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?
Nope, bitcoin won't really be an ideal currency if we are talking about 80 years from now. There are a lot of reasons about it.
1. It can be spoiled by humans even if this looks unrealistic as of now future carries it's own uncertainty. The type of pace we are seeing in our technological advancements I really doubt that Bitcoin would be able to maintain it's solidarity until then.
2. Hyper deflationary spiral. Even though argued by a few this has been one of the greatest threats for using bitcoin as a currency. We haven't seen any use case solutions for this so far. This was why in history too the rare metals currencies were always short lived.
3. We definitely can't send receive it that quickly if we are talking about daily transaction atleast. Moreover the alternatives to bitcoin would be the biggest problem in the way. They would provide much better performance at lesser fees. so bringing the whole world on single currency without some sort of legislation is going to be pretty difficult i believe.