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upal (OP)
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June 24, 2014, 02:22:38 PM
Last edit: June 25, 2014, 05:42:55 PM by upal |
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Here is an article on the future of bitcoin. What is the community opinion about it ? |
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Bitcoin addresses contain a checksum, so it is very unlikely that mistyping an address will cause you to lose money.
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keithers
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This is the land of wolves now & you're not a wolf
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June 24, 2014, 02:38:26 PM |
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Transactions in legal tender do not necessarily require any internet connection. But unlike legal tender, Bitcoin is necessarily associated with the internet. So, even maximum possible transactions in the digital currency are bound to be less than legal tender, at least in foreseeable future. However, as a medium of exchange and fund transfer, Bitcoin enjoys some distinct advantages over fiat money. Here is an article on the future of bitcoin. Would like to have community feedback on it... Being able to easily transact without an internet connection is one of the advantages of cash over BTC at the moment, IMO. It is a huge advantage of BTC to be able to make large transaction with BTC without suitcases full of cash though... |
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upal (OP)
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June 25, 2014, 05:43:40 PM |
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Transactions in legal tender do not necessarily require any internet connection. But unlike legal tender, Bitcoin is necessarily associated with the internet. So, even maximum possible transactions in the digital currency are bound to be less than legal tender, at least in foreseeable future. However, as a medium of exchange and fund transfer, Bitcoin enjoys some distinct advantages over fiat money. Here is an article on the future of bitcoin. Would like to have community feedback on it... Being able to easily transact without an internet connection is one of the advantages of cash over BTC at the moment, IMO. It is a huge advantage of BTC to be able to make large transaction with BTC without suitcases full of cash though... I absolutely second that... |
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Jesu
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June 25, 2014, 06:09:40 PM |
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It's the future of money... or maybe not. Only time will tell i guess.
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guybrushthreepwood
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June 25, 2014, 06:10:45 PM |
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What's the future of anything? I think everything is pure speculation at the minute, but it's exciting to see where it goes. I think it'll be used quite heavily in the remittance market and for other money transferring services etc.
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Cryptopher
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Keep it dense, yeah?
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June 25, 2014, 06:13:09 PM |
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I don't see Bitcoin replacing fiat entirely, least not in this form and not for a very long time. However it is a rather effective tool for trade, and transmitting monetary value. If only it were more widely accepted. Time will tell.
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Sign up to Revolut and do the Crypto Quiz to earn $15/£14 in DOT |
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Meuh6879
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June 25, 2014, 06:15:19 PM |
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you can't trade with a 10 minute confirmation transaction. and that, it's very good for people.  |
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Mr Tea
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June 25, 2014, 06:20:36 PM |
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you can't trade with a 10 minute confirmation transaction.
and that, it's very good for people.
Eh? What do you mean by that? |
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Acidyo
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June 25, 2014, 06:59:09 PM |
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Transactions in legal tender do not necessarily require any internet connection. But unlike legal tender, Bitcoin is necessarily associated with the internet. So, even maximum possible transactions in the digital currency are bound to be less than legal tender, at least in foreseeable future. However, as a medium of exchange and fund transfer, Bitcoin enjoys some distinct advantages over fiat money. Here is an article on the future of bitcoin. Would like to have community feedback on it... Being able to easily transact without an internet connection is one of the advantages of cash over BTC at the moment, IMO. It is a huge advantage of BTC to be able to make large transaction with BTC without suitcases full of cash though... Would it be possible to find a way to send bitcoins offline? The wallet making it so that it goes somewhere and is safe from double spend but the transaction won't go further until the person connects it to the internet at some point. But that the program would notify the receiver that the coins have been sent but are currently on hold til the owner connects to a network for the transaction to complete? |
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Mr Tea
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June 25, 2014, 07:02:20 PM |
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There are off the chain transactions but I don't know how safe using coins would be offline as double spends would become a big risk I would imagine.
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gbooz
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June 25, 2014, 07:35:26 PM |
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What's the future of anything? I think everything is pure speculation at the minute, but it's exciting to see where it goes. I think it'll be used quite heavily in the remittance market and for other money transferring services etc.
I would totally agree. Only the time will show if bitcoin become a "beauty" or the "beast". But it already made its trace in the internet economy. I personally think it already made money transfers easy and low cost. But important is that it should be somehow regulated and will create a value added for small businesses and national economies. |
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BitCoinDream
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The revolution will be digital
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June 25, 2014, 08:27:26 PM |
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Transactions in legal tender do not necessarily require any internet connection. But unlike legal tender, Bitcoin is necessarily associated with the internet. So, even maximum possible transactions in the digital currency are bound to be less than legal tender, at least in foreseeable future. However, as a medium of exchange and fund transfer, Bitcoin enjoys some distinct advantages over fiat money. Here is an article on the future of bitcoin. Would like to have community feedback on it... Being able to easily transact without an internet connection is one of the advantages of cash over BTC at the moment, IMO. It is a huge advantage of BTC to be able to make large transaction with BTC without suitcases full of cash though... Would it be possible to find a way to send bitcoins offline? The wallet making it so that it goes somewhere and is safe from double spend but the transaction won't go further until the person connects it to the internet at some point. But that the program would notify the receiver that the coins have been sent but are currently on hold til the owner connects to a network for the transaction to complete? Having offchain transactions require a trusted 3rd party who will make sure the double spend wont take place. Though, trusted 3rd party is against the basic philosophy of bitcoin, we are already accepting it in many ways, e.g. web wallet and pool mining. In these cases u r trusting a wallet service provider and pool mining operator. So, in future, it may happen, that to accomplish offchain transaction, we'll accept some trusted 3rd party. |
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Velkro
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June 25, 2014, 08:40:20 PM |
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future of bitcoin is paying for everything with bitcoins, everyday grocery etc
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allthingsluxury
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June 25, 2014, 09:39:24 PM |
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Transactions in legal tender do not necessarily require any internet connection. But unlike legal tender, Bitcoin is necessarily associated with the internet. So, even maximum possible transactions in the digital currency are bound to be less than legal tender, at least in foreseeable future. However, as a medium of exchange and fund transfer, Bitcoin enjoys some distinct advantages over fiat money. Here is an article on the future of bitcoin. Would like to have community feedback on it... Being able to easily transact without an internet connection is one of the advantages of cash over BTC at the moment, IMO. It is a huge advantage of BTC to be able to make large transaction with BTC without suitcases full of cash though... Agreed. |
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TimS
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June 25, 2014, 10:08:19 PM |
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Would it be possible to find a way to send bitcoins offline?
In a decentralized, trustless manner? No. That's the job of the blockchain, which requires being online and waiting for 1 or more confirmations. There are all sorts of discussions about how Bitcoin can be used instantly (usually by trusting an intermediary), to make it a little more palatable for in-store use for both parties, but bitcoins are fundamentally online. Physical bitcoins, like Casascius or printed paper wallets, come close to being offline. But you're still having to trust that the coin/paper is really worth what they're saying it is. |
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Skele
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June 25, 2014, 10:08:27 PM |
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That depends on what future are we talking about, maybe in a short-term Bitcoin will be adopted worldwide as an extra form of money that
guarantees lots of payment facilities and prices will go up (for us, the people of this forum that hold current criptos, those are great news).
And maybe in a distant future, Bitcoin will be = 1 million US and cash will be gone...
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gbooz
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June 26, 2014, 07:26:14 AM |
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That depends on what future are we talking about, maybe in a short-term Bitcoin will be adopted worldwide as an extra form of money that
guarantees lots of payment facilities and prices will go up (for us, the people of this forum that hold current criptos, those are great news).
And maybe in a distant future, Bitcoin will be = 1 million US and cash will be gone...
It might be the other way around - bitcoin will be adopted as you say and a speculative price will go down.... |
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gbooz
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June 26, 2014, 08:15:47 AM |
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future of bitcoin is paying for everything with bitcoins, everyday grocery etc
So, actually this means "trust". |
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gbooz
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June 26, 2014, 08:18:49 AM |
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What's the future of anything? I think everything is pure speculation at the minute, but it's exciting to see where it goes. I think it'll be used quite heavily in the remittance market and for other money transferring services etc.
The bitcoin as such might undergo transformations or disappear at all. But the technology, the protocol will be developed. |
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Kprawn
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June 26, 2014, 08:50:04 AM |
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Well history tells us, where we going in future, because history repeats itself. My prediction - BTC will become the de facto digital currency within 2 years. King of Coins. {Not just on dominance, but retail acceptance, and track record} But BTC will not stay there for long. Someone will create the perfect coin, for governments to manipulate, and they would find ways to regulate people, to force them to use that. People have too diverse views on poliitics and other human factors, for them to adopt a single currency world wide. Until then, we ride the BTC wave, and then climb onto the next wave, whatever that will be. Currency Surfers.  |
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