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Author Topic: Will bitcoin be the ideal currency of the future?  (Read 1453 times)
Mulann2
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May 03, 2020, 11:35:01 AM
 #101

CarnagexD don't think life will be all that smooth when you have a decentralize currency, and if you are so worried about the tax you are paying, remember tax payers money also assist government to provide some social services to its people, if everyone want decentralization and don't want to pay tax and want total freedom, it means you are going back to the ancient era, and then don't expect to get justice from being oppress or the army to protect you from internal and external enemies, police to safeguard you and your property.....
Decentralization comes with a price, not just the currency will be decentralized, every other aspect will be too then lets see how you will enjoy your decentralize money.

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May 03, 2020, 11:37:20 AM
 #102

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.

I think an ideal currency will never be a decentralized one. As we all wish that bitcoin is the currency of the world, we will never be able to achieve that since as long as it is decentralized, it will never be one. The value and the control, I think that is the reason why being decentralized is not a feature of an ideal currency, this is just my opinion though.

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May 03, 2020, 12:29:40 PM
Last edit: May 03, 2020, 12:54:15 PM by MicroGuy
Merited by amishmanish (1)
 #103

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.

I think an ideal currency will never be a decentralized one. As we all wish that bitcoin is the currency of the world, we will never be able to achieve that since as long as it is decentralized, it will never be one. The value and the control, I think that is the reason why being decentralized is not a feature of an ideal currency, this is just my opinion though.

The Federal Reserve is a prime example of a centralized system.

If you want to be controlled by a regulating issuing authority, you probably should stick with fiat.
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May 03, 2020, 12:51:00 PM
 #104

In my opinion, no, bitcoin still has vulnerabilities. There is a rather strong volatility that can be created by throwing some fake news. Yes, and the possibility of attack 51, this is also a pretty big problem, especially considering the decrease in miners over time.

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May 03, 2020, 01:15:41 PM
 #105

Maybe some sees Bitcoin as the ideal currency for the future and some doesn't. I'd go with the a NO.

One reason that I see this will not become an ideal currency base on your parameters is the fact that Bitcoin is decentralized. We know already that all or most of the governments around the world aren't regulating Bitcoin although they are accepting the usage of it in their country and for me that is a good move already for the government and for us who are using crypto. I only see as an alternative currency and an asset for the future, not an ideal or the main currency to be used worldwide.

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May 03, 2020, 01:27:00 PM
 #106

Maybe some sees Bitcoin as the ideal currency for the future and some doesn't. I'd go with the a NO.

One reason that I see this will not become an ideal currency base on your parameters is the fact that Bitcoin is decentralized. We know already that all or most of the governments around the world aren't regulating Bitcoin although they are accepting the usage of it in their country and for me that is a good move already for the government and for us who are using crypto. I only see as an alternative currency and an asset for the future, not an ideal or the main currency to be used worldwide.

This is not true. All countries are regulating Bitcoin by regulating the Fiat on and off ramps. Some jurisdictions are even beginning to regulate merchants who accept payment in Bitcoin.

Nonetheless, the currencies of the future will be non-pow cryptocurrencies that offer privacy.
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May 03, 2020, 01:37:56 PM
 #107

The government haven't been able to censored bitcoin and for this purpose they're not going to make it an idea future currency. The government will always be the controller on currency which will be use the future as the dollars are from USA so will any coins they prefer to use. Although, bitcoin with be more widely used by people but with the government constraints for the use of their available coins will have some effect on Bitcoin. Believe me, the government will create their own currency when it come to reserve currency or future currency.

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May 03, 2020, 01:40:18 PM
 #108

The government haven't been able to censored bitcoin and for this purpose they're not going to make it an idea future currency. The government will always be the controller on currency which will be use the future as the dollars are from USA so will any coins they prefer to use. Although, bitcoin with be more widely used by people but with the government constraints for the use of their available coins will have some effect on Bitcoin. Believe me, the government will create their own currency when it come to reserve currency or future currency.

The entire purpose of Satoshi Nakamoto's work was to prevent this reality. With thousands of cryptos working on the tech, hope is still not lost.
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May 03, 2020, 09:29:07 PM
 #109

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.


We either lean more towards privacy or transparency. No side is better than the other! The coins that are completely private also don't allow others to see that you're paying and that you are in a good financial condition. As an employer you might actually seek a coin with such features.

Bank accounts are private to the point that you don't know your bank is insolvent until you actually cannot withdraw money anymore.

Botcoin is transparent but can also be private as long as every company out there does not begin to enforce AML rules and ask you to send them a selfie with the current date.

And we arrive at the next question. Should Bitcoin be blamed for lack of some anti-KYC features? 


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May 03, 2020, 09:48:01 PM
Last edit: May 04, 2020, 12:46:40 PM by MicroGuy
 #110

We either lean more towards privacy or transparency. No side is better than the other! The coins that are completely private also don't allow others to see what you're paying and that you are in a good financial condition. As an employer you might actually seek a coin with such features.

Bank accounts are private to the point that you don't know your bank is insolvent until you actually cannot withdraw money anymore.

Botcoin is transparent but can also be private as long as every company out there does not begin to enforce AML rules and ask you to send them a selfie with the current date.

And we arrive at the next question. Should Bitcoin be blamed for lack of some anti-KYC features?  



Excuse me. But I'm not looking for a cash payment system that reports my financial condition.
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May 07, 2020, 08:38:20 AM
 #111

In my opinion Bitcoin is the safest cryptocurrency of all to invest in. Additionally, Bitcoin has performed incredibly well whenever their were financial crises going on. A plus point of this currency was it was never set to a specific price rate or value. Moreover, it was set to an average price of what the investors would be more likely to pay.

Further don't miss on the much awaited Bitcoin Halving 2020, which will bring a lot of promises to the investors. The grand event is near the corner and so does the trust of its investors. Also, the Bitcoin exchanges also let you buy any amount, you are looking to have a profitable investment in.
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May 07, 2020, 01:34:15 PM
 #112

I don't want to say that what I see now is an ideal currency, because it has both advantages and disadvantages. But I do not deny the fact that bitcoin is the basis for creating an ideal currency system.

Yes, it's a great basis. Now open up the blocks, add privacy, and replace PoW and you're talking next generation of money.
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May 07, 2020, 04:12:33 PM
 #113

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?

The Fed, ECB, People's Bank of China and even the NBP - almost all central banks are printing money for power today. The reason is obvious - they count on them to overcome the economic crisis. This, of course, does not make much sense, but the bankers' habits do their job. When Smith, Kowalski and Lee notice with horror that they are paying for a loaf of bread 3 times more than, for example, a year ago, they will resort to alternative currencies. This has already happened e.g. in Venezuela and may also start in Poland (we do not scare, but we warn you!).

Bitcoin can benefit because it is the perfect answer to the weakening national currencies. Therefore, cryptocurrencies now have a good chance of occurring at night in the world!




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May 07, 2020, 06:19:05 PM
 #114

Bitcoin can not be an ideal currency for the globe. Going by all that you listed, bitcoin even falls short as it is. Already it has delay transactions which some altcoins easily can solve. Alts like BTC2 and Litecoin have a speed of light transaction rates. Some people have argued that what is keeping bitcoin on top of the list till now is because it is the pioneer crypto. They believe that one day bitcoin may lose that position.

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May 07, 2020, 11:57:28 PM
 #115


Excuse me. But I'm not looking for a cash payment system that reports my financial condition.

It doesn't report it but it allows people you transact with to see it.
You might find it irrelevant but there are people who transact with businesses they don't fully trust. Those people may need this exact feature.

You can never make the payment system liked by everyone nor should you have to. Bitcoin is still pretty close to an ideal system that is not enforced on you and gives you more security and privacy than you're used to having.

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May 08, 2020, 01:22:16 AM
 #116


Excuse me. But I'm not looking for a cash payment system that reports my financial condition.

It doesn't report it but it allows people you transact with to see it.

It allows anyone to see it. The ledger is public and deep learning algos have been developed to connect the dots.

Try this: go buy some BTC on coinbase and spend it anywhere. Do you not think coinbase can now follow that spending trail to its conclusion?
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May 08, 2020, 01:02:05 PM
Last edit: May 08, 2020, 01:13:32 PM by finaleshot2016
 #117

Bitcoin can not be an ideal currency for the globe. Going by all that you listed, bitcoin even falls short as it is. Already it has delay transactions which some altcoins easily can solve. Alts like BTC2 and Litecoin have a speed of light transaction rates. Some people have argued that what is keeping bitcoin on top of the list till now is because it is the pioneer crypto. They believe that one day bitcoin may lose that position.
It makes sense because certain economies in various countries can't afford to lose capital, so it's going to be hard for them if the BTC wasn't stable like the current crypto market situation, which is quite volatile. It would also be challenging for consumers if the price of BTC is not constant and it also needs market awareness for each customer in order to adjust the use of BTC.

And it made me think that it's really difficult for bitcoin to be the perfect currency.

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May 08, 2020, 01:49:40 PM
 #118

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.
But obviously, these fiat exist, or they literally co-exist. Also, we cannot simply compare Bitcoin with dollar or other fiat because these coins have different 'platforms'. Also there are differences with regards to their market value and value stability. Their similarity is only being a currency. And that I think is not enough to draw a conclusion from such comparison to which coin is ideal given that both of these currencies are being used by people at this time. Nothing is ideal, this is the bottomline. Currencies are serving their purpose and development would determine which would benefit us humans, more. Stability alone is not enough to make a currency 'ideal'.

I don't want to say that what I see now is an ideal currency, because it has both advantages and disadvantages. But I do not deny the fact that bitcoin is the basis for creating an ideal currency system.

Yes, it's a great basis. Now open up the blocks, add privacy, and replace PoW and you're talking next generation of money.
Given that change is inevitable, there is a possibility that there would be something that would be more advantageous, which invalidates the claim that bitcoin is the basis of an ideal currency. If you would be futuristic, you should have a good foundation. Bitcoin is facing issues regarding mass adaptation, and that is already a flaw of it, being a currency.





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May 08, 2020, 01:52:37 PM
 #119

Bitcoin can not be an ideal currency for the globe. Going by all that you listed, bitcoin even falls short as it is. Already it has delay transactions which some altcoins easily can solve. Alts like BTC2 and Litecoin have a speed of light transaction rates. Some people have argued that what is keeping bitcoin on top of the list till now is because it is the pioneer crypto. They believe that one day bitcoin may lose that position.
It makes sense because certain economies in various countries can't afford to lose capital, so it's going to be hard for them if the BTC wasn't stable like the current crypto market situation, which is quite volatile. It would also be challenging for consumers if the price of BTC is not constant and it also needs market awareness for each customer in order to adjust the use of BTC.

And it made me think that it's really difficult for bitcoin to be the perfect currency.
Agree, from the perspective of bitcoin users, bitcoin is not really a perfect product to become a currency when its value is not within a manageable range, almost the price of bitcoin can rise or fall sharply for a variety of reasons, and for the moment, the world has not had such a volatile currency, Bitcoin will also not be an exception with the arrival of the government. However, the fact that we should not deny that bitcoin can be a basis for upgrading other currencies around the world, many great advantages that other currencies can copy and become more complete
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May 08, 2020, 03:08:53 PM
 #120

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.

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