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Question: Did Bitcoin revolutionize the concept of money?
Yes, it is an entirely new form of money - 82 (78.1%)
No, there's nothing new conceptually - 23 (21.9%)
Total Voters: 105

Pages: « 1 2 3 4 5 6 7 8 9 10 [11] 12 13 14 15 16 17 18 19 20 21 22 »  All
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Author Topic: Next generation money  (Read 15993 times)
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December 21, 2016, 06:54:54 AM
 #201

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.

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December 21, 2016, 07:43:38 AM
 #202

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)

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December 21, 2016, 10:03:31 AM
 #203

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.

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December 21, 2016, 10:11:15 AM
 #204

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

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December 21, 2016, 10:56:55 AM
 #205

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.
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December 21, 2016, 12:19:18 PM
 #206

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.

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December 21, 2016, 12:35:31 PM
 #207

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.
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December 21, 2016, 12:40:34 PM
 #208

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.
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December 21, 2016, 01:05:46 PM
 #209

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.
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December 21, 2016, 01:25:34 PM
 #210

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.
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December 21, 2016, 01:38:07 PM
 #211

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.
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December 21, 2016, 01:44:06 PM
Last edit: December 22, 2016, 10:14:22 AM by deisik
 #212

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...

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December 22, 2016, 06:08:44 PM
 #213

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.
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December 22, 2016, 08:35:36 PM
 #214

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.

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December 22, 2016, 08:47:17 PM
 #215

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.
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December 22, 2016, 10:24:29 PM
 #216

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.

                                                                               
                 
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December 22, 2016, 11:31:44 PM
 #217

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.

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December 23, 2016, 08:48:14 AM
 #218

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.


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December 23, 2016, 10:08:09 AM
 #219

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?

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December 23, 2016, 04:42:28 PM
 #220

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.


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