Far from being an ideal one. For sure, it is much better than fiat, but not really ideal. I cannot say whether an ideal currency will arrive anytime in the future, or perhaps an ideal currency depends on a particular era or even among people, but I know that an ideal currency should be completely smooth and without any inconvenient glitch. Bitcoin is quite far from that. For example, ideally, I prefer my transactions to be instant. I also don't want to pay a fee for spending my money. I also don't want people to know how much money I have in my wallet.
Topic: Will bitcoin be the ideal currency of the future? - page 11. (Read 1651 times)
I believe that there are many criteria to consider a currency 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.
When I say ideal I mean:
- 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.
And how do you conclude that the above mentioned parameters will denote an ideal currency?
What about speed? What about stable value? What about fair distribution?
An ideal currency doesn't exist in real world and bitcoin is not even close to an ideal currency!
Well, I didn't thought of these. But about stable value, we determine it. We just have used to compare bitcoin with dollar. Imagine if there wasn't any euros or dollars. Just bitcoins. I think it would mean stable.
When I say ideal I mean:
- 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.
And how do you conclude that the above mentioned parameters will denote an ideal currency?
What about speed? What about stable value? What about fair distribution?
An ideal currency doesn't exist in real world and bitcoin is not even close to an ideal currency!
Well, I mean.. Bitcoin transfers aren't as fast as PayPal, for example. Credit card payments are instant and require no blocks to be mined to be confirmed. It's not the ideal currency and it will never be.
The ideal currency is one that solves all issues that Bitcoin has too. Don't think it's perfect in any way. For one, transparency might actually be a problem (hence the existance of privacy coins like Monero). Bitcoin is a great cryptocurrency, but I don't think it'll ever touch the idea of it being used as a national one.
Since we already have banks working on their own emissions, it became pretty normal to me as a thought that Bitcoin will not be the "chosen one". Banks will most likely still exist. Third parties will never leave because.. hell, why not make a handful of people more powerful than a country (literally), right?
Maybe there'll be a global currency. Maybe only one bank. Maybe only few people will govern the world. Maybe everyone will rebel against the existing banks and finally wake up to the reality. The fact is, the last supposition is the least possible scenario while the rest are becoming more real than ever, especially as we speak.
It's all uncertain right now. Just a "maybe".
The ideal currency is one that solves all issues that Bitcoin has too. Don't think it's perfect in any way. For one, transparency might actually be a problem (hence the existance of privacy coins like Monero). Bitcoin is a great cryptocurrency, but I don't think it'll ever touch the idea of it being used as a national one.
Since we already have banks working on their own emissions, it became pretty normal to me as a thought that Bitcoin will not be the "chosen one". Banks will most likely still exist. Third parties will never leave because.. hell, why not make a handful of people more powerful than a country (literally), right?
Maybe there'll be a global currency. Maybe only one bank. Maybe only few people will govern the world. Maybe everyone will rebel against the existing banks and finally wake up to the reality. The fact is, the last supposition is the least possible scenario while the rest are becoming more real than ever, especially as we speak.
It's all uncertain right now. Just a "maybe".
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?
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