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Author Topic: Will bitcoin be the ideal currency of the future?  (Read 1453 times)
KrisAlex18
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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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