Topic: Will bitcoin be the ideal currency of the future? - page 5. (Read 1649 times)

It allows anyone to see it. The ledger is public and deep learning algos have been developed to connect the dots.

Try this: go buy some BTC on coinbase and spend it anywhere. Do you not think coinbase can now follow that spending trail to its conclusion?

It doesn't report it but it allows people you transact with to see it.
You might find it irrelevant but there are people who transact with businesses they don't fully trust. Those people may need this exact feature.

You can never make the payment system liked by everyone nor should you have to. Bitcoin is still pretty close to an ideal system that is not enforced on you and gives you more security and privacy than you're used to having.

Bitcoin can not be an ideal currency for the globe. Going by all that you listed, bitcoin even falls short as it is. Already it has delay transactions which some altcoins easily can solve. Alts like BTC2 and Litecoin have a speed of light transaction rates. Some people have argued that what is keeping bitcoin on top of the list till now is because it is the pioneer crypto. They believe that one day bitcoin may lose that position.

The Fed, ECB, People's Bank of China and even the NBP - almost all central banks are printing money for power today. The reason is obvious - they count on them to overcome the economic crisis. This, of course, does not make much sense, but the bankers' habits do their job. When Smith, Kowalski and Lee notice with horror that they are paying for a loaf of bread 3 times more than, for example, a year ago, they will resort to alternative currencies. This has already happened e.g. in Venezuela and may also start in Poland (we do not scare, but we warn you!).

Bitcoin can benefit because it is the perfect answer to the weakening national currencies. Therefore, cryptocurrencies now have a good chance of occurring at night in the world!

Yes, it's a great basis. Now open up the blocks, add privacy, and replace PoW and you're talking next generation of money.

In my opinion Bitcoin is the safest cryptocurrency of all to invest in. Additionally, Bitcoin has performed incredibly well whenever their were financial crises going on. A plus point of this currency was it was never set to a specific price rate or value. Moreover, it was set to an average price of what the investors would be more likely to pay.

Further don't miss on the much awaited Bitcoin Halving 2020, which will bring a lot of promises to the investors. The grand event is near the corner and so does the trust of its investors. Also, the Bitcoin exchanges also let you buy any amount, you are looking to have a profitable investment in.

Excuse me. But I'm not looking for a cash payment system that reports my financial condition.

We either lean more towards privacy or transparency. No side is better than the other! The coins that are completely private also don't allow others to see that you're paying and that you are in a good financial condition. As an employer you might actually seek a coin with such features.

Bank accounts are private to the point that you don't know your bank is insolvent until you actually cannot withdraw money anymore.

Botcoin is transparent but can also be private as long as every company out there does not begin to enforce AML rules and ask you to send them a selfie with the current date.

And we arrive at the next question. Should Bitcoin be blamed for lack of some anti-KYC features? 

The entire purpose of Satoshi Nakamoto's work was to prevent this reality. With thousands of cryptos working on the tech, hope is still not lost.

The government haven't been able to censored bitcoin and for this purpose they're not going to make it an idea future currency. The government will always be the controller on currency which will be use the future as the dollars are from USA so will any coins they prefer to use. Although, bitcoin with be more widely used by people but with the government constraints for the use of their available coins will have some effect on Bitcoin. Believe me, the government will create their own currency when it come to reserve currency or future currency.

This is not true. All countries are regulating Bitcoin by regulating the Fiat on and off ramps. Some jurisdictions are even beginning to regulate merchants who accept payment in Bitcoin.

Nonetheless, the currencies of the future will be non-pow cryptocurrencies that offer privacy.

Maybe some sees Bitcoin as the ideal currency for the future and some doesn't. I'd go with the a NO.

One reason that I see this will not become an ideal currency base on your parameters is the fact that Bitcoin is decentralized. We know already that all or most of the governments around the world aren't regulating Bitcoin although they are accepting the usage of it in their country and for me that is a good move already for the government and for us who are using crypto. I only see as an alternative currency and an asset for the future, not an ideal or the main currency to be used worldwide.

In my opinion, no, bitcoin still has vulnerabilities. There is a rather strong volatility that can be created by throwing some fake news. Yes, and the possibility of attack 51, this is also a pretty big problem, especially considering the decrease in miners over time.

The Federal Reserve is a prime example of a centralized system.

If you want to be controlled by a regulating issuing authority, you probably should stick with fiat.

I think an ideal currency will never be a decentralized one. As we all wish that bitcoin is the currency of the world, we will never be able to achieve that since as long as it is decentralized, it will never be one. The value and the control, I think that is the reason why being decentralized is not a feature of an ideal currency, this is just my opinion though.

CarnagexD don't think life will be all that smooth when you have a decentralize currency, and if you are so worried about the tax you are paying, remember tax payers money also assist government to provide some social services to its people, if everyone want decentralization and don't want to pay tax and want total freedom, it means you are going back to the ancient era, and then don't expect to get justice from being oppress or the army to protect you from internal and external enemies, police to safeguard you and your property.....
Decentralization comes with a price, not just the currency will be decentralized, every other aspect will be too then lets see how you will enjoy your decentralize money.

How can currency be ideal if it is decentralized, bitcoin will never get the ideal currency because it is not a controlled by the government and it is its selling point. Imagine a scenario where it is not centralized then countries could just simply take an action by banning the usage of it in their domain, so no, decentralization is not good if bitcoin become an ideal currency.

That thing is I disagree with that, if you want a fast transaction wouldn't it be the same as physical transacction, I think what is needed that an ideal currency is somethig that can't be duplicated for illegal use, tampered with, can leave audit trails if in case stolen and secure.

I think that there is no problem with that, what we need are more secure wallets or focusing more on the innovation of technology towards security.

There is no perfect financial system in the world and for this you may find some defects in the Bitcoin digital payment system as there are many defects in traditional payment systems and we all suffer from these defects at the present time.
Maybe bitcoin isn't perfect enough but I think it's better than the current financial system and bitcoin payment features far more than its flaws. Cryptocurrency and Bitcoin came as an excellent method of payment as it provides high speed, cost and very little transaction fees.

Today there are a lot of people rapidly number increasing the adopting the use of the bitcoin and other cryptocurrency even most of us have the use of the PayPal transactions, cash, paymaya and another kind of kinds of stuff for making an online payment but still we are using the bitcoin as the priority payment because we all know that it has faster and secured transactions unlike others also we want to get the advantage of using the no taxes payment and also fewer transactions feel which is good if we are trying to send of funds to other people or to transfer our incomes. By this even the bitcoin is decentralized we cannot avoid the government to make above about this kind of transactions because they see the potential of going some against the rules of market like sending a huge amount into a different wallet and they cannot detect this kind of action immediately and many people now will use this kind of transactions because they want to avoid getting huge taxes. Still, the government will do something to limiting their funds also in PH they have the wallet of coins.ph which is in level 3 account with the limit only of $8000 only for recording some funds. We are looking forward to the future of the bitcoin because there are a lot of number of new users would like to join us into the world of bitcoin.

I think out of the option you mentioned for an ideal currency, the above is the more reason why i think btc can not be an ideal currency, can you imagine a world where the purchasing power is not centralized and regulated? that means anyone can do as they please with their money or currency, abuse it if you want, oppress the weak as you see fit, and the list goes on, a large portion of btc already in the hands of a few influential people that have the power to manipulate and control the market, what will happen if it is now made the ideal currency! will it be evenly distributed!
although nobody can tell what the future will be like but i don't think btc will be ideal currency.