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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

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Author Topic: Next generation money  (Read 15995 times)
Lancusters
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March 22, 2017, 09:42:34 PM
 #301

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.
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March 23, 2017, 02:42:20 AM
 #302

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.


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March 23, 2017, 04:40:48 AM
 #303

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
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March 23, 2017, 04:53:48 AM
 #304

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.

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March 23, 2017, 06:11:19 AM
 #305

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)
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March 23, 2017, 06:26:50 AM
 #306

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

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March 23, 2017, 07:14:30 AM
 #307

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.




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March 23, 2017, 07:17:13 AM
 #308

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.
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March 23, 2017, 07:50:32 AM
 #309

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.

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March 23, 2017, 10:52:19 AM
 #310

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.

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March 23, 2017, 11:16:53 AM
 #311

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

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March 23, 2017, 11:51:46 AM
 #312

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
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March 23, 2017, 12:28:01 PM
 #313

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.
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March 23, 2017, 01:14:56 PM
 #314

Bitcoin is one of the evolution of our money.
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March 23, 2017, 01:22:10 PM
 #315

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.

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March 23, 2017, 05:24:58 PM
 #316

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.

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March 23, 2017, 05:31:26 PM
 #317

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
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March 24, 2017, 01:14:03 AM
 #318

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.

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March 24, 2017, 04:45:40 AM
 #319

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.
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March 24, 2017, 05:13:06 AM
 #320

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)
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