The World Needs a New Kind of Currency

[timadok911]

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

[savushkinTA]

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

Coinage Act of 1792:

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

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

[usam_coiner]

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

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

[udivkx]

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

[eaLiTy]

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

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

[BitChief]

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

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

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

[preshpr1nce]

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

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

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

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

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

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

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

Always question ones agenda.

[freshm4ker]

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

[AlexAtom]

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

[preceptus11]

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

[jeanpadel14]

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

[maxim196897]

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

[LovellaSai]

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

[WaveMellow]

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

[Aztek]

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

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

[ronaldsam]

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

[olivinetowhee]

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

[GeorgiyBilyk]

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

[justBorn]

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

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

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

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

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

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

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

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