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Author Topic: Will bitcoin be the ideal currency of the future?  (Read 1457 times)
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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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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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XenoFever
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May 03, 2020, 06:07:10 AM
 #95

Well said, there is always an ideal currency for every perception in the life of different people, some can be possible and some are not. Cryptocurrency as an ideal currency can really be possible in the near future, as technology evolves, things get more complicated and bitcoin will be more known by many countries and to the benefits that bitcoin has been giving to us could be a factor to be considered as an ideal currency.

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AniviaBtc
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May 03, 2020, 07:27:34 AM
 #96

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.

I think that this bitcoin can be an ideal currency in the future, but the question is when? These days, fiat currency is really effective and the most useful currency that the community is using. Fiat currency is not that easy to steal compared to a bitcoin that can be hacked, and lose due to wrong addresses. Also mass adoption is not that easy to acquire especially that's why most of the government in this world is still not legalizing the bitcoin to regulate in their market. Bitcoin can help an economy grow once it is in its peak but we all know that it is very volatile compared to other coins. So in conclusion, I will still choose fiat over bitcoin as a mode of payment in many transactions because digital currency is only useful during this kind of pandemic that doesn't require people to have physical transactions.

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May 03, 2020, 08:57:53 AM
 #97

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It is decentralized, no one controls it

I think out of the option you mentioned for an ideal currency, the above is the more reason why i think btc can not be an ideal currency, can you imagine a world where the purchasing power is not centralized and regulated? that means anyone can do as they please with their money or currency, abuse it if you want, oppress the weak as you see fit, and the list goes on, a large portion of btc already in the hands of a few influential people that have the power to manipulate and control the market, what will happen if it is now made the ideal currency! will it be evenly distributed!
although nobody can tell what the future will be like but i don't think btc will be ideal currency.






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CarnagexD
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May 03, 2020, 09:19:43 AM
 #98

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It is decentralized, no one controls it

I think out of the option you mentioned for an ideal currency, the above is the more reason why i think btc can not be an ideal currency, can you imagine a world where the purchasing power is not centralized and regulated? that means anyone can do as they please with their money or currency, abuse it if you want, oppress the weak as you see fit, and the list goes on, a large portion of btc already in the hands of a few influential people that have the power to manipulate and control the market, what will happen if it is now made the ideal currency! will it be evenly distributed!
although nobody can tell what the future will be like but i don't think btc will be ideal currency.

Today there are a lot of people rapidly number increasing the adopting the use of the bitcoin and other cryptocurrency even most of us have the use of the PayPal transactions, cash, paymaya and another kind of kinds of stuff for making an online payment but still we are using the bitcoin as the priority payment because we all know that it has faster and secured transactions unlike others also we want to get the advantage of using the no taxes payment and also fewer transactions feel which is good if we are trying to send of funds to other people or to transfer our incomes. By this even the bitcoin is decentralized we cannot avoid the government to make above about this kind of transactions because they see the potential of going some against the rules of market like sending a huge amount into a different wallet and they cannot detect this kind of action immediately and many people now will use this kind of transactions because they want to avoid getting huge taxes. Still, the government will do something to limiting their funds also in PH they have the wallet of coins.ph which is in level 3 account with the limit only of $8000 only for recording some funds. We are looking forward to the future of the bitcoin because there are a lot of number of new users would like to join us into the world of bitcoin.

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Salamstar
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May 03, 2020, 09:42:25 AM
 #99

There is no perfect financial system in the world and for this you may find some defects in the Bitcoin digital payment system as there are many defects in traditional payment systems and we all suffer from these defects at the present time.
Maybe bitcoin isn't perfect enough but I think it's better than the current financial system and bitcoin payment features far more than its flaws. Cryptocurrency and Bitcoin came as an excellent method of payment as it provides high speed, cost and very little transaction fees.
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May 03, 2020, 10:59:17 AM
 #100

  • It is decentralized, no one controls it.
How can currency be ideal if it is decentralized, bitcoin will never get the ideal currency because it is not a controlled by the government and it is its selling point. Imagine a scenario where it is not centralized then countries could just simply take an action by banning the usage of it in their domain, so no, decentralization is not good if bitcoin become an ideal currency.

  • You can send/receive the currency really quickly.
That thing is I disagree with that, if you want a fast transaction wouldn't it be the same as physical transacction, I think what is needed that an ideal currency is somethig that can't be duplicated for illegal use, tampered with, can leave audit trails if in case stolen and secure.

Should bitcoin use SHA512? Or something even stronger?
I think that there is no problem with that, what we need are more secure wallets or focusing more on the innovation of technology towards security.

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