Next generation money

[deisik]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

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[hermanhs09]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

[deisik]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

But as of now Bitcoin can hardly be called a truly "good" money since its creation is as centralized as any of fiats. There are a few dozen fiat monies out there, and as many central banks that create money. There is one Bitcoin, and a few dozen mining pools (or just a few, lol) out there as well...

So what's the real difference in this regard?

[hermanhs09]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

But as of now Bitcoin can hardly be called a truly "good" money since its creation is as centralized as any of fiats. There are a few dozen fiat monies out there, and as many central banks that create money. There is one Bitcoin, and a few dozen mining polls (or just a few) out there as well...

So what's the real difference in this regard?

If you're talking about centralization within the mining of bitcoin, then yes, this problem does exist and this will be something that the bitcoin community have to work out a solution eventually.

But bitcoin is still fundamentally better than fiat currencies, as there is a cap to its creation. Also, it's not subject to monetary and fiscal policies of the government. So it's pretty impossible for someone to pump double the entire volume of bitcoins known right now into the market.

[deisik]

But bitcoin is still fundamentally better than fiat currencies, as there is a cap to its creation. Also, it's not subject to monetary and fiscal policies of the government. So it's pretty impossible for someone to pump double the entire volume of bitcoins known right now into the market.

It is still debatable whether it is fundamentally better, or just better, for the fact that Bitcoin has a cap on the number of coins to be created. But in any case, this is surely not something that can be called a revolution in the history of money, right?

[Ayers]

not in the absolute sense, but i think it revoluzionaze the way you handle money, because it is based on trustless mechanism, and don't rely on a centralized authority, also gold is not centralized when used, and never was, bitcoin instead is always decentralized when used

[sanas]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

I think the creation of the bitcoin is decentralised. Any body can afford a ASIC miner can make the money.

[Pab]

Money need to pay interest and represent value of economys,national currencys need to stay,but dervatives and debt have to be limited

[BitcoinHodler]

there is no argument that bitcoin and blockchain technology is a revolution and have already changed the way we look at money.

but this doesn't mean bitcoin is the next money or even it doesn't mean it will replace money, that would be a very hard process with a lot of obstacles in front of it.

[deisik]

there is no argument that bitcoin and blockchain technology is a revolution and have already changed the way we look at money

I agree that the blockchain technology is something new, but if it ever comes to calling it a revolution, a revolution in what? What exactly has it revolutionized, what did it change in the way people live, communicate or merchandise? I think that just being new, in the sense of something not seen before, is not enough...

For example, Internet altered dramatically the whole societies in the ways we don't yet fully understand or even encompass

[BobK71]

Money need to pay interest and represent value of economys,national currencys need to stay,but dervatives and debt have to be limited

This may be true in the abstract, but who decides how much money and debt to create?

Bitcoin, gold, etc. are market-based monies, whereas national currencies are centrally planned money.  Central planning has always led to fundamental abuse and the enrichment of the few at the expense of the many.

Wouldn't it be nice if everyone was polite?  But to create a Bureau of Politeness to monitor and control everyone's behavior would obviously make things worse.

[BobK71]

I agree that the blockchain technology is something new, but if it ever comes to calling it a revolution, a revolution in what? What exactly has it revolutionized, what did it change in the way people live, communicate or merchandise? I think that just being new, in the sense of something not seen before, is not enough...

For example, Internet altered dramatically the whole societies in the ways we don't yet fully understand or even encompass

I hold the opposite view, actually.  The blockchain is just a piece of technology.  Bitcoin, on the other hand, if it succeeds as a currency or a store of value, changes the power relationship between the political and financial elites and the public.  It would help lead to a fundamentally more open and healthy society as well as economy.

[deisik]

I agree that the blockchain technology is something new, but if it ever comes to calling it a revolution, a revolution in what? What exactly has it revolutionized, what did it change in the way people live, communicate or merchandise? I think that just being new, in the sense of something not seen before, is not enough...

For example, Internet altered dramatically the whole societies in the ways we don't yet fully understand or even encompass

I hold the opposite view, actually.  The blockchain is just a piece of technology.  Bitcoin, on the other hand, if it succeeds as a currency or a store of value, changes the power relationship between the political and financial elites and the public.  It would help lead to a fundamentally more open and healthy society as well as economy.

I see what you mean, but I can't agree with this, though I wish you were right. So far it didn't change a thing in that direction. Let's face the facts, the fields where Bitcoin prospers, that is, trading and gambling, can't possibly lead to a better society and healthier economy by any means...

And I'm not even mentioning the DarkNet where Bitcoin also flourishes

[bbc.reporter]

I do not think we could classify BTC solely as 'money'. It's a whole new asset class that has no classification at the moment. Even the regulators are confused. It's neither a currency or a commodity, but it has the qualities of both.

And in response to OP's point that 'Bitcoin didn't revolutionize money', sure you can say that. But one good thing about it is it makes banks unnecessary when making transactions online. That's really something in a world where all our financial transactions depend on banks for the longest time. Although Bitcoin didn't revolutionize money, it started a revolution nevertheless.

[deisik]

I do not think we could classify BTC solely as 'money'. It's a whole new asset class that has no classification at the moment. Even the regulators are confused. It's neither a currency or a commodity, but it has the qualities of both

It was envisaged as a currency, but now serves as a commodity which doesn't have a utility of its own, save only for the transactional utility, which is the only utility money is conceptually required to have. In this regard Bitcoin didn't (and couldn't) add anything new to the concept of money...

Whereas a "commodity" without value (or highly overvalued) is the object of various tulipomanias

[manselr]

Bitcoin is an entirely new form of money... can't argue that. It's an asset that has never existed before. You can carry billions of dollars inside a pendrive and use them anywhere in the world without no one knowing, plus all the smart contracts stuff, makes it in fact next generation money.

[deisik]

And in response to OP's point that 'Bitcoin didn't revolutionize money', sure you can say that. But one good thing about it is it makes banks unnecessary when making transactions online. That's really something in a world where all our financial transactions depend on banks for the longest time. Although Bitcoin didn't revolutionize money, it started a revolution nevertheless

Again I have to disagree. At first look, things are as you say, but the devil is, as always, in the detail. You don't need banks to transact in Bitcoins. Nevertheless, since Bitcoin doesn't act on its own in the majority of cases (closed loops with only Bitcoin as a mediating agent are tight and far in between), you still need fiat...

And with fiat you obviously need banks

[amacar2]

Bitcoin and cryptocurrency are in reality the next generation money however it is still market compared to fiat and only accessed majorly by tech guys. The decentralized and crypto technology can be spreaded to common people in upcoming days with much simpler wallet forms comming out which will be easy for all common people who already know how to use digital wallet.

We can't compare bitcoin and gold with same eyes.

[deisik]

Bitcoin is an entirely new form of money... can't argue that. It's an asset that has never existed before. You can carry billions of dollars inside a pendrive and use them anywhere in the world without no one knowing, plus all the smart contracts stuff, makes it in fact next generation money.

New assets that never existed before are created on a daily basis. A few dozen (or, maybe, just a few, idk) entirely new drugs enter the market each year. But only some made a revolution in medicine (for example, penicillin). So just being new per se is evidently not enough. Billion dollars inside your pen-drive make up an illusory welath. You won't be able to exchange them for real wealth, so don't get any illusion about that...

Whereas a few million paper dollars in your pocket (well, case) are fully exchangeable for real wealth, and no one could know about them either

[deisik]

Bitcoin and cryptocurrency are in reality the next generation money however it is still market compared to fiat and only accessed majorly by tech guys. The decentralized and crypto technology can be spreaded to common people in upcoming days with much simpler wallet forms comming out which will be easy for all common people who already know how to use digital wallet

Neither decentralized nature nor cryptographic technology are new or revolutionary. Though I would agree that public-key cryptography was a revolutionary step forward in cryptography as such (just like quantum cryptography afterwards)...

But its use in the Blockchain technology doesn't make the latter a revolution too

[yayayo]

I think the wording of the Poll's question is not sufficiently precise. I don't think that Bitcoin revolutionized the concept of money, since the concept of money is extremely abstract. Money is perceived as a medium of value (this means you can purchase things with it). This holds true for Bitcoin as well. So there is no change in regard to the concept.

However I agree that on a technical level, Bitcoin is a new form of money: There has never been a decentralized verification of authenticity and ownership of electronic money before Bitcoin. So in that regard (the functional implementation of a specific kind of money), Bitcoin can be called "next generation money".

ya.ya.yo!

[Cybertron00]

In my opinion bitcoin didn't revolutionize the concept of money, it just eases the way people earn online and eases online transactions.

[outatime1]

I think the blockchain and bitcoin revolutionized the storage and transfer of money in the same way the the internet revolutionized information access and the way email revolutionized communication.

[deisik]

I think the wording of the Poll's question is not sufficiently precise. I don't think that Bitcoin revolutionized the concept of money, since the concept of money is extremely abstract. Money is perceived as a medium of value (this means you can purchase things with it). This holds true for Bitcoin as well. So there is no change in regard to the concept

Yes, I knew that and concur with you. As I already said, Bitcoin can't change the concept of money in the strict and proper sense of the notion (since that wouldn't be money thereafter). Nevertheless, I thought this was the simplest way to convey the idea to an average Joe without getting into an explanation of insignificant details (in this respect)...

The concept of money despite it being highly abstract is pretty simple, though

[deisik]

However I agree that on a technical level, Bitcoin is a new form of money: There has never been a decentralized verification of authenticity and ownership of electronic money before Bitcoin. So in that regard (the functional implementation of a specific kind of money), Bitcoin can be called "next generation money"

But you are repeating the same mantra that has already been voiced and addressed on the previous page. That is, something new doesn't mean a revolution just for the fact of it having not been around before. On the other hand, if something had been around for ages, but found a fundamentally new implementation (for example, oil in the 19th century), it still revolutionized the ways people live. In what concerns money, the Freigeld money (free money) was also a brand new idea, but did it revolutionize anything and how many people today even heard about it?

In this way, the criterion for the state of being "revolutionary" should be the strength of impact on society as whole (like what Internet did), not the novelty of it

[mindrust]

Bitcoin is like mp3, torrent, napster, divx, 3d and so on...

All of those technologies above changed a lot in the world and bitcoin is doing exactly the same. It changes everyone's life in a good way. Mastercard also changed the world back in the day but thiss a whole new level.

[deisik]

Bitcoin is like mp3, torrent, napster, divx, 3d and so on...

All of those technologies above changed a lot in the world and bitcoin is doing exactly the same. It changes everyone's life in a good way. Mastercard also changed the world back in the day but thiss a whole new level.

What is napster and how did it change the lives (my life included) of people across the world?

[BobK71]

I hold the opposite view, actually.  The blockchain is just a piece of technology.  Bitcoin, on the other hand, if it succeeds as a currency or a store of value, changes the power relationship between the political and financial elites and the public.  It would help lead to a fundamentally more open and healthy society as well as economy.

I see what you mean, but I can't agree with this, though I wish you were right. So far it didn't change a thing in that direction. Let's face the facts, the fields where Bitcoin prospers, that is, trading and gambling, can't possibly lead to a better society and healthier economy by any means...

And I'm not even mentioning the DarkNet where Bitcoin also flourishes

Your wish might be more granted than you think.

Anything that empowers the citizenry against government will probably empower criminals and terrorists too (e.g. guns.)  IMO freedom from tyranny is more fundamental.  There are other ways to strengthen law enforcement, just as there are other ways for terrorists to transact, e.g. dollar cash.

In the realm of money and finance, these elements interact in very interesting ways.  E.g. it's the same illegal transactions that provide demand for Bitcoin, which in turn give confidence to Chinese savers today for using Bitcoin to get around their government's capital controls and get out of the yuan.

Probably, in addition to China's, all major central banks are being constrained by the possibility of capital flight to Bitcoin, even if, as usual, they will never admit it.

[freshman777]

I tend to think it revolutionized the concept of money, but it is not the last and not the only, it's a pilot project. Much like the first plane or the first car were basic mechanisms. The concept will change over time but it was a breakthrough - censorship resistant permissionless transactions sent over the wire, decentralized creation of money - we gotta give it to Bitcoin. Was the first plane and the first car a revolution in transportation industry 100 years ago? We can say in retrospect they were; it was far from obvious at that time though. The concept is changing already: as you said before, Bitcoin is not decentralized creation of money at this point in time. Censorship resistant transactions keep buzzing along, but the decentralization aspect of money creation is gone with ASIC mining, censorship resistance is weakened. Can the honey badger of money regroup and get rid of centralized ASIC mining is the big question. It doesn't bear much significance for the concept if Bitcoin is phased out over time. The concept can't be stuffed back in the box, it's been planted in thousands of minds who will build new, more advanced techniques to keep the idea alive.

[deisik]

In the realm of money and finance, these elements interact in very interesting ways.  E.g. it's the same illegal transactions that provide demand for Bitcoin, which in turn give confidence to Chinese savers today for using Bitcoin to get around their government's capital controls and get out of the yuan

Why go only halfway? Heroin trafficking from Asia to Europe doesn't let children die from hunger in Afghanistan, so why not legitimize it?

Or do children in Afghanistan not deserve to live?

[Mr.grin]

Well, maybe everyone will use one card can have value someday. and certainly bitcoin will be present in the future as a new currency and will probably be the next generation of money

[Snorek]

Some facts about Bitcoin:

1. Bitcoin is unique because it is backed by blockchain.
Blockchain is new concept and we never seen anything like that, it was simply not possible before internet to have totally transparent and ultimate ledger with every transaction stored forever.

2. Bitcoin is different because it is hard capped. FIAT can be created, printed or conjured out of thin air indefinitely. Bitcoin can't.

2. Bitcoin is ultimate money because you can't counterfeit it.

[deisik]

I tend to think it revolutionized the concept of money, but it is not the last and not the only, it's a pilot project. Much like the first plane or the first car were basic mechanisms. The concept will change over time but it was a breakthrough - censorship resistant permissionless transactions sent over the wire, decentralized creation of money - we gotta give it to Bitcoin. Was the first plane and the first car a revolution in transportation industry 100 years ago? We can say in retrospect they were; it was far from obvious at that time though. The concept is changing already: as you said before, Bitcoin is not decentralized creation of money at this point in time. Censorship resistant transactions keep buzzing along, but the decentralization aspect of money creation is gone with ASIC mining, censorship resistance is weakened. Can the honey badger of money regroup and get rid of centralized ASIC mining is the big question. It doesn't bear much significance for the concept if Bitcoin is phased out over time. The concept can't be stuffed back in the box, it's been planted in thousands of minds who will build new, more advanced techniques to keep the idea alive.

Methinks, decentralization aspect of money creation was the only real thing about Bitcoin. Though not entirely new (gold is also "created" in a decentralized manner) or perfect (as you say yourself), but that could be fixed either directly (through changes in the algo) or circumstantially, through feedback loops. Now that this aspect is almost gone, we just have corporations in the hide of mining pools doing exactly the same what governments (and banks) do...

Let's assume for a moment that governments are gone and Bitcoin has actually taken off as a world currency, what will it change fundamentally?

[DavidoAlto]

Bitcoin will be the future money and that is really nice because you can even now see that Bitcoin is becoming more popular and used so that is perfect.
The only thing that we cant control is the value and that is also the most risky thing of Bitcoin.

[d5000]

Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

In my opinion, the "revolutionary" property of Bitcoin and other cryptocurrencies is not only decentralization. It's the fact that it makes possible a financial system with much less overhead - in short, a much more effective system.

With cryptocurrencies you are able to open an "account" and to get "loans" and even use more complex financial products (see Bitshares / Ethereum) without the large security and labor costs that traditional banks and other financial institutions have.

The most severe problem of cryptocurrencies is still volatility. Bitcoin is basically unusable for everyday money use. Until now only Bitshares has a fairly secure and working model for a stable asset that exists only inside the "cryptocurrency sphere" without any centralized backing from external sources. Bitshares, unfortunately, is poorly managed by its "leaders" - and there should be no leaders at all. So I would consider "the next revolution" a non-volatile, totally descentralized cryptocurrency (or cryptocurrency asset).

[socks435]

Bitcoin will be the future money and that is really nice because you can even now see that Bitcoin is becoming more popular and used so that is perfect.
The only thing that we cant control is the value and that is also the most risky thing of Bitcoin.

Bitcoin is already money we already use it to buy something in online.. if you mean that bitcoin will be replace money as our new money for me its impossible to happen in the future.. this is just currency online.. anytime internet can be gone..

[BlackPanda]

It could happen. if the current bitcoin already seen positive changes that significantly. maybe the next few years could become the standard bitcoin currency in the world. the future is technological progress and all of our lives will be accompanied by sophisticated technology. bitcoin present to the future.

[deisik]

Bitcoin will be the future money and that is really nice because you can even now see that Bitcoin is becoming more popular and used so that is perfect.
The only thing that we cant control is the value and that is also the most risky thing of Bitcoin.

Spammers are not welcomed here

[deisik]

Bitcoin will be the future money and that is really nice because you can even now see that Bitcoin is becoming more popular and used so that is perfect.
The only thing that we cant control is the value and that is also the most risky thing of Bitcoin.

Bitcoin is already money we already use it to buy something in online.. if you mean that bitcoin will be replace money as our new money for me its impossible to happen in the future.. this is just currency online.. anytime internet can be gone..

Answering to spammy posts isn't welcomed either

[deisik]

Some facts about Bitcoin:

1. Bitcoin is unique because it is backed by blockchain.
Blockchain is new concept and we never seen anything like that, it was simply not possible before internet to have totally transparent and ultimate ledger with every transaction stored forever.

2. Bitcoin is different because it is hard capped. FIAT can be created, printed or conjured out of thin air indefinitely. Bitcoin can't.

2. Bitcoin is ultimate money because you can [not] counterfeit it.

These facts aren't enough to make Bitcoin into a revolution in the "money-making"

1. Being unique just as being new won't suffice. I have explained this earlier
2. Gold is also "capped". On the other hand, this alone can be hardly construed as a "revolution", by any means
3. Double-spend and whatever else that I don't even know about

[avikz]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

I somewhat agree with your point that new money has not been invented. The concept of money has not changed in any way. It is just the way to earn money has changed.

World population never though that money would ever be mined. Blockchain technology made it possible. But we are comparing that bitcoin with a fiat currency always. The valuation of bitcoin is made through a fiat currency.

So bitcoin just showed us the way to earn more money and nothing else. But that is the best thing of bitcoin that it has the power to make your dream come true.

[deisik]

So bitcoin just showed us the way to earn more money and nothing else. But that is the best thing of bitcoin that it has the power to make your dream come true.

You meant to say to earn more fiat, if I interpreted your words correctly. But this way has been known since pyramids and is called appropriately...

That is, a financial pyramid scheme

[freshman777]

I tend to think it revolutionized the concept of money, but it is not the last and not the only, it's a pilot project. Much like the first plane or the first car were basic mechanisms. The concept will change over time but it was a breakthrough - censorship resistant permissionless transactions sent over the wire, decentralized creation of money - we gotta give it to Bitcoin. Was the first plane and the first car a revolution in transportation industry 100 years ago? We can say in retrospect they were; it was far from obvious at that time though. The concept is changing already: as you said before, Bitcoin is not decentralized creation of money at this point in time. Censorship resistant transactions keep buzzing along, but the decentralization aspect of money creation is gone with ASIC mining, censorship resistance is weakened. Can the honey badger of money regroup and get rid of centralized ASIC mining is the big question. It doesn't bear much significance for the concept if Bitcoin is phased out over time. The concept can't be stuffed back in the box, it's been planted in thousands of minds who will build new, more advanced techniques to keep the idea alive.

Methinks, decentralization aspect of money creation was the only real thing about Bitcoin. Though not entirely new (gold is also "created" in a decentralized manner) or perfect (as you say yourself), but that could be fixed either directly (through changes in the algo) or circumstantially, through feedback loops. Now that this aspect is almost gone, we just have corporations in the hide of mining pools doing exactly the same what governments (and banks) do...

Let's assume for a moment that governments are gone and Bitcoin has actually taken off as a world currency, what will it change fundamentally?

Gold is fine for local trades and savings. But you can't send gold over the wire unless you do it via centralized trusted vaults. This is another big thing that Bitcoin changed. You can't take gold over the border with no risk of seizure in this age. I already said I agree with you on few mining pools.
Bitcoin cannot function as a world currency, it's nonsense to assume. Fundamentally the world needs monetary sanity, this can't be achieved with fiat currencies. Fiat currencies are always reset when they are invariably expanded beyond limits. Money must be what people voluntarily choose to use as money in free market interactions, not the top-down enforced thing.

[deisik]

Bitcoin cannot function as a world currency, it's nonsense to assume. Fundamentally the world needs monetary sanity, this can't be achieved with fiat currencies. Fiat currencies are always reset when they are invariably expanded beyond limits. Money must be what people voluntarily choose to use as money in free market interactions, not the top-down enforced thing.

This is the point about which people always make the same mistake, namely, by confusing cause and effect, again and again. Fiat currencies become reset only when the state behind them fails (and not the other way round). Actually, monetary expansion beyond limits is a last-ditch attempt to postpone the inevitable fiasco of a failed state. Essentially the same happened with states that used hard currencies (gold and silver as money). They severely debased their specie by diminishing its precious metal content whenever they got spiraling down, thereby effectively multiplying the amount of money in circulation (i.e. what fiat currencies are abused with and accused of)...

See the history of Ancient Rome, its rise and its ultimate collapse as a textbook example of this process

[calkob]

Money is really anything that 2 people are willing to exchange, and you havnt told us what your idea is how can we comment on it.

[freshman777]

Bitcoin cannot function as a world currency, it's nonsense to assume. Fundamentally the world needs monetary sanity, this can't be achieved with fiat currencies. Fiat currencies are always reset when they are invariably expanded beyond limits. Money must be what people voluntarily choose to use as money in free market interactions, not the top-down enforced thing.

This is the point about which people always make the same mistake, namely, by confusing cause and effect, again and again. Fiat currencies become reset only when the state behind them fails (and not the other way round). Actually, monetary expansion beyond limits is a last-ditch attempt to postpone the inevitable fiasco of a failed state. Essentially the same happened with states that used hard currencies (gold and silver as money). They severely debased their specie by diminishing its precious metal content whenever they got spiraling down, thereby effectively multiplying the amount of money in circulation (i.e. what fiat currencies are abused with and accused of)...

See the history of Ancient Rome, its rise and ultimate collapse as a textbook example of this process

I don't understand the point you make. The population in ancient Rome was forced to accept debased coins from the Emperor. If they refused to accept it for grains and other produce, the penalty had to be strict. In that sense those debased gold and silver coins was not unlike modern overly printed paper currencies. This is not free market if there is no choice of money you can accept for your service or goods, and that's what is and has always been fundamentally flawed with money enforced at gunpoint. It bears repeating, for the world to return to monetary sanity, money must be what people voluntarily choose to use as money in free market interactions, can't stress this enough. Bitcoin has shown us that there is another way that we couldn't dream of. It's a revolution, even though Bitcoin may be replaced by better crypto.

[deisik]

Money is really anything that 2 people are willing to exchange, and you havnt told us what your idea is how can we comment on it.

Yeah, I was just looking for words to express that idea in a concise and precise manner since it's so fascinating that I can't yet fully understand it myself (and therefore explain it clearly), how it would work in detail. I think no one will argue that Bitcoin is an offspring of Internet, i.e. without the latter there wouldn't be the former. But Bitcoin is just a minor aberration in the history of money, surely not the next major step that would pass as a revolution in money-making. In this aspect, Bitcoin is interesting only as an example which shows how changes in society (in this case due to Internet) can give rise to feasible ideas that some fifty years ago couldn't even have been fantasized. This is the basic premise that I want to specifically emphasize, i.e. the next generation money should necessarily be a product of some pivotal changes in society (like fiat was a far-off product of Industrial Revolution)...

Now what could the most dramatic changes regarding human societies be in the next few decades (without indulging in pipe-dreams)?

[deisik]

Bitcoin cannot function as a world currency, it's nonsense to assume. Fundamentally the world needs monetary sanity, this can't be achieved with fiat currencies. Fiat currencies are always reset when they are invariably expanded beyond limits. Money must be what people voluntarily choose to use as money in free market interactions, not the top-down enforced thing.

This is the point about which people always make the same mistake, namely, by confusing cause and effect, again and again. Fiat currencies become reset only when the state behind them fails (and not the other way round). Actually, monetary expansion beyond limits is a last-ditch attempt to postpone the inevitable fiasco of a failed state. Essentially the same happened with states that used hard currencies (gold and silver as money). They severely debased their specie by diminishing its precious metal content whenever they got spiraling down, thereby effectively multiplying the amount of money in circulation (i.e. what fiat currencies are abused with and accused of)...

See the history of Ancient Rome, its rise and ultimate collapse as a textbook example of this process

I don't understand the point you make. The population in ancient Rome was forced to accept debased coins from the Emperor. If they refused to accept it for grains and other produce, the penalty had to be strict. In that sense those debased gold and silver coins was not unlike modern overly printed paper currencies. This is not free market if there is no choice of money you can accept for your service or goods, and that's what is and has always been fundamentally flawed with money enforced at gunpoint. It bears repeating, for the world to return to monetary sanity, money must be what people voluntarily choose to use as money in free market interactions, can't stress this enough. Bitcoin has shown us that there is another way that we couldn't dream of. It's a revolution, even though Bitcoin may be replaced by better crypto.

You miss my point entirely. It is not about forcing the population to accept the debased coins. It is about the fact that money debasement (or monetary expansion beyond limits in case of fiat) mirrors the state of the state (pardon the pun), and is the result of the failure of the state, not its cause. Rome began seriously debasing their money (silver denarius as a major Roman coin) starting from the first half of the 2nd century AD (when it contained 93% of silver) until the mid-3rd century when the coin had practically no silver left in it (around 5% of silver content)...

The Empire had already been on the decline by then and went spiraling down till its total collapse in the second half of the 5th century, when the whole Roman Empire had shrunk to just the city of Rome

[freshman777]

Yeah, you miss my point entirely. It is not about forcing the population to accept the debased coins. It is about the fact that money debasement mirrors the state of the state (pardon the pun), and it is the result of the failure of the state, not its cause. Rome began seriously debasing their money (silver denarius as a major Roman coin) starting from the first half of the 2nd century AD (when it contained 93% of silver) until the mid-3rd century when the coin had practically no silver left in it (around 5% of silver content)...

The Empire had already been on the decline by then and went spiraling down till it total collapse in the second half of the 5th century

I am somewhat familiar with the history of coin debasement in Rome and agree with you it is the result of the state's failure. Namely, inability to support large entitlement payments, which undermined fiscal health of the state and ended in coin debasement. This couldn't have happened without fiat. Gold and silver coins can be fiat if this is what the state forces you to accept. The state would have stopped making this many promises if it couldn't enforce what is legal tender, it'd have run out of money and collapsed in a matter of few years if it hadn't. Fiat is the fundamental flaw, monetary voluntarism is what the world needs. I think crypto has a chance to succeed, but the fight will be fierce and bloody, we've just entered the first innings.

[MoneypakTrader.com]

Well, I have to say that Bitcoin really is the next generation money because it was the first digital currency ever made that implemented the block chain technology. It was created so that no central authority could have control of your money (like banks do) This form of decentralization (and the block chain) is what makes Bitcoin innovative and it may prove to become used and accepted as a mainstream crypto currency worldwide. Governments from around the world will recognize Bitcoin as an acceptable form of payment.

Still there are some issues that need to be resolved, like taking out the centralization of the big miners and the block size but I think the Bitcoin community will find a way around this and make it even better than what it is right now. It may not be perfect, but it has proved to become a digital form of money that has brought back people the control of their own money. Just sharing my opinion.  

[deisik]

Yeah, you miss my point entirely. It is not about forcing the population to accept the debased coins. It is about the fact that money debasement mirrors the state of the state (pardon the pun), and it is the result of the failure of the state, not its cause. Rome began seriously debasing their money (silver denarius as a major Roman coin) starting from the first half of the 2nd century AD (when it contained 93% of silver) until the mid-3rd century when the coin had practically no silver left in it (around 5% of silver content)...

The Empire had already been on the decline by then and went spiraling down till it total collapse in the second half of the 5th century

I am somewhat familiar with the history of coin debasement in Rome and agree with you it is the result of the state's failure. Namely, inability to support large entitlement payments, which undermined fiscal health of the state and ended in coin debasement. This couldn't have happened without fiat. Gold and silver coins can be fiat if this is what the state forces you to accept. The state would have stopped making this many promises if it couldn't enforce what is legal tender, it'd have run out of money and collapsed in a matter of few years if it hadn't. Fiat is the fundamental flaw, monetary voluntarism is what the world needs. I think crypto has a chance to succeed, but the fight will be fierce and bloody, we've just entered the first innings.

Could you please expand more on what you mean by that. It seems that we have agreed that Bitcoin doesn't quite cut it, due to its de-facto centralized nature as of now. As I can guess, you mean that everyone should be free in what to call and use as money. Yes, you are obliged to pay taxes in legal tender, but other than that you are essentially free to trade in whatever you and your counter-party agree upon...

Though you would still have to somehow make others accept your chosen means of payment as such

[deisik]

Well, I have to say that Bitcoin really is the next generation money because it was the first digital currency ever made that implemented the block chain technology. It was created so that no central authority could have control of your money (like banks do) This form of decentralization (and the block chain) is what makes Bitcoin innovative and it may prove to become used and accepted as a mainstream crypto currencies worldwide. Governments from around the world will recognize Bitcoin as an acceptable form of payment.

Still there are some issues that need to be resolved, like taking out the centralization of the big miners and the block size but I think the Bitcoin community will find a way around this and make it even better than what it is right now. It may not be perfect, but it has proved to become a digital form of money that has brought back people the control of their own money. Just sharing my opinion. 

Big miners have already monopolized the issuance of the new money. Right now they do exactly the same what governments do, that is, print new money, though in a constrained manner. When they hit the cap, they will change their role to that of banking, that is, effecting payments and charging fees as they see appropriate (read profitable). And then we will have even more monopolistic monetary system than we now have...

Since at present you can deal in cash, thereby easily bypassing hated banks altogether

[mindrust]

Bitcoin is like mp3, torrent, napster, divx, 3d and so on...

All of those technologies above changed a lot in the world and bitcoin is doing exactly the same. It changes everyone's life in a good way. Mastercard also changed the world back in the day but thiss a whole new level.

What is napster and how did it change the lives (my life included) of people across the world?

Napster is the father of mp3 piracy which is the ancestor of bittorrent.

I don't need to tell you what mp3 is i think. You very well know, at those times, internet speed wasn't as fast as today. I remember I share mp3 cd's with my friends and with napster we became worldwide traders. Then, emule popped up. Then it is also gone and torrent come up.

Yeah Napster is dead now but it lives in another form. If your life haven't changed by any of those, you are either 15 years old or you were living in the moon.

[freshman777]

I am somewhat familiar with the history of coin debasement in Rome and agree with you it is the result of the state's failure. Namely, inability to support large entitlement payments, which undermined fiscal health of the state and ended in coin debasement. This couldn't have happened without fiat. Gold and silver coins can be fiat if this is what the state forces you to accept. The state would have stopped making this many promises if it couldn't enforce what is legal tender, it'd have run out of money and collapsed in a matter of few years if it hadn't. Fiat is the fundamental flaw, monetary voluntarism is what the world needs. I think crypto has a chance to succeed, but the fight will be fierce and bloody, we've just entered the first innings.

Could you please expand more on what you mean by that. It seems that we have agreed that Bitcoin doesn't quite cut it, due to its de-facto centralized nature as of now. As I can guess, you mean that everyone should be free in what to call and use as money. Yes, you are obliged to pay taxes in legal tender, but other than that you are essentially free to trade in whatever you and your counter-party agree upon...

Though you would still have to somehow make others accept your chosen means of payment as such

You hit the nail on the head. Economic entities should be able to freely choose what they use as money. If they are regulated to only accept government fiat, there is no voluntarism.
Bitcoin is one of choices in the monetary voluntarism, the de-facto centralized nature doesn't make it an unviable option for some people. I bet you have savings in Bitcoin. There is hoping that Bitcoin can be fixed if the centralized nature begins to hurt the principles it was founded on, so it's too early to give up on it just yet, but other (crypto) options should be actively researched.
If your chosen means of payment is competitive in the free market of payment options, it will be accepted. What can be wrong with this concept unless someone hates competition?

[tyz]

I voted for yes.

There is no doubt, Bitcoin is a new way of payment and storing value. However, I stated in previous Bitcoin itself is not a good currency because of its deflationary nature. It is more like gold. But the Bitcoin blockchain combined with colored coins could be really applicable currencies for mass adoption.

[deisik]

Bitcoin is like mp3, torrent, napster, divx, 3d and so on...

All of those technologies above changed a lot in the world and bitcoin is doing exactly the same. It changes everyone's life in a good way. Mastercard also changed the world back in the day but thiss a whole new level.

What is napster and how did it change the lives (my life included) of people across the world?

Napster is the father of mp3 piracy which is the ancestor of bittorrent.

I don't need to tell you what mp3 is i think. You very well know, at those times, internet speed wasn't as fast as today. I remember I share mp3 cd's with my friends and with napster we became worldwide traders. Then, emule popped up. Then it is also gone and torrent come up.

Yeah Napster is dead now but it lives in another form. If your life haven't changed by any of those, you are either 15 years old or you were living in the moon.

I know what is mp3, lol. And no, it didn't change my life in any substantial way, though I admit that just mp3 might have radically changed someone else's (if he is, for example, an aspiring singer and wants his songs to get wide recognition beyond those greedy record labels). But this is irrelevant, since my point is entirely different. I'm talking about the overall effect on the society as whole, not just on you or me taken individually. In this respect the influence of mp3's (or napster or anything of this kind) is minuscule at best. For example, smallpox alone killed more people than all wars taken together, and developing a vaccine against it had a groundbreaking effect on the entire world population...

I simply can't fathom how anyone could even try to compare the inconsequential with the overwhelming

[deisik]

I am somewhat familiar with the history of coin debasement in Rome and agree with you it is the result of the state's failure. Namely, inability to support large entitlement payments, which undermined fiscal health of the state and ended in coin debasement. This couldn't have happened without fiat. Gold and silver coins can be fiat if this is what the state forces you to accept. The state would have stopped making this many promises if it couldn't enforce what is legal tender, it'd have run out of money and collapsed in a matter of few years if it hadn't. Fiat is the fundamental flaw, monetary voluntarism is what the world needs. I think crypto has a chance to succeed, but the fight will be fierce and bloody, we've just entered the first innings.

Could you please expand more on what you mean by that. It seems that we have agreed that Bitcoin doesn't quite cut it, due to its de-facto centralized nature as of now. As I can guess, you mean that everyone should be free in what to call and use as money. Yes, you are obliged to pay taxes in legal tender, but other than that you are essentially free to trade in whatever you and your counter-party agree upon...

Though you would still have to somehow make others accept your chosen means of payment as such

You hit the nail on the head. Economic entities should be able to freely choose what they use as money. If they are regulated to only accept government fiat, there is no voluntarism

There are a few problems with this approach, though (maybe, even more than just a few, lol). First, the counterparties could just barter. Yes, barter is very inefficient but it allows to effectively solve the next problem inexorably arising under the system of monetary voluntarism. Which is a problem of consensus, i.e. the parties actually don't want to choose what to use as money, since they just want to be sure that what they use as money doesn't cease to be money with the next counterparty which might have different ideas about what is money and what is not. Government effectively solves this problem by dismissing monetary voluntarism altogether. So, if you ask me, I don't think that monetary voluntarism is a viable option. Money by definition should be universal (i.e. accepted by all counterparties in the economy as a means of payment) which excludes voluntarism. Otherwise, it couldn't be called money...

Strictly speaking, the notion is essentially oxymoronic

[BTCBinary]

Bitcoin has shown us that there is a totally different way of dealing with money. It is the perfect alternative to the dissolute way on how central Banks issue money. However, I think that Bitcoin was just the begining and we will still see another an even better coin than Bitcoin

[freshman777]

You hit the nail on the head. Economic entities should be able to freely choose what they use as money. If they are regulated to only accept government fiat, there is no voluntarism

There are a few problems with this approach, though (maybe, even more than just a few, lol). First, the counterparties could just barter. Yes, barter is very inefficient but it allows to effectively solve the next problem inexorably rising under the system of monetary voluntarism. Which is a problem of consensus, i.e. the parties actually don't want to choose what to use as money, since they just want to be sure that what they use as money doesn't cease to be money with the next counterparty which might have different views on what is money and what is not...

Government effectively solves this problem by dismissing monetary voluntarism altogether

Barter is inefficient as you said for anything but simple trades: you give me a dozen of eggs, I give you a bottle of milk. We can omit discussing barter.
<bold text>
This is precisely why it will take significant time for crypto to establish itself as solid trustworthy money, and why it's premature to dismiss gold and silver. Some already have the confidence to accept crypto as preferred currency. Mostly it's geeks, but Rome wasn't built in a day.

Government doesn't solve this entirely, it creates too much money and then resets the financial system. It is safe to assume that most people on the planet will experience a reset of fiat system at least once, with memories of this event lasting to the end of their life. A number of people will make conclusions to explore what options they have to escape being fooled again.

Money by definition should be universal (i.e. accepted by all counterparties in the economy as a means of payment) which excludes voluntarism. Otherwise, it couldn't be called money...

There is no definition that money should be universal. If two counterparties agree that something is money, then it's money. You can't directly pay a supplier in another country with your local fiat currency, you have to exchange it to what the supplier believes is money. As long as free trade and free exchange exists money doesn't have to be universal.

[Yakamoto]

You hit the nail on the head. Economic entities should be able to freely choose what they use as money. If they are regulated to only accept government fiat, there is no voluntarism

There are a few problems with this approach, though (maybe, even more than just a few, lol). First, the counterparties could just barter. Yes, barter is very inefficient but it allows to effectively solve the next problem inexorably rising under the system of monetary voluntarism. Which is a problem of consensus, i.e. the parties actually don't want to choose what to use as money, since they just want to be sure that what they use as money doesn't cease to be money with the next counterparty which might have different views on what is money and what is not...

Government effectively solves this problem by dismissing monetary voluntarism altogether

Barter is inefficient as you said for anything but simple trades: you give me a dozen of eggs, I give you a bottle of milk. We can omit discussing barter.
<bold text>
This is precisely why it will take significant time for crypto to establish itself as solid trustworthy money, and why it's premature to dismiss gold and silver. Some already have the confidence to accept crypto as preferred currency. Mostly it's geeks, but Rome wasn't built in a day.

Government doesn't solve this entirely, it creates too much money and then resets the financial system. It is safe to assume that most people on the planet will experience a reset of fiat system at least once, with memories of this event lasting to the end of their life. A number of people will make conclusions to explore what options they have to escape being fooled again.

Barter is definitely something that should be avoided, there are too many complications with how it would work, and if I want to sell you my cow you better have a metric fuckton of eggs. It just doesn't work because of the mostly required divisibility for smaller transactions.

It is a terrible idea to discard the notion of gold and silver holding value, as they are recognized by most individuals and entities as holding value. Being able to liken cryptos to gold or other precious metals and have them be recognized by the same people is probably the end-game of Bitcoin.

As for the Government-issued fiat, we all know how piss-poor the system is.

[deisik]

You hit the nail on the head. Economic entities should be able to freely choose what they use as money. If they are regulated to only accept government fiat, there is no voluntarism

There are a few problems with this approach, though (maybe, even more than just a few, lol). First, the counterparties could just barter. Yes, barter is very inefficient but it allows to effectively solve the next problem inexorably rising under the system of monetary voluntarism. Which is a problem of consensus, i.e. the parties actually don't want to choose what to use as money, since they just want to be sure that what they use as money doesn't cease to be money with the next counterparty which might have different views on what is money and what is not...

Government effectively solves this problem by dismissing monetary voluntarism altogether

Barter is inefficient as you said for anything but simple trades: you give me a dozen of eggs, I give you a bottle of milk. We can omit discussing barter.
<bold text>
This is precisely why it will take significant time for crypto to establish itself as solid trustworthy money, and why it's premature to dismiss gold and silver. Some already have the confidence to accept crypto as preferred currency. Mostly it's geeks, but Rome wasn't built in a day.

Government doesn't solve this entirely, it creates too much money and then resets the financial system. It is safe to assume that most people on the planet will experience a reset of fiat system at least once, with memories of this event lasting to the end of their life. A number of people will make conclusions to explore what options they have to escape being fooled again

It may create a multitude of other problems, but exactly this problem it solves perfectly (by establishing what is legal tender throughout the entire economy). Money may cease to be money due to government operations, but this is not related to the problem of consensus...

That is, this problem arises only if money fails as a means of payment (when the fiat system is reset, in your terms)

[Qunenin]

I am somewhat familiar with the history of coin debasement in Rome and agree with you it is the result of the state's failure. Namely, inability to support large entitlement payments, which undermined fiscal health of the state and ended in coin debasement. This couldn't have happened without fiat. Gold and silver coins can be fiat if this is what the state forces you to accept. The state would have stopped making this many promises if it couldn't enforce what is legal tender, it'd have run out of money and collapsed in a matter of few years if it hadn't. Fiat is the fundamental flaw, monetary voluntarism is what the world needs. I think crypto has a chance to succeed, but the fight will be fierce and bloody, we've just entered the first innings.

Could you please expand more on what you mean by that. It seems that we have agreed that Bitcoin doesn't quite cut it, due to its de-facto centralized nature as of now. As I can guess, you mean that everyone should be free in what to call and use as money. Yes, you are obliged to pay taxes in legal tender, but other than that you are essentially free to trade in whatever you and your counter-party agree upon...

Though you would still have to somehow make others accept your chosen means of payment as such

You hit the nail on the head. Economic entities should be able to freely choose what they use as money. If they are regulated to only accept government fiat, there is no voluntarism.
Bitcoin is one of choices in the monetary voluntarism, the de-facto centralized nature doesn't make it an unviable option for some people. I bet you have savings in Bitcoin. There is hoping that Bitcoin can be fixed if the centralized nature begins to hurt the principles it was founded on, so it's too early to give up on it just yet, but other (crypto) options should be actively researched.
If your chosen means of payment is competitive in the free market of payment options, it will be accepted. What can be wrong with this concept unless someone hates competition?

Bitcoin is de-centralized and this is what most of the Government institutions and politicians dont want. They want control over the currency. And bitcoin is the biggest threat to FIAT. We are moving towards free world where currency should not be control by Govt. but by people themselves and bitcoins support this.

[deisik]

You can't directly pay a supplier in another country with your local fiat currency, you have to exchange it to what the supplier believes is money. As long as free trade and free exchange exists money doesn't have to be universal.

Your example actually proves my point. I worked with such contracts (concluded between parties in different countries), and the price of the contract is always set in one currency, mostly in the currency that has wider recognition and acceptance in the world (say, the US dollar)...

That is, in the currency which is more universal (being a truer money)

[freshman777]

That is, this problem arises only if money fails as a means of payment (when the fiat system is reset, in your terms)

Watching how this problem arises every single time with fiat currencies, can we agree that government doesn't solve it entirely? My definition of entirety is the problem not rearing its ugly head longer than three decades, and that is a very modest request, unfortunately largely unfeasible under fiat systems.
Supposedly the two of us reach consensus that the fiat I accept from you has the medium of exchange trait of money, but I have a hard time trusting it as a store of value which is another important feature, I can't use it for savings but for short term. After fiat and product changed hands, I can spend part of it and also exchange part of it to what I think will store value better. The former part will be used as money to transact with another party, the latter part will be viewed by me as a transitory container of value, not fit for the job I intend it to do - savings. You see how fiat can be both money and not money in my view depending how I use it.

[freshman777]

You can't directly pay a supplier in another country with your local fiat currency, you have to exchange it to what the supplier believes is money. As long as free trade and free exchange exists money doesn't have to be universal.

Your example actually proves my point. I worked with such contracts (concluded between parties in different countries), and the price of the contract is always set in one currency, mostly in the currency that has wider recognition and acceptance in the world (say, the US dollar)...

That is, in the currency which is more universal (in a truer money)

US dollar has wider acceptance and universality because it has stronger "arms" supporting it. This doesn't make it better money intrinsically, unless you count army as a variable in the intrinsic value equation

[deisik]

That is, this problem arises only if money fails as a means of payment (when the fiat system is reset, in your terms)

Watching how this problem arises every single time with fiat currencies, can we agree that government doesn't solve it entirely? My definition of entirety is the problem not rearing its ugly head longer than three decades, and that is a very modest request, unfortunately largely unfeasible under fiat systems

No, we can't agree since in this case the government can't solve another problem, a problem of enforcement, since the problem of consensus is, well, a consensus problem, i.e. a problem of coming to an agreement. In this case that would be an agreement as to what to use as a means of payment between economic entities. Government, on the other hand, doesn't have to negotiate (come to an agreement) with economic entities about what to use as money...

Thereby, the consensus problem doesn't even arise in the latter case

[thejaytiesto]

I found this picture posted somewhere and I think it's perfect to illustrate how bitcoin is a new type of money never seen before which has better characteristics than anything else we've ever had:

[deisik]

You can't directly pay a supplier in another country with your local fiat currency, you have to exchange it to what the supplier believes is money. As long as free trade and free exchange exists money doesn't have to be universal.

Your example actually proves my point. I worked with such contracts (concluded between parties in different countries), and the price of the contract is always set in one currency, mostly in the currency that has wider recognition and acceptance in the world (say, the US dollar)...

That is, in the currency which is more universal (in a truer money)

US dollar has wider acceptance and universality because it has stronger "arms" supporting it. This doesn't make it better money intrinsically, unless you count army as a variable in the intrinsic value equation

Strictly speaking, the only intrinsic value money could and should have is transactional utility. And yes, money that has wider acceptance and universality has undoubtedly higher transactional utility (I hope you won't argue with that), thereby making it a truer money...

A stronger army does contribute to this utility through exerting military power abroad (foreign military bases, selling of weapons, etc)

[freshman777]

That is, this problem arises only if money fails as a means of payment (when the fiat system is reset, in your terms)

Watching how this problem arises every single time with fiat currencies, can we agree that government doesn't solve it entirely? My definition of entirety is the problem not rearing its ugly head longer than three decades, and that is a very modest request, unfortunately largely unfeasible under fiat systems

No, we can't agree since in this case the government can't solve another problem, a problem of enforcement, since the problem of consensus is, well, a consensus problem, i.e. a problem of coming to an agreement. In this case that would be an agreement as to what to use as a means of payment between economic entities. Government, on the other hand, doesn't have to negotiate (come to an agreement) with economic entities what to use as money...

Thereby, the consensus problem doesn't even arise

Some economic entities disagree with government on using fiat for savings. Something else becomes money for them when they think about savings, and this cannot be enforced. Crypto takes the enforcement effort to a whole new level of difficulty. I don't see entirety to problem solving in any of this.

Strictly speaking, the only intrinsic value money could and should have is transactional utility.

Why?

[deisik]

I found this picture posted somewhere and I think it's perfect to illustrate how bitcoin is a new type of money never seen before which has better characteristics than anything else we've ever had

This table has next-to-nothing to do with reality. Just a few notes below:

1. Fiat mostly exists in digital form (i.e. no issue with durability)*
2. Fiat can be divided as required through denominations (i.e. no issue with divisibility)**
3. Fiat in digital form can't be counterfeited (you will have to hack the Central bank servers)***
4. Bitcoin has long ceased to be decentralized
5. Fiat is actually by far "smarter" than Bitcoin (it can be created and destroyed endogenously as required by the economy)****

*Bitcoins can be lost or just irrevocably sent nowhere, which is impossible with digital fiat (even losing your bank card doesn't mean losing your money)
**Divisibility for the sake of divisibility doesn't cut it
***Bitcoin itself has problems closely related to counterfeiting (such as double-spends)
****This is a major flaw of Bitcoin conceptually (which can't be fixed by however smart an algorithm), and, consequently, a huge advantage of fiat money

[deisik]

That is, this problem arises only if money fails as a means of payment (when the fiat system is reset, in your terms)

Watching how this problem arises every single time with fiat currencies, can we agree that government doesn't solve it entirely? My definition of entirety is the problem not rearing its ugly head longer than three decades, and that is a very modest request, unfortunately largely unfeasible under fiat systems

No, we can't agree since in this case the government can't solve another problem, a problem of enforcement, since the problem of consensus is, well, a consensus problem, i.e. a problem of coming to an agreement. In this case that would be an agreement as to what to use as a means of payment between economic entities. Government, on the other hand, doesn't have to negotiate (come to an agreement) with economic entities what to use as money...

Thereby, the consensus problem doesn't even arise

Some economic entities disagree with government on using fiat for savings. Something else becomes money for them when they think about savings, and this cannot be enforced. Crypto takes the enforcement effort to a whole new level of difficulty. I don't see entirety to problem solving in any of this

This is still not a consensus problem. I see what you mean, and what you mean has nothing to do with the problem that arises when there is no forced money. Some "economic entities" may not even deem legal tender as money altogether, but that would mean going against the rules (e.g. refusing to accept legal tender as payment or pay taxes with it). And consider the situation when there are no binding rules, no one is forcing anyone to use anything as money, and all the economic entities should somehow agree on what to use as a means of payment ("consensus problem")...

These are two very different scenarios (disobedience vs disagreement)

[deisik]

Strictly speaking, the only intrinsic value money could and should have is transactional utility.

Why?

I assume you imply that money should also have some additional intrinsic value due to money's capacity to serve as a store of value, right? But this value is already "incorporated" in the transactional utility since transactions usually happen at different moments of time (and in different points of space). Otherwise (if offsetting transactions happened simultaneously, like in barter deals), there would be no need for money to "materialize" as something existing objectively and separately from the goods the exchange of which it serves to facilitate (for example, as coins, banknotes, or digits in a Central bank server)...

In that case there would be no transactional utility, and, consequently, no utility of preserving value, which are essentially the same, though the concept of money would still hold stripped of all intrinsic value

[upsidedown75]

That is, this problem arises only if money fails as a means of payment (when the fiat system is reset, in your terms)

Watching how this problem arises every single time with fiat currencies, can we agree that government doesn't solve it entirely? My definition of entirety is the problem not rearing its ugly head longer than three decades, and that is a very modest request, unfortunately largely unfeasible under fiat systems

No, we can't agree since in this case the government can't solve another problem, a problem of enforcement, since the problem of consensus is, well, a consensus problem, i.e. a problem of coming to an agreement. In this case that would be an agreement as to what to use as a means of payment between economic entities. Government, on the other hand, doesn't have to negotiate (come to an agreement) with economic entities what to use as money...

Thereby, the consensus problem doesn't even arise

Some economic entities disagree with government on using fiat for savings. Something else becomes money for them when they think about savings, and this cannot be enforced. Crypto takes the enforcement effort to a whole new level of difficulty. I don't see entirety to problem solving in any of this

This is still not a consensus problem. I see what you mean, and what you mean has nothing to do with the problem that arises when there is no forced money. Some "economic entities" may not even deem legal tender as money altogether, but that would mean going against the rules (e.g. refusing to accept legal tender as payment or pay taxes with it). And consider the situation when there are no binding rules, no one is forcing anyone to use anything as money, and all the economic entities should somehow agree on what to use as a means of payment ("consensus problem")...

These are two very different scenarios (disobedience vs disagreement)

Hearing many good opinion about the NGM.
It may and may not arise any issue, as long as government agree with the system works it could solve problems for the future generation also. You can even buy anything with the new money now itself, so for next generation we might leave a versatile one.

[samlanhan1]

It's the same concept as money and goes through the sam e process of inflation and deflation. It's just a better option that what we have currently.

[freshman777]

Strictly speaking, the only intrinsic value money could and should have is transactional utility.

Why?

I assume you imply that money should also have some additional intrinsic value due to money's capacity to serve as a store of value, right? But this value is already "incorporated" in the transactional utility since transactions usually happen at different moments of time (and in different points of space). Otherwise (if offsetting transactions happened simultaneously, like in barter deals), there would be no need for money to "materialize" as something existing objectively and separately from the goods the exchange of which it serves to facilitate (for example, as coins, banknotes, or digits in a Central bank server)...

In that case there would be no transactional utility, and, consequently, no utility of preserving value, which are essentially the same, though the concept of money would still hold stripped of all intrinsic value

When the value saving horizon is a few months, very little or no value will be lost. For most humans it's important that the time offset between input and output can last many years and that value of their retirement savings is preserved to the end of their life. Fiat just can't do it. I don't affirm that Bitcoin can do it, but it's an interesting alternative to fiat and bonds. Transactional utility is defined by certain properties, much like store of value is defined by certain properties, no they are not the same. It's not convenient to use gold coins to buy a loaf of bread, because divisibility, etc, their transactional utility is small compared to fiat, you can still transact to buy large items with gold coins. But store of value utility of gold coins is higher compared to fiat over long spans of time.

[deisik]

Strictly speaking, the only intrinsic value money could and should have is transactional utility.

Why?

I assume you imply that money should also have some additional intrinsic value due to money's capacity to serve as a store of value, right? But this value is already "incorporated" in the transactional utility since transactions usually happen at different moments of time (and in different points of space). Otherwise (if offsetting transactions happened simultaneously, like in barter deals), there would be no need for money to "materialize" as something existing objectively and separately from the goods the exchange of which it serves to facilitate (for example, as coins, banknotes, or digits in a Central bank server)...

In that case there would be no transactional utility, and, consequently, no utility of preserving value, which are essentially the same, though the concept of money would still hold stripped of all intrinsic value

When the value saving horizon is a few months, very little or no value will be lost. For most humans it's important that the time offset between input and output can last many years and that value of their retirement savings is preserved to the end of their life. Fiat just can't do it. I don't affirm that Bitcoin can do it, but it's an interesting alternative to fiat and bonds. Transactional utility is defined by certain properties, much like store of value is defined by certain properties, no they are not the same. It's not convenient to use gold coins to buy a loaf of bread, because divisibility, etc, their transactional utility is small compared to fiat, you can still transact to buy large items with gold coins. But store of value utility of gold coins is higher compared to fiat over long spans of time.

I'm afraid that you are confusing the utility of money itself (which stems from the function of money, that of facilitating the exchange of goods) with the utility of an asset which happens to represent the money (e.g. gold), and which is more or less constant due to the specific nature of this asset (the root of your confusion). But these are two entirely different utilities...

The latter (as you mean it) is not related to the concept of money as such

[freshman777]

I'm afraid that you are confusing the utility of money itself (which stems from the function of money, that of facilitating the exchange of goods) with the utility of an asset which happens to represent the money (e.g. gold), and which is more or less constant due to the specific nature of this asset (the root of your confusion)...

But these are two entirely different utilities (the latter is not related to the concept of money as such)

Utility of money comes from utility of asset that represents the money, can't separate one from the other. For the average person the difference is not distinguishable. Can they make savings and be sure they can purchase the same amount of goodies at the end of life is all that matters to them, and fiat doesn't cut it. Nobody can argue with a straight face that fiat is good at preserving retirement savings. Wait, politicians can. When is a politician not telling lies, when his mouth is not moving.

[Ayers]

It's the same concept as money and goes through the sam e process of inflation and deflation. It's just a better option that what we have currently.

yes but with deflation as ultimate goal, instead fiat is inflation as ultimate goal, very bad,defaltion is better than defaltion, because it make your money more powerful and it kill poverty, inflation increase poverty

[ning_chang]

Bitcoin can be our next generation money, But i think its not applicable in our daily lives in just buying stuffs from online, Many stores are not applying bitcoin as payment. But im hoping that in future they will adopt bitcoin payment

[deisik]

I'm afraid that you are confusing the utility of money itself (which stems from the function of money, that of facilitating the exchange of goods) with the utility of an asset which happens to represent the money (e.g. gold), and which is more or less constant due to the specific nature of this asset (the root of your confusion)...

But these are two entirely different utilities (the latter is not related to the concept of money as such)

Utility of money comes from utility of asset that represents the money, can't separate one from the other. For the average person the difference is not distinguishable. Can they make savings and be sure they can purchase the same amount of goodies at the end of life is all that matters to them, and fiat doesn't cut it. Nobody can argue with a straight face that fiat is good at preserving retirement savings. Wait, politicians can. When is a politician not telling lies, when his mouth is not moving.

This is not an intrinsic utility of money, that's what you started with if you happen to forget. For example, real estate is a good store of value (maybe, even better that gold), but that doesn't make it money. As I said, money's only intrinsic utility is transactional utility, and it necessarily includes the utility of a store of value (since transactions are separated in space and time). And this utility (which is the same transactional utility only viewed from another angle) is totally independent of a store-of-value utility of an asset representing money...

I hope this clarifies it for you (and other readers who might have been equally confused)

[freshman777]

This is not an intrinsic utility of money, that's what you started with if you happen to forget. For example, real estate is a good store of value (maybe, even better that gold), but that doesn't make it money. As I said, money's only intrinsic utility is transactional utility, and it already necessarily includes the utility of a store of value (since transactions are separated in space and time)...

And this utility (which is the same transactional utility only viewed from another angle) is totally independent of a utility of an asset representing money

Strictly speaking, where do you get this notion of intrinsic utility of money? Utility comes from properties that enable an asset to function as money. One of the important properties is fungibility, real estate has none of it, and consequently can't be money, but it is not because you can't transact in real estate. All units of real estate have to be somehow equal to each other, but it doesn't happen, and so it is not money.
Are goats and camels money in middle eastern and african countries? They are, because they are sufficiently fungible, you check camel's teeth to know its age and health; but their store of value is terrible, they can be seen as mixture of [perishable] bearer bonds and stocks.

Intrinsic utility. As we discussed a handful of posts earlier, does the physical enforcement count as one of intrinsic properties of fiat? It's a bit of a stretch to say it does. I could agree with you that utility of a store of value is included in the transactional utility as you insist, but this can't make the problem of choice of a store of value magically go away. This choice doesn't favor fiat.

[ObscureBean]

Well I think it could definitely be the next step in the evolution of money but I wouldn't say it's an entirely new form of money. As a matter of fact you can't really invent a "new" type of money, it will always be a variation of the same concept. The blockchain is truly a great piece of technology and if it is successfully merged with money (whether it's Bitcoin or something else) would certainly be a vast improvement over fiat.

[expert4knowledge]

Maybe next generation of money is something more intuitive and it something based on credit of one person rather than some physical money and current credit cards are initial form of it.

[BobK71]

In the realm of money and finance, these elements interact in very interesting ways.  E.g. it's the same illegal transactions that provide demand for Bitcoin, which in turn give confidence to Chinese savers today for using Bitcoin to get around their government's capital controls and get out of the yuan

Why go only halfway? Heroin trafficking from Asia to Europe doesn't let children die from hunger in Afghanistan, so why not legitimize it?

Or do children in Afghanistan not deserve to live?

These are separate issues and separate discussions.  Mixing the merits of a monetary system with crime-fighting is a recipe for myopia.

[deisik]

This is not an intrinsic utility of money, that's what you started with if you happen to forget. For example, real estate is a good store of value (maybe, even better that gold), but that doesn't make it money. As I said, money's only intrinsic utility is transactional utility, and it already necessarily includes the utility of a store of value (since transactions are separated in space and time)...

And this utility (which is the same transactional utility only viewed from another angle) is totally independent of a utility of an asset representing money

Strictly speaking, where do you get this notion of intrinsic utility of money? Utility comes from properties that enable an asset to function as money. One of the important properties is fungibility, real estate has none of it, and consequently can't be money, but it is not because you can't transact in real estate. All units of real estate have to be somehow equal to each other, but it doesn't happen, and so it is not money

It directly follows from the concept of money. Intrinsic means inherent, i.e. a property, or quality, without which something cannot be what it is. If we deprive money of such a property money ceases to be money. Since we are talking about intrinsic utility of money, such utility is made up of (or based on) qualities that are intrinsic to money. Fungibility is just one of these properties (among many others such as scarcity, durability*, resistance to counterfeiting, etc), but it is not utility itself (just in case). The point of discord between your point and my point seems to consist in differentiation between inherent properties (without which money cannot exist as money) and accompanying (incidental) properties which may be welcomed, but are not strictly required

*When I was young and wild, I had a banknote (which made up half of my monthly scholarship then) torn in half in a street fight. After the dust settled, I went to the nearest bank office, and they changed it without a hitch. So the problem of durability doesn't exist even with paper money

[deisik]

In the realm of money and finance, these elements interact in very interesting ways.  E.g. it's the same illegal transactions that provide demand for Bitcoin, which in turn give confidence to Chinese savers today for using Bitcoin to get around their government's capital controls and get out of the yuan

Why go only halfway? Heroin trafficking from Asia to Europe doesn't let children die from hunger in Afghanistan, so why not legitimize it?

Or do children in Afghanistan not deserve to live?

These are separate issues and separate discussions.  Mixing the merits of a monetary system with crime-fighting is a recipe for myopia.

The illegal transactions that "provide demand for Bitcoin" also include drug trafficking (among many other nefarious things), so I find my analogy fitting perfectly. It cuts both ways, so be careful with such logic...

The road to hell is paved with good intentions

[deisik]

Intrinsic utility. As we discussed a handful of posts earlier, does the physical enforcement count as one of intrinsic properties of fiat? It's a bit of a stretch to say it does. I could agree with you that utility of a store of value is included in the transactional utility as you insist, but this can't make the problem of choice of a store of value magically go away. This choice doesn't favor fiat.

Utility means usefulness for attaining certain ends. In case of money, these ends consist in facilitating the exchange of goods (to get rid of barter). If something (including fiat) can serve these ends well, that is, function as a good money, there is no need for enforcement, thereby enforcement is not a required (intrinsic) property of money. So your question actually boils down to how good fiat can be in the function of money. But I see where you lead me to, since there is still a problem of bootstrapping the money, and in this case we are back to the problem of consensus, which the state solves (or rather eliminates) legislatively (read through enforcement)...

But this problem (a problem of bootstrapping) is incidental (i.e. not directly related) to the concept of money and its transactional utility

[BobK71]

In the realm of money and finance, these elements interact in very interesting ways.  E.g. it's the same illegal transactions that provide demand for Bitcoin, which in turn give confidence to Chinese savers today for using Bitcoin to get around their government's capital controls and get out of the yuan

Why go only halfway? Heroin trafficking from Asia to Europe doesn't let children die from hunger in Afghanistan, so why not legitimize it?

Or do children in Afghanistan not deserve to live?

These are separate issues and separate discussions.  Mixing the merits of a monetary system with crime-fighting is a recipe for myopia.

The illegal transactions that "provide demand for Bitcoin" also include drug trafficking (among many other nefarious things), so I find my analogy fitting perfectly. It cuts both ways, so be careful with such logic...

The road to hell is paved with good intentions

All I did was observe how the forces interact.  It's just how things work.  If the state adopts a system that allows itself and its banking allies to receive unearned wealth and power and corrupt the moral fiber of the entire society, it can't be surprised that the system will become unstable when people run away from it by any means possible.  It's not for you or me to say if the net result will be positive or negative either way.  All we can do is to advise the public to push the state away from this system.

[BobK71]

Bitcoin cannot function as a world currency, it's nonsense to assume. Fundamentally the world needs monetary sanity, this can't be achieved with fiat currencies. Fiat currencies are always reset when they are invariably expanded beyond limits. Money must be what people voluntarily choose to use as money in free market interactions, not the top-down enforced thing.

This is the point about which people always make the same mistake, namely, by confusing cause and effect, again and again. Fiat currencies become reset only when the state behind them fails (and not the other way round). Actually, monetary expansion beyond limits is a last-ditch attempt to postpone the inevitable fiasco of a failed state. Essentially the same happened with states that used hard currencies (gold and silver as money). They severely debased their specie by diminishing its precious metal content whenever they got spiraling down, thereby effectively multiplying the amount of money in circulation (i.e. what fiat currencies are abused with and accused of)...

See the history of Ancient Rome, its rise and its ultimate collapse as a textbook example of this process

What you describe might have happened sometimes, but debasing currency is the main problem in its own right.  The British empire through the 19th century had no problems except the "problem" that paper sterling become the world's reserve currency.  By 1914 Britain's gold could only cover 3% of its paper money even though British politicians "considered" it a "moral obligation" to redeem paper at the same price of gold.

The problem is the incentives for the elites to receive unearned power and wealth, built into any national currency regime (including one built on gold.)  Essentially the same thing happened to the 17th century Dutch empire and 20th century American "empire," even if the precise mechanisms were different.

It's true that a strong state (and especially a global "empire") can find ways to prop up its money and related financial assets with political and military power, as has often happens.  And a weakened state will have some trouble doing this.  But we shouldn't confuse cause and effect -- every global empire, starting with 16th century Spain, always issued too many financial assets at the peak of its strength, and these assets always ended up dragging the empire down.

[deisik]

It's true that a strong state (and especially a global "empire") can find ways to prop up its money and related financial assets with political and military power, as has often happens.  And a weakened state will have some trouble doing this.  But we shouldn't confuse cause and effect -- every global empire, starting with 16th century Spain, always issued too many financial assets at the peak of its strength, and these assets always ended up dragging the empire down

You are right about this, but, look, the whole science of economy is based on the assumption that an individual in particular and economic entities in general act rationally. If they stop acting rationally (for any reason), they are essentially shooting themselves in the foot. The same story is with states, if a state's government is intelligent, it won't destroy its monetary system, since "too many financial assets always end up dragging it down". But if the government has gone nuts, could we really put such a state "at the peak of its strength", when, in fact, it is already past it?

And should we blame just "too many financial assets" that broke the state's back?

[HeroCat]

This probably will be altcoin with very fast transaction time and new technology, also may be fast mining. 

[Barbut]

Bitcoin is answer on your question. For me, and many other people it's totally new, revolutionary thing. Blockchain technology is that new thing, and bitcoin like first coin based on that already made big things in this world. Will it survive, or some new coin will come is not so important now. We have something big, so let's work together to make it even bigger.

[BobK71]

It's true that a strong state (and especially a global "empire") can find ways to prop up its money and related financial assets with political and military power, as has often happens.  And a weakened state will have some trouble doing this.  But we shouldn't confuse cause and effect -- every global empire, starting with 16th century Spain, always issued too many financial assets at the peak of its strength, and these assets always ended up dragging the empire down

You are right about this, but, look, the whole science of economy is based on the assumption that an individual in particular and economic entities in general act rationally. If they stop acting rationally (for any reason), they are essentially shooting themselves in the foot. The same story is with states, if a state's government is intelligent, it won't destroy its monetary system, since "too many financial assets always end up dragging it down". But if the government has gone nuts, could we really put such a state "at the peak of its strength", when, in fact, it is already past it?

And should we blame just "too many financial assets" that broke the state's back?

True, each individual is assumed to act rationally in their own interest.  The state is a more complicated question.  I like to think that the reality in democratic system is that politicians will act in the collective interest only if voters monitor them for the issue at hand.  Otherwise, they act in their personal interest.  The US politicians who issued debt and allowed money to be issued by banks in the 50s and 60s don't have to live the consequences of their actions.  The people of negative age then, who couldn't vote, do.

It may not be easy to decipher at which point an empire reaches its zenith.  The incentives to issue financial assets, however, are always there.

[BobK71]

Intrinsic utility. As we discussed a handful of posts earlier, does the physical enforcement count as one of intrinsic properties of fiat? It's a bit of a stretch to say it does. I could agree with you that utility of a store of value is included in the transactional utility as you insist, but this can't make the problem of choice of a store of value magically go away. This choice doesn't favor fiat.

Utility means usefulness for attaining certain ends. In case of money, these ends consist in facilitating the exchange of goods (to get rid of barter). If something (including fiat) can serve these ends well, that is, function as a good money, there is no need for enforcement, thereby enforcement is not a required (intrinsic) property of money. So your question actually boils down to how good fiat can be in the function of money. But I see where you lead me to, since there is still a problem of bootstrapping the money, and in this case we are back to the problem of consensus, which the state solves (or rather eliminates) legislatively (read through enforcement)...

But this problem (a problem of bootstrapping) is incidental (i.e. not directly related) to the concept of money and its transactional utility

It's a question of incentives.  Any human-issued money has the wrong incentives built in.  In purely theoretical terms, incentive doesn't necessarily translate into action, but historically these monies and their related assets are always debased.

[deisik]

You are right about this, but, look, the whole science of economy is based on the assumption that an individual in particular and economic entities in general act rationally. If they stop acting rationally (for any reason), they are essentially shooting themselves in the foot. The same story is with states, if a state's government is intelligent, it won't destroy its monetary system, since "too many financial assets always end up dragging it down". But if the government has gone nuts, could we really put such a state "at the peak of its strength", when, in fact, it is already past it?

And should we blame just "too many financial assets" that broke the state's back?

True, each individual is assumed to act rationally in their own interest.  The state is a more complicated question.  I like to think that the reality in democratic system is that politicians will act in the collective interest only if voters monitor them for the issue at hand.  Otherwise, they act in their personal interest.  The US politicians who issued debt and allowed money to be issued by banks in the 50s and 60s don't have to live the consequences of their actions.  The people of negative age then, who couldn't vote, do.

It may not be easy to decipher at which point an empire reaches its zenith.  The incentives to issue financial assets, however, are always there.

I guess things are even more complicated than that. When an empire is at its prime, issuing "too many financial assets" is not an issue at all (pardon the pun), since it is not yet reached that limit which divides just many from too many. In other words, the state can still prop up these assets either through political or military power until it loses any of the latter, as was the case with Spain when it started to give up its role as a European superpower to its rivals represented by the emerging British Empire and the Netherlands in the second half of the 16th century. Thereby, the primary cause is still the state losing its grasp, not just issuance of too much paper per se...

To sum it up, too much paper simply means too little power (left)

[Zooplus]

Bitcoin will only be the next generation money if the government will legalize the use of this one. They need to make sure that they were able to track the bitcoins movement to prevent money laundering but if the features of bitcoins does not fix the requirements of the government it would be hard for that to realize.

[BobK71]

I guess things are even more complicated than that. When an empire is at its prime, issuing "too many financial assets" is not an issue at all (pardon the pun), since it is not yet reached that limit which divides just many from too many. In other words, the state can still prop up these assets either through political or military power until it loses any of the latter, as was the case with Spain when it started to give up its role as a European superpower to its rivals represented by the emerging British Empire and the Netherlands in the second half of the 16th century. Thereby, the primary cause is still the state losing its grasp, not just issuance of too much paper per se...

To sum it up, too much paper simply means too little power (left)

There are a couple of ways to look at this...

One perspective is that financial asset inflation by itself creates instability and thus weakness in imperial system, everything else being equal.  The reason is that, as private investors look at an increasing total amount of financial claims issued, they have to worry about the value of those claims and whether they want to hold on to them, while knowing other investors are thinking the same thing.

On this count, while the system is stable, the combination of imperial economic size and manipulative power would have to increase, indefinitely, in order to continue to contain the instability indefinitely.  The history of global empires shows that asset inflation always eventually outpaces these factors of stability.  (Which would be consistent with my argument that the problem lies in the incentives faced by individual members of the elites.)  This is not to mention that a good part of modern imperial power is 'soft,' ie based on the perception that the imperial state is singularly respectful of market forces and will not do the things it actually has to do to contain the instability.  At some point, this fundamental deception is exposed.

Another perspective is that asset inflation weakens the social, institutional, and individual strengths within the imperial power.  As members of the imperial elites and citizenry enjoy unearned power and wealth through creating financial assets trusted by the rest of the world, the wrong behavioral incentives begin to pervade their entire system.  People and institutions weaken because problems can be 'solved' by creating assets out of thin air.  (This is pretty much the sad story of the US.)

All of these factors of instability reinforce each other.  What we are left with, then, is an inescapable path to decline.

[deisik]

On this count, while the system is stable, the combination of imperial economic size and manipulative power would have to increase, indefinitely, in order to continue to contain the instability indefinitely.  The history of global empires shows that asset inflation always eventually outpaces these factors of stability.  (Which would be consistent with my argument that the problem lies in the incentives faced by individual members of the elites.)  This is not to mention that a good part of modern imperial power is 'soft,' ie based on the perception that the imperial state is singularly respectful of market forces and will not do the things it actually has to do to contain the instability.  At some point, this fundamental deception is exposed

It is a well-known fact that any empire should be constantly expanding to remain internally stable (keep internal stability). In this way, I would argue that whenever it stops expanding, or something stops it from expanding (natural limits or belligerent neighbors), then and only then the asset inflation begins to outrun the counterbalancing factors (i.e. expansion) and eat away the power of an empire. This may be called a point of no return after which the empire starts to decline. But since the elites can't restrain themselves, the point of no return is eventually reached and passed by...

They simply can't stop since that would promote (or trigger off) an even faster decline in power, so they got stuck between the upper and the nether millstone with a one-way ticket in the pocket

[redsun114]

Bitcoin will only be the next generation money if the government will legalize the use of this one. They need to make sure that they were able to track the bitcoins movement to prevent money laundering but if the features of bitcoins does not fix the requirements of the government it would be hard for that to realize.

Yes obviously as bitcoin being totally anonymous it is hard for them to legalize in most of the countries but its up to us We are always anonymous too so no need to fear anything. I am really enjoying this next generation money.

[Ayers]

Bitcoin will only be the next generation money if the government will legalize the use of this one. They need to make sure that they were able to track the bitcoins movement to prevent money laundering but if the features of bitcoins does not fix the requirements of the government it would be hard for that to realize.

i think they will follow their route, by building a fiat altcoin, and not following bitcoin, they hate bitcoin, so bitcoin will never be legalized by government, they have already some centralized altcoin in project

[deisik]

Bitcoin will only be the next generation money if the government will legalize the use of this one. They need to make sure that they were able to track the bitcoins movement to prevent money laundering but if the features of bitcoins does not fix the requirements of the government it would be hard for that to realize.

Yes obviously as bitcoin being totally anonymous it is hard for them to legalize in most of the countries but its up to us We are always anonymous too so no need to fear anything. I am really enjoying this next generation money.

Tell that to Ross Ulbricht, a creator of the DarkNet market known as Silk Road. Are you an undercover FBI agent (which are known to infest this forum), or just a clueless rookie (no offense intended) who needs a cuff on the nape?

[BobK71]

...
There are a few problems with this approach, though (maybe, even more than just a few, lol). First, the counterparties could just barter. Yes, barter is very inefficient but it allows to effectively solve the next problem inexorably rising under the system of monetary voluntarism. Which is a problem of consensus, i.e. the parties actually don't want to choose what to use as money, since they just want to be sure that what they use as money doesn't cease to be money with the next counterparty which might have different views on what is money and what is not...

Government effectively solves this problem by dismissing monetary voluntarism altogether
...

The problem with 'monetary voluntarism' exists in theory, but in practice the reign of one or two monies (e.g. both gold and silver) have been generally stable over most of history.  If we were to add Bitcoin, it would just add one to a world already used to having more than one money, over the millennia.

Narrowing down the choice to one by government diktat might have slight benefits of efficiency, but is not worth the introduction of the incentives to maximize discretionary issuance.

And let's face it, the real motivation for state money issuance has never been about this efficiency, but the power and wealth the elites can enjoy without doing real work.

[deisik]

...
There are a few problems with this approach, though (maybe, even more than just a few, lol). First, the counterparties could just barter. Yes, barter is very inefficient but it allows to effectively solve the next problem inexorably rising under the system of monetary voluntarism. Which is a problem of consensus, i.e. the parties actually don't want to choose what to use as money, since they just want to be sure that what they use as money doesn't cease to be money with the next counterparty which might have different views on what is money and what is not...

Government effectively solves this problem by dismissing monetary voluntarism altogether
...

The problem with 'monetary voluntarism' exists in theory, but in practice the reign of one or two monies (e.g. both gold and silver) have been generally stable over most of history.  If we were to add Bitcoin, it would just add one to a world already used to having more than one money, over the millennia

The problem is we can't just take and add Bitcoin to the pool of world monies. Let's assume there is no governmental intervention in the process of establishing new money. So how are you going "to add Bitcoin" in practice? What if someone doesn't quite like it and wants "to add", say, Dogecoin (or whatever)?

And right then we are right back to the main problem of monetary voluntarism (i.e. the problem of consensus)

[mrhelpful]

I don't think we can call bitcoins money.. It's neither a currency or a commodity, but it has the qualities of both.

The view of this is flawed automatically, since most already see it can be exchanged for fiat money.

What it really should be viewed is a "money transmitter" which is similar how "travelex" does it with other foreign currencies when youre at a airport converting your countries money.

[Woshib]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

What differentiates the Bitcoin with other existing currencies is that it is virtual, and anyone in the world can buy Bitcoins online, earn, or sell them almost instantly.
The Bitcoin mining is also new.

[BobK71]

The problem is we can't just take and add Bitcoin to the pool of world monies. Let's assume there is no governmental intervention in the process of establishing new money. So how are you going "to add Bitcoin" in practice? What if someone doesn't quite like it and wants "to add", say, Dogecoin (or whatever)?

And right then we are right back to the main problem of monetary voluntarism (i.e. the problem of consensus)

I see the temporary uncertainty (of whether a new money is accepted) as a benefit, not a problem.  If there is no state intervention, each money will have to compete on its merits in the open market.  That those who bet correctly on one money or another will reap the benefits is an incentive for all participants to make careful judgments before they buy into anything.

People who have traveled outside the West know that there is no real need for there to be one money, or even one dominant money, at all times.  Many developing countries have an effective dual currency system, where the local currency is accepted everywhere but dollars are considered more stable but less acceptable, and everyone knows the current exchange rate.  (What keeps this going is the high interest paid by banks for local currency deposits.)  A form of this condition existed in the West under the classical metallic standards period, too.

[deisik]

And let's face it, the real motivation for state money issuance has never been about this efficiency, but the power and wealth the elites can enjoy without doing real work.

If so, then why have they abandoned gold? I don't think the elites can somehow overrule the social laws just like we can't escape the laws of nature. The ultimate irony is that they can't enjoy power and wealth unless some part thereof is bestowed upon the rest of society...

Because their riches come from the riches of society

[deisik]

The problem is we can't just take and add Bitcoin to the pool of world monies. Let's assume there is no governmental intervention in the process of establishing new money. So how are you going "to add Bitcoin" in practice? What if someone doesn't quite like it and wants "to add", say, Dogecoin (or whatever)?

And right then we are right back to the main problem of monetary voluntarism (i.e. the problem of consensus)

I see the temporary uncertainty (of whether a new money is accepted) as a benefit, not a problem.  If there is no state intervention, each money will have to compete on its merits in the open market.  That those who bet correctly on one money or another will reap the benefits is an incentive for all participants to make careful judgments before they buy into anything

So you implicitly assume that the minority should obey what the majority decides since "those who bet correctly on one money [] will reap the benefits", right? Their benefits will necessarily be someone's losses, i.e. losses of those who betted on the wrong horse...

And how is that different from the state enforcing its own idea of money?

[BobK71]

And let's face it, the real motivation for state money issuance has never been about this efficiency, but the power and wealth the elites can enjoy without doing real work.

If so, then why have they abandoned gold? I don't think the elites can somehow overrule the social laws just like we can't escape the laws of nature. The ultimate irony is that they can't enjoy power and wealth unless some part thereof is bestowed upon the rest of society...

Because their riches come from the riches of society

They abandoned gold because they had absolutely no choice.  The various gold standards were designed when they had enough gold to keep the system stable.  But the incentives for the elites to destabilize the system always ended up causing a run on gold by the public and foreign countries.

I'm not sure why you link gold to the motivation of the design.  Perhaps I'm just blanking out...

It's true that the elites, in effect, ally with the rest of society (to different degrees for different groups) by giving them a small share of the spoils.  Real economic activity does pick up as a result of money and other asset issuance.

But the key is that, by distributing the riches (esp. at the very top of the ladder) in an essentially centrally planned manner, the whole economy is distorted towards serving, directly or indirectly, the beneficiaries of the central-authority largesse.  When trust in the asset values eventually crashes (which it does because of the built-in incentives for the elites to keep issuing and hiding bad news,) the bigger beneficiaries cut back spending, and the whole economy suffers.  (A suffering which is not necessary -- we never needed those extra fancy restaurants and chefs in the first place if there had been no state-driven asset inflation.)

In any case, we don't need the elites to give wealth to us by asset inflation -- the Italian Renaissance and Scottish "free banking" era saw spectacular growth without this inflation.

[BobK71]

The problem is we can't just take and add Bitcoin to the pool of world monies. Let's assume there is no governmental intervention in the process of establishing new money. So how are you going "to add Bitcoin" in practice? What if someone doesn't quite like it and wants "to add", say, Dogecoin (or whatever)?

And right then we are right back to the main problem of monetary voluntarism (i.e. the problem of consensus)

I see the temporary uncertainty (of whether a new money is accepted) as a benefit, not a problem.  If there is no state intervention, each money will have to compete on its merits in the open market.  That those who bet correctly on one money or another will reap the benefits is an incentive for all participants to make careful judgments before they buy into anything

So you implicitly assume that the minority should obey what the majority decides since "those who bet correctly on one money [] will reap the benefits", right? Their benefits will necessarily be someone's losses, i.e. losses of those who betted on the wrong horse...

And how is that different from the state enforcing its own idea of money?

The two are not remotely comparable.

[BobK71]

Yes obviously as bitcoin being totally anonymous it is hard for them to legalize in most of the countries but its up to us We are always anonymous too so no need to fear anything. I am really enjoying this next generation money.

Tell that to Ross Ulbricht, a creator of the DarkNet market known as Silk Road. Are you an undercover FBI agent (which are known to infest this forum), or just a clueless rookie (no offense intended) who needs a cuff on the nape?

I think Ulbricht had to make a mistake to be caught.  There's probably a way for these mistakes to be prevented by software.

[OrangeII]

I don't think we can call bitcoins money.. It's neither a currency or a commodity, but it has the qualities of both.

for me it's a bitcoin money. bitcoin can be said transaksiyang tool very quickly and well on the internet, can even be said that bitcoin is the best tool on the internet transactions. I began to think that someday bitcoin will emerge and be recognized in the real world as money

[jiefes]

I don't think we can call bitcoins money.. It's neither a currency or a commodity, but it has the qualities of both.

for me it's a bitcoin money. bitcoin can be said transaksiyang tool very quickly and well on the internet, can even be said that bitcoin is the best tool on the internet transactions. I began to think that someday bitcoin will emerge and be recognized in the real world as money

"Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context,[1][2][3] or is easily converted to such a form. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, sometimes, a standard of deferred payment.[4][5] Any item or verifiable record that fulfills these functions can be considered as money." https://en.wikipedia.org/wiki/Money

[deisik]

Yes obviously as bitcoin being totally anonymous it is hard for them to legalize in most of the countries but its up to us We are always anonymous too so no need to fear anything. I am really enjoying this next generation money.

Tell that to Ross Ulbricht, a creator of the DarkNet market known as Silk Road. Are you an undercover FBI agent (which are known to infest this forum), or just a clueless rookie (no offense intended) who needs a cuff on the nape?

I think Ulbricht had to make a mistake to be caught.  There's probably a way for these mistakes to be prevented by software.

To err is human. If I remember correctly, he made a reference to Silk Road on his LinkedIn page, which also contained his personal info. This seems to be the path by which he got finally traced down and holed...

I don't know how you are going to prevent this kind of mistakes by software

[deisik]

The problem is we can't just take and add Bitcoin to the pool of world monies. Let's assume there is no governmental intervention in the process of establishing new money. So how are you going "to add Bitcoin" in practice? What if someone doesn't quite like it and wants "to add", say, Dogecoin (or whatever)?

And right then we are right back to the main problem of monetary voluntarism (i.e. the problem of consensus)

I see the temporary uncertainty (of whether a new money is accepted) as a benefit, not a problem.  If there is no state intervention, each money will have to compete on its merits in the open market.  That those who bet correctly on one money or another will reap the benefits is an incentive for all participants to make careful judgments before they buy into anything

So you implicitly assume that the minority should obey what the majority decides since "those who bet correctly on one money [] will reap the benefits", right? Their benefits will necessarily be someone's losses, i.e. losses of those who betted on the wrong horse...

And how is that different from the state enforcing its own idea of money?

The two are not remotely comparable.

In both of these cases there is coercion in respect to accepting the new money. Surely not something which you would expect from a system which allegedly honors "voluntarism"

[BobK71]

In both of these cases there is coercion in respect to accepting the new money. Surely not something which you would expect from a system which allegedly honors "voluntarism"

I'll quote Joseph Schumpeter here:

"Capitalism [...] is by nature a form or method of economic change and not only never is, but never can be stationary. [...] The fundamental impulse that sets and keeps the capitalist engine in motion comes from the new consumers' goods, the new methods of production or transportation, the new markets, the new forms of industrial organization that capitalist enterprise creates, the same process of industrial mutation—if I may use that biological term—that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism."

There is no coercion in the importation of the potato and corn crops from South America into Europe.  If the government gets involved in dictating we should all eat 50% potatoes (or drives a financial system that inflicts a bias towards new and risky productions -- which amounts to the same thing) that is a different issue altogether.

[deisik]

There is no coercion in the importation of the potato and corn crops from South America into Europe.  If the government gets involved in dictating we should all eat 50% potatoes (or drives a financial system that inflicts a bias towards new and risky productions -- which amounts to the same thing) that is a different issue altogether.

I'm curious if you don't really see the distinction between my and your examples. Governmental diktat in case of potatoes vs corn would mean that we should actually eat 100% potatoes (or 100% pop-corn). The same outcome would be if there is no governmental coercion as to what to eat but the majority (i.e. those who, according to you, "bet correctly" but in fact just make up this majority) still decide that everyone should eat only potatoes (or pop-corn). There is a difference in the ways but not in the result ("ein reich ein volk ein führer"). That's the point I'm trying to make...

As you can see, there is no room for voluntarism in both of these cases

[iv4n]

"You see, money doesn't exist in the 24th Century"

I saw this today, and now while I`m looking what is new on forum I see this thread. Many people talk about future, but what will really come is hard to predict. This is nice video and I think there is sense in this.

https://www.youtube.com/watch?v=TOcKGREiY30

"The acquisition of wealth is no longer the driving force in our lives. We work to better ourselves and the rest of humanity."

[deisik]

And let's face it, the real motivation for state money issuance has never been about this efficiency, but the power and wealth the elites can enjoy without doing real work.

If so, then why have they abandoned gold? I don't think the elites can somehow overrule the social laws just like we can't escape the laws of nature. The ultimate irony is that they can't enjoy power and wealth unless some part thereof is bestowed upon the rest of society...

Because their riches come from the riches of society

They abandoned gold because they had absolutely no choice.  The various gold standards were designed when they had enough gold to keep the system stable.  But the incentives for the elites to destabilize the system always ended up causing a run on gold by the public and foreign countries

Gold had been abandoned when it started to hamper the growth of quickly expanding economies. If you want me to put this way, well, gold had been dropped because the elites saw that it now started to be a hindrance in their pursuit of becoming even more rich and gathering even more wealth. But, as I said, ultimately, you can only be so much rich as the society you belong to...

The wealthiness today is no longer measured by the amount of gold you hide in your backyard or by the amount of cash you stash under the mattress

[BobK71]

There is no coercion in the importation of the potato and corn crops from South America into Europe.  If the government gets involved in dictating we should all eat 50% potatoes (or drives a financial system that inflicts a bias towards new and risky productions -- which amounts to the same thing) that is a different issue altogether.

I'm curious if you don't really see the distinction between my and your examples. Governmental diktat in case of potatoes vs corn would mean that we should actually eat 100% potatoes (or 100% pop-corn). The same outcome would be if there is no governmental coercion as to what to eat but the majority (i.e. those who, according to you, "bet correctly" but in fact just make up this majority) still decide that everyone should eat only potatoes (or pop-corn). There is a difference in the ways but not in the result ("ein reich ein volk ein führer"). That's the point I'm trying to make...

As you can see, there is no room for voluntarism in both of these cases

I may have used a bad example (I was in a hurry,) but my whole point is that money should be treated as just another commodity whose value fluctuates according to supply and demand.  It may be a 'special' commodity in that its value depends on how much you perceive other people want it.  This does increase the uncertainty as to its value, but this is no different from any other financial assets, like stocks, bonds, and real estate.  It doesn't justify state control.

You may have hit upon what some say is money's 'natural monopoly' by your 'voluntarism' argument.  I beg to differ, since both gold and silver having good monetary properties have enabled them to serve peacefully side by side as money (until state intervention created a lot of instability and misery when Britain pushed all major countries to gold in the mid-to-late 19th century -- for the benefit of its own elites, really -- this was the root cause of WJ Bryan's cry of 'crucifying mankind on a cross of gold' during the 1896 election.)

There are tendencies to consolidate monies (the 'network effect' as mentioned above) and this creates uncertainty for some time.  But the best way to deal with this unfortunate side effect is for people to diversify carefully and not bet more than they can afford to lose.  The worst way is to have the elites take control -- that's how you crucify mankind on a cross.

[BobK71]

Gold had been abandoned when it started to hamper the growth of quickly expanding economies. If you want me to put this way, well, gold had been dropped because the elites saw that it now started to be a hindrance in their pursuit of becoming even more rich and gathering even more wealth. But, as I said, ultimately, you can only be so much rich as the society you belong to...

The wealthiness today is no longer measured by the amount of gold you hide in your backyard or by the amount of cash you stash under the mattress

If that was the case, why did they abandon (or loosen the gold peg) only when they were about to run out of gold, at the last minute, every time?

I can only say, please don't read too much into the justifications from the economics profession WRT the merit (or lack thereof) of this or that monetary system.  During the classical gold standard period the profession was overwhelmingly in favor of that system on economic grounds, and now it's overwhelmingly against.  Both times, it just happens to provide the narrative the elites want to broadcast.

[deisik]

There is no coercion in the importation of the potato and corn crops from South America into Europe.  If the government gets involved in dictating we should all eat 50% potatoes (or drives a financial system that inflicts a bias towards new and risky productions -- which amounts to the same thing) that is a different issue altogether.

I'm curious if you don't really see the distinction between my and your examples. Governmental diktat in case of potatoes vs corn would mean that we should actually eat 100% potatoes (or 100% pop-corn). The same outcome would be if there is no governmental coercion as to what to eat but the majority (i.e. those who, according to you, "bet correctly" but in fact just make up this majority) still decide that everyone should eat only potatoes (or pop-corn). There is a difference in the ways but not in the result ("ein reich ein volk ein führer"). That's the point I'm trying to make...

As you can see, there is no room for voluntarism in both of these cases

I may have used a bad example (I was in a hurry,) but my whole point is that money should be treated as just another commodity whose value fluctuates according to supply and demand.  It may be a 'special' commodity in that its value depends on how much you perceive other people want it.  This does increase the uncertainty as to its value, but this is no different from any other financial assets, like stocks, bonds, and real estate.  It doesn't justify state control

Nope. As I have explained earlier, money should only have transactional utility as its inherent value. If it does have value beyond that, for example, due to its being a valuable commodity by itself, that would only interfere in its successful operation as money. In fact, what you now say has little to do with what you have been saying before...

That is, about a knockout competition between wanna-be monies until only one money remains

[deisik]

You may have hit upon what some say is money's 'natural monopoly' by your 'voluntarism' argument.  I beg to differ, since both gold and silver having good monetary properties have enabled them to serve peacefully side by side as money (until state intervention created a lot of instability and misery when Britain pushed all major countries to gold in the mid-to-late 19th century -- for the benefit of its own elites, really -- this was the root cause of WJ Bryan's cry of 'crucifying mankind on a cross of gold' during the 1896 election

Gold and silver never served peacefully side by side as money (and couldn't in principle). If you doubt this, learn about Gresham's law. And it is not only about the government diktat about two monies having similar face value since Gresham's law reveals just the tip of a giant iceberg hidden underwater. So whenever there are two or more monies in circulation (and still more so if they are commodities at that), there would always be a withering competition between them (whether you like it or not). Until (conditionally) bad money drives out good money from circulation, leading to a separation of functions between them, i.e. bad money (silver, in this case) is used for circulation while good money (gold) for storing value...

And this perfectly follows your argument about money as "just another commodity"

[deisik]

Well IMO it revolutionized the concept of money. It revolutionized the concept of money because  it is an entirely new form of money that is only digital not like paper money that we knew that have physical form. Thats why I think it's the next generation money and have a probability to be the mainly used currency by 20 years from now.

And what is your take on the concept of money? That is, what did Bitcoin actually revolutionize? Digital money is nothing new since at least the introduction of electronic payments in the 1960s...

For example, the international SWIFT network started in 1973

[BobK71]

Nope. As I have explained earlier, money should only have transactional utility as its inherent value. If it does have value beyond that, for example, due to its being a valuable commodity by itself, that would only interfere in its successful operation as money.

What if people want gold to be both jewelry and money?  IMO as soon as you empower someone to be in charge of what money 'should' be, that power will breed bad incentives, as historically it has.

If there is such a thing as the ideal money, since appointing humans to oversee the institution would be a disaster, the 'ideal' is now meaningless.

In fact, what you now say has little to do with what you have been saying before...

That is, about knockout competition between wanna-be monies until only one money remains

Did I say only one money should or will remain?

[BobK71]

Gold and silver never served peacefully side by side as money (and couldn't in principle). If you doubt this, learn about Gresham's law. And it is not only about the government diktat about two monies having similar face value since Gresham's law reveals just the tip of a giant iceberg hidden underwater. So whenever there are two or more monies in circulation (and still more so if they are commodities at that), there would always be a withering competition between them (whether you like it or not). Until (conditionally) bad money drives out good money from circulation, leading to a separation of functions between them, i.e. bad money (silver, in this case) is used for circulation while good money (gold) for storing value...

And this perfectly follows your argument about money as "just another commodity"

Gresham's Law exists only when the government dictates the exchange rate between two monies (e.g. under bimetallic standards, as existed in England in Newton's time -- 1 pound sterling was defined as x ounces of gold, or y ounces of silver, thus fixing the exchange rate between gold and silver as y/x.)  If the dictated exchange rate is a little off the market rate, say as determined by a larger circulation outside the country, one money becomes overvalued and the other becomes undervalued, and it makes sense for everyone to hoard the undervalued money and pay with the other.

Without government dictated exchange rates, say, when the supply of silver suddenly increases, the exchange rate between gold and silver (or any other two state-free monies) will simply fluctuate in the market.

[deisik]

In fact, what you now say has little to do with what you have been saying before...

That is, about knockout competition between wanna-be monies until only one money remains

Did I say only one money should or will remain?

Yes, you did (emphasis added)

I see the temporary uncertainty (of whether a new money is accepted) as a benefit, not a problem.  If there is no state intervention, each money will have to compete on its merits in the open market.  That those who bet correctly on one money or another will reap the benefits is an incentive for all participants to make careful judgments before they buy into anything

But it pretty much doesn't matter if you openly admitted that there should remain only one money. If you have two competing agents aiming at fulfilling the same function, only one will succeed in the end. It happens everywhere in any aspect of life. For example, two words that mean the same (full synonyms, i.e. words characterized by semantic equivalence) will either part in meaning over time or one of them becomes obsolete and gets dropped from everyday use ("if ifs and ans were pots and pans")...

That's why such synonyms are extremely few and far in between

[deisik]

Gold and silver never served peacefully side by side as money (and couldn't in principle). If you doubt this, learn about Gresham's law. And it is not only about the government diktat about two monies having similar face value since Gresham's law reveals just the tip of a giant iceberg hidden underwater. So whenever there are two or more monies in circulation (and still more so if they are commodities at that), there would always be a withering competition between them (whether you like it or not). Until (conditionally) bad money drives out good money from circulation, leading to a separation of functions between them, i.e. bad money (silver, in this case) is used for circulation while good money (gold) for storing value...

And this perfectly follows your argument about money as "just another commodity"

Gresham's Law exists only when the government dictates the exchange rate between two monies (e.g. under bimetallic standards, as existed in England in Newton's time -- 1 pound sterling was defined as x ounces of gold, or y ounces of silver, thus fixing the exchange rate between gold and silver as y/x.)  If the dictated exchange rate is a little off the market rate, say as determined by a larger circulation outside the country, one money becomes overvalued and the other becomes undervalued, and it makes sense for everyone to hoard the undervalued money and pay with the other

Read my post again. I specifically addressed this issue even before you raised it (since it was evident that you would). This matter had been discussed in great detail a few years ago, when I had shown that Gresham's law (or rather its extension) still holds today in an all-fiat world...

If you are curious, you can start reading from here

[BobK71]

In fact, what you now say has little to do with what you have been saying before...

That is, about knockout competition between wanna-be monies until only one money remains

Did I say only one money should or will remain?

Yes, you did (emphasis added)

I see the temporary uncertainty (of whether a new money is accepted) as a benefit, not a problem.  If there is no state intervention, each money will have to compete on its merits in the open market.  That those who bet correctly on one money or another will reap the benefits is an incentive for all participants to make careful judgments before they buy into anything

But it pretty much doesn't matter if you openly admitted that there should remain only one money. If you have two competing agents aiming at fulfilling the same function, only one will succeed in the end. It happens everywhere in any aspect of life. For example, two words that mean the same (full synonyms, i.e. words characterized by semantic equivalence) will either part in meaning over time or one of them becomes obsolete and gets dropped from everyday use ("if ifs and ans were pots and pans")...

That's why such synonyms are extremely few and far in between

That was not a statement in favor of a single money, and nor was it intended to be.  As I said before, the world has lived with both gold and silver for eons.  It was only intervention by a powerful empire that "demonetized" silver.  (And BTW since a huge amount of money was taken from the economy by this event, there was a huge amount of economic pain, all to serve a hidden agenda of the global financial elite.  There is  no reason why stable money, e.g. physical gold and silver, should narrow down to one, absent state intervention.)

[BobK71]

Gold and silver never served peacefully side by side as money (and couldn't in principle). If you doubt this, learn about Gresham's law. And it is not only about the government diktat about two monies having similar face value since Gresham's law reveals just the tip of a giant iceberg hidden underwater. So whenever there are two or more monies in circulation (and still more so if they are commodities at that), there would always be a withering competition between them (whether you like it or not). Until (conditionally) bad money drives out good money from circulation, leading to a separation of functions between them, i.e. bad money (silver, in this case) is used for circulation while good money (gold) for storing value...

And this perfectly follows your argument about money as "just another commodity"

Gresham's Law exists only when the government dictates the exchange rate between two monies (e.g. under bimetallic standards, as existed in England in Newton's time -- 1 pound sterling was defined as x ounces of gold, or y ounces of silver, thus fixing the exchange rate between gold and silver as y/x.)  If the dictated exchange rate is a little off the market rate, say as determined by a larger circulation outside the country, one money becomes overvalued and the other becomes undervalued, and it makes sense for everyone to hoard the undervalued money and pay with the other

Read my post again. I specifically addressed this issue even before you raised it (since it was evident that you would). This matter had been discussed in great detail a few years ago, when I had shown that Gresham's law (or rather its extension) still holds today in an all-fiat world...

If you are curious, you can start reading from here

This was your 'extension' to Gresham's Law, as you said so yourself.

[Taki]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Bitcoin easily can be next generation money. Progress cannot be stopped and I believe that  very soon, buy Earths sizes, paper money will go in history. Maybe it will not be exacted lay bitcoin, but it's gonna be one of crypto currencies.

[Zooplus]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Bitcoin easily can be next generation money. Progress cannot be stopped and I believe that  very soon, buy Earths sizes, paper money will go in history. Maybe it will not be exacted lay bitcoin, but it's gonna be one of crypto currencies.

Definitely, with the rate that bitcoin is going there is no doubt that bitcoin will be the next generation of money but we cannot determine when will that happen yet, we need the full support of the people to adopt and the government to regulate.

[deisik]

Nope. As I have explained earlier, money should only have transactional utility as its inherent value. If it does have value beyond that, for example, due to its being a valuable commodity by itself, that would only interfere in its successful operation as money.

What if people want gold to be both jewelry and money?  IMO as soon as you empower someone to be in charge of what money 'should' be, that power will breed bad incentives, as historically it has.

If there is such a thing as the ideal money, since appointing humans to oversee the institution would be a disaster, the 'ideal' is now meaningless

Somehow missed that part, lol

You seem to have forgotten that it cuts both ways. That is, on the one hand, you argue that appointing humans to oversee the institution of money is a disaster. On the other hand, you unambiguously imply gold and silver to be good monies. But didn't the same (hypothetically) people empowered themselves to make gold and silver into monies? In other words, you essentially claim that humans choosing what to use as money are always wrong unless they opt to use gold or silver...

[BobK71]

You seem to have forgotten that it cuts both ways. That is, on the one hand, you argue that appointing humans to oversee the institution of money is a disaster. On the other hand, you unambiguously imply gold and silver to be good monies. But didn't the same (hypothetically) people empowered themselves to make gold and silver into monies? In other words, you essentially claim that humans choosing what to use as money are always wrong unless they opt to use gold or silver...

All I'm saying is that money should be decided by market supply and demand and not a centralized authority.  Physical gold and silver happen to have served the purpose well, fine.  Who knows what the future should or will bring.

[Zooplus]

You seem to have forgotten that it cuts both ways. That is, on the one hand, you argue that appointing humans to oversee the institution of money is a disaster. On the other hand, you unambiguously imply gold and silver to be good monies. But didn't the same (hypothetically) people empowered themselves to make gold and silver into monies? In other words, you essentially claim that humans choosing what to use as money are always wrong unless they opt to use gold or silver...

All I'm saying is that money should be decided by market supply and demand and not a centralized authority.  Physical gold and silver happen to have served the purpose well, fine.  Who knows what the future should or will bring.

You are exactly referring to bitcoin, the law of supply and demand shall apply with bitcoin and since it is decentralized we can trust this system much to save our money and transact using bitcoin. This is surely the next generation of money but as to the volume of adoption I cannot estimate yet.

[sanas]

You seem to have forgotten that it cuts both ways. That is, on the one hand, you argue that appointing humans to oversee the institution of money is a disaster. On the other hand, you unambiguously imply gold and silver to be good monies. But didn't the same (hypothetically) people empowered themselves to make gold and silver into monies? In other words, you essentially claim that humans choosing what to use as money are always wrong unless they opt to use gold or silver...

All I'm saying is that money should be decided by market supply and demand and not a centralized authority.  Physical gold and silver happen to have served the purpose well, fine.  Who knows what the future should or will bring.

You are exactly referring to bitcoin, the law of supply and demand shall apply with bitcoin and since it is decentralized we can trust this system much to save our money and transact using bitcoin. This is surely the next generation of money but as to the volume of adoption I cannot estimate yet.

If the transaction capacity is increased in the future, more people will use the bitcoin, the price will be higher.

[deisik]

You seem to have forgotten that it cuts both ways. That is, on the one hand, you argue that appointing humans to oversee the institution of money is a disaster. On the other hand, you unambiguously imply gold and silver to be good monies. But didn't the same (hypothetically) people empowered themselves to make gold and silver into monies? In other words, you essentially claim that humans choosing what to use as money are always wrong unless they opt to use gold or silver...

All I'm saying is that money should be decided by market supply and demand and not a centralized authority.  Physical gold and silver happen to have served the purpose well, fine.  Who knows what the future should or will bring.

In fact, gold and silver served different purposes when they had been used as money at the same time (strictly speaking, as monies). I mean gold and silver specie...

You know that too, do you?

[mrhelpful]

I see it was similar how travelex provide its service, where someone can visit any country and exchange in that denomination.

It was always here, but now its more of a improved version since travelex isnt a 24hr thing, plus less hassle.

Since it acts more of a international mobile exchange.

[groll]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Bitcoin may replace the paper money someday in the future. Many experts have been into study as to how it will be implemented. With the current trend it will not be possible since it will need the cooperation from the government. Bitcoin today is independent from government regulations. But if we want bitcoins to be a legal tender it must surrender itself to the laws, monitoring and policies of the government.

[universe_]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Bitcoin may replace the paper money someday in the future. Many experts have been into study as to how it will be implemented. With the current trend it will not be possible since it will need the cooperation from the government. Bitcoin today is independent from government regulations. But if we want bitcoins to be a legal tender it must surrender itself to the laws, monitoring and policies of the government.

bitcoin will surely replace the paper money in the future,i think we will see some big increases in its price because of that,i hope that it will give us all some decent profit easily, though thats just my guess

[Zooplus]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Bitcoin may replace the paper money someday in the future. Many experts have been into study as to how it will be implemented. With the current trend it will not be possible since it will need the cooperation from the government. Bitcoin today is independent from government regulations. But if we want bitcoins to be a legal tender it must surrender itself to the laws, monitoring and policies of the government.

bitcoin will surely replace the paper money in the future,i think we will see some big increases in its price because of that,i hope that it will give us all some decent profit easily, though thats just my guess

Thinking that it will replace paper money is too ambitious in my opinion, paper money are designed by government and you need to get the support of the government first to regulate bitcoins.

[deisik]

Guys please stop posting useless and spammy posts here, whether Bitcoin will replace paper money or not. There is a special thread for that sitting right next to this one...

Post there

[Legasean]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Next generation money is not the generation that you think becasue i can help you out of your dreams the bitcoin wont be the future
money because the paper money will always the number one paying method in this world/.

[deisik]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Next generation money is not the generation that you think becasue i can help you out of your dreams the bitcoin wont be the future
money because the paper money will always the number one paying method in this world/.

Paper money has long ceased to be the number one paying method since the introduction of electronic payments in the 1960s, which I already mentioned just a few posts back. Obviously, you don't know what I think or what my "dreams" are about either. Because I made it pretty clear in the OP that Bitcoin doesn't cut it (as the nexgen money)...

Which you seem to have quoted without ever reading

[praprata]

Eventually everything is going to be digital even tho many people are going to be against it it is still going to happen.
I think that it is also going to be different per country because not every country is as advanced as the other.

[hawkins]

Well, I think digital money will be the only next-generation money. I think bitcoin will not be in the shape of the coin again, but with the development of technology, bitcoin will be made easier than ever before. transactions will become easier with the development of technology and I think bitcoin will become the first choice for the development of

[zeta1]

A lot of government agencies are stil weary to adapt this method. And using it in a lot of webstores is still not possible.

[Zaducis]

Well, I think digital money will be the only next-generation money. I think bitcoin will not be in the shape of the coin again, but with the development of technology, bitcoin will be made easier than ever before. transactions will become easier with the development of technology and I think bitcoin will become the first choice for the development of

The Chinese government is developing the digital Yuan. It will reduce the cost of issuing and managing money.

[PokerFace3]

It's right that People who have faith in Bitcoin say that it's the next generation money. But it is still long time to implement. The concept of decentralization is not being supported by the banking corporations as they won't be able to make profit. But if people realize that Bitcoins are digital money and more reliable then paper money will slowly move out of our daily use.

[Zaducis]

It's right that People who have faith in Bitcoin say that it's the next generation money. But it is still long time to implement. The concept of decentralization is not being supported by the banking corporations as they won't be able to make profit. But if people realize that Bitcoins are digital money and more reliable then paper money will slowly move out of our daily use.

At the moment, the infrastructure for the bitcoin is not built completely. The bitcoin transaction is still slow.

[praprata]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

[rio3233]

Well, I think digital money will be the only next-generation money. I think bitcoin will not be in the shape of the coin again, but with the development of technology, bitcoin will be made easier than ever before. transactions will become easier with the development of technology and I think bitcoin will become the first choice for the development of

The Chinese government is developing the digital Yuan. It will reduce the cost of issuing and managing money.

It's sounds good though. I mean, every year our life is always upgrade into digital era. Digital money should be suit with that and bitcoin sounds good to fill it.

[Superzpay]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Bitcoin may replace the paper money someday in the future. Many experts have been into study as to how it will be implemented. With the current trend it will not be possible since it will need the cooperation from the government. Bitcoin today is independent from government regulations. But if we want bitcoins to be a legal tender it must surrender itself to the laws, monitoring and policies of the government.

bitcoin will surely replace the paper money in the future,i think we will see some big increases in its price because of that,i hope that it will give us all some decent profit easily, though thats just my guess

I think it is will replace fiat easily as people like to adopt and use their own local fiat for the purchase and other use in their areas and in their local market, with that they will not have to pay any fee of transactions and they can pay instantly without logging in to any account.

[clickerz]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.

[dihari]

I think cryptocurrency is never be the same like gold.
Gold is the true money ever.
And bitcoin...
What if the satellites is broke, and the internet is down?

[expert4knowledge]

In the realm of money and finance, these elements interact in very interesting ways.  E.g. it's the same illegal transactions that provide demand for Bitcoin, which in turn give confidence to Chinese savers today for using Bitcoin to get around their government's capital controls and get out of the yuan

Why go only halfway? Heroin trafficking from Asia to Europe doesn't let children die from hunger in Afghanistan, so why not legitimize it?

Or do children in Afghanistan not deserve to live?

These are separate issues and separate discussions.  Mixing the merits of a monetary system with crime-fighting is a recipe for myopia.

Every type of technology has some advantages and disadvantages and we cannot neglect something only because of some bad aspects.

[Sanguintan]

Ethereum could be a good next generation money. Like bitcoin, it can be used as a currency. It can also be used for smart contract.

[deisik]

Ethereum could be a good next generation money. Like bitcoin, it can be used as a currency. It can also be used for smart contract.

And what are its advantages before Bitcoin as a currency?

[entrepmind23]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.

With almost all transactions being digital then bitcoin may be the next generation money. With the advancement of technology and the bitcoin gaining popularity then people may opt to use digital money in the future since fiat currency is losing its value. For now, there are still so many people not aware of it but as time pass by, maybe a major event that will happen and made bitcoin popular even for those people that are not into technology and just stick to the old ways and it may convince them to use bitcoin then may be change has really come during this time.

[deisik]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.

With almost all transactions being digital then bitcoin may be the next generation money. With the advancement of technology and the bitcoin gaining popularity then people may opt to use digital money in the future since fiat currency is losing its value. For now, there are still so many people not aware of it but as time pass by, maybe a major event that will happen and made bitcoin popular even for those people that are not into technology and just stick to the old ways and it may convince them to use bitcoin then may be change has really come during this time.

Unlike Bitcoin, fiat can also be used in offline transactions (as paper money and specie). This is a great advantage, and unless Bitcoin somehow solves this "last mile problem", it will continue to remain inferior to fiat (in this respect). And even the theoretical possibility of resolving this issue is vague...

Since it would contradict the very concept of blockchain (I mean offline transactions)

[Zaducis]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.

With almost all transactions being digital then bitcoin may be the next generation money. With the advancement of technology and the bitcoin gaining popularity then people may opt to use digital money in the future since fiat currency is losing its value. For now, there are still so many people not aware of it but as time pass by, maybe a major event that will happen and made bitcoin popular even for those people that are not into technology and just stick to the old ways and it may convince them to use bitcoin then may be change has really come during this time.

Unlike Bitcoin, fiat can also be used in offline transactions (as paper money and specie). This is a great advantage, and unless Bitcoin somehow solves this "last mile problem", it will continue to remain inferior to fiat (in this respect). And even the theoretical possibility of resolving this issue is vague...

Since it would contradict the very concept of blockchain (I mean offline transactions)

That is right. Fiat cash is also anonymous. It can be a good tool in underground transaction without being detected.

[zodin]

's we can see that in new age the people's trend is toward the computer and internet, they are mostly spent their time in front of computer and using internet now the people have very little free time, so i think the new generation will give preference to crypto currency because they have easy access to crypto currency,

[ASHLIUSZ]

's we can see that in new age the people's trend is toward the computer and internet, they are mostly spent their time in front of computer and using internet now the people have very little free time, so i think the new generation will give preference to crypto currency because they have easy access to crypto currency,

Yeah everything in the world is moving digitally, so the digital currency will also be accepted, however some people will be there who will always stick to fiat currencies.

[Sanguintan]

's we can see that in new age the people's trend is toward the computer and internet, they are mostly spent their time in front of computer and using internet now the people have very little free time, so i think the new generation will give preference to crypto currency because they have easy access to crypto currency,

Yeah everything in the world is moving digitally, so the digital currency will also be accepted, however some people will be there who will always stick to fiat currencies.

Yes. The fiat currency will be used for long term. Criminals, drug dealers will prefer to use the fiat cash.

[panju1]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.

With almost all transactions being digital then bitcoin may be the next generation money. With the advancement of technology and the bitcoin gaining popularity then people may opt to use digital money in the future since fiat currency is losing its value. For now, there are still so many people not aware of it but as time pass by, maybe a major event that will happen and made bitcoin popular even for those people that are not into technology and just stick to the old ways and it may convince them to use bitcoin then may be change has really come during this time.

Unlike Bitcoin, fiat can also be used in offline transactions (as paper money and specie). This is a great advantage, and unless Bitcoin somehow solves this "last mile problem", it will continue to remain inferior to fiat (in this respect). And even the theoretical possibility of resolving this issue is vague...

Since it would contradict the very concept of blockchain (I mean offline transactions)

Physical bitcoins are an option.
Apart from the many collectors items prevalent now, I think a Japanese company also issued small plastic tokens.

[deisik]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.

With almost all transactions being digital then bitcoin may be the next generation money. With the advancement of technology and the bitcoin gaining popularity then people may opt to use digital money in the future since fiat currency is losing its value. For now, there are still so many people not aware of it but as time pass by, maybe a major event that will happen and made bitcoin popular even for those people that are not into technology and just stick to the old ways and it may convince them to use bitcoin then may be change has really come during this time.

Unlike Bitcoin, fiat can also be used in offline transactions (as paper money and specie). This is a great advantage, and unless Bitcoin somehow solves this "last mile problem", it will continue to remain inferior to fiat (in this respect). And even the theoretical possibility of resolving this issue is vague...

Since it would contradict the very concept of blockchain (I mean offline transactions)

Physical bitcoins are an option.
Apart from the many collectors items prevalent now, I think a Japanese company also issued small plastic tokens.

And how do you pay with them? Even if they are emitted by a trusted party, they would be pretty much useless once you access the private key...

Also, what about change? No change today?

[lionheart78]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.

With almost all transactions being digital then bitcoin may be the next generation money. With the advancement of technology and the bitcoin gaining popularity then people may opt to use digital money in the future since fiat currency is losing its value. For now, there are still so many people not aware of it but as time pass by, maybe a major event that will happen and made bitcoin popular even for those people that are not into technology and just stick to the old ways and it may convince them to use bitcoin then may be change has really come during this time.

Unlike Bitcoin, fiat can also be used in offline transactions (as paper money and specie). This is a great advantage, and unless Bitcoin somehow solves this "last mile problem", it will continue to remain inferior to fiat (in this respect). And even the theoretical possibility of resolving this issue is vague...

Since it would contradict the very concept of blockchain (I mean offline transactions)

Physical bitcoins are an option.
Apart from the many collectors items prevalent now, I think a Japanese company also issued small plastic tokens.

And how do you pay with them? Even if they are emitted by a trusted party, they would be pretty much useless once you access the private key...

And what about change? No change?

One thing i can see here, Bitcoin might have a great impact on the so called new generation money but bitcoin will never be the next generation money as what deisik is presenting and questioning about the transaction of bitcoin.  Money should be use everywhere, anywhere and anytime.  It should be use freely without any limitation or parameter that may limit it from using.  I know it should be something digital and at the same time tangible.  but I have no idea what would it be.

[romero121]

Digital currencies might get used to be the next generation currency. Most countries try making their own digital currency. Also if the adoption increases along with physical form or similar to paper money digital currencies will sure reach most people worldwide.

[deisik]

Digital currencies might get used to be the next generation currency. Most countries try making their own digital currency. Also if the adoption increases along with physical form or similar to paper money digital currencies will sure reach most people worldwide.

Most currencies are already digital for a few dozen years

[Farma]

Digital currencies might get used to be the next generation currency. Most countries try making their own digital currency. Also if the adoption increases along with physical form or similar to paper money digital currencies will sure reach most people worldwide.

Most currencies are already digital for a few dozen years

I think the use of digital money today amsih difficult, because a lot of people who still have low knowledge about it, but it is very difficult to carry out a transaction which is simple if done digitally. but, perhaps a time will come a time when the use of digital money will be very easy and fun without the use of paper money

[angaper]

I agree. A real revolution in the concept of money would involve something more than changing the payment processors, no matter how advanced it may seem, and to be honest I can't see a great difference between bitcoin and other currencies at the end of road.

[Sanguintan]

Digital currencies might get used to be the next generation currency. Most countries try making their own digital currency. Also if the adoption increases along with physical form or similar to paper money digital currencies will sure reach most people worldwide.

Most currencies are already digital for a few dozen years

I think he means the crypto currencies like the bitcoin and the Ethereum. They will be widely used in a few decades.

[BitcoinTeacher]

Fiat is not to me future money.Right now cryptocurrencies are future money so for fiat is not th future.I think that after 5-20 years that fiat crptocurrency will not exist anymore o maybe it wil exist nobody don't know.

[ontrackk]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.

With almost all transactions being digital then bitcoin may be the next generation money. With the advancement of technology and the bitcoin gaining popularity then people may opt to use digital money in the future since fiat currency is losing its value. For now, there are still so many people not aware of it but as time pass by, maybe a major event that will happen and made bitcoin popular even for those people that are not into technology and just stick to the old ways and it may convince them to use bitcoin then may be change has really come during this time.

Unlike Bitcoin, fiat can also be used in offline transactions (as paper money and specie). This is a great advantage, and unless Bitcoin somehow solves this "last mile problem", it will continue to remain inferior to fiat (in this respect). And even the theoretical possibility of resolving this issue is vague...

Since it would contradict the very concept of blockchain (I mean offline transactions)

That is right. Fiat cash is also anonymous. It can be a good tool in underground transaction without being detected.

fiat is not anonymous at all, if you want to make a purchase with fiat online then you will be detected for sure, also irl there might be humans who would remember you

[crairezx20]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.

With almost all transactions being digital then bitcoin may be the next generation money. With the advancement of technology and the bitcoin gaining popularity then people may opt to use digital money in the future since fiat currency is losing its value. For now, there are still so many people not aware of it but as time pass by, maybe a major event that will happen and made bitcoin popular even for those people that are not into technology and just stick to the old ways and it may convince them to use bitcoin then may be change has really come during this time.

Unlike Bitcoin, fiat can also be used in offline transactions (as paper money and specie). This is a great advantage, and unless Bitcoin somehow solves this "last mile problem", it will continue to remain inferior to fiat (in this respect). And even the theoretical possibility of resolving this issue is vague...

Since it would contradict the very concept of blockchain (I mean offline transactions)

That is right. Fiat cash is also anonymous. It can be a good tool in underground transaction without being detected.

fiat is not anonymous at all, if you want to make a purchase with fiat online then you will be detected for sure, also irl there might be humans who would remember you

It needs a real information before you can buy online like amazon and use your paypal it needs to verify first with your bank and real identity before you can start transaction an buy online stuffs..

[sanas]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.

With almost all transactions being digital then bitcoin may be the next generation money. With the advancement of technology and the bitcoin gaining popularity then people may opt to use digital money in the future since fiat currency is losing its value. For now, there are still so many people not aware of it but as time pass by, maybe a major event that will happen and made bitcoin popular even for those people that are not into technology and just stick to the old ways and it may convince them to use bitcoin then may be change has really come during this time.

Unlike Bitcoin, fiat can also be used in offline transactions (as paper money and specie). This is a great advantage, and unless Bitcoin somehow solves this "last mile problem", it will continue to remain inferior to fiat (in this respect). And even the theoretical possibility of resolving this issue is vague...

Since it would contradict the very concept of blockchain (I mean offline transactions)

That is right. Fiat cash is also anonymous. It can be a good tool in underground transaction without being detected.

fiat is not anonymous at all, if you want to make a purchase with fiat online then you will be detected for sure, also irl there might be humans who would remember you

So far, the US dollar is the most widely used underground money. That is due to the fact that it is anonymous.

[mindrust]

Until i find a serious amount of sellers who accept bitcoins as a currency no matter what the btc/usd price is,,, i won't consider it as a currency. Since nobody with a brain would do that, bitcoin will never be a currency. It has some value and it can be transferred very fast and that is about it.

[deisik]

Until i find a serious amount of sellers who accept bitcoins as a currency no matter what the btc/usd price is,,, i won't consider it as a currency. Since nobody with a brain would do that, bitcoin will never be a currency. It has some value and it can be transferred very fast and that is about it.

Money is what money does. It is not enough to call something a currency, it should be used as a currency, i.e. facilitate the exchange of goods and services. Until then it is no more than a financial asset bordering on Ponzi. Especially if, like Bitcoin, it doesn't have any intrinsic value apart from that of a currency...

Which Bitcoin only pretends to be so far

[OROBTC]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.

With almost all transactions being digital then bitcoin may be the next generation money. With the advancement of technology and the bitcoin gaining popularity then people may opt to use digital money in the future since fiat currency is losing its value. For now, there are still so many people not aware of it but as time pass by, maybe a major event that will happen and made bitcoin popular even for those people that are not into technology and just stick to the old ways and it may convince them to use bitcoin then may be change has really come during this time.

Unlike Bitcoin, fiat can also be used in offline transactions (as paper money and specie). This is a great advantage, and unless Bitcoin somehow solves this "last mile problem", it will continue to remain inferior to fiat (in this respect). And even the theoretical possibility of resolving this issue is vague...

Since it would contradict the very concept of blockchain (I mean offline transactions)

Physical bitcoins are an option.
Apart from the many collectors items prevalent now, I think a Japanese company also issued small plastic tokens.

There is a new & cheap hardware wallet now out (Opendime) that are similar to physical bitcoins.  They are cheap USB sticks that are cleverly designed BTC wallets.  These are meant to be passed around once you have loaded BTC onto them, when the device is passed to someone else (as payment or a gift), that transfer is like cash, an "offline" transaction.  The Opendime sticks are cheap & disposable, it is hard to describe in just a few words so I refer you to here:

https://opendime.com/

I have ordered three to check them out.  It's an interesting idea.  They also have their own thread at "Project Development".

[airsounds]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.

With almost all transactions being digital then bitcoin may be the next generation money. With the advancement of technology and the bitcoin gaining popularity then people may opt to use digital money in the future since fiat currency is losing its value. For now, there are still so many people not aware of it but as time pass by, maybe a major event that will happen and made bitcoin popular even for those people that are not into technology and just stick to the old ways and it may convince them to use bitcoin then may be change has really come during this time.

Unlike Bitcoin, fiat can also be used in offline transactions (as paper money and specie). This is a great advantage, and unless Bitcoin somehow solves this "last mile problem", it will continue to remain inferior to fiat (in this respect). And even the theoretical possibility of resolving this issue is vague...

Since it would contradict the very concept of blockchain (I mean offline transactions)

That is right. Fiat cash is also anonymous. It can be a good tool in underground transaction without being detected.

for me fiat is not anonymous enough, besides that i think that using bitcoins might have way less fees thats why i use bitcoins over all the other money

[deisik]

There is a new & cheap hardware wallet now out (Opendime) that are similar to physical bitcoins.  They are cheap USB sticks that are cleverly designed BTC wallets.  These are meant to be passed around once you have loaded BTC onto them, when the device is passed to someone else (as payment or a gift), that transfer is like cash, an "offline" transaction.  The Opendime sticks are cheap & disposable, it is hard to describe in just a few words so I refer you to here:

https://opendime.com/

I have ordered three to check them out.  It's an interesting idea.  They also have their own thread at "Project Development

How do they work conceptually? I mean that thing with private-public keys transfers provided there is no Internet around...

Let's call it a massively offline mode

[CrimBit]

Did Bitcoin is revolutionize the concept of money, because for people who understand the world of trading that could be used to revolutionize the concept of the financial us.

[Dudeperfect]

Yes no doubt in that. Crypto currency as a technology is emerging as a new form of money and has potential to compete with fiat currencies all over the world but it won’t be threat to the existence of fiat currencies. Gold, oil or other commodities are different than crypto currencies although those are one of the popular investment destinations I don’t see them as equal to crypto currencies. Trading in exchange of gold or other commodities is like trading with barter system but bitcoin is other than that as it has significant similarities with the concept of money.

[OROBTC]

There is a new & cheap hardware wallet now out (Opendime) that are similar to physical bitcoins.  They are cheap USB sticks that are cleverly designed BTC wallets.  These are meant to be passed around once you have loaded BTC onto them, when the device is passed to someone else (as payment or a gift), that transfer is like cash, an "offline" transaction.  The Opendime sticks are cheap & disposable, it is hard to describe in just a few words so I refer you to here:

https://opendime.com/

I have ordered three to check them out.  It's an interesting idea.  They also have their own thread at "Project Development

How do they work conceptually? I mean that thing with private-public keys transfers provided there is no Internet around...

Let's call it a massively offline mode

deisik

I'll have to wait until I get them and try them out before I can really comment further.  I need to see if it actually really is as easy to use as they claim.  It certainly looks like a great idea though.

That offline mode (nice description, well put, H/T) is part of the attraction. 

Opendime seems to have a niche to themselves (at least for now).

[deisik]

I'll have to wait until I get them and try them out before I can really comment further.  I need to see if it actually really is as easy to use as they claim.  It certainly looks like a great idea though.

That offline mode (nice description, well put, H/T) is part of the attraction. 

Opendime seems to have a niche to themselves (at least for now).

Okay, let's wait till you lay your hands on these thingies

[vero]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.

With almost all transactions being digital then bitcoin may be the next generation money. With the advancement of technology and the bitcoin gaining popularity then people may opt to use digital money in the future since fiat currency is losing its value. For now, there are still so many people not aware of it but as time pass by, maybe a major event that will happen and made bitcoin popular even for those people that are not into technology and just stick to the old ways and it may convince them to use bitcoin then may be change has really come during this time.

Unlike Bitcoin, fiat can also be used in offline transactions (as paper money and specie). This is a great advantage, and unless Bitcoin somehow solves this "last mile problem", it will continue to remain inferior to fiat (in this respect). And even the theoretical possibility of resolving this issue is vague...

Since it would contradict the very concept of blockchain (I mean offline transactions)

That is right. Fiat cash is also anonymous. It can be a good tool in underground transaction without being detected.

for me fiat is not anonymous enough, besides that i think that using bitcoins might have way less fees thats why i use bitcoins over all the other money

so your life depends on the Internet, due the most you're using bitcoin than fiat and I think for the moment we can not buy anything with bitcoin.

[moonya]

With gold and gold began to finish. If the world will continue to exist and move in the direction in which it moves today is undoubtedly the future of digital money. But if the world is waiting for the collapse and we will go back to the Stone Age, then as always, people will use the currency, which can be seen or touched.

[KingdomHearts]

In my opinion bitcoin didn't revolutionize the concept of money, it just eases the way people earn online and eases online transactions.

but i think its possible that bitcoin revolutionize the concept of money because bitcoin is really too powerful and stronger currency than other currencies.

[zodin]

i am hopeful that the next generation money is bitcoin as the new generation has their interest in computer and internet, as they spent most of their time in front of computer therefore they will give preference to digital currency instead of fiat or paper currency, i think that will be too much convenient to them therefore they will give preference to bitcoin,

[useless4]

They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.

I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.

With almost all transactions being digital then bitcoin may be the next generation money. With the advancement of technology and the bitcoin gaining popularity then people may opt to use digital money in the future since fiat currency is losing its value. For now, there are still so many people not aware of it but as time pass by, maybe a major event that will happen and made bitcoin popular even for those people that are not into technology and just stick to the old ways and it may convince them to use bitcoin then may be change has really come during this time.

Unlike Bitcoin, fiat can also be used in offline transactions (as paper money and specie). This is a great advantage, and unless Bitcoin somehow solves this "last mile problem", it will continue to remain inferior to fiat (in this respect). And even the theoretical possibility of resolving this issue is vague...

Since it would contradict the very concept of blockchain (I mean offline transactions)

That is right. Fiat cash is also anonymous. It can be a good tool in underground transaction without being detected.

for me fiat is not anonymous enough, besides that i think that using bitcoins might have way less fees thats why i use bitcoins over all the other money

i dont need a lot of anonymity too, i think that bitcoins will definitely be the next generation money and it will be really huge currency in the future

[Zaducis]

i dont need a lot of anonymity too, i think that bitcoins will definitely be the next generation money and it will be really huge currency in the future

The main problem with the bitcoin is that it is mainly traded in the exchanges. The exchanges are not safe.

[deisik]

i dont need a lot of anonymity too, i think that bitcoins will definitely be the next generation money and it will be really huge currency in the future

The main problem with the bitcoin is that it is mainly traded in the exchanges. The exchanges are not safe.

I had been proposing it long ago to extend Bitcoin to include a kind of distributed exchange in it. But people seem to still prefer losing huge monies at these single points of failure...

Would 65 million dollars, recently stolen from Bitfinex as bitcoins, not be enough to implement such a feature?

[ASHLIUSZ]

i dont need a lot of anonymity too, i think that bitcoins will definitely be the next generation money and it will be really huge currency in the future

The main problem with the bitcoin is that it is mainly traded in the exchanges. The exchanges are not safe.

yeah having public source code is great and it does reduce risks, but the point was that it's certainly not enough to believe the software as safe.

[Sanguintan]

i dont need a lot of anonymity too, i think that bitcoins will definitely be the next generation money and it will be really huge currency in the future

The main problem with the bitcoin is that it is mainly traded in the exchanges. The exchanges are not safe.

yeah having public source code is great and it does reduce risks, but the point was that it's certainly not enough to believe the software as safe.

I think it is better to hold the bitcoins yourself. So you should hold the coins in your own core wallets.

[Zooplus]

i dont need a lot of anonymity too, i think that bitcoins will definitely be the next generation money and it will be really huge currency in the future

The main problem with the bitcoin is that it is mainly traded in the exchanges. The exchanges are not safe.

yeah having public source code is great and it does reduce risks, but the point was that it's certainly not enough to believe the software as safe.

I think it is better to hold the bitcoins yourself. So you should hold the coins in your own core wallets.

Yes, you should do hold your bitcoins because I believe that it will be the next generation of money, when the world will fully digital bitcoin should be the one we are using as it already gain the trust of the people, and the longer the system are being used it make it stable that people would trust and would eventually make the price stable as well.

[sanas]

i dont need a lot of anonymity too, i think that bitcoins will definitely be the next generation money and it will be really huge currency in the future

The main problem with the bitcoin is that it is mainly traded in the exchanges. The exchanges are not safe.

yeah having public source code is great and it does reduce risks, but the point was that it's certainly not enough to believe the software as safe.

I think it is better to hold the bitcoins yourself. So you should hold the coins in your own core wallets.

I do some mining, send the altcoins to exchanges, then I convert them to bitcoin and withdraw soon.

[davis196]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

I think that there`s no need to revolutionize or invent brand new money.

Bitcoin is the future and it`s working great.

Why don`t you share your idea?

 

[deisik]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

I think that there`s no need to revolutionize or invent brand new money.

Bitcoin is the future and it`s working great.

Why don`t you share your idea?

No one seems to be particularly interested. Since it is not my idea either, I expected that someone would come up with that idea on their own

[Zaducis]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

I think that there`s no need to revolutionize or invent brand new money.

Bitcoin is the future and it`s working great.

Why don`t you share your idea?

 

The bitcoin will be developed in the future, it will evolve and adapt to the new environment so it is the future money.

[deisik]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

I think that there`s no need to revolutionize or invent brand new money.

Bitcoin is the future and it`s working great.

Why don`t you share your idea?

The bitcoin will be developed in the future, it will evolve and adapt to the new environment so it is the future money.

We don't know what changes the society will undergo in the future. As I have said previously, exactly this defines what nexgen money will look like. I guess no one in the 13th century could even fancy that we would be universally using paper as money in the 21st one. Well, at least in Europe since China seems to have been using paper money as back as in the 7th century...

Just for voicing this idea, you would be most certainly declared an heretic and burned alive in some corners

[slaman29]

Hi I am new, just moving in the place to read a lot. Even still here in my place we are not used to new money forms in card or computer, even nobody still use bank card like me. So bitcoin is fully new and most will not accept the idea so fast. I have patience to understanding all and have much hope for new generation money.

[deisik]

Hi I am new, just moving in the place to read a lot. Even still here in my place we are not used to new money forms in card or computer, even nobody still use bank card like me. So bitcoin is fully new and most will not accept the idea so fast. I have patience to understanding all and have much hope for new generation money.

You're welcome!

Yes no doubt in that. Crypto currency as a technology is emerging as a new form of money and has potential to compete with fiat currencies all over the world but it won’t be threat to the existence of fiat currencies. Gold, oil or other commodities are different than crypto currencies although those are one of the popular investment destinations I don’t see them as equal to crypto currencies. Trading in exchange of gold or other commodities is like trading with barter system but bitcoin is other than that as it has significant similarities with the concept of money.

Your premises are contradicting each other

You say that Bitcoin has the potential to compete with fiat currencies across the world (which I fully concur with) and, at the same time, you claim that it won’t threaten the existence of fiat currencies. This I cannot possibly agree with. It is a law of nature of sorts (see Gresham's law) that one money necessarily drives out the other from circulation since basically they are different, and one will be better than the other in one application (e.g. as a means of payment) while the other might be better in something else (e.g. as a store of value)

[sakinaka]

For me, this is clear : that's a new kind of money

My reasons :

• It is technological : just that would be enough. There has never been any kind of money, not debt-money, as PayPal, ever that was based as Bitcoin is on the Internet and the computers.
• It's based on the distributed ledger : another new and unique feature, on which everything is based. The distributed ledger, also known as the blockchain is the core of Bitcoin and the crypto-currencies in general (except a few that blatantly failed). Being able to know how much everyone possesses as long as you know it's public address, which you can compare to it's bank ID, is kinda revolutional. What's even better is that if you don't want anyone to attach your name to some address, you can too.
• Mining : the way bitcoins are produced is kinda revolutional in itself. I always compare Bitcoin to the royal mints, where the gold coins used to be minted. Imagine that here everyone comes with its hammer (the ASIC) in the people's mint (the pool) and hammers the coin. Each coin as to have an unique design and the first mint that produces it keeps it. It is then sold and the profit for the sale are splitted proportionnally to the minters. Saw that way I find mining very interesting and revolutional.
• Exchanges : that's where the price is being decided, as you know. That's also a revolutional aspect of Bitcoin for me since that's probably the first ever big-scale money system of the industrial era of which the value is not decided by a central authority but by a market consensus of how much the buyers are ready to buy the bitcoins.

[deisik]

For me, this is clear : that's a new kind of money

My reasons :

• It is technological : just that would be enough. There has never been any kind of money, not debt-money, as PayPal, ever that was based as Bitcoin is on the Internet and the computers.
• It's based on the distributed ledger : another new and unique feature, on which everything is based. The distributed ledger, also known as the blockchain is the core of Bitcoin and the crypto-currencies in general (except a few that blatantly failed). Being able to know how much everyone possesses as long as you know it's public address, which you can compare to it's bank ID, is kinda revolutional. What's even better is that if you don't want anyone to attach your name to some address, you can too.
• Mining : the way bitcoins are produced is kinda revolutional in itself. I always compare Bitcoin to the royal mints, where the gold coins used to be minted. Imagine that here everyone comes with its hammer (the ASIC) in the people's mint (the pool) and hammers the coin. Each coin as to have an unique design and the first mint that produces it keeps it. It is then sold and the profit for the sale are splitted proportionnally to the minters. Saw that way I find mining very interesting and revolutional.
• Exchanges : that's where the price is being decided, as you know. That's also a revolutional aspect of Bitcoin for me since that's probably the first ever big-scale money system of the industrial era of which the value is not decided by a central authority but by a market consensus of how much the buyers are ready to buy the bitcoins.

I can only agree with your first point

Though I also tend to think that it is enough to call Bitcoin (and altcoins, for that matter) a new kind of money. In respect to other your points, the second one is basically a detailed elaboration on the first point. Mining bitcoin inasmuch as it can't be referred to the first point again, is not conceptually different how other hard assets are obtained (such as gold, silver, diamonds, etc). I mean the decentralized nature of creating new money, of course, which is what you seem to mean here. The value of fiat currencies with floating exchange rates is also nowadays determined by the market through supply-and-demand mechanism, so there is nothing particularly new here, either

[error08]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Some facts about Bitcoin:

1. Bitcoin is unique because it is backed by blockchain.
Blockchain is new concept and we never seen anything like that, it was simply not possible before internet to have totally transparent and ultimate ledger with every transaction stored forever.

2. Bitcoin is different because it is hard capped. FIAT can be created, printed or conjured out of thin air indefinitely. Bitcoin can't.

2. Bitcoin is ultimate money because you can [not] counterfeit it.

These facts aren't enough to make Bitcoin into a revolution in the "money-making"

1. Being unique just as being new won't suffice. I have explained this earlier
2. Gold is also "capped". On the other hand, this alone can be hardly construed as a "revolution", by any means
3. Double-spend and whatever else that I don't even know about

A long way to read all those posts, sorry, I didn't read all of it.
Ok then, I'm agree with you. It's not revolutionize financial economics 'yet' (imho, but maybe bitcoin could in the next 10 years)
Yes, it's a new way of money, new player join in the market that have been controlled by central banks for centuries.
We know all of the idea why bitcoin different from fiat money and banks system as mentioned above and the whole time here.
So, I want to know what the answer? Sorry again if you already said it before.
What the idea that could be entirely new form of money, truly new money??? I thought it has to not depend or affiliates/correlate to fiat money than, if you want to say it entirely new.
Thank you in advance.

[Babayega31]

Hi I am new, just moving in the place to read a lot. Even still here in my place we are not used to new money forms in card or computer, even nobody still use bank card like me. So bitcoin is fully new and most will not accept the idea so fast. I have patience to understanding all and have much hope for new generation money.

Its good to hear that bitcoin is our next generation money and as an online user of wallet i am positive that it can and possibly to consider this as next generation money will be a cryptocurrency. Computer networking nowadays specially with internet transactions really need this bitcoin to speed up processing because fiat currency doesn't show up to be having a 100% efficiency in terms online banking transactions compared to bitcoin wallet cash-out to fiat currency is very fast and easy.

[Tanic]

I think we can't call just bitcoin as next generation money. Yes, bitcoin is on the top now, but who knows maybe some other crypto currency will take it's place. I think that generally crypto currencies is money of the next generation. Soon all financial world will move in crypto level.

[hakanbalta577]

Yes absolutely bitcoin is different from a fiat or other kind of money as its a whole new concept.The major difference and the most i like is that bitcoins are decentralised and we can say that its the next generation where all person in this world wants that no body controls this money.

[Superzpay]

Hi I am new, just moving in the place to read a lot. Even still here in my place we are not used to new money forms in card or computer, even nobody still use bank card like me. So bitcoin is fully new and most will not accept the idea so fast. I have patience to understanding all and have much hope for new generation money.

If you want to benefit fully from bitcoin then you need to make bitcoin established everywhere in your area if they all will know about bitcoin then you all will discuss about it and you people will get new ideas and you all will develop in your life and you people will get success and your area will become a more developed area.

[Gotottack]

Yes absolutely bitcoin is different from a fiat or other kind of money as its a whole new concept.The major difference and the most i like is that bitcoins are decentralised and we can say that its the next generation where all person in this world wants that no body controls this money.

Fiat cannot be decentralized. This is impossible for governments to have. Money must remain centralized if we want to revolutionize money as we know it. Probably a blockchain centralized money will replace fiat currency as we know it. But if the government cannot control the money flow of things then the economy of a country will fall.

[megynacuna]

That's a sure bet, bitcoin is already exhibiting the character traits of the future money. Fully decentralized and well secured. Had technology been in existence for centuries past I bet they would never had introduced fiat.

[deisik]

These facts aren't enough to make Bitcoin into a revolution in the "money-making"

1. Being unique just as being new won't suffice. I have explained this earlier
2. Gold is also "capped". On the other hand, this alone can be hardly construed as a "revolution", by any means
3. Double-spend and whatever else that I don't even know about

A long way to read all those posts, sorry, I didn't read all of it.
Ok then, I'm agree with you. It's not revolutionize financial economics 'yet' (imho, but maybe bitcoin could in the next 10 years)
Yes, it's a new way of money, new player join in the market that have been controlled by central banks for centuries.
We know all of the idea why bitcoin different from fiat money and banks system as mentioned above and the whole time here.
So, I want to know what the answer? Sorry again if you already said it before.
What the idea that could be entirely new form of money, truly new money??? I thought it has to not depend or affiliates/correlate to fiat money than, if you want to say it entirely new.
Thank you in advance.

My idea is nothing new, but it would be the ultimate form of decentralized hard money ever possible. What is the most precious thing which could potentially work as money? It is time itself, and not some abstract time (e.g. as the time span between two dates), but how much is left for you to live. This idea is basically what the plot of the In Time movie evolves around. You can get the concept from the Wiki article if you feel interested. I guess that would be a sort of absolute money having absolute value...

Live forever or die trying

[Kevin77]

Hi I am new, just moving in the place to read a lot. Even still here in my place we are not used to new money forms in card or computer, even nobody still use bank card like me. So bitcoin is fully new and most will not accept the idea so fast. I have patience to understanding all and have much hope for new generation money.

It is true that many people in the world still don’t even know what bitcoin is and that is due to the fact that bitcoin is still a new idea and still not that many people know it very well, even investors still are not sure about it because it is not that stable , but I think that in the future with the price becoming more popular and stable , people will start using it for their every need.

[kryptqnick]

I think bitcoin is quite appropriate as the new form of money, because it is not only decentralised but, which is more important, it is pure math. Bitcoin is not a paper. It is even not the computer with money or the wallet. It is just numbers which exist in a very specific way, different from anything we've seen before as money. It costs nothing itself and yet costs $800, because people invest in it, mine it, use it and believe in it.

[MingLee]

There is no real definition behind a "generation" of money, most of it just has to happen organically and the last "generation" we had was more than likely to digitization of everything so we now have everything like PayPal, debit and credit cards, etc.

Bitcoin is maybe something like Generation X.5, since decentralization is new, but it doesn't bring anything else that's exceptionally revolutionary.

[OrangeII]

I'm not sure bitcoin is the next generation of money. there are still many shortcomings that are owned by bitcoin in the transaction, in addition to the unstable prices keep him from being a currency in the eyes of the political world. but, I think bitcoin have a chance for it if bitcoin have a better system.

[bncbnc]

Hi I am new, just moving in the place to read a lot. Even still here in my place we are not used to new money forms in card or computer, even nobody still use bank card like me. So bitcoin is fully new and most will not accept the idea so fast. I have patience to understanding all and have much hope for new generation money.

Its good to hear that bitcoin is our next generation money and as an online user of wallet i am positive that it can and possibly to consider this as next generation money will be a cryptocurrency. Computer networking nowadays specially with internet transactions really need this bitcoin to speed up processing because fiat currency doesn't show up to be having a 100% efficiency in terms online banking transactions compared to bitcoin wallet cash-out to fiat currency is very fast and easy.

yes i am also agree with you, there is no doubt about this that bitcoin the next generation currency, because in modern age people are giving preference to online trading therefore bitcoin is best suite to them.

[agamasrori]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Bitcoin is not a toy, it's currency. I really sure that paper money will replaced by something that gives more benefit than fiat. It could be new technology such bitcoin or something precious such gold.

[deisik]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Bitcoin is not a toy, it's currency. I really sure that paper money will replaced by something that gives more benefit than fiat. It could be new technology such bitcoin or something precious such gold.

This is a matter of convention

In any case, right now Bitcoin is not a currency by any means. As I always say in such cases, money is what money does. So far Bitcoin is a far cry from that. It is essentially a vehicle for speculation and profiteering, that's why I'm inclined to think of it as a toy, not as a hard asset or currency in its own right. But that doesn't mean of course that Bitcoin can't become a full-fledged currency eventually, and I myself am totally in favor of that. Bitcoin adoption as a means of payment will happen at substantially higher prices than what we see today, so why on Earth should I be against it even if I tend to consider it only as a speculative asset?

[neochiny]

i don`t see any new concept in bitcoin. that`s how i see bitcoin and fiat in general.
but if we are going through every detail, bitcoin is revolutionary. it showed us new
way`s how earn,sell,trade,save, etc... and the technology behind it is incredible!
which some and including myself will be able to understand it completely.

[cjmoles]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Bitcoin is not a toy, it's currency. I really sure that paper money will replaced by something that gives more benefit than fiat. It could be new technology such bitcoin or something precious such gold.

This is a matter of convention

In any case, right now Bitcoin is not a currency by any means. As I always say in such cases, money is what money does. So far Bitcoin is a far cry from that. It is essentially a vehicle for speculation and profiteering, that's why I'm inclined to think of it as a toy, not as a hard asset or currency in its own right. But that doesn't mean of course that Bitcoin can't become a full-fledged currency eventually, and I myself am totally in favor of that. Bitcoin adoption as a means of payment will happen at substantially higher prices than what we see today, so why on Earth should I be against it even if I tend to consider it only as a speculative asset?

^^^^^Digital Tulips^^^^^

There is something about the blockchain technologies that I think is being ignored or underestimated in this discussion.  The concept of tokenizing decentralized distributed networks is something that is only recently gaining momentum.  The revolutionary aspect of these emerging technologies that revolutionizes the concept of money is that they can "tap" into the "wisdom" of the masses in a tokenized manner which doesn't rely upon trust.  Intellectual property can be tokenized, smart contracts can be initialized without remediation, data mining analytics can be derived and monetized....etc.  When one can throw their thoughts out into the network and receive immediate compensation for their contribution in the form of an exchangeable asset, the concept of money has been revolutionized....This is only the beginning!

[deisik]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Bitcoin is not a toy, it's currency. I really sure that paper money will replaced by something that gives more benefit than fiat. It could be new technology such bitcoin or something precious such gold.

This is a matter of convention

In any case, right now Bitcoin is not a currency by any means. As I always say in such cases, money is what money does. So far Bitcoin is a far cry from that. It is essentially a vehicle for speculation and profiteering, that's why I'm inclined to think of it as a toy, not as a hard asset or currency in its own right. But that doesn't mean of course that Bitcoin can't become a full-fledged currency eventually, and I myself am totally in favor of that. Bitcoin adoption as a means of payment will happen at substantially higher prices than what we see today, so why on Earth should I be against it even if I tend to consider it only as a speculative asset?

^^^^^Digital Tulips^^^^^

There is something about the blockchain technologies that I think is being ignored or underestimated in this discussion.  The concept of tokenizing decentralized distributed networks is something that is only recently gaining momentum.  The revolutionary aspect of these emerging technologies that revolutionizes the concept of money is that they can "tap" into the "wisdom" of the masses in a tokenized manner which doesn't rely upon trust.  Intellectual property can be tokenized, smart contracts can be initialized without remediation, data mining analytics can be derived and monetized....etc.  When one can throw their thoughts out into the network and receive immediate compensation for their contribution in the form of an exchangeable asset, the concept of money has been revolutionized....This is only the beginning!

I still can't say that it revolutionizes the concept of money

As I can see, you refer to the blockchain technology, not Bitcoin as such, which is only linked to Bitcoin as money but can be used separately, on its own. It can be said that Bitcoin just employs the blockchain platform, which could be potentially harnessed for a variety of other uses, though this is debatable how competitive these other uses would be in comparison to more common ways of doing the same things. It is not particularly different from what, for example, gold does. It is also a sort of "technological platform" which can be employed for using as money, jewelry, in electronics, medicine and whatnot, but does it change the concept of money?

[cjmoles]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Bitcoin is not a toy, it's currency. I really sure that paper money will replaced by something that gives more benefit than fiat. It could be new technology such bitcoin or something precious such gold.

This is a matter of convention

In any case, right now Bitcoin is not a currency by any means. As I always say in such cases, money is what money does. So far Bitcoin is a far cry from that. It is essentially a vehicle for speculation and profiteering, that's why I'm inclined to think of it as a toy, not as a hard asset or currency in its own right. But that doesn't mean of course that Bitcoin can't become a full-fledged currency eventually, and I myself am totally in favor of that. Bitcoin adoption as a means of payment will happen at substantially higher prices than what we see today, so why on Earth should I be against it even if I tend to consider it only as a speculative asset?

^^^^^Digital Tulips^^^^^

There is something about the blockchain technologies that I think is being ignored or underestimated in this discussion.  The concept of tokenizing decentralized distributed networks is something that is only recently gaining momentum.  The revolutionary aspect of these emerging technologies that revolutionizes the concept of money is that they can "tap" into the "wisdom" of the masses in a tokenized manner which doesn't rely upon trust.  Intellectual property can be tokenized, smart contracts can be initialized without remediation, data mining analytics can be derived and monetized....etc.  When one can throw their thoughts out into the network and receive immediate compensation for their contribution in the form of an exchangeable asset, the concept of money has been revolutionized....This is only the beginning!

I still can't say that it revolutionizes the concept of money

As I can see, you refer to the blockchain technology, not Bitcoin as such, which is only linked to Bitcoin as money but can be used separately, on its own. It can be said that Bitcoin just employs the blockchain platform, which could be potentially harnessed for a variety of other uses, though this is debatable how competitive these other uses would be in comparison to more common ways of doing the same things. It is not particularly different from what, for example, gold does. It is also a sort of "technological platform" which can be employed for using as money, jewelry, in electronics, medicine and whatnot, but does it change the concept of money?

I understand what you're pointing out....But, I think that there is more to money (now) than merely being a medium of exchange and a means to store value (as before).

The technology behind bitcoin is what made the bitcoin network what it has become.  Bitcoin is just a name given to the network which secures a specific implementation of the technology.  The thing that is revolutionary about the technology is that it specifically removes the necessity to regulate it's transfer by a centralized authority while it eliminates the need to be backed by a physical commodity....These characteristics in combination with the trend toward a more digitally connected world is what revolutionizes the concept of "money."  Imagine trying to trade a million in gold for a deed to a property in Antartica.....which would involve the shipment of the gold (security, transportation, receipt notarization, ....etc), would require the assistance of lawyers, notaries, and registrars, and would require the remediation of centralized authorities (governments)...Now, imagine the same transaction as published on a decentralized distributed ledger (blockchain). The revolutionary change is that there is no need for an intermediary device (gold, silver, paper), and there are no requirements to rely upon trusted third parties (banks).  But, it's bigger than that still!  The value of information gathered from distributed networks is huge....network information analytics is exposing trends that were impossible to realize up to this point....that information can now be monetized in ways that are bound only by our imaginations!

While we're not there yet....the revolutionary consequences of the blockchain technologies will effect the way the world interacts socially, politically, and economically!

[Kevin77]

Hi I am new, just moving in the place to read a lot. Even still here in my place we are not used to new money forms in card or computer, even nobody still use bank card like me. So bitcoin is fully new and most will not accept the idea so fast. I have patience to understanding all and have much hope for new generation money.

Bitcoins will surely become next generation money.
I am agreed that still people prefer hard money instead of online transaction but the craze of youth is changing and future World will become fully digital digitalized and modernize. It will take time but due to great advantages Bitcoin is future of money.

[rajasumi3]

No it will not  be totally different currency .but it will bitcoins but it will not be totally different .and there will be fiat system and which will continue till it does not end.

[deisik]

The technology behind bitcoin is what made the bitcoin network what it has become.  Bitcoin is just a name given to the network which secures a specific implementation of the technology.  The thing that is revolutionary about the technology is that it specifically removes the necessity to regulate it's transfer by a centralized authority while it eliminates the need to be backed by a physical commodity.... These characteristics in combination with the trend toward a more digitally connected world is what revolutionizes the concept of "money."

I see what you mean to say, and I do not particularly disagree with that, but then again, this is more related to how money is transacted, not the concept of money itself. Bitcoin, in this regard, is just a decentralized fiat currency, which took from real fiat the lack of intrinsic value (barring transactional utility, indeed) as well as decentralized nature of "transaction confirmations" from hard assets such as gold used as money. In this way, Bitcoin didn't even invent anything new on its own...

Conceptually, the Bitcoin technology simply combined in one token different aspects of different types of money

But, it's bigger than that still!  The value of information gathered from distributed networks is huge....network information analytics is exposing trends that were impossible to realize up to this point....that information can now be monetized in ways that are bound only by our imaginations!

This is yet more unrelated to money as such. In fact, this type of analytics can be obtained from fiat transactions as well

[cjmoles]

The technology behind bitcoin is what made the bitcoin network what it has become.  Bitcoin is just a name given to the network which secures a specific implementation of the technology.  The thing that is revolutionary about the technology is that it specifically removes the necessity to regulate it's transfer by a centralized authority while it eliminates the need to be backed by a physical commodity.... These characteristics in combination with the trend toward a more digitally connected world is what revolutionizes the concept of "money."

I see what you mean to say, and I do not particularly disagree with that, but then again, this is more related to how money is transacted, not the concept of money itself. Bitcoin, in this regard, is just a decentralized fiat currency, which took from real fiat the lack of intrinsic value (barring transactional utility, indeed) as well as decentralized nature of "transaction confirmations" from hard assets such as gold used as money. In this way, Bitcoin didn't even invent anything new on its own...

Conceptually, the Bitcoin technology simply combined in one token different aspects of different types of money

But, it's bigger than that still!  The value of information gathered from distributed networks is huge....network information analytics is exposing trends that were impossible to realize up to this point....that information can now be monetized in ways that are bound only by our imaginations!

This is yet more unrelated to money as such. In fact, this type of analytics can be obtained from fiat transactions as well

Yes, data could be collected by centralized agencies and then analyzed by that agency to increase their profits through advertising with fiat based transactions....But, with a decentralized system, maintaining a distributed ledger, that same data could be processed in such a manner that adds value to the network itself.  For example, imagine a song being a monetized token....playing the song transfers the wealth....I purchase the song, play the song, own the song, then sell the song....the more popular the song, the higher its exchange rate.  That's just a very rudimentary example to demonstrate the potential....but, blockchain technology opens the door for a whole new era of financial transactions.....Smart contracts, Decentralized Applications, Decentralized Autonomous Organizations...and a host of other possibilities that haven't even been imagined yet.

[deppil]

No it will not  be totally different currency .but it will bitcoins but it will not be totally different .and there will be fiat system and which will continue till it does not end.

yeah I think the currency future will not be much different from now, fiat will always be the main currency in the world but the form of fiat currency may be different versions, may be in digital form instead of cash

[deisik]

The technology behind bitcoin is what made the bitcoin network what it has become.  Bitcoin is just a name given to the network which secures a specific implementation of the technology.  The thing that is revolutionary about the technology is that it specifically removes the necessity to regulate it's transfer by a centralized authority while it eliminates the need to be backed by a physical commodity.... These characteristics in combination with the trend toward a more digitally connected world is what revolutionizes the concept of "money."

I see what you mean to say, and I do not particularly disagree with that, but then again, this is more related to how money is transacted, not the concept of money itself. Bitcoin, in this regard, is just a decentralized fiat currency, which took from real fiat the lack of intrinsic value (barring transactional utility, indeed) as well as decentralized nature of "transaction confirmations" from hard assets such as gold used as money. In this way, Bitcoin didn't even invent anything new on its own...

Conceptually, the Bitcoin technology simply combined in one token different aspects of different types of money

But, it's bigger than that still!  The value of information gathered from distributed networks is huge....network information analytics is exposing trends that were impossible to realize up to this point....that information can now be monetized in ways that are bound only by our imaginations!

This is yet more unrelated to money as such. In fact, this type of analytics can be obtained from fiat transactions as well

Yes, data could be collected by centralized agencies and then analyzed by that agency to increase their profits through advertising with fiat based transactions....But, with a decentralized system, maintaining a distributed ledger, that same data could be processed in such a manner that adds value to the network itself.  For example, imagine a song being a monetized token....playing the song transfers the wealth....I purchase the song, play the song, own the song, then sell the song....the more popular the song, the higher its exchange rate.  That's just a very rudimentary example to demonstrate the potential....but, blockchain technology opens the door for a whole new era of financial transactions.....Smart contracts, Decentralized Applications, Decentralized Autonomous Organizations...and a host of other possibilities that haven't even been imagined yet

This has more to do with wishful thinking, to be honest

Don't get me wrong, I'm all in, but after Bitfinex had been hacked in early August and over 70 million dollars stolen (at that moment), I started a thread about implementing a decentralized distributed exchange in Bitcoin using the Blockchain technology. That would effectively and efficiently solve one of the greatest (if not just the greatest) plagues or woes that is hunting Bitcoin, i.e. third party exchanges and their inevitable hacks. I didn't hear anyone was going to do anything in this respect

[Zadicar]

No it will not  be totally different currency .but it will bitcoins but it will not be totally different .and there will be fiat system and which will continue till it does not end.

yeah I think the currency future will not be much different from now, fiat will always be the main currency in the world but the form of fiat currency may be different versions, may be in digital form instead of cash

Fiat currency would really still remain in the future but we could able to say that those fiat would be digitalize because technology does really evolve very fast and having a cashless world would be possible but i dont think that bitcoin would able to get that place because government will surely create its own digital centralized currency.

[TastyChillySauce00]

No it will not  be totally different currency .but it will bitcoins but it will not be totally different .and there will be fiat system and which will continue till it does not end.

yeah I think the currency future will not be much different from now, fiat will always be the main currency in the world but the form of fiat currency may be different versions, may be in digital form instead of cash

Fiat currency would really still remain in the future but we could able to say that those fiat would be digitalize because technology does really evolve very fast and having a cashless world would be possible but i dont think that bitcoin would able to get that place because government will surely create its own digital centralized currency.

Actually, those fiats were already having its digital form or in other words in form of balance just see when you're saving up your money on your bank then your money will be exchanged to some account's balance and you can just transfer it if you're going to buy something online and it's already centralized as you spoken. it just matters about the time until the government developing this thing until reached the most advanced way and probably make it even more digitalized

[lol3c]

No it will not  be totally different currency .but it will bitcoins but it will not be totally different .and there will be fiat system and which will continue till it does not end.

yeah I think the currency future will not be much different from now, fiat will always be the main currency in the world but the form of fiat currency may be different versions, may be in digital form instead of cash

Fiat currency would really still remain in the future but we could able to say that those fiat would be digitalize because technology does really evolve very fast and having a cashless world would be possible but i dont think that bitcoin would able to get that place because government will surely create its own digital centralized currency.

Actually, those fiats were already having its digital form or in other words in form of balance just see when you're saving up your money on your bank then your money will be exchanged to some account's balance and you can just transfer it if you're going to buy something online and it's already centralized as you spoken. it just matters about the time until the government developing this thing until reached the most advanced way and probably make it even more digitalized

It is not called digital currency since there are not any algorithm go along with it. When people transfer the FIAT, it is still in the bank, we can only transfer the balance from this person to another person. But when we give bitcoin to somebody else, we send them algorithm. And, digital currencies are not affected by the Government and no one can change or damage them. That's why they are different from FIAT

[deisik]

No it will not  be totally different currency .but it will bitcoins but it will not be totally different .and there will be fiat system and which will continue till it does not end.

yeah I think the currency future will not be much different from now, fiat will always be the main currency in the world but the form of fiat currency may be different versions, may be in digital form instead of cash

Fiat currency would really still remain in the future but we could able to say that those fiat would be digitalize because technology does really evolve very fast and having a cashless world would be possible but i dont think that bitcoin would able to get that place because government will surely create its own digital centralized currency.

Actually, those fiats were already having its digital form or in other words in form of balance just see when you're saving up your money on your bank then your money will be exchanged to some account's balance and you can just transfer it if you're going to buy something online and it's already centralized as you spoken. it just matters about the time until the government developing this thing until reached the most advanced way and probably make it even more digitalized

It is not called digital currency since there are not any algorithm go along with it. When people transfer the FIAT, it is still in the bank, we can only transfer the balance from this person to another person. But when we give bitcoin to somebody else, we send them algorithm. And, digital currencies are not affected by the Government and no one can change or damage them. That's why they are different from FIAT

It is not clear what kind of algorithm you mean in your post. At first, it seems that you primarily refer to a Bitcoin hashing (mining) algo which is behind creation of new bitcoins, then you come to say that when we want to send bitcoins, we send some algorithm. What algo do you imply specifically? Regarding fiat and whether it is digital, I'm heavily inclined to think that we could very well call it so since fiat money nowadays is mostly virtual and exists only as digits in central bank servers...

In this way, calling fiat digital makes perfect sense

[angaper]

I also like to think of bitcoin in terms of a "transitional stage" of the money of the future. We need to keep in mind that bitcoin is actually a revolutionary experiment but this concept still need to evolve because of the multiple issues that the bitcoin community has gradually found, and it is undoubted the we are still very far from a definitive solution to the great challenge that the fiat money involves.

[PacePay]

For what everyone want, bitcoin is working best in that way and one day we will see that bitcoin is taking over the world. The next generation has already started and bitcoin is the money for that generation. I can see all the things which will be beneficial for the next generation and will complete all the requirements of that generation.

[burner2014]

Obviously, It is not possible for the bitcoin to be the next generation of money as we see its revolutionary function now and the value of it in our economy but not to replace fiat. Its function would just evolve and expand. I know that there are still things that can be discover that bitcoin can do better for our society.

[Gotottack]

Obviously, It is not possible for the bitcoin to be the next generation of money as we see its revolutionary function now and the value of it in our economy but not to replace fiat. Its function would just evolve and expand. I know that there are still things that can be discover that bitcoin can do better for our society.

I don't think, though, that bitcoin will be the one that will replace fiat we know today. But I think the technology of bitcoin will be the next generation of money. The world has seen the very essence and practical use of the technology. Bitcoin has just sparked the changed of the world of finance and it is a leader in the technology but maybe the world will create a better one based on bitcoins.

[mrcash02]

Obviously, It is not possible for the bitcoin to be the next generation of money as we see its revolutionary function now and the value of it in our economy but not to replace fiat. Its function would just evolve and expand. I know that there are still things that can be discover that bitcoin can do better for our society.

I don't think, though, that bitcoin will be the one that will replace fiat we know today. But I think the technology of bitcoin will be the next generation of money. The world has seen the very essence and practical use of the technology. Bitcoin has just sparked the changed of the world of finance and it is a leader in the technology but maybe the world will create a better one based on bitcoins.

Yes, Bitcoin opened the doors for a new generation of money. It's the first successfully Crypto Currency in the world, but we don't know what the future reserve for us, another Crypto Currency can become the main one if a new technology and more interesting features be created. Bitcoin is just the beginning, we will see many other virtual currencies fascinating the public yet.

[Mastsetad]

I'm confused if why people have said in the poll that bitcoin is not different conceptually from fiat, because it is totally different from it.
Fiat is a completely different concept than bitcoin in many ways, like fiat is controlled by a government while bitcoin is independent and bitcoin is quite anonymous which fiat is not from any angle.

[deisik]

I'm confused if why people have said in the poll that bitcoin is not different conceptually from fiat, because it is totally different from it.
Fiat is a completely different concept than bitcoin in many ways, like fiat is controlled by a government while bitcoin is independent and bitcoin is quite anonymous which fiat is not from any angle.

Well, since I also chose that option (I had to recheck my choice, though), I think I can explain to you the difference. In fact, it is not about fiat vs Bitcoin at all. If you cared to read the question of the poll, it is about whether Bitcoin revolutionized the concept of money. It doesn't tell anything about fiat, though it is obviously equally applicable to fiat as well since fiat is money too. The concept of money basically consists in its function as a unit of account. In other words, there is hardly anything that could not quite conform with this concept (i.e. not be a unit of account) and still remain money. As you can see, Bitcoin can't possibly add anything new to it or change it...

Alternately stated, those who checked the first option don't quite understand what money is all about

[ChrisPop]

In my opinion as a user of bitcoin for several years I think bitcoin and generally the crypto-currencies are a new form of money. As we are in the era of tech development and innovations a revolution in the financial system was somehow needed as well. You know that in many SF space movies the main currency between planets or so ever.. are the so called "credits". We can relate bitcoin to that and the blockchain is a trully revolutionar system and has so many applicabilities.

[xIIImaL]

For what everyone want, bitcoin is working best in that way and one day we will see that bitcoin is taking over the world. The next generation has already started and bitcoin is the money for that generation. I can see all the things which will be beneficial for the next generation and will complete all the requirements of that generation.

Bitcoin would be the option for the upcoming generation people. Already most of the countries making their country as digital transaction country. So i hope bitcoin will be centralized money in next 10 years in most of the countries.

[sportis]

      I would say next generation of money will be "cashless" money. Under this rationale bitcoin and some other cryptocoins will be the future money. Of course will be a transitional period. This is referred as cashless money. In this period the plastic money i.e credit/debit cards as well as web banking will monopolize the world. It is not excluded a small amount in banknotes in circulation until people fully acquainted with this monetary system. When conditions permit, and people have forgotten the money as something they can grab with their hands and feel it only as value digital currencies will dominate. Centralized/Decentralized ledgers and any kind of currencies will circulate so as people to choose anything is handy for their needs. The latter I call it after next generation of money.

[agamasrori]

For what everyone want, bitcoin is working best in that way and one day we will see that bitcoin is taking over the world. The next generation has already started and bitcoin is the money for that generation. I can see all the things which will be beneficial for the next generation and will complete all the requirements of that generation.

Bitcoin would be the option for the upcoming generation people. Already most of the countries making their country as digital transaction country. So i hope bitcoin will be centralized money in next 10 years in most of the countries.

Yeah, bitcoin is really apropriate for the future becouse most of people are loves to make the transaction virtualy. Bitcoin is so easy and practicaly to use. I think bitcoin could be the next generation of money.

[crockoo]

For what everyone want, bitcoin is working best in that way and one day we will see that bitcoin is taking over the world. The next generation has already started and bitcoin is the money for that generation. I can see all the things which will be beneficial for the next generation and will complete all the requirements of that generation.

Bitcoin would be the option for the upcoming generation people. Already most of the countries making their country as digital transaction country. So i hope bitcoin will be centralized money in next 10 years in most of the countries.

Yeah, bitcoin is really apropriate for the future becouse most of people are loves to make the transaction virtualy. Bitcoin is so easy and practicaly to use. I think bitcoin could be the next generation of money.

I agree that Bitcoin is conceptually different from the currency and payment systems that existed prior to its introduction. But I think that he will not be able to replace the Fiat. The main reason for this - it is the government's reluctance to accept Bitcoin

[carlerha]

For what everyone want, bitcoin is working best in that way and one day we will see that bitcoin is taking over the world. The next generation has already started and bitcoin is the money for that generation. I can see all the things which will be beneficial for the next generation and will complete all the requirements of that generation.

Bitcoin would be the option for the upcoming generation people. Already most of the countries making their country as digital transaction country. So i hope bitcoin will be centralized money in next 10 years in most of the countries.

in fact the new generation is interested in online business as well as shopping therefore bitcoin is the best option for such people they will use bitcoin for shopping and trading purposes without converting it in to fiat currency.

[PanZerrr]

For what everyone want, bitcoin is working best in that way and one day we will see that bitcoin is taking over the world. The next generation has already started and bitcoin is the money for that generation. I can see all the things which will be beneficial for the next generation and will complete all the requirements of that generation.

Bitcoin would be the option for the upcoming generation people. Already most of the countries making their country as digital transaction country. So i hope bitcoin will be centralized money in next 10 years in most of the countries.

in fact the new generation is interested in online business as well as shopping therefore bitcoin is the best option for such people they will use bitcoin for shopping and trading purposes without converting it in to fiat currency.

Yes, you are right, Bitcoin penetrates into all spheres of human life. And the time comes, it will be next to the dollar and take an equally important role

[pitham1]

For what everyone want, bitcoin is working best in that way and one day we will see that bitcoin is taking over the world. The next generation has already started and bitcoin is the money for that generation. I can see all the things which will be beneficial for the next generation and will complete all the requirements of that generation.

Bitcoin would be the option for the upcoming generation people. Already most of the countries making their country as digital transaction country. So i hope bitcoin will be centralized money in next 10 years in most of the countries.

in fact the new generation is interested in online business as well as shopping therefore bitcoin is the best option for such people they will use bitcoin for shopping and trading purposes without converting it in to fiat currency.

I would hate to see a generation being classified as interested in "shopping". We are consumerist, no doubt, but not any more than the previous generations. Online businesses have seen strong growth and if they adopt Bitcoin, we could see its usage explode.

[Rahar02]

My idea is nothing new, but it would be the ultimate form of decentralized hard money ever possible. What is the most precious thing which could potentially work as money? It is time itself, and not some abstract time (e.g. as the time span between two dates), but how much is left for you to live. This idea is basically what the plot of the In Time movie evolves around. You can get the concept from the Wiki article if you feel interested. I guess that would be a sort of absolute money having absolute value...

Live forever or die trying

Ohh, it is "TIME"
The most valuable thing in the world as based of lifetime.
Anything won't be precious if we will die tomorrow obviously, laying down on the bed in hospital, waiting....
Too many to describe why time is so valuable.
But, I can't imagine how it gonna works in order to achieve a purpose or result,
I think that only happenedd in the movie and won't be next generation of money as we can't change Nature's law.
So, bitcoin still the number one of new generation as medium of exchange.

[deisik]

My idea is nothing new, but it would be the ultimate form of decentralized hard money ever possible. What is the most precious thing which could potentially work as money? It is time itself, and not some abstract time (e.g. as the time span between two dates), but how much is left for you to live. This idea is basically what the plot of the In Time movie evolves around. You can get the concept from the Wiki article if you feel interested. I guess that would be a sort of absolute money having absolute value...

Live forever or die trying

Ohh, it is "TIME"
The most valuable thing in the world as based of lifetime.
Anything won't be precious if we will die tomorrow obviously, laying down on the bed in hospital, waiting....
Too many to describe why time is so valuable.
But, I can't imagine how it gonna works in order to achieve a purpose or result,

To tell the truth, I don't know it either

That's one of the reasons why I started this thread, that someone will get interested in the idea and give a hint or two how it could be turned into reality or at least what should be required for that. Ironically, it seems that the inflation of money based on time would be welcomed by almost everyone simply because it would basically mean they have more time left to enjoy their life

[Sled]

Yes bitcoin is entirely new form of money since it is virtual and also it is more advance than the traditional money that we are using. In bitcoin it offers great security that you don't need to expose your identity to just execute transactions between you and the other person. Bitcoin also offer lower fees which is quite convenient for an average person.

[raja2sumi]

No i dont think bitcoin will totally rule over the world .it will be totally different and its limitations will be more than 21 million .all the government will jointly accept and i am sure that it will not be bitcoins at all.

[Sanguintan]

No i dont think bitcoin will totally rule over the world .it will be totally different and its limitations will be more than 21 million .all the government will jointly accept and i am sure that it will not be bitcoins at all.

It will just take some time for the bitcoin to be the most popular currency.

[lol3c]

No i dont think bitcoin will totally rule over the world .it will be totally different and its limitations will be more than 21 million .all the government will jointly accept and i am sure that it will not be bitcoins at all.

It will just take some time for the bitcoin to be the most popular currency.

There are many steps ahead and Bitcoin has to wait in order to be adopted. Many Bitcoin investors, such as me, believe in the future where Bitcoin is the main currency and that visionary is more precise after every year.

[grandy]

No i dont think bitcoin will totally rule over the world .it will be totally different and its limitations will be more than 21 million .all the government will jointly accept and i am sure that it will not be bitcoins at all.

i think still it need a good time rule over the world. actually bitcoin is not yes so much popular in all over the world, it will take a long time when all the people of the world  will starting using bitcoin and they will give priority to bitcoin over fiat currency.

[MMA]

For what everyone want, bitcoin is working best in that way and one day we will see that bitcoin is taking over the world. The next generation has already started and bitcoin is the money for that generation. I can see all the things which will be beneficial for the next generation and will complete all the requirements of that generation.

Bitcoin would be the option for the upcoming generation people. Already most of the countries making their country as digital transaction country. So i hope bitcoin will be centralized money in next 10 years in most of the countries.

Yeah, bitcoin is really apropriate for the future becouse most of people are loves to make the transaction virtualy. Bitcoin is so easy and practicaly to use. I think bitcoin could be the next generation of money.

we have to admit the fact that the next generation is interested in online buying and selling therefor their best choice will be bitcoin, because bitcoin is fulfilling their all requirement for online shopping and other other online affairs. so we can say that bitcoin is the future currency of new generation.

[Kevin77]

No i dont think bitcoin will totally rule over the world .it will be totally different and its limitations will be more than 21 million .all the government will jointly accept and i am sure that it will not be bitcoins at all.

i think still it need a good time rule over the world. actually bitcoin is not yes so much popular in all over the world, it will take a long time when all the people of the world  will starting using bitcoin and they will give priority to bitcoin over fiat currency.

But we cannot ignore people's capability on how quickly they will learn new things ?

You or your father is sending mails through postal like some 20 years back people were doing ? After mobile communication got introduced the importance of postal has gone.

I have already started giving priority to bitcoin over fiat. And I do see many people are doing similar things. So the possibility of having a next generation money has already started.

[angaper]

After all these years since the emergence of the bitcoin, the possibility of a massive adoption seems to be more and more distant given the bad prestige that this coin has received. However I do believe that bitcoin will be the basis on which the next generation of money will be founded.

[Sanguintan]

After all these years since the emergence of the bitcoin, the possibility of a massive adoption seems to be more and more distant given the bad prestige that this coin has received. However I do believe that bitcoin will be the basis on which the next generation of money will be founded.

I know more people are having the bitcoin.

[ronafurw]

After all these years since the emergence of the bitcoin, the possibility of a massive adoption seems to be more and more distant given the bad prestige that this coin has received. However I do believe that bitcoin will be the basis on which the next generation of money will be founded.

I know more people are having the bitcoin.

When you are believing into next generation money then hold bitcoin will be the right choice. Now bitcoin is trading $1200 levels which means it is getting more popularity so that it will get mass adoption hence it will surely become next generation money for sure.

[Supercrypt]

Yes bitcoin is entirely new form of money since it is virtual and also it is more advance than the traditional money that we are using. In bitcoin it offers great security that you don't need to expose your identity to just execute transactions between you and the other person. Bitcoin also offer lower fees which is quite convenient for an average person.

Yeah exactly I agree with your point of view. That’s true that bitcoin has revolutionized the concept of money and way of trading through this is convenient and low fees but it issecure according to trading point of view. The secure way of trading and its payment is its best feature for security point of view and in near future I think it take a great revolution in concept of tradition money.

Now bitcoin is trading $1200 levels which means it is getting more popularity so that it will get mass adoption hence it will surely become next generation money for sure.

Usually a thing will gets its value due to popularity and bitcoin is finding its popularity to gain more value. Like this there are many other characteristics also makes bitcoins to fit as a next generation (medium of exchange) money.

[kidoseagle0312]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

But the reality happening now and the situation was that bitcoin so far is not directly considered as real currency. It is still called as the virtual currency. But I do believed in the future bitcoin can be like gold as well or it can surpass the gold it too. Besides, where in the progress and process of becoming a new world currency.

[MoneyIsDebt]

The total majority of  holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that  did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And  in my opinion is the next gen good money. Just like gold.

But the reality happening now and the situation was that  so far is not directly considered as real currency. It is still called as the virtual currency. But I do believed in the future  can be like gold as well or it can surpass the gold it too. Besides, where in the progress and process of becoming a new world currency.

Bitcoin is a complete revolution to the new era. I believe that time is not far when people will start preferring bit-coins in stock market instead of any other currency. Bitcoins will become a currency for some countries and it will entirely change the concept of trading and investing money. Business trends will be changed and earning lifestyle of people will change. No doubt at the current moment it is considered to be a virtual currency but after few years from now things will change, therefore I consider bitcoins to be the next generation currency.

[Zadicar]

The total majority of  holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that  did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And  in my opinion is the next gen good money. Just like gold.

But the reality happening now and the situation was that  so far is not directly considered as real currency. It is still called as the virtual currency. But I do believed in the future  can be like gold as well or it can surpass the gold it too. Besides, where in the progress and process of becoming a new world currency.

Bitcoin is a complete revolution to the new era. I believe that time is not far when people will start preferring bit-coins in stock market instead of any other currency. Bitcoins will become a currency for some countries and it will entirely change the concept of trading and investing money. Business trends will be changed and earning lifestyle of people will change. No doubt at the current moment it is considered to be a virtual currency but after few years from now things will change, therefore I consider bitcoins to be the next generation currency.

Theres a possibility on the thing might happen on the long run but these thing would really be hard to implement since we all know government wont really recognize this one infact they would create their own e-currency which means bitcoin cant be used or being adopted.

[hurain]

The total majority of  holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that  did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And  in my opinion is the next gen good money. Just like gold.

But the reality happening now and the situation was that  so far is not directly considered as real currency. It is still called as the virtual currency. But I do believed in the future  can be like gold as well or it can surpass the gold it too. Besides, where in the progress and process of becoming a new world currency.

Bitcoin is a complete revolution to the new era. I believe that time is not far when people will start preferring bit-coins in stock market instead of any other currency. Bitcoins will become a currency for some countries and it will entirely change the concept of trading and investing money. Business trends will be changed and earning lifestyle of people will change. No doubt at the current moment it is considered to be a virtual currency but after few years from now things will change, therefore I consider bitcoins to be the next generation currency.

as the new generation is now giving more preference to online shopping and they are even investing their money in online business like gambling sites and so many other business therefore i think they are giving preference to bitcoin.

[genny2kuk]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Gold and silver are the true money that have stood the test of time. Whatever you're introducing should have their attributes, or else eventually fade away

[DD-Lex]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Gold and silver are the true money that have stood the test of time. Whatever you're introducing should have their attributes, or else eventually fade away

Here I completely agree with you. Valuable metals always had their price and even fought for it with each other. These are material riches and they can be touched by hands, unlike bitcoins.

[ChineTownMan]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Gold and silver are the true money that have stood the test of time. Whatever you're introducing should have their attributes, or else eventually fade away

Here I completely agree with you. Valuable metals always had their price and even fought for it with each other. These are material riches and they can be touched by hands, unlike bitcoins.

I agree with you. These material things will always be in demand. They are loved by people. But, bitcoin has many advantages. If people understand this, then perhaps the crypto currency will become the new currency of the world

[delliaerd]

After all these years since the emergence of the bitcoin, the possibility of a massive adoption seems to be more and more distant given the bad prestige that this coin has received. However I do believe that bitcoin will be the basis on which the next generation of money will be founded.

I know more people are having the bitcoin.

many reasons why bitcoin will get more users and likely to be the next generation of money. along with the times, life becomes more convenient and practical. so also should we get when using the money, if we use bitcoin then it will not harm us when going out of the house, we do not need to carry a wallet and cover it with a small bag. if we only carry a wallet course it will harm us,  as prone to become victims of crime. the transaction also must be careful as likely to fall, forget to put, or missing. bitcoin will keep us from such problems.

[Lieldoryn]

After all these years since the emergence of the bitcoin, the possibility of a massive adoption seems to be more and more distant given the bad prestige that this coin has received. However I do believe that bitcoin will be the basis on which the next generation of money will be founded.

I know more people are having the bitcoin.

many reasons why bitcoin will get more users and likely to be the next generation of money. along with the times, life becomes more convenient and practical. so also should we get when using the money, if we use bitcoin then it will not harm us when going out of the house, we do not need to carry a wallet and cover it with a small bag. if we only carry a wallet course it will harm us. the transaction also must be careful as likely to fall, forget to put, or missing. bitcoin will keep us from such problems.

And what's the new concept? How is this different from the existing system of plastic cards? Nothing. Bitcoin is a currency just like all the other limited in its use due to the lack of cash.

[Antoshka]

The total majority of  holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that  did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And  in my opinion is the next gen good money. Just like gold.

But the reality happening now and the situation was that  so far is not directly considered as real currency. It is still called as the virtual currency. But I do believed in the future  can be like gold as well or it can surpass the gold it too. Besides, where in the progress and process of becoming a new world currency.

Bitcoin is a complete revolution to the new era. I believe that time is not far when people will start preferring bit-coins in stock market instead of any other currency. Bitcoins will become a currency for some countries and it will entirely change the concept of trading and investing money. Business trends will be changed and earning lifestyle of people will change. No doubt at the current moment it is considered to be a virtual currency but after few years from now things will change, therefore I consider bitcoins to be the next generation currency.

as the new generation is now giving more preference to online shopping and they are even investing their money in online business like gambling sites and so many other business therefore i think they are giving preference to bitcoin.

Yes, I agree with you, bitcoin is a coin of the future. Simplicity of its use allows us to be a bank for ourselves. I believe that bitcoin is the currency of the future generation

[alexey199773]

Crypto currency The bitcoin is a revolution in the world of money that will turn the world around. Although now it is only gaining momentum, but far-sighted investors can invest in it now and earn money on the exchange rate Bitcoin.

[lol3c]

Crypto currency The bitcoin is a revolution in the world of money that will turn the world around. Although now it is only gaining momentum, but far-sighted investors can invest in it now and earn money on the exchange rate Bitcoin.

It is no doubt that Bitcoin will be the new world currency. However, I do not expect that the process will finish in this year since there are still many issues which have not been solved yet. Bitcoin is good, but it is not good enough to replace FIAT, which has existed on this planet for many years. Anyhow, I still believe that Bitcoin was created for the good purposes. Bitcoin will rule the world

[peter0425]

Crypto currency The bitcoin is a revolution in the world of money that will turn the world around. Although now it is only gaining momentum, but far-sighted investors can invest in it now and earn money on the exchange rate Bitcoin.

It is no doubt that Bitcoin will be the new world currency. However, I do not expect that the process will finish in this year since there are still many issues which have not been solved yet. Bitcoin is good, but it is not good enough to replace FIAT, which has existed on this planet for many years. Anyhow, I still believe that Bitcoin was created for the good purposes. Bitcoin will rule the world

Not just coin for the future but the new digital gold. It is just too bad that the EFT got rejected, however, it has still a bright future ahead. Just to think that if ETF has been approved, a lot of cash will flow on the bitcoin ecosystem. But I guess we have to wait again. It will be the next generation of money but will not replace fiat. They can co exist with each other and we will take advantage of both in terms of its usage in an online payment transaction or system.

[SHAWN-MIDWAYS]

Not just coin for the future but the new digital gold. It is just too bad that the EFT got rejected, however, it has still a bright future ahead. Just to think that if ETF has been approved, a lot of cash will flow on the bitcoin ecosystem. But I guess we have to wait again. It will be the next generation of money but will not replace fiat.

the ETF approval would have killed bitcoin with more centralization policies, so imo i think the rejection saved our cryptocurrency from that. For gold to get where is it today it took alot of time
and if bitcoin is to be considered the dital gold we need it to naturally grow and get accepted by the people

They can co exist with each other and we will take advantage of both in terms of its usage in an online payment transaction or system.

Which ever choice of next gen money we choose am confident that it will co exist with fiat to make trade easy and fast to use. Fortunately BITCOIN seems to fit in well to be the next gen currency/money.

[deisik]

Crypto currency The bitcoin is a revolution in the world of money that will turn the world around. Although now it is only gaining momentum, but far-sighted investors can invest in it now and earn money on the exchange rate Bitcoin.

It is no doubt that Bitcoin will be the new world currency. However, I do not expect that the process will finish in this year since there are still many issues which have not been solved yet. Bitcoin is good, but it is not good enough to replace FIAT, which has existed on this planet for many years. Anyhow, I still believe that Bitcoin was created for the good purposes. Bitcoin will rule the world

Not just coin for the future but the new digital gold. It is just too bad that the EFT got rejected, however, it has still a bright future ahead. Just to think that if ETF has been approved, a lot of cash will flow on the bitcoin ecosystem. But I guess we have to wait again. It will be the next generation of money but will not replace fiat. They can co exist with each other and we will take advantage of both in terms of its usage in an online payment transaction or system

I'm curious what makes you (and other people) think so

Why would there be a lot of cash flowing into Bitcoin if the Winklevoss ETF had been allowed? Note that I don't doubt that the Bitcoin price would rise steeply (even if only temporarily), but not because of new money entering Bitcoin via this fund but likely thanks to hype and mass hysteria that would have arisen should the ETF have been approved. It seems that many folks here are dreaming that the Bitcoin ETF would be kind of a cash cow which they could milk. These folks are obviously wet dreaming. Investors that are interested in Bitcoin can invest in Bitcoin directly without intermediaries like ETF's and their likes (and they likely already invested if found it profitable). Institutional investors (like hedge and pension funds) would most certainly continue to stay away from Bitcoin whether such ETF's were allowed or not

[HaXX0R1337]

Crypto currency The bitcoin is a revolution in the world of money that will turn the world around. Although now it is only gaining momentum, but far-sighted investors can invest in it now and earn money on the exchange rate Bitcoin.

It is really hard to tell whether crypto currency will turn the wolrd around but it is indeed a revolution when we think about the concept of valuation and with time more people would be interested in investing in it and with every investment people will be looking to make profit and so is the case here as more people see bitcoin as an asset as well as electronic cash.

[Lieldoryn]

Crypto currency The bitcoin is a revolution in the world of money that will turn the world around. Although now it is only gaining momentum, but far-sighted investors can invest in it now and earn money on the exchange rate Bitcoin.

It is really hard to tell whether crypto currency will turn the wolrd around but it is indeed a revolution when we think about the concept of valuation and with time more people would be interested in investing in it and with every investment people will be looking to make profit and so is the case here as more people see bitcoin as an asset as well as electronic cash.

I am sure that soon all currencies will move in a cashless form. Against this background, the bitcoin may be able to find a niche, but I think he will be able to collect for the users is not a stable currency. I wonder if it will survive the third world economies?

[Xester]

Crypto currency The bitcoin is a revolution in the world of money that will turn the world around. Although now it is only gaining momentum, but far-sighted investors can invest in it now and earn money on the exchange rate Bitcoin.

It is no doubt that Bitcoin will be the new world currency. However, I do not expect that the process will finish in this year since there are still many issues which have not been solved yet. Bitcoin is good, but it is not good enough to replace FIAT, which has existed on this planet for many years. Anyhow, I still believe that Bitcoin was created for the good purposes. Bitcoin will rule the world

In no way bitcoin can replace the fiat currency. Bitcoin will remain as a currency online just like this moment. Though many shops will accept bitcoins in exchange for their goods and other sectors of society will now accept bitcoin as a mode of payment  but bitcoin will remain the same. Its value will still depend on fiat currency. And without the fiat currency bitcoin will be again valueless. Removing fiat currency will not be allowed by the government thus bitcoin acceptance is only as a form of payment and not as a replacement of fiat currency.

[danherbias07]

Crypto currency The bitcoin is a revolution in the world of money that will turn the world around. Although now it is only gaining momentum, but far-sighted investors can invest in it now and earn money on the exchange rate Bitcoin.

It is really hard to tell whether crypto currency will turn the wolrd around but it is indeed a revolution when we think about the concept of valuation and with time more people would be interested in investing in it and with every investment people will be looking to make profit and so is the case here as more people see bitcoin as an asset as well as electronic cash.

I am sure that soon all currencies will move in a cashless form. Against this background, the bitcoin may be able to find a niche, but I think he will be able to collect for the users is not a stable currency. I wonder if it will survive the third world economies?

It will be, if this world will still be stable.
The need to upgrade the technology of every country should happen first before making bitcoin as a currency for everyone. An when will that happen? Will this Earth be sustaining that kind of world? It will need a lot of power.
I think it can be done in some countries but there will be some who cant. Cash was made so we can make our transactions lighter, faster and convenient to all. Bitcoin can do that but with a big change.

[Finestream]

Crypto currency The bitcoin is a revolution in the world of money that will turn the world around. Although now it is only gaining momentum, but far-sighted investors can invest in it now and earn money on the exchange rate Bitcoin.

It is really hard to tell whether crypto currency will turn the wolrd around but it is indeed a revolution when we think about the concept of valuation and with time more people would be interested in investing in it and with every investment people will be looking to make profit and so is the case here as more people see bitcoin as an asset as well as electronic cash.

I am sure that soon all currencies will move in a cashless form. Against this background, the bitcoin may be able to find a niche, but I think he will be able to collect for the users is not a stable currency. I wonder if it will survive the third world economies?

I do think it could also happen in the future ad bitcoin will lead all the online currencies. The existence of bitcoin surely awaken the government that it's convenient for the people to use online currency in this busy world, well technology are created to make it easy for us and to save cost.
Bitcoin has provided as the best experience only and if the government will fully support bitcoin, I would not be surprise if this will happen to be the next
generation of money.

[deisik]

Crypto currency The bitcoin is a revolution in the world of money that will turn the world around. Although now it is only gaining momentum, but far-sighted investors can invest in it now and earn money on the exchange rate Bitcoin.

It is no doubt that Bitcoin will be the new world currency. However, I do not expect that the process will finish in this year since there are still many issues which have not been solved yet. Bitcoin is good, but it is not good enough to replace FIAT, which has existed on this planet for many years. Anyhow, I still believe that Bitcoin was created for the good purposes. Bitcoin will rule the world

In no way bitcoin can replace the fiat currency. Bitcoin will remain as a currency online just like this moment. Though many shops will accept bitcoins in exchange for their goods and other sectors of society will now accept bitcoin as a mode of payment  but bitcoin will remain the same. Its value will still depend on fiat currency. And without the fiat currency bitcoin will be again valueless. Removing fiat currency will not be allowed by the government thus bitcoin acceptance is only as a form of payment and not as a replacement of fiat currency

The devil is in the detail (as always)

Why don't specify which fiat currency you refer to by "the fiat currency"? Are you talking about the US dollar (as the ultimate fiat currency out there as of yet) or just mean any fiat currency among over 100 currencies in circulation today? I guess you should already start feeling uneasy here since while it is certainly true that Bitcoin is not going to replace the American dollar any time soon (or a few other major currencies like Euro or Swiss franc), it is certainly not the case with the rest of the pack. If Bitcoin solves its minor issues with confirmation times and fees (e.g. by introducing Lightning Network), some God forsaken country like Palau may eventually adopt Bitcoin as their primary national currency after all. And then your whole claim gets thrown out the window

[hurain]

Crypto currency The bitcoin is a revolution in the world of money that will turn the world around. Although now it is only gaining momentum, but far-sighted investors can invest in it now and earn money on the exchange rate Bitcoin.

It is really hard to tell whether crypto currency will turn the wolrd around but it is indeed a revolution when we think about the concept of valuation and with time more people would be interested in investing in it and with every investment people will be looking to make profit and so is the case here as more people see bitcoin as an asset as well as electronic cash.

I am sure that soon all currencies will move in a cashless form. Against this background, the bitcoin may be able to find a niche, but I think he will be able to collect for the users is not a stable currency. I wonder if it will survive the third world economies?

I do think it could also happen in the future ad bitcoin will lead all the online currencies. The existence of bitcoin surely awaken the government that it's convenient for the people to use online currency in this busy world, well technology are created to make it easy for us and to save cost.
Bitcoin has provided as the best experience only and if the government will fully support bitcoin, I would not be surprise if this will happen to be the next
generation of money.

i think it is the need of the time. people are now too much busy and therefore they are finding out the easiest way of shopping and trading etc, therefore i think bitcoin is the best option with them as they can use bitcoin for online purpose as well as in real life also.

[lixer]

Crypto currency The bitcoin is a revolution in the world of money that will turn the world around. Although now it is only gaining momentum, but far-sighted investors can invest in it now and earn money on the exchange rate Bitcoin.

It is really hard to tell whether crypto currency will turn the wolrd around but it is indeed a revolution when we think about the concept of valuation and with time more people would be interested in investing in it and with every investment people will be looking to make profit and so is the case here as more people see bitcoin as an asset as well as electronic cash.

I am sure that soon all currencies will move in a cashless form. Against this background, the bitcoin may be able to find a niche, but I think he will be able to collect for the users is not a stable currency. I wonder if it will survive the third world economies?

I do think it could also happen in the future ad bitcoin will lead all the online currencies. The existence of bitcoin surely awaken the government that it's convenient for the people to use online currency in this busy world, well technology are created to make it easy for us and to save cost.
Bitcoin has provided as the best experience only and if the government will fully support bitcoin, I would not be surprise if this will happen to be the next
generation of money.

i think it is the need of the time. people are now too much busy and therefore they are finding out the easiest way of shopping and trading etc, therefore i think bitcoin is the best option with them as they can use bitcoin for online purpose as well as in real life also.

I think that the current area that we live in is pushing us toward using the internet in every bit of our lives, from buying food to shopping online and even to study, and I think this is what bitcoin is made for, since it is an easy and secure way to make payments online, and I think that we will see bitcoin being used more in the future.

[gandame]

I think no next generation money its the same the money now still the money in the future.  Or maybe you saying that bitcoin is a next generation? It's not gonna be happen money is money bitcoin is bitcoin. Bitcoin is a cryptocurrency that you can cash it.

[harizen]

I think no next generation money its the same the money now still the money in the future.  Or maybe you saying that bitcoin is a next generation? It's not gonna be happen money is money bitcoin is bitcoin. Bitcoin is a cryptocurrency that you can cash it.

Inflation will kill the current system fiat and yes there is a solution for that but people are not tend to always use the usual way of sending and receiving money especially on online world. In that kind of situation, bitcoin is no doubt can be used as a main tool to erase the usual ones.

Why would we have an only single working currency in the future if fiat and bitcoin can collaborate to help people in any other aspects they are using these currencies? As long as there is an advantages using these currencies, this can be used.

[DoublerHunter]

I believe that there is no new money for the next generation because it is still be the fiat who will be the king of that main markets in our world. Bitcoin can't defeat fiat in terms of legality because one of bitcoin's greatest enemy is the government and that is the reason why there is no new next generation money because we will stick on the traditional money which is what we are using right now and it is called fiat.

[Pamadar]

I believe that there is no new money for the next generation because it is still be the fiat who will be the king of that main markets in our world. Bitcoin can't defeat fiat in terms of legality because one of bitcoin's greatest enemy is the government and that is the reason why there is no new next generation money because we will stick on the traditional money which is what we are using right now and it is called fiat.

that's right, the main problem here is the adoption of the government, legal matters that will not allow crypto currency to be legalized since they won't be able to control if in case they will allow crypto  being use  also like a main fiat from their respective country, traditional money will be keep as it is to show power and how economy still control of the leaders.

[X-ray]

Crypto currency The bitcoin is a revolution in the world of money that will turn the world around. Although now it is only gaining momentum, but far-sighted investors can invest in it now and earn money on the exchange rate Bitcoin.

It is really hard to tell whether crypto currency will turn the wolrd around but it is indeed a revolution when we think about the concept of valuation and with time more people would be interested in investing in it and with every investment people will be looking to make profit and so is the case here as more people see bitcoin as an asset as well as electronic cash.

I am sure that soon all currencies will move in a cashless form. Against this background, the bitcoin may be able to find a niche, but I think he will be able to collect for the users is not a stable currency. I wonder if it will survive the third world economies?

I do think it could also happen in the future ad bitcoin will lead all the online currencies. The existence of bitcoin surely awaken the government that it's convenient for the people to use online currency in this busy world, well technology are created to make it easy for us and to save cost.
Bitcoin has provided as the best experience only and if the government will fully support bitcoin, I would not be surprise if this will happen to be the next
generation of money.

i think it is the need of the time. people are now too much busy and therefore they are finding out the easiest way of shopping and trading etc, therefore i think bitcoin is the best option with them as they can use bitcoin for online purpose as well as in real life also.

Bullshit, bitcoin is not friendly for the online shopping right now. Their fees always increase every time and I need a lot of the time just waiting for a confirmation by the block. https://blockchain.info/charts/transaction-fees

[hisuka]

I believe that there is no new money for the next generation because it is still be the fiat who will be the king of that main markets in our world. Bitcoin can't defeat fiat in terms of legality because one of bitcoin's greatest enemy is the government and that is the reason why there is no new next generation money because we will stick on the traditional money which is what we are using right now and it is called fiat.

This is right, I think bitcoin is not the next generation money because I believe our currency is still the use money in the market. The government will not approve that bitcoin is the next generation because there is a need to be legalized and bitcoin is at is as of now as decentralized and its anonymity.

[BlokF4No27]

I believe that there is no new money for the next generation because it is still be the fiat who will be the king of that main markets in our world. Bitcoin can't defeat fiat in terms of legality because one of bitcoin's greatest enemy is the government and that is the reason why there is no new next generation money because we will stick on the traditional money which is what we are using right now and it is called fiat.

This is right, I think bitcoin is not the next generation money because I believe our currency is still the use money in the market. The government will not approve that bitcoin is the next generation because there is a need to be legalized and bitcoin is at is as of now as decentralized and its anonymity.

bitcoin will never as legal currency and i sure the government will rejected bitcoin, the reason is simple, bitcoin is decentralized and can't controlling, this is very dangerous.

[Dimelord]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Bitcoin invention has revolutionized the economy.It has made people free from banking sectors.It has given earning opportunities to even people of under developed countries where people even struggle to meet their daily needs.Bitcoin is not controlled by any governments and hence it remains as the best example of a decentralized currency.

[Betwrong]

My answer is Yes, it is an entirely new form of money. Unfortunately it is not accepted yet by most places and by most people but it will be with time. The good news is that due to the Internet almost all the people around the world have access to the information which might be helpful for them. Sooner or later they will know how good Bitcoin is and they will accept it, at least to their personal advantage, and then Bitcoin will become money in the full sense of the word.

[GooCust04]

Gold is gold and it will not go anywhere. And bitcoin - the crypto currency of the future, it only grows. Paper money may eventually disappear, and gold and bitcoin will exist.

[BTCevo]

I believe that there is no new money for the next generation because it is still be the fiat who will be the king of that main markets in our world. Bitcoin can't defeat fiat in terms of legality because one of bitcoin's greatest enemy is the government and that is the reason why there is no new next generation money because we will stick on the traditional money which is what we are using right now and it is called fiat.

That is why if government can only get every bitcoin here and take control most of the coin, i believe that bitcoin will be one of the currency that can be used like money too. First thing because of their easiness and everything will be on wallet, everytime you make some transaction, it will be anonymous so there will no one that will keep on tracking your income and outcome

[deisik]

My answer is Yes, it is an entirely new form of money. Unfortunately it is not accepted yet by most places and by most people but it will be with time. The good news is that due to the Internet almost all the people around the world have access to the information which might be helpful for them. Sooner or later they will know how good Bitcoin is and they will accept it, at least to their personal advantage, and then Bitcoin will become money in the full sense of the word

I wouldn't cherish such hopes

At least, not for the foreseeable future. If Bitcoin scalability issues don't get fixed eventually (and there is not much hope that they will), the fact that it is a new form of money won't help Bitcoin much. Ultimately, it all comes down to minute details that make all the difference (e.g. confirmation times and the size of fees). We could remain a marginal currency and drag on like that for long years ahead. Right now, Bitcoin is stuck between the upper and nether millstone, so to speak. On the one hand, it should get updated to enter a new level but, on the other hand, with its price growing there is little incentive for that. In fact, the high prices might soon become Bitcoin's curse

[bravehearth0319]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

But as of now Bitcoin can hardly be called a truly "good" money since its creation is as centralized as any of fiats. There are a few dozen fiat monies out there, and as many central banks that create money. There is one Bitcoin, and a few dozen mining pools (or just a few, lol) out there as well...

So what's the real difference in this regard?

I really do agreed that the bitcoin mining was being form as centralized and we all knew that bitcoin in all angles are very much better than fiat currency, and bitcoin was unregulated industry unlike money that created by any central banks on which things are centralized.

[birareru1988]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

But as of now Bitcoin can hardly be called a truly "good" money since its creation is as centralized as any of fiats. There are a few dozen fiat monies out there, and as many central banks that create money. There is one Bitcoin, and a few dozen mining pools (or just a few, lol) out there as well...

So what's the real difference in this regard?

I really do agreed that the bitcoin mining was being form as centralized and we all knew that bitcoin in all angles are very much better than fiat currency, and bitcoin was unregulated industry unlike money that created by any central banks on which things are centralized.

This bitcoin differs from the rest of the currency. And because of this he has such a value and popularity. It is a revolution in the world of currency. But the government does not agree with this.

[cjmoles]

Bitcoin and the blockchain technologies are the next generation of money.  Maybe not in its current form, but a variation of the technology will be the next generation of money.  There is no doubt in my mind that currency is undergoing a revolution due to the versatility of the blockchain; consequently, I don't think that our economic systems will resemble the systems which we have become accustom to using.  Things are opening up to a greater cross section of participants and they're being innovated upon very quickly.  Bitcoin opened up Pandora's box!

[Winchester2211]

I am sure that future money will be in electronic form. The state is necessarily under any pretext, wants to control all cash flows. View reduces every year the amount of cash payments.

[Lancusters]

I'm sure that in the future instead of a passport will have a chip implanted, and instead of money will be electronic wallets. The farther away the more we lose our privacy.

[bravehearth0319]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

The generation of money is now being implemented so far which is bitcoin, I have a strong feelings with this things, maybe others also felt the same way like me. consequently, others are trying to keep their bitcoin then hold it for the right time to sell it.

[deisik]

I'm sure that in the future instead of a passport will have a chip implanted, and instead of money will be electronic wallets. The farther away the more we lose our privacy

This is a rather pessimistic outlook

It seems to me that today we all in all have more privacy that we would have had a few hundred years ago if we were at today's level of technological development back then (given the absolute power of monarchs and rulers in those times). In other words, the loss of privacy which is here is mainly the allegedly adverse effect of our use of technology (Internet, before all). If you don't want to use it and want to remain totally incognito in this world, you would fare much better today than, say, 100 years ago. This looks a bit counterintuitive but the voluntary publicity of most people (use of social networks and similar things) works in favor of those who don't want to publicize their life

[X-ray]

I'm sure that in the future instead of a passport will have a chip implanted, and instead of money will be electronic wallets. The farther away the more we lose our privacy.

You've a plastic card right now. But i'm not sure with it. the digitalization of the money will make every investment will be very risky. various trojan, virus, malware will always be generated in the future.
In this day a lot of the hacker, etc. And it looks like it will be very difficult to control that abused if all of the future will be done with the digital life.

[deisik]

I'm sure that in the future instead of a passport will have a chip implanted, and instead of money will be electronic wallets. The farther away the more we lose our privacy.

You've a plastic card right now. But i'm not sure with it. the digitalization of the money will make every investment will be very risky. various trojan, virus, malware will always be generated in the future.
In this day a lot of the hacker, etc. And it looks like it will be very difficult to control that abused if all of the future will be done with the digital life

I'm not sure how the digitization of money makes it more risky

If you have cash in your pocket, it can be easily stolen or your home can get robbed if you keep your cash reserves under the mattress. Money can be stolen from payment cards too but you can effectively solve this issue by taking precautions (which you should do anyway). For example, you can set daily limits so that even if your card info gets stolen you will lose only as much. Other than that, I don't know how various trojans, viruses and their likes can help the would-be thieves if you set up a simple 2FA authentication (through SMS confirmations) for your bank (if you use online banking from your desktop computer)

[gabmen]

I am sure that future money will be in electronic form. The state is necessarily under any pretext, wants to control all cash flows. View reduces every year the amount of cash payments.

Well not necessarily. We will still be using cash and it still would be importat though i agree with you that there will be a time where in digital.transactions would be more common in some countries especially first world and rich nations. But we shouldn't take away cash's importance as some countries would have a hard time going full digital

[Kasabus]

I am sure that future money will be in electronic form. The state is necessarily under any pretext, wants to control all cash flows. View reduces every year the amount of cash payments.

Well not necessarily. We will still be using cash and it still would be importat though i agree with you that there will be a time where in digital.transactions would be more common in some countries especially first world and rich nations. But we shouldn't take away cash's importance as some countries would have a hard time going full digital

AFAIK majority of the popular in this world are not yet ready for digital currency, they prefer paper money because it's simple and not expensive to use. With digital currency you need to pay for the fee to transact and actually not everyone needs to use it, people will little earning are more focus on spending their money thru face to face transaction and online transaction is not in their list unless all merchant will go digital where it will live them no choice.

[Schuyler]

I'm sure that in the future instead of a passport will have a chip implanted, and instead of money will be electronic wallets. The farther away the more we lose our privacy

This is a rather pessimistic outlook

It seems to me that today we all in all have more privacy that we would have had a few hundred years ago if we were at today's level of technological development back then (given the absolute power of monarchs and rulers in those times). In other words, the loss of privacy which is here is mainly the allegedly adverse effect of our use of technology (Internet, before all). If you don't want to use it and want to remain totally incognito in this world, you would fare much better today than, say, 100 years ago. This looks a bit counterintuitive but the voluntary publicity of most people (use of social networks and similar things) works in favor of those who don't want to publicize their life

Technology has somehow also added inconvenience to us because of the risk of being exposed, so to speak. Although we are very much benefitting from it, it is a dual edge sword that could also lead us to danger. All these hacking being done left and right has people becoming more paranoid and self conscious.

[Mometaskers]

It possible for bitcoin to be the money of the future but knowing how technological advancement pile up in just a few years, it's possible that people could come up with something better eventually.

I don't know the inner workings of the cryptocurrency but I find the idea that it is in what we call blockchain to be innovative compared to what we currently use know. (Though it strike me as somewhat similar to the idea of the Rai stones). I'm not sure with limited amount of coins available. I understand that this means we wouldn't see anything similar to the governments currency manipulation but this could also mean greater price fluctuation. But then again, I'm no economist, maybe the price would become very stable once all coins have been mined out.

[kidoseagle0312]

The total majority of  holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that  did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And  in my opinion is the next gen good money. Just like gold.

But the reality happening now and the situation was that  so far is not directly considered as real currency. It is still called as the virtual currency. But I do believed in the future  can be like gold as well or it can surpass the gold it too. Besides, where in the progress and process of becoming a new world currency.

Bitcoin is a complete revolution to the new era. I believe that time is not far when people will start preferring bit-coins in stock market instead of any other currency. Bitcoins will become a currency for some countries and it will entirely change the concept of trading and investing money. Business trends will be changed and earning lifestyle of people will change. No doubt at the current moment it is considered to be a virtual currency but after few years from now things will change, therefore I consider bitcoins to be the next generation currency.

Theres a possibility on the thing might happen on the long run but these thing would really be hard to implement since we all know government wont really recognize this one infact they would create their own e-currency which means bitcoin cant be used or being adopted.

In some other point, maybe your right!  it will really be hard if the people don't try to open their eyes on the real catch of bitcoin. Yes it is true the government of each nation are doing everything to implement the centralization into bitcoin, but it won't really be happen so in the end instead of attacking bitcoin they join the ride what is trend if people around the world will use bitcoin as their personal currency.

[deisik]

It possible for bitcoin to be the money of the future but knowing how technological advancement pile up in just a few years, it's possible that people could come up with something better eventually

There is no limit to improvement

There is limit to our knowledge and understanding, but any such current limit is only temporary in and of itself. More specifically, I have a strong inclination to think that further development of decentralized currencies will be directed toward truly instant payments (like what Lightning network does) while blockchain will be used only for the final settlement of accounts providing payment channels. Whether it will be Bitcoin or some other currency is not yet predetermined. But if the BU project "successfully" branches off finally from the main tree (which is unlikely, as to me), Bitcoin (I refer to Bitcoin Core, obviously) may very well get there first, given the traction and success it has already got by now

[marcuslong]

I am sure that future money will be in electronic form. The state is necessarily under any pretext, wants to control all cash flows. View reduces every year the amount of cash payments.

Money is in atm where you can use that to buy online too or in physical it called credit card but when do bitcoin well it can be on atm soon this is the future of bitcoin where it can be easily to withdrawn. From our bitcoin wallets

[UCHCHILD]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

[Khailerdaz]

Bitcoin is one of the evolution of our money.

[boyptc]

I am sure that future money will be in electronic form. The state is necessarily under any pretext, wants to control all cash flows. View reduces every year the amount of cash payments.

Or should I say it will digital just like bitcoin. I've read a conspiracy that the future money will be like that and it will be a cashless society in a form of micro chip. And that will be scanned easily for each of transactions that you are going to do and you will be paid instantly after it. Maybe bitcoin is going to be that money.

[Hydrogen]

The closest currency to bitcoin I know of is this.



In past eras rocks hewn into particular shapes were used as currency.

In some ways, these old forms of currency resembled bitcoins cryptographic functions, in that printing/production of currency was limited by design.

Rather than limited by a form of regulation.

[deisik]

The closest currency to bitcoin I know of is this.



In past eras rocks hewn into particular shapes were used as currency.

In some ways, these old forms of currency resembled bitcoins cryptographic functions, in that printing/production of currency was limited by design.

Rather than limited by a form of regulation

Stone Age didn't end for the lack of stones

And the age of hard currencies didn't end because there were no more hard assets backing up or directly representing money tokens (e.g. gold coins themselves or paper bills fully redeemable for gold). The major issue with such currencies is that they prevent the economy from free and unimpeded growth to its full capacity. Whoever claims to the contrary is essentially an idiot (or just a clueless person, let's put in a softer way). Money should facilitate the exchange of goods and services, not hinder it. It is a tool to get somewhere, not the end point itself

[Mometaskers]

It possible for bitcoin to be the money of the future but knowing how technological advancement pile up in just a few years, it's possible that people could come up with something better eventually

There is no limit to improvement

There is limit to our knowledge and understanding, but any such current limit is only temporary in and of itself. More specifically, I have a strong inclination to think that further development of decentralized currencies will be directed toward truly instant payments (like what Lightning network does) while blockchain will be used only for the final settlement of accounts providing payment channels. Whether it will be Bitcoin or some other currency is not yet predetermined. But if the BU project "successfully" branches off finally from the main tree (which is unlikely, as to me), Bitcoin (I refer to Bitcoin Core, obviously) may very well get there first, given the traction and success it has already got by now

I'm still quite new to bitcoins and have only used it in local exchange. I've only heard about Lightning Network a few times and thought it was just a separate wallet. So, is it a way to use bitcoin without having to pay high (and constantly increasing) tx fees?

The closest currency to bitcoin I know of is this.



In past eras rocks hewn into particular shapes were used as currency.

In some ways, these old forms of currency resembled bitcoins cryptographic functions, in that printing/production of currency was limited by design.

Rather than limited by a form of regulation.

Oh the Rai stones! I've read about them in Alex Bellos' book years ago before even hearing about bitcoin and I found it fascinating. Actually when I heard about bitcoin they were the first thing that came to my mind. They're really interesting, like some sort of blockchain where they use every community member's brain as a ledger.

There's currently a crypto named after them. My cousin is using one of their faucets though I've only tried it once and never used it again because I'm not seeing any pay-out and I find the captcha quite mind numbing.

[mastermold]

Yes, in many different way, but not as we imagine. It is really a revolution.
micro transactions

smart contracts

including the poor into the global financial system, i.e. banking the unbanked.

enabling a safe, convenient and secure store of value instead of debt driven fiat currencies.

last, but not least - introducing more diversity into the global monetary system and thus making is healthier and more stable to financial shocks.

[deisik]

It possible for bitcoin to be the money of the future but knowing how technological advancement pile up in just a few years, it's possible that people could come up with something better eventually

There is no limit to improvement

There is limit to our knowledge and understanding, but any such current limit is only temporary in and of itself. More specifically, I have a strong inclination to think that further development of decentralized currencies will be directed toward truly instant payments (like what Lightning network does) while blockchain will be used only for the final settlement of accounts providing payment channels. Whether it will be Bitcoin or some other currency is not yet predetermined. But if the BU project "successfully" branches off finally from the main tree (which is unlikely, as to me), Bitcoin (I refer to Bitcoin Core, obviously) may very well get there first, given the traction and success it has already got by now

I'm still quite new to bitcoins and have only used it in local exchange. I've only heard about Lightning Network a few times and thought it was just a separate wallet. So, is it a way to use bitcoin without having to pay high (and constantly increasing) tx fees?

Yes, that's mining done right

The concept behind mining (as we have it today) is severely flawed, and what we see nowadays with high transaction fees is the final outcome of the imperfection of this concept. Its major drawback is that it leads to extreme monopolization of mining by just a few miners (and we are already there). It is not only that, of course. Another major deficiency are the costs that the current implementation of mining incurs, and these costs are totally unjustifiable. Basically, mining is required to confirm transactions, and this can be done in a more efficient and by far cheaper way, and that's what Lightning Network essentially does. Ultimately, it takes power from miners, and mining becomes completely utilitarian (how it should have been in the first place)

[virasog]

It possible for bitcoin to be the money of the future but knowing how technological advancement pile up in just a few years, it's possible that people could come up with something better eventually.

I don't know the inner workings of the cryptocurrency but I find the idea that it is in what we call blockchain to be innovative compared to what we currently use know. (Though it strike me as somewhat similar to the idea of the Rai stones). I'm not sure with limited amount of coins available. I understand that this means we wouldn't see anything similar to the governments currency manipulation but this could also mean greater price fluctuation. But then again, I'm no economist, maybe the price would become very stable once all coins have been mined out.

Bitcoin can improve itself, and for sure people will not let other money be on top of bitcoin  And even the transactions we have in bitcoin for sure will be improve which most of people here complaint about. The possibility of bitcoin to be real money is far but the chance to be is high.

[tabas]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

[betlord90]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

[hubballi]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

It is too far but not impossible, their are some more feature i all implemented then it can be possible, right now Bitcoin is the main currency for gambling and adult industry but now after it gets nod from government then we can see lot of shops accepting it which will be good for bitcoin

[whizter]

It possible for bitcoin to be the money of the future but knowing how technological advancement pile up in just a few years, it's possible that people could come up with something better eventually.

I don't know the inner workings of the cryptocurrency but I find the idea that it is in what we call blockchain to be innovative compared to what we currently use know. (Though it strike me as somewhat similar to the idea of the Rai stones). I'm not sure with limited amount of coins available. I understand that this means we wouldn't see anything similar to the governments currency manipulation but this could also mean greater price fluctuation. But then again, I'm no economist, maybe the price would become very stable once all coins have been mined out.

Bitcoin can improve itself, and for sure people will not let other money be on top of bitcoin  And even the transactions we have in bitcoin for sure will be improve which most of people here complaint about. The possibility of bitcoin to be real money is far but the chance to be is high.

yes there is no doubt about this that bitcoin is improving, because the number of bitcoin users are continuously increase and people are now becoming more and more mature about bitcoin.

[tabas]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

It is far from reality but there's a chance for it. But as of now everything seems to be dropping just like what happened to bitcoin way back years ago. And if people are going to engage with this currency for sure many are going to suggest that all stores should adopt bitcoin instead because this is good for covering your identities.

[deisik]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

It is far from reality but there's a chance for it. But as of now everything seems to be dropping just like what happened to bitcoin way back years ago. And if people are going to engage with this currency for sure many are going to suggest that all stores should adopt bitcoin instead because this is good for covering your identities

Which years ago are you talking about?

Bitcoin flash crashed down to 750 dollars per coin just a little over 2 months ago. Right now it is still trading above 900 dollars, and it seems that we are not going to fall substantially below that. Anyway, however low the price might go this time, it will most likely turn out beneficial for Bitcoin in the long run since there will be a good push toward changing things in Bitcoin. These changes are due and long overdue, but while prices had been consistently rising, no one seemed to care and nothing had been done to mend the issues which Bitcoin gathered during the last years

[chixka000]

You were right somehow i can't really say that bitcoin or crypto currency is the future of money. Things here are still on the experimental stage yet.  However good thing about it is that it is growing and evolving

[tabas]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

It is far from reality but there's a chance for it. But as of now everything seems to be dropping just like what happened to bitcoin way back years ago. And if people are going to engage with this currency for sure many are going to suggest that all stores should adopt bitcoin instead because this is good for covering your identities

Which years ago are you talking about?

Bitcoin flash crashed down to 750 dollars per coin just a little over 2 months ago. Right now it is still trading above 900 dollars, and it seems that we are not going to fall substantially below that. Anyway, however low the price might go this time, it will most likely turn out beneficial for Bitcoin in the long run since there will be a good push toward changing things in Bitcoin. These changes are due and long overdue, but while prices had been consistently rising, no one seemed to care and nothing had been done to mend the issues which Bitcoin gathered during the last years

I'm talking about the bull run that happened that a few years ago base on the charts. Thanks for your opinion that bitcoin isn't going to substantially below that. I'm expecting that the price is going to become lower than $800 or even hit $700 but much better if the price is going to pump after this disaster because of different issues.

[deisik]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

It is far from reality but there's a chance for it. But as of now everything seems to be dropping just like what happened to bitcoin way back years ago. And if people are going to engage with this currency for sure many are going to suggest that all stores should adopt bitcoin instead because this is good for covering your identities

Which years ago are you talking about?

Bitcoin flash crashed down to 750 dollars per coin just a little over 2 months ago. Right now it is still trading above 900 dollars, and it seems that we are not going to fall substantially below that. Anyway, however low the price might go this time, it will most likely turn out beneficial for Bitcoin in the long run since there will be a good push toward changing things in Bitcoin. These changes are due and long overdue, but while prices had been consistently rising, no one seemed to care and nothing had been done to mend the issues which Bitcoin gathered during the last years

I'm talking about the bull run that happened that a few years ago base on the charts. Thanks for your opinion that bitcoin isn't going to substantially below that. I'm expecting that the price is going to become lower than $800 or even hit $700 but much better if the price is going to pump after this disaster because of different issues

What bull run do you refer to specifically?

If you refer to the Mt. Gox affair in November-December 2013 and early 2014, this was obviously not a bull run. This was a severe market manipulation primarily because all trading back then had been going at just one exchange. Basically, the price quotations were fake there which has nothing to do with free market due to the lack of such in those days. This is no longer the case today, so things can't possibly develop along the same path. But that doesn't of course mean that prices might not fall down dramatically. You seem to be fear ridden right now, right?

[AjithBtc]

You were right somehow i can't really say that bitcoin or crypto currency is the future of money. Things here are still on the experimental stage yet.  However good thing about it is that it is growing and evolving

Yeah with assurance we cannot say that bitcoin or other cryptocurrencies were the future of money. The current growth shows a positive sign of cryptocurrencies to rule the financial system. Already based on the same technology of cryptocurrencies countries have started to implement financial services.

[MoneyIsDebt]

japan is really working on making bitcoins a valid currency . Things are pretty much going good for bitcoins. if they succeed , there is a possibility that this currency will rule and surely will replace currencies like dollar. People will convert there savings to bitcoins and will believe that this is where they will get benefit and can earn a lot without doing any struggle. We really hope to see the bright future of bitcoins and we will feel proud to be part of the moment when the future was being made.

[Xester]

It possible for bitcoin to be the money of the future but knowing how technological advancement pile up in just a few years, it's possible that people could come up with something better eventually.

I don't know the inner workings of the cryptocurrency but I find the idea that it is in what we call blockchain to be innovative compared to what we currently use know. (Though it strike me as somewhat similar to the idea of the Rai stones). I'm not sure with limited amount of coins available. I understand that this means we wouldn't see anything similar to the governments currency manipulation but this could also mean greater price fluctuation. But then again, I'm no economist, maybe the price would become very stable once all coins have been mined out.

Bitcoin can improve itself, and for sure people will not let other money be on top of bitcoin  And even the transactions we have in bitcoin for sure will be improve which most of people here complaint about. The possibility of bitcoin to be real money is far but the chance to be is high.

I would like to believe that bitcoin will be the next generation money but the problems that bitcoin is facing right now is making it hard for bitcoin to realize such ideas. As of this time it is easy to imagine DASH and Ethereum to be the next generation than bitcoin. If the bitcoin miners will not unite the probable resort will be people leaving bitcoin behind and when that time comes bitcoin will probably die.

[Kevin77]

It possible for bitcoin to be the money of the future but knowing how technological advancement pile up in just a few years, it's possible that people could come up with something better eventually.

I don't know the inner workings of the cryptocurrency but I find the idea that it is in what we call blockchain to be innovative compared to what we currently use know. (Though it strike me as somewhat similar to the idea of the Rai stones). I'm not sure with limited amount of coins available. I understand that this means we wouldn't see anything similar to the governments currency manipulation but this could also mean greater price fluctuation. But then again, I'm no economist, maybe the price would become very stable once all coins have been mined out.

Bitcoin can improve itself, and for sure people will not let other money be on top of bitcoin   And even the transactions we have in bitcoin for sure will be improve which most of people here complaint about. The possibility of bitcoin to be real money is far but the chance to be is high.

yes there is no doubt about this that bitcoin is improving, because the number of bitcoin users are continuously increase and people are now becoming more and more mature about bitcoin.

I think that a lot of people are currently concerned about the current situation of the bitcoin and how much fees are going up and the transactions being slow and taking a lot of time to confirm, but I think that the increased number of people using bitcoin is actually helping fees go down, and it is also helping by increasing the security and the safeness of the bitcoin core.

I would like to believe that bitcoin will be the next generation money but the problems that bitcoin is facing right now is making it hard for bitcoin to realize such ideas.

We are the real pillars of bitcoin ecosystem and our belief will not go down as per what bitcoin has done in the past. Hopefully bitcoin will adopt the changes to solve the scalability issues and will stay strong for sure.

[stergium]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

It is too far but not impossible, their are some more feature i all implemented then it can be possible, right now Bitcoin is the main currency for gambling and adult industry but now after it gets nod from government then we can see lot of shops accepting it which will be good for bitcoin

yes that is right to say, i think anything is possible in this world. and i think now the new generation trend is changing toward currency, they are now using online currency and i think that bitcoin is the best choice for them to use.

[Trongersoll]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

It is far from reality but there's a chance for it. But as of now everything seems to be dropping just like what happened to bitcoin way back years ago. And if people are going to engage with this currency for sure many are going to suggest that all stores should adopt bitcoin instead because this is good for covering your identities.

See, the price drop happend no one is defending that. but if you just from past 2 years btc price has constantly high for long time. that itself a good sign that btc is booming like anything. it is spreading because it is decentralized and we can use this money for our personal use without showing the identity. right now the situation is not good as the price has fallen down. hoping again it gets back to the normal. 

[batang_bitcoin]

You were right somehow i can't really say that bitcoin or crypto currency is the future of money. Things here are still on the experimental stage yet.  However good thing about it is that it is growing and evolving

Yeah with assurance we cannot say that bitcoin or other cryptocurrencies were the future of money. The current growth shows a positive sign of cryptocurrencies to rule the financial system. Already based on the same technology of cryptocurrencies countries have started to implement financial services.

And with a lot of things to resolve that is being debated right now, it's hard to assume that bitcoin will be the generation money or all of this crypto currencies. I'm thinking that a government or mainly the US gov't will simply copy the idea of bitcoin or the blockchain technology introduced by it which is going to be useful for them.

[tabas]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

It is far from reality but there's a chance for it. But as of now everything seems to be dropping just like what happened to bitcoin way back years ago. And if people are going to engage with this currency for sure many are going to suggest that all stores should adopt bitcoin instead because this is good for covering your identities

Which years ago are you talking about?

Bitcoin flash crashed down to 750 dollars per coin just a little over 2 months ago. Right now it is still trading above 900 dollars, and it seems that we are not going to fall substantially below that. Anyway, however low the price might go this time, it will most likely turn out beneficial for Bitcoin in the long run since there will be a good push toward changing things in Bitcoin. These changes are due and long overdue, but while prices had been consistently rising, no one seemed to care and nothing had been done to mend the issues which Bitcoin gathered during the last years

I'm talking about the bull run that happened that a few years ago base on the charts. Thanks for your opinion that bitcoin isn't going to substantially below that. I'm expecting that the price is going to become lower than $800 or even hit $700 but much better if the price is going to pump after this disaster because of different issues

What bull run do you refer to specifically?

If you refer to the Mt. Gox affair in November-December 2013 and early 2014, this was obviously not a bull run. This was a severe market manipulation primarily because all trading back then had been going at just one exchange. Basically, the price quotations were fake there which has nothing to do with free market due to the lack of such in those days. This is no longer the case today, so things can't possibly develop along the same path. But that doesn't of course mean that prices might not fall down dramatically. You seem to be fear ridden right now, right?

Upon checking the charts probably I treated that incident as a bull run, though if you say so that it isn't well it's good and thanks for it. Yeah man, actually I'm having a fear right now though I don't have choice but to keep on trusting and holding what I've got and will just apply the belief that bitcoin is going to be the next generation of investments and digital currency.

[deisik]

You were right somehow i can't really say that bitcoin or crypto currency is the future of money. Things here are still on the experimental stage yet.  However good thing about it is that it is growing and evolving

Yeah with assurance we cannot say that bitcoin or other cryptocurrencies were the future of money. The current growth shows a positive sign of cryptocurrencies to rule the financial system. Already based on the same technology of cryptocurrencies countries have started to implement financial services.

And with a lot of things to resolve that is being debated right now, it's hard to assume that bitcoin will be the generation money or all of this crypto currencies. I'm thinking that a government or mainly the US gov't will simply copy the idea of bitcoin or the blockchain technology introduced by it which is going to be useful for them

There is no way it could be possible

At least, not in the foreseeable future with these governments sticking around. They will never share their power with anyone since the fundamental principle of power asserts that power is not given, it is taken. Regarding current debates and fear they instill and arouse, I guess you may want to read the history of fiat and how it all started. In other words, what we see today is normal, Rome wasn't built in a day, and any software project started small first. Microsoft bootstrapped itself with a crappy Basic interpreter which couldn't even compile a primitive Hello-world program. Linux started by being a simple command terminal

[grandy]

You were right somehow i can't really say that bitcoin or crypto currency is the future of money. Things here are still on the experimental stage yet.  However good thing about it is that it is growing and evolving

as the users of bitcoin are increasing from time to time and is there we can expected that nature   price of bitcoin will increase more and more from time to time. 

[Bitcotalk]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

No you do not understand the reality as the reality is that bitcoin is already a form of money and it is taking the place of money and will replace the fiat with itself on many places of the world financial system as it is already doing on online world. Like it have replaced paypal from a large number of companies on internet.

[peter0425]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

No you do not understand the reality as the reality is that bitcoin is already a form of money and it is taking the place of money and will replace the fiat with itself on many places of the world financial system as it is already doing on online world. Like it have replaced paypal from a large number of companies on internet.

I think bitcoin is not yet ready to replace fiat. But I would agree that the influence of bitcoin is undeniable. The digital currency of the possible future is much more financially and environmentally friendly.While it may not replace physical currency entirely, it could easily lead the way for an interesting hybrid arrangement where printed currency coexists peacefully with physical currency.

[SvenBomvolen]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

No you do not understand the reality as the reality is that bitcoin is already a form of money and it is taking the place of money and will replace the fiat with itself on many places of the world financial system as it is already doing on online world. Like it have replaced paypal from a large number of companies on internet.

I think bitcoin is not yet ready to replace fiat. But I would agree that the influence of bitcoin is undeniable. The digital currency of the possible future is much more financially and environmentally friendly.While it may not replace physical currency entirely, it could easily lead the way for an interesting hybrid arrangement where printed currency coexists peacefully with physical currency.

That's true that bitcoin is not ready for fiat replacement. yes, it appeared many programms in ordinary stores which allow to pay for goods with bitcoins directly, but I heard the fees are just grabby. That can't help to bitcoin to become mass adopted. This compaines who suggest such services and such fees just want to makew money and I understand that, but in fact bitcoin users just stay with basic form of bitcoin convertation through online exchangers and bitcoin stays unknown.

[Devboy]

is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that  will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that  should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality.  can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having  as money is believed by many to happen but in my case its way too far and impossible.

No you do not understand the reality as the reality is that  is already a form of money and it is taking the place of money and will replace the fiat with itself on many places of the world financial system as it is already doing on online world. Like it have replaced paypal from a large number of companies on internet.

I think  is not yet ready to replace fiat. But I would agree that the influence of  is undeniable. The digital currency of the possible future is much more financially and environmentally friendly.While it may not replace physical currency entirely, it could easily lead the way for an interesting hybrid arrangement where printed currency coexists peacefully with physical currency.

Really Bitcoin such an asset the currency of the Internet, the influenced of bitcoin so big that's through it's the Next-Generation Digital Currency. But it's true yet have not required quality to replace fiat. It's could better if it remain to virtual currency. To replace fiat there need a dramatic change though there have some issue.

[meliodas]

I think it is really the next generation of money,
We are in a generation where technology is part of our every day routine so I think it is really the next generation or the upgraded version of money.

[deisik]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

No you do not understand the reality as the reality is that bitcoin is already a form of money and it is taking the place of money and will replace the fiat with itself on many places of the world financial system as it is already doing on online world. Like it have replaced paypal from a large number of companies on internet.

I think bitcoin is not yet ready to replace fiat. But I would agree that the influence of bitcoin is undeniable. The digital currency of the possible future is much more financially and environmentally friendly.While it may not replace physical currency entirely, it could easily lead the way for an interesting hybrid arrangement where printed currency coexists peacefully with physical currency

I'm curious what you might mean by "much more financially and environmentally friendly"

Care to explain? I particularly interested about the financial part since environmentally Bitcoin simply cannot be friendly in any way possible (remember paper money is made from cotton, not from trees). Unless we move to some other form of mining which doesn't require as much as energy (and consequently doesn't produce as much heat), the current system is completely unsustainable if Bitcoin is going to expand in the future. In other words, if it were on par with major currencies (in terms of transactions processed daily), it would likely require the amount of electricity produced by all power stations in the world which would make the oceans turn to deserts. I don't really know how that can be considered as "environmentally friendly"

[ophyrim]

You were right somehow i can't really say that bitcoin or crypto currency is the future of money. Things here are still on the experimental stage yet.  However good thing about it is that it is growing and evolving

as the users of bitcoin are increasing from time to time and is there we can expected that nature   price of bitcoin will increase more and more from time to time. 

I agree with you, in addition, i think there is a big potential at altcoin cryptoworld. The total market cap of altcoin will increase logarithmically

[equator]

You were right somehow i can't really say that bitcoin or crypto currency is the future of money. Things here are still on the experimental stage yet.  However good thing about it is that it is growing and evolving

as the users of bitcoin are increasing from time to time and is there we can expected that nature   price of bitcoin will increase more and more from time to time. 

I agree with you, in addition, i think there is a big potential at altcoin cryptoworld. The total market cap of altcoin will increase logarithmically

Ya it is true that  seeing that how many ICO and other types of altcoins are coming in the market and if everything goes same way then we can see lot of new coins, but even then only some of the altcoins are surviving and balance other coins are just pump and dump coins. So we can say that apart from bitcoin any one of the altcoin can come to some higher value in coming days

[MissGrey]

You were right somehow i can't really say that bitcoin or crypto currency is the future of money. Things here are still on the experimental stage yet.  However good thing about it is that it is growing and evolving

as the users of bitcoin are increasing from time to time and is there we can expected that nature   price of bitcoin will increase more and more from time to time. 

I agree with you, in addition, i think there is a big potential at altcoin cryptoworld. The total market cap of altcoin will increase logarithmically

Yes, I think that Bitcoin still it is an experiment in process, but even so I think that Bitcoin is a new concept of money, in fact based on this project now there are others projects interesting, meaning many people believe in this new concept.

[deisik]

You were right somehow i can't really say that bitcoin or crypto currency is the future of money. Things here are still on the experimental stage yet.  However good thing about it is that it is growing and evolving

as the users of bitcoin are increasing from time to time and is there we can expected that nature   price of bitcoin will increase more and more from time to time. 

I agree with you, in addition, i think there is a big potential at altcoin cryptoworld. The total market cap of altcoin will increase logarithmically

Yes, I think that Bitcoin still it is an experiment in process, but even so I think that Bitcoin is a new concept of money, in fact based on this project now there are others projects interesting, meaning many people believe in this new concept.

I don't really think that we can still call Bitcoin an experiment

With so many billions of dollars invested, it seems to be too good to be called like that (it would be rather an expensive experiment, as to me). I guess we are already pretty well into "industrial" use of Bitcoin. This doesn't indeed mean that there cannot be further improvements (in fact, some of them are long due and overdue) but Bitcoin is pretty consistent and reliable by now to be put into "production mode" of operation, so to speak

[Sundark]

I don't really think that we can still call Bitcoin an experiment

With so many billions of dollars invested, it seems to be too good to be called like that (it would be rather an expensive experiment, as to me).

It doesn't matter how much money was spent on Bitcoin. There is no clear financial limit when you can say that something is no longer experiment because it is expensive.
We have multi billion dollar worth of tech used for experiments, for example: Large Hadron Collider. The completion of this project cost $10 billion to construct.
I don't even want to start with International Space Station worth hundreds of billion...

[deisik]

I don't really think that we can still call Bitcoin an experiment

With so many billions of dollars invested, it seems to be too good to be called like that (it would be rather an expensive experiment, as to me).

It doesn't matter how much money was spent on Bitcoin. There is no clear financial limit when you can say that something is no longer experiment because it is expensive.
We have multi billion dollar worth of tech used for experiments, for example: Large Hadron Collider. The completion of this project cost $10 billion to construct.
I don't even want to start with International Space Station worth hundreds of billion...

They were intentionally built for carrying out experiments

I guess this is not the same as being an experiment itself. For example, ITER costs a few dozen billion dollars (or euro) but it is conceived to be an experimental reactor right from the start. I guees Bitcoin is nowhere near that. My main argument is that it is already heavily used in "production", as it were. Thereby, it can no longer be considered as an experiment. It was an experiment when only a few folks with Satoshi had been testing it between themselves, but we are far from that already

[darthmaul]

Yes it is entirely new concept in the world of money. Bitcoin is so powerful that we can trade any amount of volume via its medium. This transaction is still safe and anonymous with no big fees and surcharges as that applied by your own bank. New generation would always want hassle free transaction which bitcoin is already providing. Bitcoin gives you freedom of time. No matter what you can transact any amount of money overseas, locally and personally. This is something sounds like new generation stuff and yes it is. 

[pitham1]

Yes it is entirely new concept in the world of money. Bitcoin is so powerful that we can trade any amount of volume via its medium. This transaction is still safe and anonymous with no big fees and surcharges as that applied by your own bank. New generation would always want hassle free transaction which bitcoin is already providing. Bitcoin gives you freedom of time. No matter what you can transact any amount of money overseas, locally and personally. This is something sounds like new generation stuff and yes it is. 

I wouldn't say that Bitcoin offers hassle free transactions, especially right now. With the huge backlog of transactions and debate about block size, we are in fluid territory right now. But yes, Bitcoin does have potential.

[quzai]

Bitcoin, gold, etc. are market-based monies, whereas national currencies are centrally planned money.

[Wa(t)ch_night()]

Yes it is entirely new concept in the world of money. Bitcoin is so powerful that we can trade any amount of volume via its medium. This transaction is still safe and anonymous with no big fees and surcharges as that applied by your own bank. New generation would always want hassle free transaction which bitcoin is already providing. Bitcoin gives you freedom of time. No matter what you can transact any amount of money overseas, locally and personally. This is something sounds like new generation stuff and yes it is. 

I wouldn't say that Bitcoin offers hassle free transactions, especially right now. With the huge backlog of transactions and debate about block size, we are in fluid territory right now. But yes, Bitcoin does have potential.

I agree with you, the problem of transactions is very urgent now. But I think that it will be resolved in the near future. Bitcoin is almost an ideal system and it is not possible to spoil the problem of transactions

[The_prodigy]

Bitcoin is the new form money through internet where this can help us out to earn money with less work and hassle free by doing small job we can earn bitcoin/satoshi from internet. Very easy to do transaction what ever your location is this could be a new generation and new generation of money that will came up in the future of this world.

[Fireblade]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

No you do not understand the reality as the reality is that bitcoin is already a form of money and it is taking the place of money and will replace the fiat with itself on many places of the world financial system as it is already doing on online world. Like it have replaced paypal from a large number of companies on internet.

I think bitcoin is not yet ready to replace fiat. But I would agree that the influence of bitcoin is undeniable. The digital currency of the possible future is much more financially and environmentally friendly.While it may not replace physical currency entirely, it could easily lead the way for an interesting hybrid arrangement where printed currency coexists peacefully with physical currency.

yes no doubt that bitcoin is still not in position to replace fiat, but i think the users of bitcoin continuously increasing which is making bitcoin more and more strong, so we can expect that in future the users of bitcoin will be present everywhere and they will be mostly using bitcoin not only for online shopping but even in physical shops they will be using  bitcoin for shopping and for so many other activities.

[MioTaiHeo]

Bitcoin is not far from it.
Though it needs more improvement yet it has a great chance to be one world currency or money in no time.

I can see too that bitcoin will be the next generation of money. Since we are already starting it and the price of it seems to be good already and many people are already using it. There's one more thing left that bitcoin should be furnished and good to go when the gov't started to realize that this will be one of the best investment and currency.

I think its far from reality. Bitcoin can be far from being a money but instead it can be a good means of transacting it in the near future. But the idea of having bitcoin as money is believed by many to happen but in my case its way too far and impossible.

No you do not understand the reality as the reality is that bitcoin is already a form of money and it is taking the place of money and will replace the fiat with itself on many places of the world financial system as it is already doing on online world. Like it have replaced paypal from a large number of companies on internet.

I think bitcoin is not yet ready to replace fiat. But I would agree that the influence of bitcoin is undeniable. The digital currency of the possible future is much more financially and environmentally friendly.While it may not replace physical currency entirely, it could easily lead the way for an interesting hybrid arrangement where printed currency coexists peacefully with physical currency.

yes no doubt that bitcoin is still not in position to replace fiat, but i think the users of bitcoin continously increasing which is making bitcon more and more strong, so we can expect such thing in future.

I also agree that bitcoin is not yet a substitute for Fiat. And in the future, too, it will not replace the national currency. Cryptocurrency has always been and will be an alternative currency. Fiat will remain forever

[signature200]

Bitcoin is the new form money through internet where this can help us out to earn money with less work and hassle free by doing small job we can earn bitcoin/satoshi from internet. Very easy to do transaction what ever your location is this could be a new generation and new generation of money that will came up in the future of this world.

I don't see anything new except the fact that potentially there is a possibility of confidential use in calculations between people. But as soon as carried out conversion operations, and this advantage is lost.

[KennyR]

Bitcoin is the new form money through internet where this can help us out to earn money with less work and hassle free by doing small job we can earn bitcoin/satoshi from internet. Very easy to do transaction what ever your location is this could be a new generation and new generation of money that will came up in the future of this world.

I don't see anything new except the fact that potentially there is a possibility of confidential use in calculations between people. But as soon as carried out conversion operations, and this advantage is lost.

I believe everything is new with bitcoin as well the cryptocurrencies. This has evolved as a currency of the future generation making everything digital. This cuts down several expenses and provides an efficient way in the economic system as well in all sectors relative to it.

[Teraboy]

Yes it is entirely new concept in the world of money. Bitcoin is so powerful that we can trade any amount of volume via its medium. This transaction is still safe and anonymous with no big fees and surcharges as that applied by your own bank. New generation would always want hassle free transaction which bitcoin is already providing. Bitcoin gives you freedom of time. No matter what you can transact any amount of money overseas, locally and personally. This is something sounds like new generation stuff and yes it is. 

I wouldn't say that Bitcoin offers hassle free transactions, especially right now. With the huge backlog of transactions and debate about block size, we are in fluid territory right now. But yes, Bitcoin does have potential.

I agree with you, the problem of transactions is very urgent now. But I think that it will be resolved in the near future. Bitcoin is almost an ideal system and it is not possible to spoil the problem of transactions

The limit of bitcoin blocksize has made a lot of people gets a limitation for using the bitcoin transaction. They can sending it with instantly. the confirmation take a lot of the time.

[Jrock]

Yes it is entirely new concept in the world of money. Bitcoin is so powerful that we can trade any amount of volume via its medium. This transaction is still safe and anonymous with no big fees and surcharges as that applied by your own bank. New generation would always want hassle free transaction which bitcoin is already providing. Bitcoin gives you freedom of time. No matter what you can transact any amount of money overseas, locally and personally. This is something sounds like new generation stuff and yes it is. 

I wouldn't say that Bitcoin offers hassle free transactions, especially right now. With the huge backlog of transactions and debate about block size, we are in fluid territory right now. But yes, Bitcoin does have potential.

I agree with you, the problem of transactions is very urgent now. But I think that it will be resolved in the near future. Bitcoin is almost an ideal system and it is not possible to spoil the problem of transactions

The limit of bitcoin blocksize has made a lot of people gets a limitation for using the bitcoin transaction. They can sending it with instantly. the confirmation take a lot of the time.

Yes that is a big problem with bitcoin at a moment and not many people like to wait longer for transaction to get confirmed and this issue should be resolved as soon as possible or else there will be many users who will stop using bitcoins.

[majeed]

Yes it is entirely new concept in the world of money. Bitcoin is so powerful that we can trade any amount of volume via its medium. This transaction is still safe and anonymous with no big fees and surcharges as that applied by your own bank. New generation would always want hassle free transaction which bitcoin is already providing. Bitcoin gives you freedom of time. No matter what you can transact any amount of money overseas, locally and personally. This is something sounds like new generation stuff and yes it is. 

I wouldn't say that Bitcoin offers hassle free transactions, especially right now. With the huge backlog of transactions and debate about block size, we are in fluid territory right now. But yes, Bitcoin does have potential.

I agree with you, the problem of transactions is very urgent now. But I think that it will be resolved in the near future. Bitcoin is almost an ideal system and it is not possible to spoil the problem of transactions

The limit of bitcoin blocksize has made a lot of people gets a limitation for using the bitcoin transaction. They can sending it with instantly. the confirmation take a lot of the time.

Yes that is a big problem with bitcoin at a moment and not many people like to wait longer for transaction to get confirmed and this issue should be resolved as soon as possible or else there will be many users who will stop using bitcoins.

without segwit, they will soon abandon Bitcoin and leave it there as a legacy for people to remember. Bitcoin is not as good as many people think and I can ensure that outside there are more than 10 coins which are better than Bitcoin

[deisik]

Yes it is entirely new concept in the world of money. Bitcoin is so powerful that we can trade any amount of volume via its medium. This transaction is still safe and anonymous with no big fees and surcharges as that applied by your own bank. New generation would always want hassle free transaction which bitcoin is already providing. Bitcoin gives you freedom of time. No matter what you can transact any amount of money overseas, locally and personally. This is something sounds like new generation stuff and yes it is. 

I wouldn't say that Bitcoin offers hassle free transactions, especially right now. With the huge backlog of transactions and debate about block size, we are in fluid territory right now. But yes, Bitcoin does have potential.

I agree with you, the problem of transactions is very urgent now. But I think that it will be resolved in the near future. Bitcoin is almost an ideal system and it is not possible to spoil the problem of transactions

The limit of bitcoin blocksize has made a lot of people gets a limitation for using the bitcoin transaction. They can sending it with instantly. the confirmation take a lot of the time.

Yes that is a big problem with bitcoin at a moment and not many people like to wait longer for transaction to get confirmed and this issue should be resolved as soon as possible or else there will be many users who will stop using bitcoins.

without segwit, they will soon abandon Bitcoin and leave it there as a legacy for people to remember. Bitcoin is not as good as many people think and I can ensure that outside there are more than 10 coins which are better than Bitcoin

It is not surprising that you are wearing some obscure altcoin signature. I'm curious if you are paid in the coin you advertise or in bitcoins. If the former is the case, then you should be careful since your payments may not be worth a dime in a short while (unless you convert it to bitcoins, of course), and you may regret your words. If you receive payment in bitcoins, why don't you ask to be paid in one of those 10 coins which are better than Bitcoin, according to you?

Welcome to the shills club, by the way

[chixka000]

japan is really working on making bitcoins a valid currency . Things are pretty much going good for bitcoins. if they succeed , there is a possibility that this currency will rule and surely will replace currencies like dollar. People will convert there savings to bitcoins and will believe that this is where they will get benefit and can earn a lot without doing any struggle. We really hope to see the bright future of bitcoins and we will feel proud to be part of the moment when the future was being made.

Actually, I thik that i have heard the news about this one and yeah as far as i know bitcoins legality is now approved and being impose in most of part of Japan. I also think that it would grow really big this year and for the coming years as well

[cafucafucafu]

I think that there is no doubt, that bitcoin may be considered as a next generation money.
Exactly same thing is about some great altcoin which is supported by revolutionary technology, because it may simply turn out, that in the future we are going to use mostly one of this cryptocurrencies as a main payment option.

That might be actually possible with bitcoin, but only if we will be able to apply some solution and increase the block size to decrease fees and to shorten the time needed for confirmations.

[Sled]

japan is really working on making bitcoins a valid currency . Things are pretty much going good for bitcoins. if they succeed , there is a possibility that this currency will rule and surely will replace currencies like dollar. People will convert there savings to bitcoins and will believe that this is where they will get benefit and can earn a lot without doing any struggle. We really hope to see the bright future of bitcoins and we will feel proud to be part of the moment when the future was being made.

Actually, I thik that i have heard the news about this one and yeah as far as i know bitcoins legality is now approved and being impose in most of part of Japan. I also think that it would grow really big this year and for the coming years as well

Yes bitcoin will be very big this year because of the adoption of Japan and now it will be a good year for us because other countries are starting to notice bitcoin and other countries are doing what does the Japan did to bitcoin and this coming years will be the continuation for bitcoin to become bigger and more and more adoption and also the best is high price.

[ekans45]

japan is really working on making bitcoins a valid currency . Things are pretty much going good for bitcoins. if they succeed , there is a possibility that this currency will rule and surely will replace currencies like dollar. People will convert there savings to bitcoins and will believe that this is where they will get benefit and can earn a lot without doing any struggle. We really hope to see the bright future of bitcoins and we will feel proud to be part of the moment when the future was being made.

Actually, I thik that i have heard the news about this one and yeah as far as i know bitcoins legality is now approved and being impose in most of part of Japan. I also think that it would grow really big this year and for the coming years as well

Yes bitcoin will be very big this year because of the adoption of Japan and now it will be a good year for us because other countries are starting to notice bitcoin and other countries are doing what does the Japan did to bitcoin and this coming years will be the continuation for bitcoin to become bigger and more and more adoption and also the best is high price.

Not only by Japan but soon for other countries. Bitcoin has a huge potential to be used as majore currency as technology sre being modernized currently and for the future.

[gracia0023]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

I guess the next generation of money is technology oriented type of currencies.  Some country nowadays accepted this idea and use bitcoin as a valid currency.  This will open to the possibility of one world currency and the value of money around the world will be equal.  It will only happen if all people around the world know how to engage online transaction.

[Doms]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

I guess the next generation of money is technology oriented type of currencies.  Some country nowadays accepted this idea and use bitcoin as a valid currency.  This will open to the possibility of one world currency and the value of money around the world will be equal.  It will only happen if all people around the world know how to engage online transaction.

But what kind of technology would bring upon this new kind of currency? Remember that the greenback was a breakthrough when it was introduced so many years ago, because of its special features that paved the way for exchanging goods more conveniently . Are we going to see currency that can be stored or implanted inside the human body? As they say, necessity is the mother of all inventions, so depending on what technology available at a certain, the development of currency or money would follow suit.

[deisik]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

I guess the next generation of money is technology oriented type of currencies.  Some country nowadays accepted this idea and use bitcoin as a valid currency.  This will open to the possibility of one world currency and the value of money around the world will be equal.  It will only happen if all people around the world know how to engage online transaction.

But what kind of technology would bring upon this new kind of currency? Remember that the greenback was a breakthrough when it was introduced so many years ago, because of its special features that paved the way for exchanging goods more conveniently . Are we going to see currency that can be stored or implanted inside the human body? As they say, necessity is the mother of all inventions, so depending on what technology available at a certain, the development of currency or money would follow suit.

What do you mean by greenback here?

If you refer to the US dollar (which is what people typically mean by the greenback), then what period of the US history do you mean? In a narrow sense, greenbacks were the US dollars issued during the American Civil War by the Unionists (the money of the Confederates was called graybacks, for the color, obviously). But these were nothing out of the ordinary, they were not backed up by gold. So what special features are you talking about?

[Sled]

japan is really working on making bitcoins a valid currency . Things are pretty much going good for bitcoins. if they succeed , there is a possibility that this currency will rule and surely will replace currencies like dollar. People will convert there savings to bitcoins and will believe that this is where they will get benefit and can earn a lot without doing any struggle. We really hope to see the bright future of bitcoins and we will feel proud to be part of the moment when the future was being made.

Actually, I thik that i have heard the news about this one and yeah as far as i know bitcoins legality is now approved and being impose in most of part of Japan. I also think that it would grow really big this year and for the coming years as well

Yes bitcoin will be very big this year because of the adoption of Japan and now it will be a good year for us because other countries are starting to notice bitcoin and other countries are doing what does the Japan did to bitcoin and this coming years will be the continuation for bitcoin to become bigger and more and more adoption and also the best is high price.

Not only by Japan but soon for other countries. Bitcoin has a huge potential to be used as majore currency as technology sre being modernized currently and for the future.

Yes, Australia and India already adopted bitcoin and soon more and more countries will adopt bitcoin as their currency and that will be the best events for this year because it will become a very big news and achievement for this year that will continue in the next few years and it will make the price of bitcoin very high and we are just keep cashing out .

[EdenHazard]

japan is really working on making bitcoins a valid currency . Things are pretty much going good for bitcoins. if they succeed , there is a possibility that this currency will rule and surely will replace currencies like dollar. People will convert there savings to bitcoins and will believe that this is where they will get benefit and can earn a lot without doing any struggle. We really hope to see the bright future of bitcoins and we will feel proud to be part of the moment when the future was being made.

Actually, I thik that i have heard the news about this one and yeah as far as i know bitcoins legality is now approved and being impose in most of part of Japan. I also think that it would grow really big this year and for the coming years as well

Yes bitcoin will be very big this year because of the adoption of Japan and now it will be a good year for us because other countries are starting to notice bitcoin and other countries are doing what does the Japan did to bitcoin and this coming years will be the continuation for bitcoin to become bigger and more and more adoption and also the best is high price.

Not only by Japan but soon for other countries. Bitcoin has a huge potential to be used as majore currency as technology sre being modernized currently and for the future.

japan always be the first country who make a breakthrough especially in technology. i won't surprised if then japanese will have the first country where its citizen mostly has been adopting and spend bitcoin in a lot of offline store , be ready for it!

bitcoin are of course has everything to recognized as the next generation of money.

[syaripudin]

Bitcoin is a technology that moves in the field of finance with crypto system as a transaction tool. and I'm sure bitcoin will be like the money that will be in great demand by generations to come. why I say so because in this digital era many people who do buying and selling activities with the online system. and certainly will be many people who are looking for an easy alternative to the transaction. and bitcoin is an answer to all those problems. in the country of Japan itself I know bitcoin has become a currency that is widely used as a means of payment of course with the skannya by bitcoin government will be like the money in general in the generations to come.

[valisa]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

[batang_bitcoin]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

Everyone is saying that including me, I'm a concept that bitcoin can be our future money. Just like PayPal and other payment methods, bitcoin can be a choice of it. And it will only depend to the businessmen, sellers if they will allow their consumers / customers to pay them with bitcoin. But I'm seeing it to have a big potential.

[deisik]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

I basically agree with that

Though this is not an entirely new concept since gold (as well as silver, for that matter) had been playing the same role of a universally recognized means of payment in the past. The US dollar seems to have taken the place of gold today (at least, to some degree), but it has a very strong limitation. With dollars you depend on the whimsy of Uncle Sam since all dollar transfers (I refer to cashless transactions obviously) are processed by the US banks. And if they don't like something about your money transfer or they just don't like something about you personally, they can easily freeze all your dollars that you have in your bank account

[Finestream]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

Everyone is saying that including me, I'm a concept that bitcoin can be our future money. Just like PayPal and other payment methods, bitcoin can be a choice of it. And it will only depend to the businessmen, sellers if they will allow their consumers / customers to pay them with bitcoin. But I'm seeing it to have a big potential.

The future is bright and we believe in that, bitcoin will be the best payment system in the future and could possibly surpass paypal in terms of popularity. Banks are the leader in the financial sector but they are seeing the blockchain as a revolutionary system and they will be adopting with it, bitcoin is decentralized and we can get the best security if we are using it, this might not be good for all people but at least those who want to get the benefit can use it.

[batang_bitcoin]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

Everyone is saying that including me, I'm a concept that bitcoin can be our future money. Just like PayPal and other payment methods, bitcoin can be a choice of it. And it will only depend to the businessmen, sellers if they will allow their consumers / customers to pay them with bitcoin. But I'm seeing it to have a big potential.

The future is bright and we believe in that, bitcoin will be the best payment system in the future and could possibly surpass paypal in terms of popularity. Banks are the leader in the financial sector but they are seeing the blockchain as a revolutionary system and they will be adopting with it, bitcoin is decentralized and we can get the best security if we are using it, this might not be good for all people but at least those who want to get the benefit can use it.

It is now trying to surpass PayPal in terms of payment and I don't know if it's a fact that PP tries to adopt bitcoin. Since most of their customers including me are shifting to bitcoin which has better processing of payments and considerably cheaper than their usual fees. No doubt PP's got high security but everyone wants to try decentralized crypto currency and payment method with bitcoin.

[YTBitcoin]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

Everyone is saying that including me, I'm a concept that bitcoin can be our future money. Just like PayPal and other payment methods, bitcoin can be a choice of it. And it will only depend to the businessmen, sellers if they will allow their consumers / customers to pay them with bitcoin. But I'm seeing it to have a big potential.

The future is bright and we believe in that, bitcoin will be the best payment system in the future and could possibly surpass paypal in terms of popularity. Banks are the leader in the financial sector but they are seeing the blockchain as a revolutionary system and they will be adopting with it, bitcoin is decentralized and we can get the best security if we are using it, this might not be good for all people but at least those who want to get the benefit can use it.

I must say this will be the future. Not as it has high rates only and people are making dealing within. It’s a factor that matters but the main feature or attribute bitcoins have is the adoptability. People are more convinced to use it, popular it becomes in future and that is the point we all are discussing here.

[wolf89874]

Old money like golds or paper money is really bad for now. Hard to carry , easy to steal , too big. But with digital money like Bitcoin or Etherum with their advances, easy to hold , easy to use in payment, limited nothing can fake. So next generation money is digital money!

[deisik]

Old money like golds or paper money is really bad for now. Hard to carry , easy to steal , too big. But with digital money like Bitcoin or Etherum with their advances, easy to hold , easy to use in payment, limited nothing can fake. So next generation money is digital money!

It's time to wake up, Mr. Freeman

Do you have any difficulties carrying a payment card in your pocket or wallet? Or is it too big? It can be easily stolen (or just lost), of course, but not the money which you can use via this card (if you take a few simple precautions, naturally). Once your bitcoins get stolen, you can safely kiss them goodbye, but this is very often not the case with the money stolen from your bank account. Now let's proceed to the ease of payment. I guess you should try paying with plastic at cashier's to really see the difference (instead of waiting hours till your Bitcoin transaction gets finally confirmed)

[lixer]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

You are probably right. We can expect cryptocurrency to be as next generation money. And it is very much possible that we may be able to see Bitcoin as future money. The reason which I think behind it is nothing else but the way it is gaining the attention of the ones sitting in the market along with increase in its market process.

[JTASSOCIATES]

my point of view is Next generation will be Bitcoin only. So far so good why we should think about new form of money. Its better that we can customize Bitcoin as next generation money.

[HalfDeck]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

You are probably right. We can expect cryptocurrency to be as next generation money. And it is very much possible that we may be able to see Bitcoin as future money. The reason which I think behind it is nothing else but the way it is gaining the attention of the ones sitting in the market along with increase in its market process.

But do you think the government will accept Bitcoin in future? The nature of cryptocurrency will make them cannot track money of people in their country. And they also cannot tax fees Bitcoin user too.

[Eternu]

I share your opinion. I too do not think that bitcoin is future money or that it will replace gold, which has been in human lives for so long. And i think that gold will stay long time after our pass. But also i think that bitcoin showed people that there could be another view of money. New way of thinking, and that is always good. Bitcoin opened new doors for people and market i think. Maybe future money will be similar to bitcoin or nothing like it at all, i mean who can tell.

[poldanmig]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

this could happen. because bitcoin also has a lot to use, possibly in the coming year can be considered money.
because something happens that we can not guess easily and simply.

[youdacapt]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

this could happen. because bitcoin also has a lot to use, possibly in the coming year can be considered money.
because something happens that we can not guess easily and simply.

it will not apply if the government begins to adopt their own coins and obliges all digital currency exchange through the official coins. But it is true that bitcoin is a stronger e-money pioneer that inspires governments to do similar developments. In the end the government will think about efficiency and forget the physical fiat.

[reflector]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

this could happen. because bitcoin also has a lot to use, possibly in the coming year can be considered money.
because something happens that we can not guess easily and simply.

it will not apply if the government begins to adopt their own coins and obliges all digital currency exchange through the official coins. But it is true that bitcoin is a stronger e-money pioneer that inspires governments to do similar developments. In the end the government will think about efficiency and forget the physical fiat.

Every government knows that the potential of bitcoin but they give ignorances to bitcoin due to their anonymous nature. Because of it Nome can trace who send the amount and can't trace the transaction made person. They forget the fiats in 2050 now generation not that adopted to digital evolution since there are many third world countries.

[deisik]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

this could happen. because bitcoin also has a lot to use, possibly in the coming year can be considered money.
because something happens that we can not guess easily and simply.

it will not apply if the government begins to adopt their own coins and obliges all digital currency exchange through the official coins. But it is true that bitcoin is a stronger e-money pioneer that inspires governments to do similar developments. In the end the government will think about efficiency and forget the physical fiat

People would stay away from these

Overall, the effect that a certain government could potentially have on crypto would largely depend on the influence that government has in the world. Really, the Venezuelan government has little to no influence throughout the world, so who cares what they think about Bitcoin as well as other cryptocurrencies? Even people in Venezuela itself ain't gonna give a fuck about what the government does in respect to cryptocurrencies since they know for certain that their government can't do a shit about crypto altogether, whatever their intents might be and whether they are going to issue their own "Bitcoin" for real

[darthmaul]

Bitcoin is the new form money through internet where this can help us out to earn money with less work and hassle free by doing small job we can earn bitcoin/satoshi from internet. Very easy to do transaction what ever your location is this could be a new generation and new generation of money that will came up in the future of this world.

I don't see anything new except the fact that potentially there is a possibility of confidential use in calculations between people. But as soon as carried out conversion operations, and this advantage is lost.

No. It doesn't work like that as you are depicting here because bitcoin is far greater than anything you can see in the market of crypto world or may be into forex stock exchange etc. The work of blockchain is really woven very carefully and it can bit the swift technology which is traditional banking systems protocol. Where that can be easily crackable there is another stuff on going within the blockchain, and it is self deploying and works from peer to peer. The traditional one doesn't work like that where it goes through number of chains and protocols etc. Anyway the technical discussion could be stretched a lot so there is no point in discussing it further. Just telling that bitcoin is different.

[setupbounds]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

this could happen. because bitcoin also has a lot to use, possibly in the coming year can be considered money.
because something happens that we can not guess easily and simply.

Bitcoin was first introduced as digital currency and to use it online but afterward it becomes an investment in which people can make a lot of profit and it is basically a currency and can be use instead of the flat money and as seeing the popularity of bitcoin it will be declared as global currency in near future and that time will be golden time for the investors.

[King Sastro]

Next generation money is cryptocurrency, look at the current market share of more than 170 billion, and next year will reach 500 billion, I believe this is the future of world finance...

[susuberuang]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

yes of course bitcoin is the next generation of money in the future, because bitcoin is the digital currency and the future will create all-digital technology and bitcoin is ready for the digital currency of the future.

[Maricel2017]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

this could happen. because bitcoin also has a lot to use, possibly in the coming year can be considered money.
because something happens that we can not guess easily and simply.
[/quote
Possibly it would happen that bitcoin may be the next generation money in the world. Like this time it becomes popular many advantages if we use this digital currency the risk may be gone .

[wantjokull]

japan is really working on making bitcoins a valid currency . Things are pretty much going good for bitcoins. if they succeed , there is a possibility that this currency will rule and surely will replace currencies like dollar. People will convert there savings to bitcoins and will believe that this is where they will get benefit and can earn a lot without doing any struggle. We really hope to see the bright future of bitcoins and we will feel proud to be part of the moment when the future was being made.

Actually, I thik that i have heard the news about this one and yeah as far as i know bitcoins legality is now approved and being impose in most of part of Japan. I also think that it would grow really big this year and for the coming years as well

Though a nation is thinking about making revolutionary currency then also it could take lot more efforts to implement the idea of it. Japan have the capability of putting that change for their people but they have to go through severe upgrades in the future, the taxing of bitcoin, legalisation within borders, new finance system for it and much more. They have no tax currently on the bitcoin but they will have to impose one after making it true currency within their nation because people could just double that money and it could create load on government economic system.

[Fulmand]

japan is really working on making bitcoins a valid currency . Things are pretty much going good for bitcoins. if they succeed , there is a possibility that this currency will rule and surely will replace currencies like dollar. People will convert there savings to bitcoins and will believe that this is where they will get benefit and can earn a lot without doing any struggle. We really hope to see the bright future of bitcoins and we will feel proud to be part of the moment when the future was being made.

Actually, I thik that i have heard the news about this one and yeah as far as i know bitcoins legality is now approved and being impose in most of part of Japan. I also think that it would grow really big this year and for the coming years as well

Though a nation is thinking about making revolutionary currency then also it could take lot more efforts to implement the idea of it. Japan have the capability of putting that change for their people but they have to go through severe upgrades in the future, the taxing of bitcoin, legalisation within borders, new finance system for it and much more. They have no tax currently on the bitcoin but they will have to impose one after making it true currency within their nation because people could just double that money and it could create load on government economic system.

Well i am sure that the next generation of money are now being implemented which is bitcoin today, i have strong feelings and faith of this thongs. Maybe other felt with the same feeling of what same way  like i do. Keep their bitcoin and then holds.

[ningrum]

I think bitcoin can be said as future money because if money is only limited to a country, while bitcoin is more univesal and can be used in all countries in the world

this could happen. because bitcoin also has a lot to use, possibly in the coming year can be considered money.
because something happens that we can not guess easily and simply.

Bitcoin was first introduced as digital currency and to use it online but afterward it becomes an investment in which people can make a lot of profit and it is basically a currency and can be use instead of the flat money and as seeing the popularity of bitcoin it will be declared as global currency in near future and that time will be golden time for the investors.

bitcoin I think is beneficial for us, because bitcoin we can use for investment, trading. especially now that bitcoin has been applied in some countries, and benefit the country.

[giga_999]

 BTC , other newborn coins can also contribute. Only thing is to increase awareness within the society with regard the coins. For example, CH has started giving rewards in its tokens on its platform by creating ist eco-system. product+custmer, direct dialog. You as a platform user give feedbacks to a project regarding their products and get rewarded with a token. you can check the tasks here

[Naoko]

Cryptocurrency as a technology is emerging as a new form of money and has potential to compete with fiat currencies all over the world but it won’t be threat to the existence of fiat currencies. Gold, oil or other commodities are different than cryptocurrencies although those are one of the popular investment destinations I don’t see them as equal to cryptocurrencies. Trading in exchange of gold or other commodities is like trading with barter system but bitcoin is other than that as it has significant similarities with the concept of money

[Izarok]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Surely it is the next generation of money. Faster transaction and safer storages. Bitcoin being decentralize attracts user and its pricing is one of its key feature. One day we might see establishments offering service via bitcoin on a massive scale.

[Shutup]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

I think so on my own the next generation money would be digital coin or a chips that could easily transact all things to do in electronics transaction and to control also and monitor the moves of every human being in this earth.That if we have one money to operate to all the world for the convenience tall mankind.

[The Alchemlst]

not in the absolute sense, but i think it revoluzionaze the way you handle money, because it is based on trustless mechanism, and don't rely on a centralized authority, also gold is not centralized when used, and never was, bitcoin instead is always decentralized when used

I agree, what makes up bitcoin describes it as a new look to the way we see currencies. Bitcoins has a system that is incomparable to regular currencies and gives more freedom to its users. Bitcoin started the change as it leads the word of cryptocurrencies, I just hope it would still remain on top regarldless of alt coins out there.

[mirakal]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

I think so on my own the next generation money would be digital coin or a chips that could easily transact all things to do in electronics transaction and to control also and monitor the moves of every human being in this earth.That if we have one money to operate to all the world for the convenience tall mankind.

Bitcoin system can give convenience to us because you can easily use it, however we have a big problem with the miners fee as the price of bitcoin getting expensive its transaction fee also follows. I know this will be solve in the future but I hope it will happen soon because there are other cryptocurrency that are decentralized and offers cheap transaction fee, we do not want to be overtaken in terms of popularity because the demand will surely decrease.

[voltesbit777]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

Indeed, you are right. Bitcoin has a criteria to replace the current currency we had it now but we just don't know when will gonna happen. Though now it is very trending and popular all around the world. And more investors are coming unto it and users also more increasing.

[Sled]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

Indeed, you are right. Bitcoin has a criteria to replace the current currency we had it now but we just don't know when will gonna happen. Though now it is very trending and popular all around the world. And more investors are coming unto it and users also more increasing.

Bitcoin will never replace the current currency of ours in this world because bitcoin is not enough to replace it since it has a limited amount of supply and it is not created to be used by almost all the people since if we are going to compare the supply of 21 million to billions of population of the people then we can easily see that even in supply alone, we know that it is not enough to replace the current currency.

[AliMan]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Crypto is a currency and you can buy or purchase any items/products or service as fiat is being used. Bitcoin has been legal for many countries and it is approved and able to exchange to fiat. In connection to the next generation money, i'm guess that it will remains and many cryptocurrencies will arise. But bitcoin will still increase and still remains.

[AjithBtc]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

Indeed, you are right. Bitcoin has a criteria to replace the current currency we had it now but we just don't know when will gonna happen. Though now it is very trending and popular all around the world. And more investors are coming unto it and users also more increasing.

Compared to the fiat currency thats been used around the world, what we have is very small. So, at present there is no need of thinking about replacing of paper money with bitcoin or some other digital currencies. Already the ongoing generation has used to digital assets as well paper money. Maybe from the upcoming generations change might get as most things were getting digitalized.

[explosion]

I believe cryptocurrency is a new money generation which is natural  and dictated by new era of society development

[palle11]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

My thinking is that, was Gold like bitcoin? Or can they be quantified?

Gold is handled, touched , seen and felt. Again ,Gold is not used as money but a show of affluence.

Bitcoin is specifically made to be used as money and its technological is of blockchain, totally different from Gold.

[EdenHazard]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

Indeed, you are right. Bitcoin has a criteria to replace the current currency we had it now but we just don't know when will gonna happen. Though now it is very trending and popular all around the world. And more investors are coming unto it and users also more increasing.

there a lot of problem should be fixed and improved when we want bitcoin to become a real currency which used widely . i can predict it requires more than 50 years for anybody to adopt bitcoin in their daily lives , too much doubt for now on how people look at bitcoin.

they want someone to regulate bitcoin so they could feel safe which it is impossible .

[gilabusuk1]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

Indeed, you are right. Bitcoin has a criteria to replace the current currency we had it now but we just don't know when will gonna happen. Though now it is very trending and popular all around the world. And more investors are coming unto it and users also more increasing.

there a lot of problem should be fixed and improved when we want bitcoin to become a real currency which used widely . i can predict it requires more than 50 years for anybody to adopt bitcoin in their daily lives , too much doubt for now on how people look at bitcoin.

they want someone to regulate bitcoin so they could feel safe which it is impossible .

really pack a lot or need improvement to be something that will be international in a real way and it certainly is not easy because it must be able to grow a sense of security to its users widely

[Gladz29]

Money need to pay interest and represent value of economys,national currencys need to stay,but dervatives and debt have to be limited

Next money is big value to us. Because everything that we used in this world money is the one. But, if you used money just be wised to spend. Just think the future, and teach young people how to be wise.

[layoutph]

Crypto is the next form of money.  Soon fiat is in the form of digital currency. I heard russia and china is on the way from creating it.

[katmalo.ak47]

Nothing to consider as when you say est gld cin itwill be the only one, bitcoin.Absolutely nothing to prove because it speaks and show itself on the market and to the people how powerful it is. Bitcoin will master more within the the future of crypto forex and many things will be happen. boo

As we are watching around us that people are going smarter day to day , the like new idea to use and get relaxation from the new idea. 20 year before people were using paper money and then credit card is introduced and now people like credit card to not so much not paper money. Now when bitcoin is introduced the people like it due to its unique qualities and in the future people will like to use bitcoin not credit card etc.

[Rono]

Bitcoin Is  the Nxt Generation Money .All Those Decentralized Money Is NXt Generation Money.Bitcoin Money Is safe Money.No One  wants to carry Cash Money So that Cryptocurrency Is provide A lot Of Facilities For Us.

[Happy Miner]

I see only one global innovation, which brought cryptocurrencies - the opportunity to earn them (mining).
Otherwise, there are not many differences from conventional electronic payment systems.

[ilovefeetsmell]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Bitcoin will set as next generation money and all crypto community believe that it will be the next international currency that will beat US dollar. Many of us will convert bitcoin from their local currency because they want to get/earn money in form of bitcoin but technically it is definitely true that is why I am here, bitcoin enlighten my mind.

[lazaretraft]

It's fascinating to acquire these much information about BTC that's usually blocked from the public. Bitcoin could really be the next generation money, and it won't be long now.

[Bitcoinjheta]

It's fascinating to acquire these much information about BTC that's usually blocked from the public. Bitcoin could really be the next generation money, and it won't be long now.

Next generation of money would be digital money or else it remain to paper money. That’s what I think because the government of every country are undecided to bring the digital money into a national currency. The acceptance of national government is the key to were the digital money is working unlike to other country like Japan is having their support with  bitcoin being second national currency.

[cheann20]

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

Yeah bitcoin is the next genaration money, but but as of now Bitcoin can hardly be called a good money since its creation is as centralized as any of fiats. There a lot of problem should be fixed and improved when we want bitcoin to become a real currency,

[Snub]

there is a high probability that bitcoin will become the international currency and the currency of the future...therefore there is a sense to prepare fo this

[oegarod]

there is a high probability that bitcoin will become the international currency and the currency of the future...therefore there is a sense to prepare fo this

It hasn't reached such a popularity. But with the ongoing adoption rate, expect the same to happen making it more popular and gain importance similar to the traditional currency that we use around the globe. Already bitcoin is termed to be international currency with the conversion availability. So, surely next generation will go completely on digital currency.

[ivrynx]

Bitcoin is the future of money, in the coming years, i see that the next generation will be using digital currency and bitcoin will be dominant, since today's governing bodies are all in the baby boomer generation, their ideology is still in the old times, however the generations next to the baby boomers are more inclined to the technology of bitcoin and accepts bitcoin more.

[Chyton]

I think Bitcoin doesn't fit the term money, it fits the term asset.
Bitcoin technology (blockchain) is a revolutionary technology that will disrupt any other technology. We will wait and see blockchain technology being used by big company in a couple of years. Meanwhile, people will recognize Bitcoin every time blockchain is mentioned in this case I'm sure Bitcoin will appreciate even more.

[Sled]

I think Bitcoin doesn't fit the term money, it fits the term asset.
Bitcoin technology (blockchain) is a revolutionary technology that will disrupt any other technology. We will wait and see blockchain technology being used by big company in a couple of years. Meanwhile, people will recognize Bitcoin every time blockchain is mentioned in this case I'm sure Bitcoin will appreciate even more.

I agree to that. The bitcoin is more on an investment that can give passive income rather than being a money that you can use for daily basis transactions. Bitcoin is just giving an idea to the people to use a digital currencies but it will not become the next generation's money because the idea of digital currency will just become the key for the government to provide a more advanced kind of money that will fits everyone needs.

[Astermony]

I think Bitcoin doesn't fit the term money, it fits the term asset.
Bitcoin technology (blockchain) is a revolutionary technology that will disrupt any other technology. We will wait and see blockchain technology being used by big company in a couple of years. Meanwhile, people will recognize Bitcoin every time blockchain is mentioned in this case I'm sure Bitcoin will appreciate even more.

Yes its not fit for the term money, Its fit for investment but I guess its also a money wherein we can buy something but the difference of this to a real money is, it is from the internet, the money of bitcoin is came from the internet were we can use it if our financial income is not enough. Bitcoin is a good help for us, and everybody appreciated this because also them experience how good is bitcoin on helping other people. Yes it will disrupt any other technologies but Bitcoin has its own purpose in doing this. Bitcoin is for the new generation because right now technology is really popular and bitcoin right now is continue on increasing thats why I say it is really helpful.

[ajochems]

I think Bitcoin doesn't fit the term money, it fits the term asset.
Bitcoin technology (blockchain) is a revolutionary technology that will disrupt any other technology. We will wait and see blockchain technology being used by big company in a couple of years. Meanwhile, people will recognize Bitcoin every time blockchain is mentioned in this case I'm sure Bitcoin will appreciate even more.

Bitcoin is not only  the asset and it's a money.You can convert your bitcoin into any of FIAT.It may be dollar, Euro or anything else. Asset only give you certain percentage of profit. But bitcoin gives you double or triple of money you inversed.Not any assets give you this much profit.

[deisik]

I think Bitcoin doesn't fit the term money, it fits the term asset.
Bitcoin technology (blockchain) is a revolutionary technology that will disrupt any other technology. We will wait and see blockchain technology being used by big company in a couple of years. Meanwhile, people will recognize Bitcoin every time blockchain is mentioned in this case I'm sure Bitcoin will appreciate even more.

Why does Bitcoin not fit the term money?

Could you expand more on that? Even so, what is your understanding of the concept of money then? As I always say in such cases, money is what money does, and if Bitcoin is used as money (i.e. a means of payment), it is money, as simple as it gets. You certainly know that thing about the proverbial duck. Anyway, money, i.e. a specific currency, say, the US dollar, can be used as an asset too. Basically, an asset, in a financial sense, is anything that you can earn money with. So yes, you can earn money using money, for example, by trading one currency for another. Blockchain, and the blockchain technology in particular, is a different beast, though, not relevant to the matter discussed here unless it is used as a transaction vehicle for a cryptocurrency, of course

[kaababoller]

Yes, I believe it definitely did. Prior to its presence, many people only rely on fiat money. These days, most are curious and interested to take the bitcoin industry by storm. It's really a revolutionized currency.

[reda]

Yes, I believe it definitely did. Prior to its presence, many people only rely on fiat money. These days, most are curious and interested to take the bitcoin industry by storm. It's really a revolutionized currency.

Yeah is next generation digital currency. So it will use for all process. But it will not affect other currency. You will change the bitcoin any time and easy to save. You can change the bitcoin any country currency. So it helpful for the future generation. It will give more opportunity for the future investment and improve business process. It any where to use. You will learn more information from bitcoin. 

[gatti]

Yes, I believe it definitely did. Prior to its presence, many people only rely on fiat money. These days, most are curious and interested to take the bitcoin industry by storm. It's really a revolutionized currency.

Yeah is next generation digital currency. So it will use for all process. But it will not affect other currency. You will change the bitcoin any time and easy to save. You can change the bitcoin any country currency. So it helpful for the future generation. It will give more opportunity for the future investment and improve business process. It any where to use. You will learn more information from bitcoin. 

Yes.Many had accept this point now.Bitcoin crossed the value of 16600$,what a change in price.This make the bitcoin even stronger to become a world currency.Bitcoin will be the Next generation currency.

[Ejanend]

Yes, I believe it definitely did. Prior to its presence, many people only rely on fiat money. These days, most are curious and interested to take the bitcoin industry by storm. It's really a revolutionized currency.

Everything being new for the first time and if all the people will use the fiat money and they will not even try the new and the revolutionized things then how the new inventions will come into being?? How bitcoin will grow and how it will be famous. Not all the time but some time if they will use the bitcoin instead of fiat money they will be able to earn high profit and will save money as well it is easier to use than the fiat.

[dificanovi]

I think bitcoin or crypto currency will be the currency in the future, because crypto currency has a lot to many people. the benefits we get from crypto currency is that we can invest, trade, and crypto money has a price that often rises because more and more people are using it.

[ratnaantiqu3]

Maybe for now people prefer to use the legal currency, because it's real and controlled value.
and for crypto currency I think the period can not yet, because its currency is out of control, and risky.
But if this crypto currency exists the regulatory system that controls this can be a legitimate money for the future and acceptable to all levels of society.