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I'm fascinated on how bitcoin and blockchain works. So now I'm thinking if this is possible? A universal currency named Bitcoin? Being used by Asians, Blacks, Americans, Atheist, or Aliens?
Is there a chance that bitcoin will be use as the Universal Currency around the Universe?
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Steering clear of political and speculatory arguments and roadblocks, I think the following holds:
Aliens: not really. Not with the current 10m block time. A Mars colony would already have problems there. I guess some sort of two-way pegged Marscoin could be possible. For more remote aliens, I'm not sure how far you'd be able to stretch that. Confirmations come with time, but having to wait 10 lightyears before you're safe against double spends doesn't sound all that great.
All the other groups you mentioned: yes possible and already being done.
I'm curious, how is the block interval of ten minutes a problem? That'll hinder them from contributing to mining surely, but not from transacting on the chain. – Murch – 2016-06-09T15:32:10.867
I was mostly thinking in terms of mining yes. A Mars colony doing Bitcoin transactions should be fine, I guess it adds a roundtrip time to earth to the normal number of confirmations. Also: Lightning should work beautifully, as long as timeouts are long enough. However: in case of rivalry between earth and Mars, they may distrust earth and its miners (orphan chains, forks or sybil attacking the one single Earth-Mars link). Normal recourse against that would be to start mining yourself, but that doesn't work when the latency is a significant portion of (let alone more than) 10 minutes. – Jannes – 2016-06-09T17:40:58.373
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Well there is no possibility for bitcoin to become the universal and will be only currency for the whole mankind, with current system like bitcoin have i think it looking attractive to think about but only in dreams because governments are more powerful and want to keep to control over their people so that i think it is not possible at this moment but nobody knows about future.
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I don't believe it would be feasible in its current implementation considering limitation of information propagation. It takes about 10min for signal to get from Earth to the Sun. It would take light-years to communicate with nearby systems. Unless we find a hack around current physics, it won't work.
You'd need some much slower block generation times to fit the inter-planetary use :)
You are asking a question that can only be answered with speculation. – Luke – 2016-06-09T08:39:21.523
Asians? Blacks? Americans? Atheist? Aliens? I don't think those groups are mutually exclusive, and they feel like an odd assortment to represent universality. Technology doesn't care about race, creed, nationality...or species. I'm not sure what your getting at with this question. – Jestin – 2016-06-09T14:23:33.980
related: How do you create a planet-specific cryptocurrency that will ignore longer block chains from other planets?
– Murch – 2016-06-09T15:34:19.080