Bitcoin Forum

The World Needs a New Kind of Currency, Bitcoin: Investor Tim Draper

“Bitcoin is the future currency,” he said, “Why would I sell the future for the past? Why would I go grab some weird fiat thing that’s subject to the whims of some government?”

As for Bitcoin’s upside, Draper argued that “the world market for currency is $86 trillion. I think that will be crypto. I think a very large portion of that will be crypto.”

Draper speaks almost of a new world order created by Bitcoin (and cryptocurrency technology, generally). “The unbanked are bankable through Bitcoin,” he asserts, with banking regulations making it unfeasible for banks to open accounts for those without sufficient cash. The unbanked, Draper insists, represent half of the world’s population.

On the question of security, given the history of exchanges being hacked and cryptocurrencies being stolen, Draper stood firm. “My Bitcoin is more secure than my dollars in the banks.” The blockchain has not been hacked, he argues, whereas banks have been “over and over”.

https://www.ccn.com/world-needs-new-kind-currency-bitcoin-investor-tim-draper/

What's your opinion about the statement of Investor Tim Draper, will the bank and government be alarmed,  and do something that would affect us negatively?

the question is if the world needs another kind of currency then what will be the purpose of it???
only exchange will not be the main reason
u have to bring something special lyk bitcoin has its own blockchain
so u have to bring something special for that currency in order make it popular

It's hope of Tim Draper! also many peoples around the world hope now bitcoin will be lead future currency like dollar and euro! but at present many countries government didn't accept bitcoin as a currency by many kinds of excusing but I think once many of countries will be aware about bitcoin security and they're also accept it.

“Bitcoin is the future currency,” said the founder of venture capital firm Draper Fisher Jurvetson, “Why would I sell the future for the past? Why would I go grab some weird fiat thing that’s subject to the whims of some government? The world needs a new kind of currency”.

Amid the turmoil surrounding the Mt. Gox hack, Draper’s foresight and intuition at the time proved remarkable. Despite losing a quarter of a million dollars himself, he noted that “Bitcoin only dropped about ten percent on the news that Mt. Gox, the biggest exchange in Bitcoin basically stole or lost… all that Bitcoin.” To Draper, Bitcoin’s resilience in the face of the major disruption the Mt. Gox hack presented it, “meant the world needs this.” When pressed as to the possibility of Bitcoin potentially falling back below $1,000 from the current price around $9,000, Draper was unfazed. Acknowledging volatility in currency markets but arguing the chances of a such a fall were unlikely, the venture capitalist spun the question around. Was Bitcoin volatile against fiat currencies or were fiat currencies volatile against Bitcoin?

As for Bitcoin’s upside, Draper argued that “the world market for currency is $86 trillion. I think that will be crypto. I think a very large portion of that will be crypto.” Draper speaks almost of a new world order created by Bitcoin (and cryptocurrency technology, generally). “The unbanked are bankable through Bitcoin,” he asserts, with banking regulations making it unfeasible for banks to open accounts for those without sufficient cash. The unbanked, Draper insists, represent half of the world’s population. On the question of security, given the history of exchanges being hacked and cryptocurrencies being stolen, Draper stood firm. “My Bitcoin is more secure than my dollars in the banks.” The blockchain has not been hacked, he argues, whereas banks have been “over and over”.

It is true that the money in the bank is also often stolen for no apparent reason, and where bitcoin using Blockchain technology is much more secure than the bank, and we can also provide security code in our respective accounts such as as well as 2FA security, I also feel more secure having funds in bitcoin.

It is true that the world needs new money and cryptocurrency is very suitable to be the currency of the future because of its users who are very sample and value added, this is very profitable.

The World Needs New Currency Types, why?
I think all countries still need their own currency, why do they need a new currency, what do you mean by that new currency is bitcoin ?, it is true that this digital currency has been widely accepted in many countries and bitcoin can be converted into paper currency But it all depends on the decisions and interests of the country, my hope bitcoin can be accepted in all countries but no need to change the currency of the country because the local currency is the identity.

The world needs a type of currency, accepted all over the world, without exchange houses, that offers security, and that in turn generates a rate of return, better than a checking or savings account in a bank. This coin, without a doubt, looks like Bitcoin.

maybe this is the purpose of bitcoin for a long-term and because bitcoin cannot be controlled by anyone, bitcoin will be a new currency and work side by side with the fiat currency. I think with bitcoin, we don't have to worry if we want to travel in other countries because we have the same currency and we can also use directly to buy something or pay something because bitcoin can work without any limitation of the places.

the government should change their rules, the future is crypto, and it can be parallel with fiat

Bitcoin can not be the world's currency in the future. I believe this, people need to improve the applications to meet the requirements of people around the world, and safety to 100%, then the new bitcoin can become the common currency of the world. . But apart from that, some countries do not have internet, they do not know how to use computers, so it is hard to make bitcoin a common currency.

bitcoin is a big revolution of our time which has been changing the financial world. it may never replace fiat completely but bitcoin will surely become very big and adopted all around the world despite what some people are trying to convince the world about bitcoin with their FUD.
even if the governments ban bitcoin in a couple of countries, it won't matter not for bitcoin in general and not even for those countries. people will continue adopting bitcoin and continue using it as much as they can.
it is best to get involved with this revolution even if your involvement is too tiny, that way you won't be left behind.

that's the impossible, making one currency for the whole world
what else if the choice is bitcoin, the first reason why I do not agree, because the number of bitcoin there are only 21 million, how could it be in for the whole world
and the second, regarding transaction costs, delivery that takes a long time, and bitcoin can not be used in places that do not have an internet connection
i prefer bitcoin like this

I think it's very difficult for bitcoin to become the new currency of the world. First, it is difficult for many countries around the world to ban bitcoin, and to allow these countries to accept the legal status of bitcoin. Bitcoin, which is anonymous, is not created by some countries in the world. They can't control bitcoin and gain benefits from it, so they won't accept it.
Second, the bitcoin has many shortcomings, such as its price is not stable, its speed is slow, its transaction cost is very expensive, it is also limit the currency to become one of the reasons for the global currency

Is bitcoin being used mainly as currency ? I see people using it as an investment medium. Everyone wants to get paid in bitcoins but no one is ready to pay in it. People are not ready o spend their bitcoins and are thus accumulating it. Reason is that there is tremendous growth potential in terms of prices.

Basically nobody uses it as currency, and calling it an investment is speaking way too highly of cryptocurrencies as well. These are highly speculative assets, hardly a wise 'investment' really, more akin to gambling. Good if you have extra money you don't mind losing, but make sure that you have your actual investment portfolio in check before diving into crypto.

Thanks for this, mate. This is a great read and an awesome eye-opener. This is the kind of perspective the world needs. I hope those who are so negative about Bitcoin and cryptocurrency will read this and have at least an idea of why cryptocurrency is the future. The world is not advancing in terms of money if we continue to use our traditional fiat currency which is being controlled by the banks. That is a very obsolete thing right now. We are going online and yet we are using some paper bills.

yes, we hope bitcoin can be a counterweight of the banking. I have great hopes bitcoin can be part of this world in a legal way. without needing to be the first currency to beat the dollar, I think it's too hard for the near future.

Yes this is really can help to commercialized the best of bitcoin and on how it's really works for the bitcoiners future.Hopefully bitcoin will be recognized as a new currency for all over the world.The fact right now was we can denied that bitcoin is the only we to push up and change our life.

It's about time for these new kind of currencies to be adopted and use worldwide. We can't stop evolution. The only thing that banks and governments can do is to hop on this train. Make cryptocurrencies more secure by making laws against fraudulence.

Bitcoin is a virtual currency, bitcoin can not be the international currency, in terms of science, the application system of bitcoin is not perfect, not meet the requirements of consumers. And some people do not know how to use computers, smart phones, they can not trade bitcoin. I think bitcoin is a virtual currency, used for business purposes by professionals, for personal use.

Why can't bitcoin be an international currency? If lightning network has changed the current bitcoin transfer speed and transfer fees, so the bitcoin is may very well become a kind of international currency, the bitcoin has gained the recognition of most countries.

Fiat banks cant stop this process, they will have a major meltdown again and again, and the trust will shift away from them. Money is basically just trust.

People like him talking like he is not part of a country thinking that his own government is useless for me is a stupid person. To tell you the truth I don't think we need a new kind of currency at all as the traditional fiat currency is not broken. His reasoning that the fiat currency is tied to the government is really without bearing as Bitcoin without Fiat Currency has no value to stand at all.

In my own opinion without the government supporting Bitcoin or any other cryptocurrency, the growth of them would be limited as the government can do certain actions to prevent it happening.

There will be many coins coming and going, I have seen many ico taking place recently, every week we see new coins, I m also shocked to see whether the usage will be done or are these coins are being launched only for collecting investor funds. I genuinely see many investors in product based coins and also they may be worthy in the future. Always, there are chances that new coins will be coming everyday, we need to just wait and watch what is the there in the store for us.

Bitcoin can't be an international currency because not all people know how Bitcoin will work specially the poor unlike fiat currencies everyone knows how to use it even the children. Bitcoin can be an international currency but limited for investment purpose only so that we could earn more fiat currency but as an currency for everyone to use it for direct spending will be very impossible to happen.

Given the fact that there are enough crypto currencies, I do not think that the world will need any more similarity.

Yes, even the way we see and use money must adopt to the advancements in technology. Bitcoin revolutionized the every aspect of making money transactions. Gives people the freedom for their money, and gives opportunity to earn for those who are in need.

I think the world bank and the world governments are also of this opinion that a new global currency is needed if we are going to successfully initiate this "new world order" they may not want it to be this particular crypto / digital currency as in the case of bitcoins they cannot exert the control or influence that they currently do with the fiat money and these financial institutions. He makes reference to the unbankable now becoming bankable through bitcoins.This is particularly welcome especially in the cannabis industry where the traditional banks especially in third world countries are afraid to do business with this sector even though trading maybe be legal in their country for fear that they will loose there correspondent international banking partners, here comes bitcoin to save the day as through its own ecosystem it can integrate and facilitate this sector as they can be payed anywhere in the world they are without even interacting with a single bank, its this "ease" of banking that has created so many detractors of bitcoins in the banking and financial sector .

The purpose of the currency is to be used as a media of exchange. It stands to measure the values of commodities and services. Bitcoins or crypto coins are technological advancement of the economic system, but they are currency. They are a different form of currency. These are online money. I don't think there's nothing new can be done to the currency. If another way of exchange can be established then I believe that would not be a currency. That would be something else.

Well, we would not worry if new currency did not emerge but the introduction of the new currency is a welcomed development, because it a the developing technology side and though we may not expect same thing going the same way for too long time, then it's like the appearance of the new currency is a revolution to transform the world economy for a better.

We can see that the current crypto currency is not ideal for its massive use. Of course, it needs to constantly improve its qualities. It gradually happens all the time. There are new coins that outperform the previous coins, old coins improve, so the process of improving the crypto currency is constantly. At the same time, the appearance of a completely new concept with the approach to the crypto currency is not ruled out. Time will tell which crypto currency will be more reliable and perfect.

       I think it is impossible to happen that the world needs a new kind of currency and if you think is is a bitcoin,well,it is really impossible. Because bitcoin is decentralized digital currency,in which free from government that's why other country banned because they don't want to accept bitcoin. So,i think we're just happy that bitcoin exist for us and not for the government.

just like the Israel government statement yesterday
https://cointelegraph.com/news/israel-confirms-cryptocurrency-will-be-taxed-as-property-not-currency
I also think bitcoin is an asset to invest not as a currency

Governments considering crypto's to be properties or currencies only matters when it comes to how they get taxed. I personally don't consider Bitcoin's tool name to be anything definitive, and it shouldn't be.

Bitcoin allows itself to be used as a multifunctional tool that shapes itself to your needs in whatever situation. In other words, the tool name isn't important, the actual usage of Bitcoin is the only thing that matters.

People focus too much on Bitcoin being this or that, while as I said before, aside from tax purposes, it's meaningless. Bitcoin can be used right now, and functions as global/new currency already.........

I think he focus on very good points. One being the unbanked that are definitely a problem in our world since no one really cares about them. They don't give any profit to the banks, so they don't develop infrastructures in their countries. It's incredibly hard to send money to them internationally, and when it's available the fees are huge. All that would be made easy with bitcoin.

He then focus another good point when he says that fiat is subjected to governments whims, and that is of course not possible with bitcoin, since it's decentralized.

As for security, he is right again, since exchanges might be hacked, but as far as I know, the blockchain wasn't, meaning that bitcoin is more secure than fiat. Of course that even though this is true, I must say that development still needs to make bitcoin more users friendly. Bitcoins are secure if you know how to use them, but we must have a system that makes it easy for everyone to keep their BTC secure. Hardware and paper wallets might do the trick, but we are still far from that.

I agree with him, there is no point in selling bitcoin for fiat, but although that makes perfect sense, we are still a long way from that world.

Guys the most curious thing here is that when man says bitcoin is the future currency, he calculates it's price in USD, fiat. So why? Seems you use usd and determine bitcoin's price in it, so it's no longer future if you won't change that way.
Also current model of bitcoin isn't for massive use and whole world/goverments can't depend on miners confirmation.

It's not bad. Bitcoin is waiting petienly for it to be approved worldwide.

The wait seems to be over we cracked early adoption last year and mainstream will surely adopt this year either now or later. Once we continue to keep giving people education on what Bitcoin is and how the current monetary system operates they won't ever say no to Bitcoin then.

For too long, currency traders have been restricted to a few popular currencies, Bitcoin could bring a new dynamic.

I absolutely agree that the Bitcoin currency strengthens its position in the crypto currency market, in the future we will come to the fact that our assets will be transferred to bitcoin and we will be able to influence the life of our country without being afraid of being objectionable to the authorities.

What is needed is a redefinition of "money of account" for the digital age.

Coinage Act of 1792:

"the money of account of the United States shall be expressed in dollars or units … of the value [mass or weight] of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure … silver."

BTW, It is not a sub-committee of trade or finance that is needed to look at this, but an amendment to the Constitution.

yeah bitcoin is ready to take over the flat currencies and those who are getting profit from it they are already saying to implement bitcoin as global currency it will help to make world better place to live in,

Tim Draper clearly understands the meaning of creating bitcoins. He is not a simple investor, behind him is experience and knowledge. Such people should be listened to. The time for banks has passed, it is time for digital technology. Amen.

Every one can have their own opinion,Tim Draper is an investor and he sees bitcoin as the future while another investor Warren Buffett sees the other way around as he thinks it will end up badly and it is all a big bubble. There are many novelty when it comes to bitcoin as it can be called the worlds first global currency but never expect the banks to fade away,we need a combination of everything for the economy to function smoothly.

I tend to agree, I think bitcoin can end up being very powerful for the unbanked in the developing markets. What many people forget however, is that banks serve a number of functions including as lenders for property so they will still be necessary in some ways.

Most people are very short sighted when it comes to technology and potential, when computers were first being made comments went around like "I think there is a world market for maybe five computers" now look where we are, the internet when it came out also had similar comments yet people can't live with out it today, now you have bitcoin which has been around under 10 years, look how far it's come in this time, it's developed much faster than computers and the internet.

Comments like "It's too slow to be used as currency" are missing the picture, we need a global reserve not a global currency, once upon a time gold was just that, look how slow and bulky gold is.. yet under the gold standard it kept things under a standard reserve, it didn't matter if a country created more money or held less than another, this currency converted back to gold kept things in line with a common reserve.

With BTC, you can have an altcoin with a 20 million supply vs a 200 billion supply, the 200 billion supply will hold less BTC value than the 20 million, you can't manipulate this like some countries currently are in fiat, keeping their currency low to encourage more trade for example.

You also have layers that can be built over the reserve to speed things up, the lightning network is an example of this, if we look at banks today you don't have to wait for your money to be collected by another bank while doing a transfer, we have layers over the top to speed this up while the actual movement of money happens much slower behind the scenes.

As for the dependency on the internet and a digital world, in the last 20 years we've gone from not needing the internet or computers to an age where we need it now, if the internet were to be switched off the economical fall out would be bigger than you could imagine, the social unrest which be serious too... now imagine this in another 10-20 years.

As for the likes of Buffet and other investors talking about it, you have to open your mind up a bit here and realise these people are extremely agenda driven, if you are one of the big powerful guys in a current system, you will oppose any new system which could impact your power and lives work, these people are not to be listened to at all.

I have a ton of respect for Tim Draper, he's a very wealthy guy but by no means as wealthy as Buffet, Draper won't lose much of his influence being worth about 1 billion if we did shift to a new system, so his views are probably more honest than some one worth 86 billion like Buffet, Buffet will never be able to buy up enough BTC to sustain his #2 wealthiest person on the planet status, only in the current system can he remain there.

Always question ones agenda.

I think there are still a lot of coins coming and going. I've seen a lot of ICO's happening recently and every week a lot of new coins are popping up. I am also surprised to see whether the use will be done or the coin is launched just to raise investors' funds. 8)

First thing, why the world needs a new kind of currency ? cryptocurrency is the best.
With bitcoin and altcoins, the world will have a better decentralized currency, which our world need.

World should have only one currency might it be fiat or digital. Because presence of both at a time will cause conflict

If the world need a new currency what will be the purpose.And if will have a new currency  i think only in specific country not the whole world because different country have different currency.And if they need a new currency offcourse it has a stable value only the apperance different from the old currency.

It is true that the world needs new money and cryptocurrencies are very suitable for the Currency of the future because of its users who are very sample and value added, it is very profitable.

I don't think I need so because I am happy with fiat currencies and taxation. Atleast not have to deal with volatility

Just to avoid taxation should we let our hard eararned cash to be vulnerable of being hacked?

The world need much more that a currency because when we would talk about currency it is just a form of monetary that could be used on transaction. Bitcoin is a well established cryptocurrency out the market that has its  own blockchain technology that has a good market in terms of transactions and trading where could give people an opportunity to earn.

I think all the countries need a bangle currency but each country has different currency and they have their own kind of money. but I think looking at each country with a new currency or changing a new kind of money.

Yes ofcourse govt is trying to rule us by centralising fiats which is not present in btcs

I would say that the world needs competitors bitcoin! due to the fact that bitcoin does not have a worthy competitor, these sudden jumps occur, the price then goes up and down! if there is a dozen coins in equal shares of capitalization, the crypto market will not be so shaky!

All I can say is the banks are all afriad for the changes of our generation. They are also afriad it is because they go to bankruptcy once the bitcoin take the place vs fiat.