Comment · Wed, November 20, 2013
What most investors don't get about Bitcoin as a currency
Original post in this thread
BCLaraby · 96 points
Is that we're on the edge of creating a truly single global currency backed by the full faith of the world.
Now, I'm admittedly simplifying here but think about it. The USD is supported by all that America has to offer, the full force of the promise of the United States. Its workers, its output (GDP), Exports, you name it. It's all just a promise, an IOU, but a promise backed by real econonmic might.
Same with the UK, with China. Same with India. And Australia and Canada.
All these nations singular currencies are representative of the work put into them by us, the people, who build and maintain the economy.
Now Imagine all of the people of the world willingly trading in their own currencies for Bitcoin, voluntarily creating a single universal currency backed by the full faith of the world's economies. Essentially creating a Net that allows for a stable, instantly transferrable currency no matter where you are or how much you need.
Some guy in China wants to do business with someone in Australia? Done. Instantly. No exchange rates or time wasted or middlemen. Just done. Its the Internet of Money.
The long and short of it?
In Bitcoin we've created the real-life Sci-Fi…
What they were answering
ferretinjapan · 2 points
There are always improvements to technologies, I'm not naive enough to think that Bitcoin couldn't be supplanted, but these innovations come in fits and starts, and I think you'll find that it may be a very long time before someone comes up with something better. People have already been trying for years, with older non-bitcoin centric ideas, and for the last 4 years using the Bitcoin source as a model. The "best" of these alternatives, litecoin, ironically is successful because it made so few changes to the original code. The digital currency space has been around for over a decade before Bitcoin was even an idea, so don't kid yourself thinking that bitcoin was the first one to come along, even Satoshi referenced technologies that pre-dated his implementation. But bitcoin fixed many of the earlier attempts' critical flaws. What's more, Bitcoin is not a static technology, it too is still improving, being optimised, and I'm certain down the line there will be hard forks as Bitcoin grows into an even more powerful tech. This is why Bitcoin has been so successful, and in all probability will continue for many years into the future to be the leader in the digital currency space.
u/MisterYouAreSoDumb
By first, I mean first one to gain major adoption. My point is that things are going to change as it becomes more popular, and the bigger players start to get involved. We cannot predict the next 4 years based on the last 4 years, as the people involved in the market are vastly different. It could very well be the biggest thing for a long time. Hell, I even purchased some, and may purchase more. It's going to be an interesting ride.