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Should we make Bitcoins the global currency?
Honestly, I would support making Bitcoins the new world reserve currency or even global currency. I'd like to have a gold standard, because the dollar would be backed by precious metal, but Bitcoins are also backed by something, they are backed by Math. Bitcoins can not be counterfeited.
5 Answers
- Anonymous9 years agoFavorite Answer
Bitcoins are certainly an interesting idea. Some people use them now. I don't think they will become a serious currency though.
Bitcoins may be backed by math as you say, but we presently don't have a proof that the functions they use to generate the coins are one way functions, or that there cannot be a cryptographic break which would enable someone to generate many Bitcoins with a small amount of computing power.
- 9 years ago
Two things.
One, being backed by math is not sufficient to be a currency. I don't want to take my coins and be given... math.
Two, if the code is open source, what is there to stop me from running it in a way that wasn't intended in order to produce trillions of bitcoins?
This does not have what a currency needs to become, well, a credible currency.
- gunsrfunmgLv 69 years ago
I don't know much about Bitcoins but I don't think it's something most people could trust.
- ?Lv 79 years ago
I like the idea of bit coins- for electronic transactions- however I don't like the idea of a single world reserve currency. I would rather see bit-coins compete with commodities, and other currencies.
- Anonymous9 years ago
Bitcoins cannot be counterfeited?
Your ignorance is showing.