When I say ideal I mean:
- People cannot born them from blown air and some day they will not be able to earn from coinbase's rewards.
- Over time, it will still have value.
- It cannot be spoiled by human.
- It is decentralized, no one controls it.
- You can send/receive the currency really quickly.
These are some basics requirements for the
ideal currency. But I have a question. There are public and private keys out there. You can take anyone's public key and send him/her bitcoins. In the future, like 2100, you understand that technology is advancing. Those years I believe that brute forcing a private key will not be something impossible. Do you think that bitcoin will be spoiled by human in the future?
Should bitcoin use SHA512? Or something even stronger?
One of the good things that bitcoin has is that it is not a static currency that has stayed the same since satoshi created it, on the contrary it has been updated regularly and in the case the cryptography behind bitcoin is at risk of becoming vulnerable the developers will update the code when it is necessary so I will not worry about such thing, however even if bitcoin becomes one of the best currencies around the world I do not see it becoming an ideal currency because that depends entirely on your perspective of what ideal really means, for example a decentralized currency is great for people like us that think governments should not have as much power, but do you think governments agree with that?