Topic: Will bitcoin be the ideal currency of the future? - page 8. (Read 1649 times)
In any case Bitcoin will be popular. Perhaps some ideas will be accepted for fiat.
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?
Even though Bitcoin has established qualities that paid off and continuously paying off, to set it as an ideal currency in the future might be a too ambitious. We are aware that Bitcoin is something digital and something out there waiting to be mined. We are also aware that not every country and not every individual in that country can afford to have Bitcoin, more or less use it and put it into action. Poor families and third world countries are actually relying more on easy, fast, and convenient money to have. Even though Bitcoin promises a huge amount of money, people would still go with fiat to buy rice on a simple store.
I don't think that it would be possible in future, even though cryptocurrency has been used by so many people around the world, even though it is really helpful for everyone who is using it, it cannot still be a standard currency in the future because as what we all know it is decentralized, which means it cannot be handled by the government and its volatility makes it not suitable to be used for daily lives.
I think cryptocurrency is only good as an alternative currency for fiat currency, it is meant to be converted to fiat currency whenever we want to.
I think cryptocurrency is only good as an alternative currency for fiat currency, it is meant to be converted to fiat currency whenever we want to.
Yes..i agree. also governments will go extraordinary limits to avoid using any type of decentralised solutions..as they always like to have control over their monetary policies.
but bitcoin will always have it's place...especially in these "more debt" is ok conditions...bcas eventually after all the issues sorted out and all bailouts are done...an economy needs growth to satisfy people and also pay interest on these huge debts (more taxation is also a solution, but it makes situation worse in terms of growth) so eventually you need atleast a small amount of inflation to grow....inflation is a beast of its own & uncontrollable...so people will always look for inflation hedge, alternative ways to hold cash and in terms of utility also bitcoin will grow.
There will always be a place in future for bitcoin...but will it replace fiat...i don't think so!!!
Nothing is completely good and Bitcoin is no exception.
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Bitcoin can use any algorithm but it will never be considered the currency of the future. Please believe me, bitcoin is very volatile and we humans will never want to keep bitcoin to spend. because we can be rich or poor in just a few hours!
I know that you are holding bitcoin a lot and want it to have great value to become rich. But be alert and analyze thoroughly. It is very difficult to become rich in a short time when Bitcoin once had a strong growth.
Point of correction, bitcoin can be consider the future currency and if not the institutions and the government wont have see it as a challenge to their realm. Besides, they won't have consider create their own national digital currency. Aside that, do you know that fiat currency as said to be backed by governments? Read this investopedia article.I know that you are holding bitcoin a lot and want it to have great value to become rich. But be alert and analyze thoroughly. It is very difficult to become rich in a short time when Bitcoin once had a strong growth.
Indeed bitcoin is not perfect, there are still some deficiency of bitcoin. But it is still ideal as a substitute for fiat in the future. The problem
is that the government will never approve bitcoin as payment or replace fiat. Because the government cannot control bitcoin,then if bitcoin
cannot be controlled it certainly cannot get taxes from bitcoin. Conclusion bitcoin cannot be a global currency in the future, the most likely
bitcoin would be an alternative currency.
is that the government will never approve bitcoin as payment or replace fiat. Because the government cannot control bitcoin,then if bitcoin
cannot be controlled it certainly cannot get taxes from bitcoin. Conclusion bitcoin cannot be a global currency in the future, the most likely
bitcoin would be an alternative currency.
Bitcoin will never be a perfect currency, just like raw gold was never perfect to use as currency.
That said I could load Bitcoin onto my Bitpay debit card and instantly buy gas at a gas station etc. That solves the speed factor.
Bitcoin is like gold, its slow, heavy, and valuable, with a limited supply, and both need to be mined.
That said I could load Bitcoin onto my Bitpay debit card and instantly buy gas at a gas station etc. That solves the speed factor.
Bitcoin is like gold, its slow, heavy, and valuable, with a limited supply, and both need to be mined.
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.
Both of these are custodial centralized solutions. You can't use a paypal transfer just like that. You have to first send money to your paypal account. If you sum up the time needed for your money to go from your bank account to paypal and then from paypal to the person you're transacting with it won't look so fast anymore.
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".
just you have said, In addition; sometimes the ideal or btc any major cryptocurrency maybe a threat to bank so in this scenario they will not allow the cypto lead or be the one currency which we can be using.
I guess there are many alternate crypto currency already approach who give fast transaction than btc (if i'm not wrong then XLM is one of them). Every currency have their own specialty. So if you try to find all in one currency then i'll say it'll be waste of time. In your financial life you can easy solve many problem with btc but there is still some which you can't fixed it yet and may be people won't fixed some problem too in the far future. So i'll like to say "much usable" besides ideal.
Bitcoin is the ideal best currency of the world but the only issue is that it is decentralized. Due to this, government and institutions does not encourage the use for bitcoins and crypto. Governments have plans to introduce their own digital currencies so that they have full control over it.
It is not necessary for money to be artificially printed by governments. The absence of government control of money such as gold had been a common situation for thousands of years, and only in the recent past gold first became centralized and then was completely substitued by paper money. The main reason why gold lost its monetary role is centralization, all gold reserves are now concentrated in the hands of the government and banks. That is why, the decentralization of bitcoin is not "an issue", but a huge advantage that might help it to become the better version of gold standard. It can't be centralized, printed, inflated. 
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?
Bitcoin is the ideal best currency of the world but the only issue is that it is decentralized. Due to this, government and institutions does not encourage the use for bitcoins and crypto. Governments have plans to introduce their own digital currencies so that they have full control over it.
Today one of the mass adaptation is the use of the bitcoin many people now are rapidly making some improvements regarding the with use of the bitcoin. Bitcoin is one of the most and secured coin also there are a lot of benefits regarding with the use of it because first, it has less transaction fee at the same time it does not have taxes unlike the fiat currency that's why many people now are using this kind of currency to make more lessen the fees. Also with the use of bitcoin we can now make a lot of profit because we have the trading which you just need to monitor the market price of the coin and grab the opportunity to put your money and predict the next market movement of it. Next, we have the investment that you are only putting the amount of the bitcoin into your wallet and wait to the income but it takes for over a few months before you will get your earnings. Next is the gambling most of the gambling platforms today are supporting the deposit of the bitcoin which is more convenient to us because we are using this today. There is a chance it takes time before we adopt this kind of payment because the government must still handle this kind of payments to avoid getting abuse.
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?
Bitcoin is the ideal best currency of the world but the only issue is that it is decentralized. Due to this, government and institutions does not encourage the use for bitcoins and crypto. Governments have plans to introduce their own digital currencies so that they have full control over it.
~snip~
If there is going to be a stronger protocol or one that is SHA-256, I´m sure that the first thing it will take into account is the security of Bitcoin, and it will be an imminent update, not only is it the currency or technology of the future, it is the one that offers the greatest security. The technology Financial Economical Bitcoin, cannot be compared to the security of traditional banking, Bitcoin is light years away from the traditional economy, with quantum computing many bring out the security of Bitcoin, but SHA-256 resists all possible quantum attack, and taking Keep in mind that when quantum computing comes out it will be somewhat progressive, it will not be with all the great potential that average people imagine.
Will be ideal payment at the future and bitcoin become most currency transaction needed by every one, when bitcoin have higher many people will interested to use bitcoin as payment transaction and get benefit with bitcoin have higher price and look profitable. Many project will get and accepted bitcoin as payment transaction at the future.
hope like that. even today bitcoin is not only used as a currency, but also as an investment tool, and various other functions. many don't support bitcoin. however, without that support, the price of bitcoin can still develop better. Will be ideal payment at the future and bitcoin become most currency transaction needed by every one,
that is depend in what country the user lives because there are countries that literally accepting Bitcoin as Fiat Like japan and now Korea. when bitcoin have higher many people will interested to use bitcoin as payment transaction and get benefit with bitcoin have higher price and look profitable.
you seems to be mislead mate,because using as transaction payment is different from profiteering so better clear your thoughts on this one. Many project will get and accepted bitcoin as payment transaction at the future.
Adoption is what we need first because if Bitcoin stays illegal in some countries then nothing is worth nothing here. 
Will be ideal payment at the future and bitcoin become most currency transaction needed by every one, when bitcoin have higher many people will interested to use bitcoin as payment transaction and get benefit with bitcoin have higher price and look profitable. Many project will get and accepted bitcoin as payment transaction at the future.
Bitcoin cannot be the ideal currency for the future, it will remain as it is today ''An alternative payment mode'"
The leverage bitcoin has is that there is no limitation to the use of bitcoin unless your country does not accept it; and that is why it is widely acceptable.
If we consider paypal; not all countries are allowed to use it.
If we take credit card for comparison, even in the same country, not all citizens can own a credit card and that is why bitcoin thrives alot, either poor, old, young, rich, low credit score, you can use bitcoin; but it is not an ideal currency for the future, fiat will continue to thrive.
The leverage bitcoin has is that there is no limitation to the use of bitcoin unless your country does not accept it; and that is why it is widely acceptable.
If we consider paypal; not all countries are allowed to use it.
If we take credit card for comparison, even in the same country, not all citizens can own a credit card and that is why bitcoin thrives alot, either poor, old, young, rich, low credit score, you can use bitcoin; but it is not an ideal currency for the future, fiat will continue to thrive.
Fiat is difficult to replace even 10 years from now.
Bitcoin has advantages but not an ideal currency.
The transaction fee and speed are major bottlenecks for bitcoin.
And though LN already addressed those, still the adoption is not yet easy.
We need more merchants to include crypto in their payment system.
Agree since bitcoin still not reliable and there are so many flaws coming since the volatility is controllable by big whales and the current strength still questionable since it could easily dump once theirs a fud spread so for this it could never replaced fiat since this have great adoption and well regulated by the government. We really need merchants to became more reliable since if more merchants came especially on big industry this could be a start of global mass adoption.
It will never replace Fiat, most people don't want to be resposible for the security of their money. That's why banks exist, for ease and simplicity. Blockchain payments may facilitate inter-bank and inter-processor transactions on the back-end where slow transactions are not a problem, but will never be widely accepted for mass person to person payments.
Bitcoin will never be that back-end blockchain, a large scale financial system would most likely require coins that are created by the banks, transacted on the network and destroyed by the banks when the funds are withdrawn. It would be an alterntave to crediting a bank account, you provide a pubkey and the bank creates a start transaction signed by them containing the amount requested. When it's time to withdraw, you send it back to a bank and the network then marks that chain of transactions as expired and can't be used anymore.
Of course, the old inter-bank payment system still needs to exist behind this, so really it's pointless until the entire banking system moves away from old, slow, monolithic back-end accounting systems.
Bitcoin will never be that back-end blockchain, a large scale financial system would most likely require coins that are created by the banks, transacted on the network and destroyed by the banks when the funds are withdrawn. It would be an alterntave to crediting a bank account, you provide a pubkey and the bank creates a start transaction signed by them containing the amount requested. When it's time to withdraw, you send it back to a bank and the network then marks that chain of transactions as expired and can't be used anymore.
Of course, the old inter-bank payment system still needs to exist behind this, so really it's pointless until the entire banking system moves away from old, slow, monolithic back-end accounting systems.
Fiat is difficult to replace even 10 years from now.
Not even gonna happen in a lifetime of a mankind. I think the government will always rule with the asset they can control and that is fiat. Bitcoin has advantages but not an ideal currency.
The transaction fee and speed are major bottlenecks for bitcoin.
And though LN already addressed those, still the adoption is not yet easy.
We need more merchants to include crypto in their payment system.
Bitcoin has an advantage on a certain factor/s, but in overall, fiat is still better as it has a big adoption and supported by the government. The transaction fee and speed are major bottlenecks for bitcoin.
And though LN already addressed those, still the adoption is not yet easy.
We need more merchants to include crypto in their payment system.
I understand that LN is good but you are correct, without adoption, it won't be able to help the adoption of bitcoin.
let's just accept the reality that fiat will always rule as they are the mirror of our government.
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