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Ayd Asraf

Corporate Senior IT Executive - Release Team, Aramex International


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Are "Bitcoins" the future of money?

It is clear that there is still a debate raging about the future of cash. Cash is one of the other traditional bastions of the old guard of financial servicing.

Yet with mobile wallets, ebanking, contactless everything and real-time transactions, does cash really have a future?

Some say ‘yes’, due to the unique attributes of cash, other says 'no' due to the recent disruptive invention that is called "Bitcoins".

For those whom are new to the term mentioned above, Bitcoin is a digital currency designed to be controlled through encryption rather than a centralized authority. Operating in exactly the same way as cash, Bitcoins are fully exchangeable as an anonymous form of currency in real-time across the internet and, shortly, at Point-of-Sale.

Seems tempting right? but cannot things go bad with all of this anonymity? knowing that Bitcoins has no refund feature and it's solely left to the consciousness of the second party to refund you your money, wouldn't that be a concern?

Let me know what you think about the future of money, Bitcoins or Cash? what do you think is good & bad about Bitcoins, as well as cash?


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  • Jan 26 2014: I am brazilian, my english is not good as yours. But i am sure that bitcoins are not the future of money. The bitcoins are finite: this is the problem about it. And so it can not be a reserv currency.
    • Jan 27 2014: Unfortunately, bitcoins are not limited, only the rate of growth of supply.

      Every so often, new seed numbers are released for computers to grind on. When certain hash values of the seed are found, bitcoins are awarded for the effort. This is called bitcoin mining.

      Via bitcoin mining, the supply of bitcoins is constantly, and forever will be, increasing.

      Price is set by the balance between people buying and people selling, with newly mined putting a little extra potential to the sell side, if the miners look to cash out.

      The real flaw of bitcoins remains that it is a classic Ponzi. Payouts are 100% paid from new people buying in. As soon as people stop buying in to the Ponzi, there will be no value of the bitcoins.

      This stands in stark contrast to legal tender currencies which can still be used to pay taxes and debt, even if no one wants to buy your legal tender.
      • Jan 28 2014: Where are you getting your facts? There will and and never will be more than 21,000,000 Bitcoins ever released through Bitcoin mining.
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        Jan 28 2014: amazing how many stupid things sensationalist magazines come up with. amazing that people actually buy these lies on face value. you just got an F on skepticism.
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      Jan 28 2014: and it is a problem because you say so or because of some actual reason?

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