Topic: Are we about to redefine money again with Bitcoin? - page 3. (Read 588 times)

It is really true. Human now a days continuously seek for change or somewhat we can say is that people wanted to have improvement in every technology we have. We improved things as it maybe, we make things impossible being possible. One way of proving it is the existence of bitcoin, with bitcoin it can help our lives easier than before. Money can specify as bitcoin that will happen soon.

We have to remember that everyone in the world does not have the privileges as we do. The digital money would not be able to penetrate countries, without good digital access.

This is a nice article to define the true value of a currency because even fiat money in ancient times is being represented by things and other valuable items to be traded by merchants. Now technology has evolve the form of money which is more relevant in our era. The fiat and crypto are two important currency that can be more useful in our daily life.

Since the start of crypto (even though
Icve just started  a year ago) defining bitcoin in the forum is a repetitive action,  but actually It's  a good thing because bitcoin users are continuously growing newbie ls need this kind of articles.

I think the current definition of bitcoin is gradually changing people's perception.
Because bitcoin is a brand new thing, people need more time to understand it, and legal tender will be replaced gradually.

I do not think that will happen because defining money with bitcoin will make a mess, because not everyone in the world can understand about bitcoin, and I think it's very hard to implement.

Thank you for the kind words. Yes, Federal Reserve maintained the gold reserve until 1971 for every dollar in circulating supply. Now we use fiat, which is backed by the utility of paying taxes in dollars. Fiat simply means "let it be done", a king's order. We don't need fiat currencies to collapse, in order for stable cryptocurrencies to be used as "valid currencies". If we are successful to create a cryptocurrency, with less than 5% volatility, third world countries can benefit a lot. Once third world countries give recognition to such a cryptocurrency, it may enter the realm of "valid real-valued currency".

Now, people look at electronic money as a unique digital, non-reproducible, unpredictable and that is why it is a physical asset. It can be said that when the electronic money revolution is sweeping through all economies, having reliable information about this kind of investment will help you to benefit from it and not be left behind.

This was a very good article indeed, I liked this phrase, "Community agreed digital barter”  

I watched an episode of "Decoded" on Netflix yesterday and they were asking questions about the Gold that was supposed to be stored in Fort Knox and most of the people that worked there or knew people that worked there, are of the opinion that Fort Know has no Gold at all. One of the previous Senators even said that if the citizens of America knew about this, then there would be a financial collapse and riots in the streets.

That day will come, and then Bitcoin will be used as a alternative to the Dollar and all the other Fiat currencies that will collapse as a ripple affect of the Dollars collapse.  

This is the monetary system evolution and this time definition of money is some how different, this definition is about digital currency which can be used in various transactions but no body can deposit or withdraw it in bank. or no atm will pay it till now,rest is future any thing can develop more.

maybe it is considered an evolution of currency but not that particularly is a different kind of currency or money because its nature is always a digital currency. indeed technology changes a lot as time goes by, and as we can see that in the application of our modern currencies.

Why not? We never had a decentralized currency before, and provided centralized control over currency is a considerable problem. Yes, Bitcoin is volatile, due to the monetary policy followed by the system. Rupees, Dollars have an inflationary monetary policy, debasing rupees and dollars every year. We can experiment to design a monetary policy to keep the price relatively stable.

By money, I meant tool of exchange. Cowrie shells are money, as they are used to facilitate medium of exchange. Hence bitcoin can also be defined as money.

I think it's true that bitcoin will define the currency of the future, because I think bitcoin will be the currency of the future with the advancement of blockchain technology.

Its not redefining...The price of bitcoin is also unstable if compared to Indian rupees and the price of dollar is also slightly unstable compared to Indian rupees....As like other currency it is also a currency...But its digital currency but not digital money...Digital money are those which are stored in paytm or freecharge etc sites...But its a digital currency...Its just an evolution of technology..

Maybe the title is a bit misleading. If you glance at the article, I have tried to overlay the evolution of money ( historically ) with evolution in cryptocurrency landscape. Bitcoin, Ethereum, EOS, and now stable currencies. I believe bitcoin fits well in commodity money category.

I am merely suggesting, for the first time in history, we have reached a point where it could be possible to build a price stable monetary system, which can be utterly decentralized as promised by Nakamoto, always adhered to a rule-based policy as advocated by Friedman, privately issued to compete against the monopoly of government-issued currencies as dreamt about by Hayek.

It really matters on what you mean when you're talking about this redefinition of money, I (personally) don't think that Bitcoin is going to end up being the currency of the world as so many would like to think it's going to be. But I DO THINK, that Bitcoin is going to bring innovation to the world currency stage -- be it with blockchain tech, and so on and so forth.

So even if Bitcoin does die, I do think that the world is going to gain the knowledge that a decentralized currency is possible. This is the most amazing part in my mind.

Depends on the perspective. Evolution of monies over the period of years was to eradicate flaws the previous form of monies had. Today, we have moved away from the gold standard, ( one of the sound monetary policy ) to fiat. The problem fiat currencies face are that governments or federal reserves are unaccounted for their decisions in increasing the supply. Argentina, Zimbabwe, Chile, are a few examples.

Bitcoin-like systems allow a codified rule to adhere to for the betterment of the system, thereby removing the current problem in fiat currencies provided cryptocurrencies are able to meet other advantages of fiat money.


Yes, you are absolutely right. Bitcoin is more of a commodity. And we know from experience, that mankind heavily relied on a commodity as money, animal horns, crocodile money in Malaysia, Whiskey in Germany.

Fiat heavily relies on coercion, ie. pay your taxes in USD or go to jail. A private money competing against fiat money has to rely on persuasion. People who are persuaded enough with the advantage of such private money ( cryptocurrency ) will prefer to hold coins over their national currencies.

On a long run, national currencies and stable cryptocurrencies will be competing based on price stability. Citizens are free to choose one over the other based on evidence of price stability.

We should not do anything. If people accept bitcoin as official currency, they must change their opinion about money

Bitcoin has value, bitcoin can be used for transactions and hence bitcoin can be called as currency, only bitcoin in digital form is not like fiat having physical shape.

It is already defined over years therefore it is not easy to redefine money again with bitcoin