What Will Bitcoin Leave Behind for the Future?

[letteredhub]

Bitcoin has accomplished one thing that once would have been unthinkable back in its early days: it managed to establish a peer-to-peer monetary network on the internet that doesn't require a centralised entity to oversee it. But I sometimes question whether we are falling in love with Bitcoin simply on the strength of what it has done thus far.This raises another intriguing prospect that it won't be the value of Bitcoin or even its position as a rival to Fiat currencies that will matter most. It may be the ideas and infrastructure surrounding it that make the difference.

Just an important point to correct here as highlighted. Bitcoin isn't a rival to fiat neither is it here to replace the fiat currency but only serves as an alternative currency for those of us who value privacy and wants to be in custody of their money without having to deal with a middleman that has to  grant permission through paperworks before access to funds can be approved.

charge of money? What makes digital goods limited?

The government is in charge of money, they can decide to print and seize at will if it means doing that could help them solve some short term issues.

It's common sense to know that what makes digital goods limited is rules which in other words embedded codes that limits supply, just as we have with some cryptocurrencies with limited supply. Example is bitcoin which is encoded to a limit of 21 million bitcoins in supply.

How much trust should we put into banks?

How could Bitcoin best change the long-term future?

Trust the bank or your CEX with such amount of funds that is your daily operational funds, and not a savings repository.

I think bitcoin is already changing how people view value in currency in the long term, which is why there has  being much institutional and retail adoption of bitcoin as a long term investment asset. And this for the future looks bright for bitcoin ecosystem.

[MisFoxie]

How much trust should we put into banks?
.....
How could Bitcoin best change the long-term future?

I have almost zero percent trust in bank the main reason is that if the bank becomes bankrupt they will be able to give me only the insurance amount the rest will disappear. For this reason I do not keep more funds in the bank than the amount covered by insurance.

Bitcoin has already solved maximum currency related problems which is enough for its future it just needs continuous security upgrades so that Bitcoin does not lose to any technology.

[JoyMarsha]

Bitcoin is leaving no stone unturned in the way we see the financial system. The more we embrace it, the better for us. I pity those who have doubts in their mind about investing in Bitcoin for the future. They will all regret it in the future when the Bitcoin price has skyrocketed more than expected, and that the bank they believe in will leave them with devalued money

[Ojima-ojo]

The future of Bitcoin is not solely based on it Price and all the speculations around its value and how it gains more scarcity in the future.


The future core values for Bitcoin goes beyond the above far to how Bitcoin provides an independent monetary infrastructure that is not dependent on any Centralised institutions or restrictions just like the Centralised monetary system have border restrictions and so on.

[knuckey]

Perhaps we've already seen the largest effect Bitcoin can have.Or maybe we haven't got it yet.

How could Bitcoin best change the long-term future?

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We haven't gotten it yet, perhaps halfway through. Remembering the past, no one ever imagined Bitcoin would be as advanced as it is today, and it's certainly hard to imagine the future. New ideas and innovations will continue to emerge. Currently, only 3-8% of people worldwide are familiar with Bitcoin. With new innovations and ideas that we can't imagine, we can expand Bitcoin's global reach with its unique appeal.

[Livingleged]

Bitcoin is leaving no stone unturned in the way we see the financial system. The more we embrace it, the better for us. I pity those who have doubts in their mind about investing in Bitcoin for the future. They will all regret it in the future when the Bitcoin price has skyrocketed more than expected, and that the bank they believe in will leave them with devalued money

We don’t need to even pity anyone who doesn’t like bitcoin for their own personal reason. Bitcoin have been around for about 17years now and there are people that still don’t want to get involved even after everything that’s going on in the space about it rewarding system and benefits that come from holding bitcoin. We all have different way of viewing things, that which I respect and you have to accept other people choices what they are comfortable with.  But it’s not a flex that you don’t want to get into bitcoin, you might just be denying your self a great opportunity to financial independence in the nearest future. Bitcoin price might not ever be the big deal in the future but have your fund to your ow custody without relying on any company or authority to move funds is something that will always make bit great deal every other feature will just be like a secondary advantage.

[AgriTrack]

One thing is certain, and it is that Bitcoin doesn't have any hidden features that we don't know about yet, which means that whatever we know about Bitcoin and its use cases, it's all transparent and available for everyone to learn and use, but it's just that Bitcoin in the current times is not being used the way it can be or should be used. Most entities are interested in Bitcoin's monetary value more than its usability, because someone who is buying and holding Bitcoin is doing it only for the profits they can gain, not for using it as a decentralized p2p payment system.

So I think the only thing that can change in the future is that the use cases of Bitcoin might become more widespread in the distant future when making profits from it might not be as intriguing as it is today because its value won't have as much changes as it does right now, and then people might focus more on how they can use Bitcoin instead of thinking about buying and holding it for profits. Other than that, I don't think we can see many changes because as I said, we already know all its potential.

[tabas]

These questions can stay unanswered no matter how high, low or unpredictable the value of Bitcoin is.

Nope, those questions are answerable because we know that there will be people who will never be impressed with Bitcoin and they'll defend the usage of the banks. They're not fond of the new emerging technologies and the assets that it produces. That's why they'll remain for what they believe is better in all aspects that bitcoin has got. And that's understandable because they've grown on a different era and even in the same one, it's just that there's different value and beliefs that human beings has got. So, no matter how high and expensive and usable bitcoin becomes which is already happening, they won't care.

[Cleanshit]

One thing is certain, and it is that Bitcoin doesn't have any hidden features that we don't know about yet, which means that whatever we know about Bitcoin and its use cases, it's all transparent and available for everyone to learn and use, but it's just that Bitcoin in the current times is not being used the way it can be or should be used. Most entities are interested in Bitcoin's monetary value more than its usability, because someone who is buying and holding Bitcoin is doing it only for the profits they can gain, not for using it as a decentralized p2p payment system.

So I think the only thing that can change in the future is that the use cases of Bitcoin might become more widespread in the distant future when making profits from it might not be as intriguing as it is today because its value won't have as much changes as it does right now, and then people might focus more on how they can use Bitcoin instead of thinking about buying and holding it for profits. Other than that, I don't think we can see many changes because as I said, we already know all its potential.

I don’t really thing that the potential of knowing bitcoin today necessarily means that we know how widely does case can develop in the future, basic functions are transparent. Infrastructure improve can still changes with the way businesses or people use those functions.

Given an example Bitcoin might already work as an peer to peer payment system but also things like easier access and better payment infrastructure could be able to make that use more practical for people you don’t consider it useful now. So for Bitcoin to leave somthing important behind doesn’t need to bring a completely new feature.

[PrivacyG]

It has already changed the long term future by creating an irreversible, permanent payment mechanism.  No leader can stop it, it has hard coded scarcity and any movement is transparent and provable.  Banks hate it, institutions hate it, leaders hate it but they all play their 'we want to join it' role because it can not be stopped.

Bitcoin has changed the future by making sure there is a gigantic non fixable hole in any Orwellian desire a leader may have.  And to me that is more than enough.

[AVE5]

This raises another intriguing prospect that it won't be the value of Bitcoin or even its position as a rival to Fiat currencies that will matter most. It may be the ideas and infrastructure surrounding it that make the difference.

It's all of the above qualities that in the digital, decentralized and the potential hedge of values that's actually dragging user's attentions into adopting the coin.
The authorities had really shown must person's lesson conditionally with how anyone using the traditional won't have the right of how to spend and manages their monies by themselves and there had also been issues of the border transaction barriers using the traditional currencies and until bitcoin was introduced, it became an ease where users now enjoys freedom of their financial custodians and same time, has bitcoin as an hedge against inflation.
These infrastructures had really made bitcoin become admire able for people that enjoys Privacies and same time monetary flexibility.

[Asuspawer09]

Bitcoin for sure is going to have both a bad image and a good image to leave behind in the future, still, it wasn't something that is important these days since Bitcoin was just on process on adoptation, it wasn't on a success yet since there are still a lot of people who don't know what is Bitcoin at all or aren't really using it or investing on it. Even back in the day, some people only know that Bitcoin is more like a scam or something probably because this is what they see in the news. Bitcoin is also get used on some illegal activities that is why people often see it as a scam.

What is for sure Bitcoin is going to highlight here is what makes it different from other, Being decentralized. Because it's a community, it's what makes it different from other centralized platforms, so this is surely going to leave a mark in the future where they could see that having a decentralized digital currency is a thing. Also, it might not be a good thing but the market price of Bitcoin as well is what sets it apart because it was a huge success in the past, so people are always going to see it as a high-value asset.

Still, all of this was something that is not guarantee, even though we all believed in Bitcoin's success, we don't even know if Bitcoin will still exist in the future, so as always, the best thing to do is diversify.

[Tamaperdana]

Snip

I think it's clear that Bitcoin has a very good system, namely decentralized, and also the other systems you mentioned. Because basically, after Bitcoin's arrival, we realized that we had been manipulated by a system that had no end in sight. But fortunately, Bitcoin presents a very real solution and makes us aware of one thing freedom.

So, basically, what Bitcoin will leave behind for the future is clearly its system and philosophy. Because that's what's so important about Bitcoin today. Because the Bitcoin system and its philosophy are truly excellent and cool. Furthermore, speaking of price, I think Bitcoin will become a very valuable asset in the future. Basically, Bitcoin continues to experience very significant price growth in each cycle. So that's very good, and I hope Bitcoin will continue to grow and attract interest from everyone.