Quote from: littlebit on January 21, 2013, 08:38:27 PM

Although the Federation as shown in Star Trek is a communist utopia, when they do dealings with other races often a currency is needed. Gold-pressed latinum is the standard in the series since it cannot be replicated, but don't you think they would have have a cryptocurrency like bitcoin by that point? I want to discuss the pros and cons of dealing in bitcoin (digital, immaterial, but those can be both beneficial and non) or a physical good (the aforementioned gold-pressed latinum.) Bitcoin seems like it has similar benefits, where as latinum is unable to be replicated, bitcoins are limited to 21m total. What do you guys think? I think it would make certain transactions smoother (weapons trades and the like) if you just had to transfer bitcoins to the seller rather than ship them latinum which, who knows, could be seized or the ship carrying it could be blown up or whatever.

There is a problem of synchronizing bitcoin across interstellar distances, but if you can work out instantaneous communication (by somehow sending information instantly between points rather than being limited to the speed of light) then it could work just fine.

In the sci-fi webcomic "Schlock Mercenary" they seem to have a monetary system which operates very similar to bitcoins, where there are "credits" (or for larger purchases, kilocredits) which are passed around from computer to computer, but require the signature of the sender to be sent.

It is much easier to send information across long distances than physical money, so the advantage of cryptocurrency currently seen when making payments internationally would be amplified when making payments interplanetarily.