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Author Topic: Will bitcoin be the ideal currency of the future?  (Read 1453 times)
BlackHatCoiner
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April 22, 2020, 05:46:56 PM
 #1

When I say ideal I mean:

  • People cannot born them from blown air and some day they will not be able to earn from coinbase's rewards.
  • Over time, it will still have value.
  • It cannot be spoiled by human.
  • It is decentralized, no one controls it.
  • You can send/receive the currency really quickly.

These are some basics requirements for the ideal currency. But I have a question. There are public and private keys out there. You can take anyone's public key and send him/her bitcoins. In the future, like 2100, you understand that technology is advancing. Those years I believe that brute forcing a private key will not be something impossible. Do you think that bitcoin will be spoiled by human in the future?

Should bitcoin use SHA512? Or something even stronger?

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April 22, 2020, 06:18:17 PM
 #2

Well, I mean.. Bitcoin transfers aren't as fast as PayPal, for example. Credit card payments are instant and require no blocks to be mined to be confirmed. It's not the ideal currency and it will never be.

The ideal currency is one that solves all issues that Bitcoin has too. Don't think it's perfect in any way. For one, transparency might actually be a problem (hence the existance of privacy coins like Monero). Bitcoin is a great cryptocurrency, but I don't think it'll ever touch the idea of it being used as a national one.

Since we already have banks working on their own emissions, it became pretty normal to me as a thought that Bitcoin will not be the "chosen one". Banks will most likely still exist. Third parties will never leave because.. hell, why not make a handful of people more powerful than a country (literally), right?

Maybe there'll be a global currency. Maybe only one bank. Maybe only few people will govern the world. Maybe everyone will rebel against the existing banks and finally wake up to the reality. The fact is, the last supposition is the least possible scenario while the rest are becoming more real than ever, especially as we speak.

It's all uncertain right now. Just a "maybe".





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April 22, 2020, 07:31:45 PM
 #3

When I say ideal I mean:

  • People cannot born them from blown air and some day they will not be able to earn from coinbase's rewards.
  • Over time, it will still have value.
  • It cannot be spoiled by human.
  • It is decentralized, no one controls it.
  • You can send/receive the currency really quickly.


And how do you conclude that the above mentioned parameters will denote an ideal currency?

What about speed? What about stable value? What about fair distribution?

An ideal currency doesn't exist in real world and bitcoin is not even close to an ideal currency!

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April 22, 2020, 07:35:13 PM
 #4

When I say ideal I mean:

  • People cannot born them from blown air and some day they will not be able to earn from coinbase's rewards.
  • Over time, it will still have value.
  • It cannot be spoiled by human.
  • It is decentralized, no one controls it.
  • You can send/receive the currency really quickly.


And how do you conclude that the above mentioned parameters will denote an ideal currency?

What about speed? What about stable value? What about fair distribution?

An ideal currency doesn't exist in real world and bitcoin is not even close to an ideal currency!

Well, I didn't thought of these. But about stable value, we determine it. We just have used to compare bitcoin with dollar. Imagine if there wasn't any euros or dollars. Just bitcoins. I think it would mean stable.

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April 22, 2020, 11:59:30 PM
 #5

I believe that there are many criteria to consider a currency an ideal currency. Every people have their own criteria for it. Well, there are different pros and cons of each currency and way of transaction available in this world. Only a person can say if such currency is ideal for him/her or can say that "this currency is better than this". But in general, I don't see any ideal currency for now.

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April 23, 2020, 02:50:34 AM
 #6

Far from being an ideal one. For sure, it is much better than fiat, but not really ideal. I cannot say whether an ideal currency will arrive anytime in the future, or perhaps an ideal currency depends on a particular era or even among people, but I know that an ideal currency should be completely smooth and without any inconvenient glitch. Bitcoin is quite far from that. For example, ideally, I prefer my transactions to be instant. I also don't want to pay a fee for spending my money. I also don't want people to know how much money I have in my wallet.





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April 23, 2020, 06:54:06 AM
 #7

You can take anyone's public key and send him/her bitcoins. In the future, like 2100, you understand that technology is advancing. Those years I believe that brute forcing a private key will not be something impossible. Do you think that bitcoin will be spoiled by human in the future?
Bitcoin has been created more than 10 years ago, have you found anyone had brute forced private keys? I am not sure if it's possible even with quantum computer system. But I believe if it happened then there will be something to prevent it. I don't believe it would be spoiled by humans since. Don't feel that bitcoin or crypto industry will be spoiled very easily since there is big community for it.

Regarding your concern about ideal currency is quite complicated since there is no bitcoin existence on real life and worldwide governments don't want to support it due to many reasons. Most probably we would see more advance and ideal currency in future which would exist even on real life, but who know about future.





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April 23, 2020, 01:10:59 PM
 #8

In a way, Bitcoins has many advantages than the regular one. However, considering it as the ideal one still, it is far for being the best and can be the global currency. When we say ideal we need to consider first how it became ahead than the others. It should also address the issues of what others are experiencing.

But I know it takes time to become one if ever that will happen. Since we know that the government wants to manipulate all forms of currency under the state. As of now, let us accept the fact that Bitcoin belongs to valuable assets, just like precious metals.





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April 23, 2020, 02:50:01 PM
 #9

First of all, it is not profitable for states to replace national currencies with Bitcoin! And they won't let that happen!

I would call Bitcoin an ideal alternative currency, which belongs only to you and no one can forbid you to use it! Wink

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April 23, 2020, 10:12:52 PM
 #10

I would call Bitcoin an ideal alternative currency, which belongs only to you and no one can forbid you to use it! Wink
Yeah, it should be better to use as an alternative currency even if it also isn't so easy to happen. We know that not all countries allow it to use as a payment tool. In this situation, you cannot use the Bitcoin as an alternative currency. Regarding it is ideal or not as an alternative currency, the answer may be subjective and depend on how you view it.

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April 23, 2020, 11:06:25 PM
 #11

I think this is not how bitcoin could be an 'ideal currency', but it seems the discussion is turning out to be how secure or resistant a private key against quantum computers attacks. For that discussions, I may prefer the OP to the following thread:

I don't believe Quantum Computing will ever threaten Bitcoin

Would Quantum Computer Kill Bitcoin

In 10 years from now a quantum computer

Quantum Computing and Bitcoin

@OP, we really admire you enthusiasm by opening threads and asking question. However, if you will used Google to search first before opening a thread, it will safe you a lot of time.

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April 23, 2020, 11:14:17 PM
 #12

Bitcoin was amazing and those features are really important to us but I don't think it's the perfect currency for the future. And some governments are against putting this currency into action within their own country. The attacks on it are also rising as our technology progresses. Those data and so on would easily be swiped and gone if an internet crash occurred. If bitcoin aim to become part of the mainstream financial system which is the ideal currency in the future may need to follow widely divergent requirements. If there are many people who have supported the use of bitcoin, the government should introduce seminars that discuss security to prevent phishing and hacking because they are going to be an easy hacker target.

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April 23, 2020, 11:23:54 PM
 #13

i see so the main concern here is the possiblity of hacking a btc wallet   .  so the question if will btc improve its security yes if thats the only way to prevent the hacks  . i dont know if what are the draw backs of doing it but  i think imrpoving the security is someting that people are going to agree with   . other than that ,  the longer people expose on btc the more they will become interested on it  but i dont think that btc will be the ideal currency of the future because i believe other currencies and payment methods that we have now can still remain also   .

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April 23, 2020, 11:28:22 PM
 #14

When I say ideal I mean:

  • People cannot born them from blown air and some day they will not be able to earn from coinbase's rewards.
  • Over time, it will still have value.
  • It cannot be spoiled by human.
  • It is decentralized, no one controls it.
  • You can send/receive the currency really quickly.

These are some basics requirements for the ideal currency. But I have a question. There are public and private keys out there. You can take anyone's public key and send him/her bitcoins. In the future, like 2100, you understand that technology is advancing. Those years I believe that brute forcing a private key will not be something impossible. Do you think that bitcoin will be spoiled by human in the future?

Should bitcoin use SHA512? Or something even stronger?

With the current state of bitcoin and the general cryptocurrency market, i can strongly say bitcoin is far from an ideal currency as it's still lacks some basic features of an ideal currency. Like you said,  before a currency is being termed an ideal one, it must possess lotsof basic features such as high speed transaction, high security and non volatile and to be honest, bitcoin and every cryptocurrency out there lacks these features and i guess in the next few years will be about finding solutions to such problems
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April 23, 2020, 11:35:23 PM
 #15

i see so the main concern here is the possiblity of hacking a btc wallet   .  so the question if will btc improve its security yes if thats the only way to prevent the hacks  . i dont know if what are the draw backs of doing it but  i think imrpoving the security is someting that people are going to agree with   . other than that ,  the longer people expose on btc the more they will become interested on it  but i dont think that btc will be the ideal currency of the future because i believe other currencies and payment methods that we have now can still remain also   .
Hacking is not the only limitation in having digital as the world's main currency, so it's certainly going to be hard to introduce Bitcoin as the mainstream currency. Additionally, hacking is only possible for publicly accessible user keys that's why some are creating phishing sites to fool around some newbie in the digital world. It's quite difficult to hack in the blockchain since the data is decentralized and encrypted by the whole network and because you need a device that can decrypt all those nodes in the network that we still don't have.

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April 24, 2020, 02:43:46 AM
 #16

I do not think it is still ideal in the future. While there is a vreat features of bitcoin as a currency but there are a lot of glitches too. Bitcoin has limited supply and if we are talking about futures then the supply will be lessen thus making it more in demand which the price will be higher than today. And come to think of it, transactions will be going slower if more people will gonna use bitcoin as currency.
 
 However, we can always consider bitcoin as alternate currency which serves as alternative monetary system. Wr can't remove the fiat currency we are using even in the future. That's the reality.

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Little Mouse
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April 24, 2020, 02:54:35 AM
 #17

Bitcoin has limited supply and if we are talking about futures then the supply will be lessen thus making it more in demand which the price will be higher than today. And come to think of it, transactions will be going slower if more people will gonna use bitcoin as currency.
If bitcoin becomes the ideal currency, price of bitcoin will not be there. It will be like price of a smart phone is 0.0005 BTC or like that. Regarding the transcation delay, I think it will also not be an issue because Lightning Network is there and there will be many more off chain transaction service like coinbase.
Anyway, it is too far to think bitcoin as an ideal currency of future. I also think that it is not possible due to the fact that govt will be there and they will not use such a currency which they can not control.


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April 24, 2020, 04:15:00 AM
 #18

Should bitcoin use SHA512? Or something even stronger?

SHA512 is not stronger than SHA256, it is just producing a bigger result otherwise as far as speed of computing it goes it is on par with SHA256. not to mention that hash functions (in the near future) will only be considered weak if there is any flaw in their algorithm like SHA1 and not exactly for their size. and since SHA512 and SHA256 are the same exact algorithm, you can't switch to SHA512 to increase security.

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April 24, 2020, 05:21:13 AM
 #19

When I say ideal I mean:

  • People cannot born them from blown air and some day they will not be able to earn from coinbase's rewards.
  • Over time, it will still have value.
  • It cannot be spoiled by human.
  • It is decentralized, no one controls it.
  • You can send/receive the currency really quickly.

These are some basics requirements for the ideal currency. But I have a question. There are public and private keys out there. You can take anyone's public key and send him/her bitcoins. In the future, like 2100, you understand that technology is advancing. Those years I believe that brute forcing a private key will not be something impossible. Do you think that bitcoin will be spoiled by human in the future?

Should bitcoin use SHA512? Or something even stronger?

1.AFAIK Coinbase rewards are mostly altcoins(if you are talking about their Coinbase Earn program).
2.Bitcoin will have value as long as people continue to use it.
3.Everything can be spoiled by humans.
4.No one controls it?I hope nobody will control the blockchain after X amount of years,but we can't be 100% sure.
5.If you want real quick transactions just use fiat or some lightning fast altcoin.I still don't get why people always want instantaneous transactions.Will the end of the world come if you wait for 30 minutes? Grin


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April 24, 2020, 05:55:29 AM
 #20

I don't think that it would be possible in future, even though cryptocurrency has been used by so many people around the world, even though it is really helpful for everyone who is using it, it cannot still be a standard currency in the future because as what we all know it is decentralized, which means it cannot be handled by the government and its volatility makes it not suitable to be used for daily lives.

I think cryptocurrency is only good as an alternative currency for fiat currency, it is meant to be converted to fiat currency whenever we want to.
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