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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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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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April 24, 2020, 06:18:23 AM
 #21

Yes, it can be, bitcoin can be the ideal currency in the future because of technology, technology keeps evolving time by time, and as we all know bitcoin came from emerging technology made by Satoshi. In the future, we will become more advance and it is really possible that bitcoin will be adopted all over the world because of so many things that bitcoin can be.

There are so many things that may happen in the future, and making bitcoin as the standard currency for all countries is really possible because it is a really good currency at all.

I believe that there are many criteria to consider a currency as 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.
Great, making cryptocurrency as a standard currency is not that simple because there are so many things to be considered but I think bitcoin can be in the future because we are now used by technologies.
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April 24, 2020, 07:08:25 AM
 #22

It will be very early to say but now community are well know the bitcoin and Cryptocurrencies. More country comes in this field will definitely boost bitcoin and government might look to consider as currency for future. Present time with covid19 people are searching bitcoin and crypto at their homes.
So in my opinion bitcoin will be going to ideal currency for future.

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April 24, 2020, 09:49:58 AM
 #23

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.
When we talk about ideal currency it has many criteria and every person has his own idea about an ideal currency. Talking about the ideal currency I think bitcoin can be an ideal currency in the future. As of now bitcoin is very famous and many people are already using bitcoin. Bitcoin are also accepted by some establishments as their mode of payment and that makes every transaction easier and faster. Through bitcoin one can lessen their effort and time in paying bills and payments.For me these are reasons why bitcoin may be an ideal currency of the future .

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April 24, 2020, 09:52:34 AM
 #24

It could be but there should be a 3rd party to facilitate an easier transaction.
It's true that bitcoin is decentralized and no one can hack its system, so this is safe and will exist if people will continue to use it.
the price does not matter if its use for online currency, but directly it's not as fast as other payment system, they will beat us, so like I said, we need a 3rd party so people would adopt on it.


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April 24, 2020, 10:07:22 AM
 #25

Well, if we predict the future of Bitcoin by 2100. It is an incredible thing that can happen there will be great advances for that moment and, of course, improvements in the use of bitcoin. We just need a strong community to make Bitcoin deliver on people's empowerment and solve the problems of everyday life.

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April 24, 2020, 10:14:22 AM
 #26

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.

Yes but 2^512 would be more difficult for brute force. Generally the whole thread I created is about brute force. Brute force will always be greater and greater over time. If the year 2100 (for example) we can brute force a private key, the entire network is ruined. SHA512 would be more difficult because of more different combinations.

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April 24, 2020, 10:51:27 AM
 #27

It could be but there should be a 3rd party to facilitate an easier transaction.
It's true that bitcoin is decentralized and no one can hack its system, so this is safe and will exist if people will continue to use it.
the price does not matter if its use for online currency, but directly it's not as fast as other payment system, they will beat us, so like I said, we need a 3rd party so people would adopt on it.

It's not only about the speed of transactions, that is.just one part of problem that needs improvement.
To be used as a currency and to be fully accepted and adopted in financial world Bitcoin needs regulation, it needs legal security. Without that it will be not accepted neither by businesses or individuals in larger scale. People don't like to use something they don't trust.
Also, currently only small number of people in the world is using Bitcoin and cryptocurrencies in general. We need to change that in order for Bitcoin to become a currency of the future.

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April 24, 2020, 11:31:39 AM
 #28

Without a doubt it will be a currency of the future.

In as much as am a fan of Bitcoin and cryptocurrency in general, the future is very not clear about the digital currency, most especially Bitcoin and some other decentralized digital currency. The government has been on their neck of bringing them down by regulations which to me will take enough of time to go through. The future might not be for Bitcoin but government approve digital currency for global adoption(this will surely be a centralize digital currency with surveillance).

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April 24, 2020, 11:58:41 AM
 #29

I, as a supporter of bitcoin, would certainly say that bitcoin is an ideal currency, although bitcoin still has some shortcomings. Such as
volatile prices and transaction speed are still not included fast when compared to credit cards. After all the government and the bank
will never approve bitcoin as the main currency replacing fiat. Because bitcoin cannot be controlled, the government does not get tax
income from bitcoin.

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April 24, 2020, 03:39:55 PM
 #30

I do not think bitcoin is the ideal currency to exchange goods in the future. Because the price of bitcoin fluctuates so much during the day. Imagine you use 1 btc to buy 1 Macbook. But the next day you can not buy a Macbook with 1 btc because the price of btc can big dump significantly. I think that btc is used as gold which means that it is a speculative product and not a purpose to create currency to exchange goods.
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April 24, 2020, 03:57:15 PM
 #31

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.
When we talk about ideal currency it has many criteria and every person has his own idea about an ideal currency. Talking about the ideal currency I think bitcoin can be an ideal currency in the future. As of now bitcoin is very famous and many people are already using bitcoin. Bitcoin are also accepted by some establishments as their mode of payment and that makes every transaction easier and faster. Through bitcoin one can lessen their effort and time in paying bills and payments.For me these are reasons why bitcoin may be an ideal currency of the future .
Yes, we have different view of our own ideal currency, but isn't it ideal to spend your currency peer to peer in seamlessly way using just your phone, or great if we already have microchip that time. Bitcoin has the best shot to be the currency of the future trust me, even it has a high volatility rate we can do some action to make it less volatile although it's super vague for now. Bitcoin adoption is increasing so there is no doubt that it will be bigger any time soon.

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April 24, 2020, 04:38:49 PM
 #32

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?

Well bitcoin already is decentralized, isn't born out of thin air, and mostly is pretty quick.  Now you're talking about quantum computing, and if it will be able to crack the blockchain.  That's the beauty of cryptography, it's workable code.  It's supported by a team of devs who are constantly working to improve the chain and all aspects of it.  As time progresses, they will have the same ability to utilize the tech and make necessary changes to prevent issues from happening. That's the hope anyhow.  Now ..what about AI?  If AI evolves like many fear, then all games are off for ANYTHING in this world.  Money transacting could become pretty unimportant at that point.

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April 24, 2020, 05:33:16 PM
 #33

This is not the issue of the future because bitcoin have already be an ideal currency and this is the reason why some governments and central banks are planning to create their own national digital currency.


Do you think that bitcoin will be spoiled by human in the future?
The only ways people debated bitcoin can be spoil are through quantum computer but it yet to be implement.
The second aspect is government ban but bitcoin is already winning over the government affection.

Should bitcoin use SHA512? Or something even stronger?
It can use SHA or something stronger but that will be determine by things happening in the miners realms.

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April 24, 2020, 06:06:00 PM
 #34

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.
~
HHmm ... That's the ideal parameter for your version, right? for me, it is all useless if the volatility is high, prices will easily change so it is not ideal as a means of payment. Bitcoin does have advantages from the other side than fiats, such as transparency and mathematical decentralized systems. Fiat also has other advantages compared to bitcoin, related to price stability. So it is better to use both of them as needed, taking advantage of each of these currencies. This will make life easier.

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April 24, 2020, 11:52:26 PM
 #35

Hello everybody. I’m not sure what exactly Bitcoin will be the ideal currency in the future, but the fact that it will be a cryptocurrency is one hundred percent sure. Now there are too many shortcomings and disagreements, what would happen in the coming years. When thieves leave the political arena, then humanity will step into a new era, including the era of cryptocurrency. And now, the only thing you can do is to start improving yourself and your children. We are sure to build an ideal world where everything will be, everything that is very difficult to imagine in today's society.
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April 25, 2020, 12:13:08 AM
 #36

In my opinion Bitcoin is perfect for that criteria, when you learn about our monetary system about fractional reserve banking, infinite quantitative easing and control over your money. Then the obvious choice would be Bitcoin a much fair and offers financial freedom that you can freely control without the risk Governments seizing your networth because it has no centralize authority.

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April 25, 2020, 12:44:55 AM
 #37

Of course bitcoin is an ideal currency, hopefully in the future it can be realized that bitcoin can become a global currency.
So it can facilitate transactions between countries, although for now the government still hasn't accepted bitcoin.But there
is still a possibility that the government will change its mind. Hopefully the government can quickly realize that bitcoin is
better than fiat.

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April 25, 2020, 09:17:10 AM
 #38

Bitcoin cannot be the ideal currency for the future, it will remain as it is today ''An alternative payment mode'"
The leverage bitcoin has is that there is no limitation to the use of bitcoin unless your country does not accept it; and that is why it is widely acceptable.

If we consider paypal; not all countries are allowed to use it.
If we take credit card for comparison, even in the same country, not all citizens can own a credit card and that is why bitcoin thrives alot, either poor, old, young, rich, low credit score, you can use bitcoin; but it is not an ideal currency for the future, fiat will continue to thrive.
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April 25, 2020, 09:17:43 AM
 #39

Will be ideal payment at the future and bitcoin become most currency transaction needed by every one, when bitcoin have higher many people will interested to use bitcoin as payment transaction and get benefit with bitcoin have higher price and look profitable. Many project will get and accepted bitcoin as payment transaction at the future.
I hope that will be happen, currently the problem for those merchant to accept bitcoin is its volatility. They are afraid when accept bitcoin and it is price still volatile maybe they will lose when bitcoin price goes down. But this issue will be resolved when there are a lot of exchange and platform like bakkt who offer bitcoin futures. At least this way can be reducing the volatility of bitcoin price so as there is no excuse for the merchant accept bitcoin as payment system.
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April 25, 2020, 09:28:02 AM
 #40

Bitcoin cannot be the ideal currency for the future, it will remain as it is today ''An alternative payment mode'"
The leverage bitcoin has is that there is no limitation to the use of bitcoin unless your country does not accept it; and that is why it is widely acceptable.

If we consider paypal; not all countries are allowed to use it.
If we take credit card for comparison, even in the same country, not all citizens can own a credit card and that is why bitcoin thrives alot, either poor, old, young, rich, low credit score, you can use bitcoin; but it is not an ideal currency for the future, fiat will continue to thrive.

Fiat is difficult to replace even 10 years from now.
Bitcoin has advantages but not an ideal currency.
The transaction fee and speed are major bottlenecks for bitcoin.
And though LN already addressed those, still the adoption is not yet easy.
We need more merchants to include crypto in their payment system.

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April 25, 2020, 09:34:16 AM
 #41

Fiat is difficult to replace even 10 years from now.
Not even gonna happen in a lifetime of a mankind. I think the government will always rule with the asset they can control and that is fiat.

Bitcoin has advantages but not an ideal currency.
The transaction fee and speed are major bottlenecks for bitcoin.
And though LN already addressed those, still the adoption is not yet easy.
We need more merchants to include crypto in their payment system.
Bitcoin has an advantage on a certain factor/s, but in overall, fiat is still better as it has a big adoption and supported by the government.
I understand that LN is good but you are correct, without adoption, it won't be able to help the adoption of bitcoin.

let's just accept the reality that fiat will always rule as they are the mirror of our government.


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April 25, 2020, 09:45:16 AM
 #42

It will never replace Fiat, most people don't want to be resposible for the security of their money. That's why banks exist, for ease and simplicity. Blockchain payments may facilitate inter-bank and inter-processor transactions on the back-end where slow transactions are not a problem, but will never be widely accepted for mass person to person payments.

Bitcoin will never be that back-end blockchain, a large scale financial system would most likely require coins that are created by the banks, transacted on the network and destroyed by the banks when the funds are withdrawn. It would be an alterntave to crediting a bank account, you provide a pubkey and the bank creates a start transaction signed by them containing the amount requested. When it's time to withdraw, you send it back to a bank and the network then marks that chain of transactions as expired and can't be used anymore.

Of course, the old inter-bank payment system still needs to exist behind this, so really it's pointless until the entire banking system moves away from old, slow, monolithic back-end accounting systems.

Spark payment and crypto systems.
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April 25, 2020, 09:55:58 AM
 #43

Bitcoin cannot be the ideal currency for the future, it will remain as it is today ''An alternative payment mode'"
The leverage bitcoin has is that there is no limitation to the use of bitcoin unless your country does not accept it; and that is why it is widely acceptable.

If we consider paypal; not all countries are allowed to use it.
If we take credit card for comparison, even in the same country, not all citizens can own a credit card and that is why bitcoin thrives alot, either poor, old, young, rich, low credit score, you can use bitcoin; but it is not an ideal currency for the future, fiat will continue to thrive.

Fiat is difficult to replace even 10 years from now.
Bitcoin has advantages but not an ideal currency.
The transaction fee and speed are major bottlenecks for bitcoin.
And though LN already addressed those, still the adoption is not yet easy.
We need more merchants to include crypto in their payment system.

Agree since bitcoin still not reliable and there are so many flaws coming since the volatility is controllable by big whales and the current strength still questionable since it could easily dump once theirs a fud spread so for this it could never replaced fiat since this have great adoption and well regulated by the government. We really need merchants to became more reliable since if more merchants came especially on big industry this could be a start of global mass adoption.

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April 25, 2020, 10:32:10 AM
 #44

Will be ideal payment at the future and bitcoin become most currency transaction needed by every one,
that is depend in what country the user lives because there are countries that literally accepting Bitcoin as Fiat Like japan and now Korea.
when bitcoin have higher many people will interested to use bitcoin as payment transaction and get benefit with bitcoin have higher price and look profitable.
you seems to be mislead mate,because using as transaction payment is different from profiteering so better clear your thoughts on this one.
Many project will get and accepted bitcoin as payment transaction at the future.
Adoption is what we need first because if Bitcoin stays illegal in some countries then nothing is worth nothing here.

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April 25, 2020, 01:00:05 PM
 #45

~snip~
If there is going to be a stronger protocol or one that is SHA-256, I´m sure that the first thing it will take into account is the security of Bitcoin, and it will be an imminent update, not only is it the currency or technology of the future, it is the one that offers the greatest security.

The technology Financial Economical Bitcoin, cannot be compared to the security of traditional banking, Bitcoin is light years away from the traditional economy, with quantum computing many bring out the security of Bitcoin, but SHA-256 resists all possible quantum attack, and taking Keep in mind that when quantum computing comes out it will be somewhat progressive, it will not be with all the great potential that average people imagine.

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April 26, 2020, 09:57:30 AM
 #46

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?

Bitcoin is the ideal best currency of the world but the only issue is that it is decentralized. Due to this, government and institutions does not encourage the use for bitcoins and crypto. Governments have plans to introduce their own digital currencies so that they have full control over it.
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April 26, 2020, 12:21:01 PM
 #47

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?

Bitcoin is the ideal best currency of the world but the only issue is that it is decentralized. Due to this, government and institutions does not encourage the use for bitcoins and crypto. Governments have plans to introduce their own digital currencies so that they have full control over it.

Today one of the mass adaptation is the use of the bitcoin many people now are rapidly making some improvements regarding the with use of the bitcoin. Bitcoin is one of the most and secured coin also there are a lot of benefits regarding with the use of it because first, it has less transaction fee at the same time it does not have taxes unlike the fiat currency that's why many people now are using this kind of currency to make more lessen the fees. Also with the use of bitcoin we can now make a lot of profit because we have the trading which you just need to monitor the market price of the coin and grab the opportunity to put your money and predict the next market movement of it. Next, we have the investment that you are only putting the amount of the bitcoin into your wallet and wait to the income but it takes for over a few months before you will get your earnings. Next is the gambling most of the gambling platforms today are supporting the deposit of the bitcoin which is more convenient to us because we are using this today. There is a chance it takes time before we adopt this kind of payment because the government must still handle this kind of payments to avoid getting abuse.


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April 26, 2020, 12:53:37 PM
 #48

Bitcoin is the ideal best currency of the world but the only issue is that it is decentralized. Due to this, government and institutions does not encourage the use for bitcoins and crypto. Governments have plans to introduce their own digital currencies so that they have full control over it.
It is not necessary for money to be artificially printed by governments. The absence of government control of money such as gold had been a common situation for thousands of years, and only in the recent past gold first became centralized and then was completely substitued by paper money. The main reason why gold lost its monetary role is centralization, all gold reserves are now concentrated in the hands of the government and banks. That is why, the decentralization of bitcoin is not "an issue", but a huge advantage that might help it to become the better version of gold standard. It can't be centralized, printed, inflated.

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April 26, 2020, 09:12:30 PM
 #49

I guess there are many alternate crypto currency already approach who give fast transaction than btc (if i'm not wrong then XLM is one of them). Every currency have their own specialty. So if you try to find all in one currency then i'll say it'll be waste of time. In your financial life you can easy solve many problem with btc but there is still some which you can't fixed it yet and may be people won't fixed some problem too in the far future. So i'll like to say "much usable" besides ideal.

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April 26, 2020, 09:28:59 PM
Last edit: April 26, 2020, 09:43:02 PM by pixie85
 #50

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.
Both of these are custodial centralized solutions. You can't use a paypal transfer just like that. You have to first send money to your paypal account.

If you sum up the time needed for your money to go from your bank account to paypal and then from paypal to the person you're transacting with it won't look so fast anymore.


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April 27, 2020, 11:37:24 AM
 #51

Bitcoin will never be a perfect currency, just like raw gold was never perfect to use as currency.

That said I could load Bitcoin onto my Bitpay debit card and instantly buy gas at a gas station etc. That solves the speed factor.

Bitcoin is like gold, its slow, heavy, and valuable, with a limited supply, and both need to be mined.

Hoddle long BTC (the mother) and a few others!
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April 27, 2020, 12:39:56 PM
 #52

Indeed bitcoin is not perfect, there are still some deficiency of bitcoin. But it is still ideal as a substitute for fiat in the future. The problem
is that the government will never approve bitcoin as payment or replace fiat. Because the government cannot control bitcoin,then if bitcoin
cannot be controlled it certainly cannot get taxes from bitcoin. Conclusion bitcoin cannot be a global currency in the future, the most likely
bitcoin would be an alternative currency.

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April 27, 2020, 02:00:45 PM
Merited by bitbunnny (3)
 #53

Bitcoin can use any algorithm but it will never be considered the currency of the future. Please believe me, bitcoin is very volatile and we humans will never want to keep bitcoin to spend. because we can be rich or poor in just a few hours!
I know that you are holding bitcoin a lot and want it to have great value to become rich. But be alert and analyze thoroughly. It is very difficult to become rich in a short time when Bitcoin once had a strong growth.
Point of correction, bitcoin can be consider the future currency and if not the institutions and the government wont have see it as a challenge to their realm. Besides, they won't have consider create their own national digital currency. Aside that, do you know that fiat currency as said to be backed by governments? Read this investopedia article.

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coinstrader777
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April 27, 2020, 03:04:38 PM
 #54

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.

Yes..i agree. also governments will go extraordinary limits to avoid using any type of decentralised solutions..as they always like to have control over their monetary policies.

but bitcoin will always have it's place...especially in these "more debt" is ok conditions...bcas eventually after all the issues sorted out and all bailouts are done...an economy needs growth to satisfy people and also pay interest on these huge debts (more taxation is also a solution, but it makes situation worse in terms of growth) so eventually you need atleast a small amount of inflation to grow....inflation is a beast of its own & uncontrollable...so people will always look for inflation hedge, alternative ways to hold cash and in terms of utility also bitcoin will grow.

There will always be a place in future for bitcoin...but will it replace fiat...i don't think so!!!

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April 27, 2020, 03:58:31 PM
 #55

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?

Even though Bitcoin has established qualities that paid off and continuously paying off, to set it as an ideal currency in the future might be a too ambitious. We are aware that Bitcoin is something digital and something out there waiting to be mined. We are also aware that not every country and not every individual in that country can afford to have Bitcoin, more or less use it and put it into action. Poor families and third world countries are actually relying more on easy, fast, and convenient money to have. Even though Bitcoin promises a huge amount of money, people would still go with fiat to buy rice on a simple store.

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April 27, 2020, 04:09:39 PM
 #56

Indeed bitcoin is not perfect, there are still some deficiency of bitcoin. But it is still ideal as a substitute for fiat in the future. The problem
is that the government will never approve bitcoin as payment or replace fiat. Because the government cannot control bitcoin,then if bitcoin
cannot be controlled it certainly cannot get taxes from bitcoin. Conclusion bitcoin cannot be a global currency in the future, the most likely
bitcoin would be an alternative currency.
The scaling is the biggest issue to void it as a global currency as you cannot expect a million transaction to take place every hour and until we have a solution for that you cannot expect everyone to jump into the ship just because it is a new technology, the investors we have right now can be of two category.
  • one they like a decentralized currency
  • second who loves the volatility as a means of speculative market


Bitcoin is already an alternative to fiat and in the future we will see a global adoption hoping that we will have rapid development in the next ten years.

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April 27, 2020, 04:18:35 PM
 #57

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.

Everyone has a different perspective as regards to what makes something ideal. Just as you have stated your own features for ideal currency, so many others may not have problem with this, for instance, the privacy as regards to not wanting people to know how much you have and also not paying transaction fee for spending your own money.

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April 27, 2020, 04:33:39 PM
 #58

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?
One of the good things that bitcoin has is that it is not a static currency that has stayed the same since satoshi created it, on the contrary it has been updated regularly and in the case the cryptography behind bitcoin is at risk of becoming vulnerable the developers will update the code when it is necessary so I will not worry about such thing, however even if bitcoin becomes one of the best currencies around the world I do not see it becoming an ideal currency because that depends entirely on your perspective of what ideal really means, for example a decentralized currency is great for people like us that think governments should not have as much power, but do you think governments agree with that?



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April 27, 2020, 04:36:40 PM
 #59

Bitcoin can use any algorithm but it will never be considered the currency of the future. Please believe me, bitcoin is very volatile and we humans will never want to keep bitcoin to spend. because we can be rich or poor in just a few hours!
I know that you are holding bitcoin a lot and want it to have great value to become rich. But be alert and analyze thoroughly. It is very difficult to become rich in a short time when Bitcoin once had a strong growth.
Your biggest mistake here is that you are still measuring one currency through the prism of another. If the price of bitcoin is still counted in dollars then bitcoin is yet to be currency of the future. If it is not a currency of the future, then it doesnt't matter whether it is volatile or not. Such a comparison becomes irrelevant from the very beginning. If bitcoin is widely spread and adopted then its volatility tends to zero, then there will be a chance for bitcoin to become the currency of the future because of that. From that logic, in order for bitcoin to become new reserve currency, it firstly needs to be adopted by many people and then we need to stop measuring the price through old tools and obsolete currencies.

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April 27, 2020, 07:34:54 PM
 #60

Unfortunately I do not think there is any ideal currency , it depends upon the user , actually there are many things one needs to consider .
If the other party is willing to accept it , if they have to exchange it and go through procedures , if they are able to work with technology are just very few examples.
One cannot always use the same currency everywhere , volatility and other factors will always be there and especially in pandemic when people are facing tremendous losses , even the stable currencies are dwindling.
I do think it would be a very important currency in the future , but the ideal currency no.
I do not think there will be any ideal currency , all are important someway or the other .

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April 27, 2020, 08:00:28 PM
 #61

I am not fully agree with you. This is not the definition of ideal currency also sometimes Bitcoin is manipulated by whales. But what i can say is Bitcoin is a good alternative currency for future.

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April 27, 2020, 11:14:18 PM
 #62

-- We are also aware that not every country and not every individual in that country can afford to have Bitcoin, more or less use it and put it into action. Poor families and third world countries are actually relying more on easy, fast, and convenient money to have. Even though Bitcoin promises a huge amount of money, people would still go with fiat to buy rice on a simple store.
True, the issue of adoption and effectiveness for use at all levels of society is still not optimal. Moreover, bitcoin is very volatile, it is enough to make it not ideal as a currency. I agree if bitcoin is used as an alternative currency to support fiat shortages, however, we must take advantage of this technological progress, but that does not mean it must impose an environment that is still not ready to fully accept changes.

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April 27, 2020, 11:20:48 PM
 #63

I'll just say that "NOT SURE" about its future.
We can't deny how people give their approach and market appreciation in crypto. The adoption isn't really stronger as we think before, even during the pandemic we can't still find that the support resistance and adoption rate still low. People are giving interest for sure but wondering they change their mind because not all establishments are accepting this, they are still be looking fiat instead.

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April 28, 2020, 10:45:21 AM
 #64

I think not. Bitcoin is an idea. But we need something new. Something more universal.
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April 28, 2020, 01:33:49 PM
 #65

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.
Most likely, everything will be so, the main property of any currency is stability, when both the buyer and the seller know the approximate cost without additional sources. And with cryptocurrencies there can be very strong fluctuations, and without tracking the course for a couple of days, you can lose a lot.

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April 28, 2020, 03:23:01 PM
 #66

Everybody can’t make use of Bitcoin. For a start, a lot of these billionaires and millionaires will buy up the cryptocurrency and the majority who are poor wouldn’t have anything left. That aside. If it happens that we all start making use of cryptocurrency, there are some ways that it’s not going to be good. With cryptocurrency people will be able to do whatever they want and they will hardly be a means to trace them.

It is a decentralized currency and no one can control it, which means the government will also not be able to control it. I know that a lot of us here don’t like the fact that fiat is being controlled by the government. The control is important, except that they tend to misuse it.

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April 28, 2020, 03:34:28 PM
 #67

I'll just say that "NOT SURE" about its future.
We can't deny how people give their approach and market appreciation in crypto. The adoption isn't really stronger as we think before, even during the pandemic we can't still find that the support resistance and adoption rate still low. People are giving interest for sure but wondering they change their mind because not all establishments are accepting this, they are still be looking fiat instead.
People want to have or to buy bitcoins but majority of them have different purpose which is simply investing, there are only few people who view bitcoin as a new payment system that can replace our current system. There is now a adoption but it is too slow, the people nowadays are still focusing to buy things through cash. One of the problems why we do not have successful adoption is because of the lack of education where many people are still not aware to what it is and how to use it.
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April 28, 2020, 10:44:36 PM
 #68

This is an obvious NO. Just as horse and carriages are not ideal modes of transportation.

An ideal currency must be like cash and allow the user privacy. Bitcoin does not, and will never, have this ability.
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April 28, 2020, 11:13:31 PM
 #69

Everybody can’t make use of Bitcoin. For a start, a lot of these billionaires and millionaires will buy up the cryptocurrency and the majority who are poor wouldn’t have anything left. That aside. If it happens that we all start making use of cryptocurrency, there are some ways that it’s not going to be good. With cryptocurrency people will be able to do whatever they want and they will hardly be a means to trace them.

It is a decentralized currency and no one can control it, which means the government will also not be able to control it. I know that a lot of us here don’t like the fact that fiat is being controlled by the government. The control is important, except that they tend to misuse it.
Exactly. Although bitcoin and other cryptocurrency have more advantages related to transparency, speed, transaction security, etc. but this niche cannot touch the entire community. Only limited to certain communities. In addition, high volatility makes cryptocurrency less effective as a means of payment. Facilities and infrastructure to be connected with technology and the internet must be adequate. Maybe, if one day the development is evenly distributed, the government has the best solution to develop with cryptocurrency, this might be a good alternative.

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April 28, 2020, 11:23:10 PM
 #70

Maybe, if one day the development is evenly distributed, the government has the best solution to develop with cryptocurrency, this might be a good alternative.

But the government DID create Bitcoin. You know that right? Oh yeah, I forgot they don't cover that on CNN.
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April 28, 2020, 11:37:47 PM
 #71

This is an obvious NO. Just as horse and carriages are not ideal modes of transportation.

An ideal currency must be like cash and allow the user privacy. Bitcoin does not, and will never, have this ability.

Bitcoin is transparent but it's also private.

When I pay for something with Bitcoin the other side doesn't know my name so it is private in that matter.

To fully use the privacy it offers you have to buy it from someone else in person, mine it or earn it. You cannot use a centralized exchange.

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April 28, 2020, 11:51:35 PM
 #72

This is an obvious NO. Just as horse and carriages are not ideal modes of transportation.

An ideal currency must be like cash and allow the user privacy. Bitcoin does not, and will never, have this ability.

Bitcoin is transparent but it's also private.

Bitcoin is not private. The NSA created it with the intent purpose of tracking payments globally.
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April 28, 2020, 11:53:24 PM
 #73

This is an obvious NO. Just as horse and carriages are not ideal modes of transportation.

An ideal currency must be like cash and allow the user privacy. Bitcoin does not, and will never, have this ability.

Bitcoin is transparent but it's also private.

When I pay for something with Bitcoin the other side doesn't know my name so it is private in that matter.

To fully use the privacy it offers you have to buy it from someone else in person, mine it or earn it. You cannot use a centralized exchange.
•Anonymous
•Decentralized

These are the main features on why bitcoin is being supported by big community due to that p2p system that there no 3rd party involved
which totally contrary on what we have used traditionally with fiat but i dont see for it to replace fiat soon just like what been said by
some people.Being optimistic isnt bad but they should be at least realistic.

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MicroGuy
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April 28, 2020, 11:55:53 PM
 #74

This is an obvious NO. Just as horse and carriages are not ideal modes of transportation.

An ideal currency must be like cash and allow the user privacy. Bitcoin does not, and will never, have this ability.

Bitcoin is transparent but it's also private.

When I pay for something with Bitcoin the other side doesn't know my name so it is private in that matter.

To fully use the privacy it offers you have to buy it from someone else in person, mine it or earn it. You cannot use a centralized exchange.
•Anonymous
•Decentralized

These are the main features on why bitcoin is being supported by big community due to that p2p system that there no 3rd party involved
which totally contrary on what we have used traditionally with fiat but i dont see for it to replace fiat soon just like what been said by
some people.Being optimistic isnt bad but they should be at least realistic.

This post contains so many errors, I don't know where to start.

Bitcoin is not private under any circumstances. If I buy BTC from someone in person, the seller can track my payments.
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April 29, 2020, 12:49:59 AM
Merited by MicroGuy (1)
 #75

No.
There is a tendency to believe that bitcoin is the solution to "x" situation, it is actually just an asset that contains a powerful message.

Its value, its technology, etc., including its influence on other cryptocurrencies and on Fiat themselves, are essentially only part of the message, but it seems to be the brilliance that some want to see, and with good reason.

The great value that Bitcoin has and has had since its inception has been trust, if two users had not had the trust, Bitcoin would not have been what it is and will continue to be as an asset.

Bitcoin has to be interpreted as the social message that if confidence-based consensus can be achieved, we can demand global economic and social change.

The cryptocurrencies of the future must be a fair currency that establishes a social balance from the beginning and that offers equal opportunities to all. Sharing the profits of each country among its citizens is possible and they decide how to invest how these resources are spent and are supervised.

In short, it is a cryptocurrency that does not currently exist based on a social and economic system that does not exist either, but that bitcoin has the clear message that it is possible.


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pixie85
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April 29, 2020, 09:54:18 PM
 #76

This is an obvious NO. Just as horse and carriages are not ideal modes of transportation.

An ideal currency must be like cash and allow the user privacy. Bitcoin does not, and will never, have this ability.

Bitcoin is transparent but it's also private.

Bitcoin is not private. The NSA created it with the intent purpose of tracking payments globally.

So you're one of those conspiracy theorists  Roll Eyes

Does it really matter if the NSA, an institution with no global jurisdiction, finds out that someone from Austria sent some money to someone in Russia? What are they going to do with that information, not knowing what the payment was for?

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April 29, 2020, 11:23:06 PM
 #77

This is an obvious NO. Just as horse and carriages are not ideal modes of transportation.

An ideal currency must be like cash and allow the user privacy. Bitcoin does not, and will never, have this ability.

Bitcoin is transparent but it's also private.

Bitcoin is not private. The NSA created it with the intent purpose of tracking payments globally.

So you're one of those conspiracy theorists  Roll Eyes

Does it really matter if the NSA, an institution with no global jurisdiction, finds out that someone from Austria sent some money to someone in Russia? What are they going to do with that information, not knowing what the payment was for?

Do you not think that governments cooperate? I think you might want to rethink your ideas if that's your definition of privacy and freedom.
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April 30, 2020, 11:21:49 AM
 #78

Bitcoin is the Future Of Cryptocurrency because economic analysts predict a big change in crypto is forthcoming as institutional money enters the market. We know that Bitcoin is a digital currency created in January 2009 day by day bitcoin price is rise. it is possible to pay for goods and services with Bitcoin both online and offline, but it is only accepted by a minority of merchants so i think its the best for future.
Actually the thread talks about the world currency and not just for crypto meaning the battle from Fiat to Crypto is on in this thread mate if you will
Only read the topic and the OP,but i think your point is valid in this one.
And it is not only the analysts can tell the true
Because we as users for years now knows how this cryptos are promising and
Also the right way to attract our family and friends to enter and invest in this market.
What I believe more is that sooner for the next years we will see the effect specially after this Covid-19
Case because more people now are trying to learn about this crypto currencies .

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April 30, 2020, 11:26:18 AM
 #79

If we are talking about being considered IDEALy, it could be possible but we are still far from that point. Look at today, we think that the current situation will bring people to adopt the system but unfortunately, they are usually ignoring instead they are selling their Bitcoin for FIAT. And that could possibly be happening again in the future. May we saw people love doing cashless payment but it was obvious that they are not using crypto/bitcoin, they are still using fiat money.

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April 30, 2020, 03:32:09 PM
 #80

Bitcoin is a good choice, but you already know the government, when they can't regulate it they will start looking for ways to take it down. I am happy that some countries have been supporting and allowing their citizens to make use of Bitcoin without any restrictions. And as for those that have banned it, I hope that they come to understand that Bitcoin is meant for a good purpose and also allow people to be making use of it.

Since, last year there has been news about countries that are planning to create their own cryptocurrency. I don't know what's going to happen once these countries create their own cryptocurrency, whether they are going to allow the use of it Bitcoin or not.

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May 01, 2020, 01:10:39 PM
 #81

Bitcoin is a good choice, but you already know the government, when they can't regulate it they will start looking for ways to take it down. I am happy that some countries have been supporting and allowing their citizens to make use of Bitcoin without any restrictions. And as for those that have banned it, I hope that they come to understand that Bitcoin is meant for a good purpose and also allow people to be making use of it.

Since, last year there has been news about countries that are planning to create their own cryptocurrency. I don't know what's going to happen once these countries create their own cryptocurrency, whether they are going to allow the use of it Bitcoin or not.
yes, bitcoin is indeed very good, but that does not mean ideal. there are still quite a lot of rejections received by bitcoin from the government. the most basic thing, which makes it rejected is, the price is uncertain. This makes bitcoin more preferred as an investment tool by most people, and also as a trading tool. Yeah, but I look forward to Bitcoin being used as the ideal currency.
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May 01, 2020, 01:41:42 PM
 #82

Bitcoin being used as the ideal currency.

Unless we can get another hard fork in that will never happen, since the ideal currency must include privacy.
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May 01, 2020, 02:30:24 PM
 #83

Yes Bitcoin is the best future for all of crypto holder. I can say that we will take this time and get for another reason. I have some Bitcoin dollar hold for next some years days by some currency is ideal currency in the future.
Maybe you overly think about it. Maybe it was sorry that Bitcoin can't be ever an ideal currency in the future if the same thing has happening today will be the same in the coming days. Quiet there is no big change around crypto, it is only the price varies all the time for some reason but it never gives change to the eye of the people and as well as their perspective.

Bitcoin could be just considered as the best asset that any person can hold but looking it to be fully considered as a currency and use it...I shouldn't think it by now.


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May 01, 2020, 03:13:45 PM
 #84

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?
Bitcoin is the currency in the online world when the time comes i think bitcoin will be the main currency the will be used. For now many of the investors prefer to invest in bitcoin they forsee the future of the bitcoin as main source of income

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May 01, 2020, 05:01:17 PM
 #85

I am not fully agree with you. This is not the definition of ideal currency also sometimes Bitcoin is manipulated by whales. But what i can say is Bitcoin is a good alternative currency for future.
Without a doubt that is what the biggest problems with bitcoin, there are whales that have such a huge number of coins that they can do whatever they want with the market and that is never a good thing, and if the price of bitcoin keeps increasing then they are going to have even less of a reason to sell their coins and if anything if they keep manipulating the market they will become even bigger as time passes, so I do not really see how to resolve this issue with bitcoin which could slow down adoption in the future.



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May 01, 2020, 06:05:00 PM
 #86

Bitcoin become ideal payment currency at the future because could stable and never have inflation value, depend with using money where less value several years later bitcoin can guarantee for people use it for currency payment will get much benefit with bitcoin can growing up to higher price.


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QueenVera
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May 01, 2020, 06:34:04 PM
 #87

It has every possible chances of been the currency of the future as it's a decentralized mode of payment and with time everyone will get to understand the benefits associated with transacting in a decentralized manner. Don't jump into conclusion that bitcoin has flaws, well no system is perfect that's why innovation are been done as when there are ongoing development to make that flaw system perfect it simply means the system is ready to adapt to the changes the economy offer and that's what bitcoin is doing.

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May 01, 2020, 07:55:26 PM
 #88

Is btc the ideal currency as of now! I think you will find some clue by start asking yourself that question,  besides, nobody is a time traveller that can tell what the future look like and what currency can work perfectly by then, who knows maybe in future more technical advancements will be available which can make btc not an ideal currency for the future.

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May 02, 2020, 04:20:17 PM
 #89

Bitcoin is our standard coin. We can say that this bitcoin will be used as a standard coin all over the world. This bitcoin is the easiest way to make all purchases, transactions and banking transactions with this bitcoin all over the world. So I want to say that bitcoin is applicable for Bangladesh. If not, it's a big deal for other countries but we want to say that this bitcoin should be introduced in all countries of the world. Some wallets are used in this bitcoin transaction like wallet. We can transact very easily with these so it is an ideal currency for us.

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May 02, 2020, 06:28:32 PM
 #90

When I say ideal I mean:
---
  • You can send/receive the currency really quickly.

I do not agree with this, because transactions using e-money or PayPal are faster, I feel, the adoption is even wider. If we want to compare this delivery system, we can see the ideal side of a transparent system and an uncomplicated administration. Usually, if we send a lot of money, there are administrative requirements that must be met if using a conventional system, privacy is not guarded, especially if the bank knows you have a lot of funds, usually there are offers that you don't want, IYKWIM.


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May 02, 2020, 10:00:30 PM
 #91

This is an obvious NO. Just as horse and carriages are not ideal modes of transportation.

An ideal currency must be like cash and allow the user privacy. Bitcoin does not, and will never, have this ability.

Bitcoin is transparent but it's also private.

Bitcoin is not private. The NSA created it with the intent purpose of tracking payments globally.

So you're one of those conspiracy theorists  Roll Eyes

Does it really matter if the NSA, an institution with no global jurisdiction, finds out that someone from Austria sent some money to someone in Russia? What are they going to do with that information, not knowing what the payment was for?

Do you not think that governments cooperate? I think you might want to rethink your ideas if that's your definition of privacy and freedom.

What does the fact that governments cooperate have to do with NSA and their alleged creation of Bitcoin?

My point is that saying that Bitcoin was created by the NSA not only gives too much credit to the NSA but also puts USA on the podium as the country of origin. Even this was never proven!

Also, the agency has no jurisdiction outside the US and as it happens, most of the world is outside of the US and most people do not care what the NSA does.

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May 03, 2020, 12:44:54 AM
 #92

What does the fact that governments cooperate have to do with NSA and their alleged creation of Bitcoin?

My point is that saying that Bitcoin was created by the NSA not only gives too much credit to the NSA but also puts USA on the podium as the country of origin. Even this was never proven!

Also, the agency has no jurisdiction outside the US and as it happens, most of the world is outside of the US and most people do not care what the NSA does.

My point is that the ideal currency must include privacy. This prevents any agency or individual from tracking payments on the ledger.

The banking system has now hijacked this project and crippled its core features. I do think it will make an excellent tracking system and settlement layer for its new controllers.

But it's certainly not, and never can be the ideal currency.
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May 03, 2020, 03:49:25 AM
 #93

Will be bitcoin ideal currency at the future because look potential to higher price and many interested from investor until company want to accept bitcoin as legal currency payment transaction, but when bitcoin down many people panic and sell bitcoin with lower price.

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May 03, 2020, 05:15:59 AM
 #94

My point is that the ideal currency must include privacy. This prevents any agency or individual from tracking payments on the ledger.
You have no point because Bitcoin already has privacy. You just need to know how to use it. If an agency is otherwise hell-bent on tracking your payments, they already will.
The banking system has now hijacked this project and crippled its core features. I do think it will make an excellent tracking system and settlement layer for its new controllers.
Nobody has hijacked anything. It works the way it always has and was meant to. Your re-hashing troll arguments after spending years in Alt-exile is just a sign of your regrets and possible resentment against bitcoin. Sorry for your loss and sorry that bitcoin doesn't care.

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