Bitcoin: Is it truly the currency of the future?

Started by Padonag, Aug 29, 2022, 02:33 AM

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PadonagTopic starter

Cryptocurrencies, in contrast to government funds, are more centralized as even the tweets of a single person can significantly impact their prices.

The booming technologies of the blockchain space are fascinating, but it is important to consider the drawbacks of crypto. For instance, cryptocurrencies lack transparency, are highly speculative and offer opportunities for market manipulation. Cryptocurrencies and other technologies are mere tools at the disposal of human beings, with the potential to benefit tech experts and celebrities.

Bitcoin is often hailed as the currency of the future, however, its slow transaction speed and high fees challenge this notion. Nonetheless, Bitcoin's popularity continues to grow, and its network is unique in that it reflects our emotions in the virtual space. The power of Bitcoin lies in the number of nodes on its social network, which is fuelled by our human emotions. Ultimately, whether it is controlled by the state or celebrities, the herd tends to follow those who make them feel secure and in control.


The difference between shares of companies and cue balls is unclear to me. While stocks seem more familiar, why compare crypto to "state money"? In the event of a dollar collapse, taxes are used to fill the gap. But what happens if there is no tax revenue?
The state may go bankrupt, announce a denomination, or take out loans to recover. While I acknowledge that crypto has its pros and cons as a young tool, it is interesting to note that globally distributed demand may prove more stable than relying on local currencies subject to regional crises, which often result in plugging financial holes with citizens' funds.


Crypto exchanges are not like traditional exchanges and earn money by attracting funds to their accounts, taking a percentage for transactions and a higher percentage for withdrawals. The exchange's income is not affected by the ratio of different currencies' prices.

When assessing cryptocurrencies, it is important to consider whether their nodes offer rewards and whether they can truly be considered decentralized. It remains to be seen whether coin holders will remain motivated to maintain a node and ensure network decentralization.


Decentralization of nodes across various countries and susceptibility to manipulation are two distinct factors. At this stage of crypto development, the opinion of an influential individual carries greater weight than technological research in creating a functioning TAO mechanism.

When assessing cryptocurrencies, it is important to determine whether their nodes offer rewards and if they can be considered truly decentralized. It remains to be seen whether coin owners will remain motivated to support nodes and ensure network decentralization.


The impact of influential individuals like Elon Musk on cryptocurrency value through social media is significant. But doesn't the speech of figures like Grispin, the director of the central bank, also affect foreign exchange market quotes? Is the cryptocurrency social network distribution system unstable?

It is worth considering why this system emerged and whether it represents a natural step in material goods distribution. While there may be concerns about instability and other downsides to this type of money, perhaps these issues are simply a given of our time. We must adapt or perish in the face of inevitable change.