take anyone's public key and send him/her bitcoins. In the future, like 2100, you understand that technology is advancing. Those years I believe that brute forcing a private key will not be something impossible. Do you think that bitcoin will be spoiled by human in the future?
Should bitcoin use SHA512? Or something even stronger?
- People cannot born them from blown air and some day they will not be able to earn from coinbase's rewards.
- Over time, it will still have value.
- It cannot be spoiled by human.
- It is decentralized, no one controls it.
- You can send/receive the currency really quickly.
These are some basics requirements for the ideal currency. But I have a question. There are public and private keys out there. You can take anyone's public key and send him/her bitcoins. In the future, like 2100, you understand that technology is advancing. Those years I believe that brute forcing a private key will not be something impossible. Do you think that bitcoin will be spoiled by human in the future?
Should bitcoin use SHA512? Or something even stronger?
These are actually the ideas that makes up "Bitcoin" but if the question tackles a broader sense of ideal currency, I guess a broader answer would mean a cashless way to provide payments.
I actually support you that idea since Bitcoin would really need a better service if it wants to be usable anywhere in the world. Bitcoin can still be controlled though??? but lets just wait it out on time
I believe that there are many criteria to consider currency as an ideal currency. Every people have their own criteria for it. Well, there are different pros and cons of each currency and way of transaction available in this world. Only a person can say if such currency is ideal for him/her or can say that "this currency is better than this". But in general, I don't see any ideal currency for now.
You are absolutely right. I would like to subtract that Bitcoin has not yet established itself as an ideal currency but will be able to do so in the future.
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