Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Should we make Bitcoins the global currency?

http://www.weusecoins.com/

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

Relevance
  • Anonymous
    9 years ago
    Favorite 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.

  • 9 years ago

    I don't know much about Bitcoins but I don't think it's something most people could trust.

  • ?
    Lv 7
    9 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.

  • Anonymous
    9 years ago

    Bitcoins cannot be counterfeited?

    Your ignorance is showing.

Still have questions? Get your answers by asking now.