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Author Topic: Will bitcoin be the ideal currency of the future?  (Read 1453 times)
Japinat
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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require coins that are created by the banks, transacted on the network and destroyed by the banks when the funds are withdrawn.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.

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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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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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fiulpro
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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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