Next generation 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!

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[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