Quote from: ObscureBean on September 25, 2016, 07:28:58 AM

Quote from: deisik on September 23, 2016, 08:20:04 AM

Quote from: Daneric on September 23, 2016, 07:55:44 AM

Quote from: nova-rider on September 23, 2016, 04:58:36 AM

Interesting thoughts, I believe that over time the paper money will become obsolete. The convenience of electronic payment systems brings great market opportunities ahead.

It is a pity that paper moneyight become obsolete with time buy it has its own conciniency. Electronic currencies depend on technology which can fail at one time. Imagine a situation where there is total lack of internet even for just 5 minutes. I bet trillions will be lost over the world.

What do you mean by trillions lost? No money will be lost even if there is a total blackout, not just some internet connection severed. A few monies may not get earned, indeed, but certainly not in the range of trillions unless there is no more electricity for good (just like in the Revolution movie series). Beside that, digital currencies started off decades before Internet...

The technology behind electronic funds transfer (wire transfer) had been developed in the late 1950s - early 1960s

He's not entirely wrong though, after all we live in a world where time is money. If Bitcoin is the most used currency in the world and the internet goes down for a few minutes, it is likely companies worldwide would experience sizable losses. Also you can't really compare crypto to wire transfer, wire transfer may be electronic but the actual money is physical and can be used independently of electricity, internet etc.

The inference is that Bitcoin will never become a mainstream money simply for the lack of sufficient robustness. You can cut Internet, you can switch off electricity, and you can still use today's money (though on a lesser scale but still). For Bitcoin to become ultimately unusable and thrown away eventually, it is enough just to isolate a few large Internet segments from each other (for example, cut Europe and Asia from Americas), and Bitcoin is pretty much done with...

Provided it somehow becomes the most widely used currency across the world in the first place