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Author Topic: Will bitcoin be the ideal currency of the future?  (Read 1453 times)
MFahad
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May 08, 2020, 04:10:47 PM
Last edit: May 08, 2020, 04:48:40 PM by MFahad
 #121

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.

We all know how bitcoin continue to have its progress as the year passed by. Bitcoin became on of the main idea of the word cyrptocurrency. This online currency serves as our online platform or money in all different things. We must consider how bitcoin helps use in our different life and differents struggles from the past. Bitcoin may be the reason why we became rich or even became poor. It affects all of our lives as we used to live with it. So I can say bitcoin will definitely going to be the ideal digital currency. Actually, it is now and not just ideal but the best ideal digital currency.

Today, bitcoin does a lot of improvement and I can say that even if its value isn't that stable and goes up and down, it still one of the best digital currency. Which makes it the ideal digital currency. Bitcoin will suppresed everything in the near future and it will also stays on the positive side. Bitcoin will improve and will always be top in terms of digital currency. It is not that easy to earn bitcoin but for thise who has passion and hardworking anything is possible.

The problem is that even after so many years it has not been able to attract the government institutions to adopt bitcoin. Bitcoin is only used by the individuals  mainly for storing or trading purpose. Once bitcoin is used mainly for buying selling goods, it will then be the ideal currency.
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May 11, 2020, 09:18:15 AM
 #122

It’s hard to judge the future when little is understood in real time. I think there will never be an ideal currency, there are always nuances on which the currency will depend.
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May 11, 2020, 06:10:37 PM
 #123

I do not know about this though, but I think the protocols for Bitcoin can be changed by the devs. I have seen some people say something like that, which means that there is the possibility to increase the number of Bitcoins from the current 21 million to a high number. And if that can be done, that means there is the possibility to keep increasing it as times goes on.

But anyway, this is not really the case. There are so many ways that the Bitcoin can be useful and you have mentioned some of them here. I have seen people say that Bitcoin is slow than when you're making use of banks or debit card. The thing is that, mobile bankings might be fast locally, but not internationally.

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May 11, 2020, 06:27:47 PM
 #124

I do not know about this though, but I think the protocols for Bitcoin can be changed by the devs. I have seen some people say something like that, which means that there is the possibility to increase the number of Bitcoins from the current 21 million to a high number. And if that can be done, that means there is the possibility to keep increasing it as times goes on.
Well I don't think if there is any person who can change the protocol of bitcoin would think to change it just to create more supply, because that would absolutely ruin the bitcoin. You know the reason why people are choosing bitcoin is due to its carried freedom in financial and the fact that it will gain a stabilized price in the future though we are all dead when that time comes.
But anyway, this is not really the case. There are so many ways that the Bitcoin can be useful and you have mentioned some of them here. I have seen people say that Bitcoin is slow than when you're making use of banks or debit card. The thing is that, mobile bankings might be fast locally, but not internationally.
I agree, bitcoin is slow in transaction unlike any other coins like ethereum, ripple, litecoin etc. but the fact that it moves where ever the sender and receiver is the most significant part of using bitcoin. Just like what you have said, things is different when using credit and debit cards it will take days to complete internationally, well it can take for just like 30 minutes or less with bitcoin.

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May 11, 2020, 07:08:34 PM
 #125

~
Today, bitcoin does a lot of improvement and I can say that even if its value isn't that stable and goes up and down, it still one of the best digital currency. Which makes it the ideal digital currency. Bitcoin will suppresed everything in the near future and it will also stays on the positive side. Bitcoin will improve and will always be top in terms of digital currency. It is not that easy to earn bitcoin but for thise who has passion and hardworking anything is possible.
But that doesn't make bitcoin an ideal currency for granted, especially since BTC prices are very volatile. Later, only people who have a lot of money can use BTC, while those who can't afford it can't do anything. It is not good.

Well, the digital currency criteria mentioned by OP, I think based on a personal point of view. If we examine again, related to speed and effectiveness, using e-money, PayPal, and the like is better. In this case, we must consider carefully its function so that it is effective. BTC is a very good cryptocurrency, many advantages and can be a solution to problems that cannot be reached by fiat, but that does not necessarily make it an ideal currency or national currency.

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May 11, 2020, 07:16:31 PM
 #126

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 can be a store of value but it can't be the Crypto currency that is used in the future for daily transactions as it takes a lot of time for a bitcoins transaction to get completed with a decent amount of fees and if someone accidentally set low fees then it will take a lot of time for the transaction to settle and no one wants to transact with a slow currency, I believe with a few improvements like the lightening network bitcoins can become what you are saying.

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Alex3231
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May 12, 2020, 10:25:21 PM
 #127

Yeah, bitcoin will be ideal currency of the future and I trust it. Day by day the popularity of its increase. In my opinion one day every development country will accepted bitcoin.

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May 13, 2020, 08:31:52 AM
 #128

Yes bitcoin is now popular but don't think this will be an ideal currency. Because Bitcoin transaction is not instant it usually  takes time to confirm but if you send your money through bank or your credit card it hardly takes few seconds to transfer n also lots of government didn't recognized bitcoin as a currency. So it's can't be possible for bitcoin to be a ideal currency in future or even now.
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May 13, 2020, 10:33:10 AM
 #129

Form philosophe perspective ideal doesn't exist there will be always some kind og flaws. Forecasts show there will be more people than it is now, and I saw few times that even visa could not manage transactions over the world with 50ktx/s, so unless btc won't overcome this I don't think it will work.  Right now we are at 7txs per second so yhm...

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May 13, 2020, 11:41:53 AM
 #130

There is nothing perfect, so you should not hope for it.
hoping is not considered to be asking for perfect,what is important is we trust Bitcoin and this will save us from panicking in times of bad market flowing.

Form philosophe perspective ideal doesn't exist there will be always some kind og flaws. Forecasts show there will be more people than it is now, and I saw few times that even visa could not manage transactions over the world with 50ktx/s, so unless btc won't overcome this I don't think it will work.  Right now we are at 7txs per second so yhm...

Bitcoin will always be the best currency ever created and yes in this time its not yet but sooner and we will all witness that before the next generation finally received this from us.
Yeah, bitcoin will be ideal currency of the future and I trust it. Day by day the popularity of its increase. In my opinion one day every development country will accepted bitcoin.
Indeed as we are looking for more decentralized world and computerized system and Bitcoin is really designed for that.

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Casdinyard
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May 13, 2020, 01:45:53 PM
 #131

Yes bitcoin is now popular but don't think this will be an ideal currency. Because Bitcoin transaction is not instant it usually  takes time to confirm but if you send your money through bank or your credit card it hardly takes few seconds to transfer n also lots of government didn't recognized bitcoin as a currency. So it's can't be possible for bitcoin to be a ideal currency in future or even now.
Bitcoin is popular now because many people think that they could easily get rich if they invest on bitcoin, well it is possible but that defeats the main purpose of bitcoin literally to be a currency. The decentralization is what makes us so attracted to bitcoin, not that ideal currency but you have this feature "anonymity" which allows you to hide your identity in the network so you can transact around the world. But you are right sending bitcoin does not transfer instantly but I take it as an advantage since it needs a confirmation which will secure the transaction to be immutable.

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May 13, 2020, 02:00:32 PM
 #132

Unfortunately, I think that bitcoin may not be the ideal currency of the future. We need something more stable in price.
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May 15, 2020, 06:11:31 PM
 #133

There is nothing perfect, so you should not hope for it.
No, bitcoin is good for so many reasons, but the world is not going to use the same currency, so it's not going to work. If you're thinking that the whole world will start making use of Bitcoin, then you're wrong. And as a matter of fact some countries are already creating their own cryptocurrencies, though from the look of things they seem like they are not being successful.

Still waiting for China to release their own and I will see how it goes. The way I see things, these cryptocurrencies might just serve as other means of payment, just like we have PayPal, Payoneer and other payment methods. I guess this world will slowly move toward more privacy oriented due to governments' annoying restrictions for taxation and other reasons. When people start valuing their privacy the most, bitcoin will become more hit.
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June 15, 2020, 11:09:25 PM
 #134

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?
Everyone thinks that bitcoin is the ideal currency of the future because of its superior features. In the era of technology 4.0, bitcoin meets fast, low deposit costs, higher interest rates than any other currency. Even investing in cryptocurrencies is the best enrichment business in other industries. However, this market has many unpredictable risks.




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June 18, 2020, 04:10:19 PM
 #135

Bitcoin may or may not be a widely used form of money in the future, but its advantages as a store of value and safe haven against fast-depreciating currencies are undeniable. Much like gold before it, economic volatility and inflation drive the demand for Bitcoin.
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June 18, 2020, 08:26:42 PM
 #136

Bitcoin: The End of Money as we Know It examines the meteoric ascent of the revolutionary cryptocurrency which rose from the ashes of the 2008 global financial crisis. As economies, and ultimately people, struggle all over the world, Bitcoin purports to provide an antidote to a world in which money is created irresponsibly by private banks. This Kickstarter funded film dissects the underlying assumptions that we make about money, and also questions the Bitcoin advocates assertions about this new digital currency. Will Bitcoin really signify the inauguration of a new Internet-based monetary system, or is it a Ponzi scheme, another bubble waiting to burst? Several experts and economic commentators, some enthusiastic and others sceptical about the potential of Bitcoin are cross-examined as the documentary explores the question: soon the end of money.
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June 18, 2020, 08:41:39 PM
 #137

I think that BTC lacks the useability to turn into an everyday currency... I do agree with some of your points mainly in relation of store of value, but the lack scalibility (for billions of users) and the transaction cost and time (it remains to be seen if the LN will be widely adopted and if it really works) tackle the possibility to use it as an everyday currency...
As for control... at the moment the market is small, so we have seen some examples of whale action....

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June 19, 2020, 05:49:58 AM
 #138

I think it's still a long process before it become an ideal currency. But only future can tell what will happen in bitcoin. For,now if we think of it,there are many things we need to consider about bitcoin. The transaction fee is to high and it takes hour for transaction to complete. It needs both public and private key. It needs internet connection always to transact. It's complicated for the adult people to use. It was far different from our fiat money. It was digital and we can't hold it like a paper money. But of course it was very useful as a digital currency specially this pandemic situation. We are lucky to have a digital currency like bitcoin.

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June 19, 2020, 06:36:04 AM
 #139

Bitcoin may or may not be a widely used form of money in the future, but its advantages as a store of value and safe haven against fast-depreciating currencies are undeniable. Much like gold before it, economic volatility and inflation drive the demand for Bitcoin.

The demand for Bitcoin is higher than the price of gold and the gold market goes down due to inflation but it does not have any effect on the Bitcoin market Bitcoin survives based on demand. Bitcoin will be considered as a much better currency an ideal currency for the future.

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June 19, 2020, 06:59:09 AM
 #140

Bitcoin is still quite far from being ideal. But very soon the loop holes in bitcoin and other cryptocurrencies will be fixed.

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