Topic: Bitcoin is magic internet money (Read 363 times)

We're in the 21st century buddy, the concept of money having to be felt is an old school of thought and doesn't make sense in today world, Bitcoin isn't the only money that can't be felt as there are so many other digital currency but they don't match up to Bitcoin qualities though. Bitcoin exists in the digital world and you saying Bitcoin isn't really money is laughable. Bitcoin isn't just Internet money but it's money as it has value outside of the internet. We use Bitcoin physically although isn't widely acceptable yet but that's just a matter of time before it happens.

Bitcoin is magical no doubt but we shouldn't limit our thinking to seeing Bitcoin as just an internet money just because it's digital, everything is going digital as we're leaving behind physical money as they have limitations. Even the fiats are moving digital with the introduction of CBDC. We're in a time of cashless policy dominating the globe as people are more interested in spending money without having to expose their financial status as they can spend with just the swap of their credit cards.
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I don't like the fact you're describing Bitcoin as some fantasy money as you have repeated it been a magical money multiple times. Bitcoin is just like every other currency but has more features to encourage privacy and decentralization. Bitcoin is what money should be which is to serve as a means of exchange and also a store of value because your wealth in Bitcoin keeps increasing unlike fiats that keeps depreciating your wealth value.

Force of gravity is very real on earth and bitcoin is not more magical than seeing a plane flying on the sky with all it's weight and the weights of it's passengers, it's not more magical than using a phone to do video call with someone in a far continent, not more magical than the internet that enables it's usage. In fact when i learned about bitcoin, i wasn't too surprised at the technology, because technological innovations has become a normal thing to me, I've gone beyond wondering how this things comes to manifestations. So if bitcoin is magical, then they're all magical, because they're all like fantacies that comes alive to me. Unless i see a technology that can raise a dead person back to life, then I'll be wowed forever, that technological advancements  or magic has gone beyond human comprehension.

I can say bitcoin is mysterious in a way because of it's anonymous nature, the way it can conceal the identity of the holder, we don't even know the identity of its creator. All the same it's a valuable decentralized asset, whether magical or not.

OP, I agree with you on whatever you choose to call bitcoin because of the way the price is pumping now. You will sleep and wake up and see that bitcoin price has pumped and to you it is like magic right. I call bitcoin the future digital gold and some persons calls it a safe haven, and so on.

The fact remains that bitcoin is a volatile assest and this makes it more profitable when you invest for a long period of time. There is still time for one to buy and invest and also do regular DCA, so that you can benefit from it. Bitcoin has a great potential and that is why you are carried away and call it magic internet money but the truth is that the decentralized nature is what makes it more unique.

You say that you are a blockchain expert and you know very well that bitcoin is some sort of programming with valuable outcome that has affected the world positively. Now let's me ask you, is programming magic? Anything that has a laid down understandable procedure cannot be related to magic at all. You can say that the idea behind it is magical, and I will support you cost Satoshi and his group produced something that has a very unbelievably positive impact in the world till date. Bitcoin is actually real money, its cryptocurrency which is a type of currency, only that it does not have a physical representation unlike fiat currency. There is nothing magical about the existence of bitcoin till date, If you read the history very well and the white paper, you will still see the purpose, description, technical and theoretical analysis of the bitcoin process, the limitations it has faced over the years and the security improvements also. Magical ventures has no explanations and clear transparent processes like that. Bitcoin is therefore really digital money that can serve equal and more purposes like other forms of currency.

Since the launch of Bitcoin, the entire crypto market had been growing with great momentum increasing the value of the Crypto market capitalization. There are lot for us to benefit from the market even though we are new to the system. We need to be prepared to learn and get in with the lowest risk possible since the crypto sphere is all about making financial decisions that can surplus our profits or make us lose. The market is a large enough for us to make amazing profits but we should be ready to work on greediness because this is one of the factors that attract loses to our investment.

I don't think that will happen because competition between countries' currencies continues and Bitcoin is difficult to accept and use as a substitute for the country's official currency, even though there are countries that have legalized Bitcoin as legal tender, such as El Salvador.
I also think that Bitcoin is only used to balance the price of one currency. This nature is uncertain and not necessarily true.


It stands to reason that there is no government ability to shut down Bitcoin as long as internet access remains.
Turning off internet access is something that is impossible for any government to do because with the internet they work to take care of all the country's needs.

While some people may describe Bitcoin as "magic internet money," it's important to understand that Bitcoin is actually a decentralized digital currency. It works on a technology called blockchain, which allows transactions to be recorded and verified by a network of computers rather than a central authority like a bank. Bitcoins are created through a process called mining, where powerful computers solve complex mathematical problems to validate transactions and add them to the blockchain. This process ensures the security and integrity of Bitcoin transactions. Additionally, Bitcoin has a limited supply. A number that refers to a limited or specific amount cannot be magic.

My friend nothing like internet magic money. This is advancement in technology. You said bitcoin does not really exist and people are using it😀 you are contradicting Bitcoin and cash. Bitcoin is a money but only used in the internet I see no reason why we need Bitcoin in cash, because one can easily send bitcoin to a wallet and get cash back in any currency. Bitcoin has many functions. It can be uded to purchase goods online and can be accepted in places were you dont have there currency. Can be transferred across different countries using wallet p2p and has eliminated frequent bank issues. Western Union transaction in the bank has drastically reduce due to Bitcoin invention. Many people are not aware of Bitcoin but if they do, they will feel like they have been left out.

is this @mk4 profile picture 

Tho Bitcoin is more than magic internet money in my opinion everything is like digital gold too. Unlike gold which cannot be used as direct payment bitcoin can do that. Store Value Store Information Store anything. In Fact, the Child or the Queen of crypto Ethereum also paved the way to unlock more possibilities by using crypto so basically crypto is powerful.

Even Big Institutional now look at the Bitcoin too

Bitcoin is not physical money, but it's not real money. Money in PayPal or Visa are also not physical, but no one says they are not real, and they are accepted for any goods just easily as cash


Yes, just like Visa, PayPal, Venmo and so on. In this regard they are same as Bitcoin.


The meme "magic internet money" comes from the difficulty of explaining how it works, so it's jokingly called "magic".

It is absolutely beyond doubt that Bitcoin is a magical currency or that the internet is magic. And I will definitely recognize Bitcion as the power of authority one day. Right now, around 900 new bitcoins are mined per day, and approximately 1,573,913 bitcoins are left to be mined. According to an estimate, if the remaining bitcoin is combined with all those that have been mined, the mining of the last block of bitcoin will be completed in 2140, and the reward of the last block will also be tethered at this point. On. But it is very unlikely that bitcoin will be recognized after all the mining.

By looking at the current situation, the world has been comforting Bitcoin as the magic of currency. And I think that the occurrence of the bull run after the halving has been proven correct, and according to expectations, it has crossed 150k and created a new ath. So at that time, the world will recognize Bitcoin as magic and adopt it soon.

That's how it usually happens at the beginning, everything looks incredible and magical, until the moment something bad happens - because of course, apart from good magic, there is also bad magic. Some bad magicians try to bewitch those who do not stand firmly on the ground with their magic, and when they succeed, things don't look so magical anymore.

I think that Bitcoin as "magic money" was even promoted in some countries, and then it is not surprising that some took it literally. Who knows, maybe someone will come up with the idea and establish a "Magic Bitcoin" church, and the condition will be that each member has an LN wallet and donates a few sats at least once a week

I've been seeing posts like this recently and I believe they're all run by the same account. If my suspicions are true, I don't know what you hope to achieve when all accounts are against Bitcoin and just agree with your post.

Funny how you posted a picture that defines magic and yet you still agree that Bitcoin is "internet magic money".
Which of the definitions you posted justifies your claim that Bitcoin is magic?
Bitcoin was made out of a code, if Bitcoin is magic then this very site you're using is magic, and the device you're using is magic because the software are codes. The fact that you do not understand something does not make it magic.

So you're saying Bitcoin is not money because it can't work seen?
When you make transfers to other accounts do they see any cash? Why isn't that magic?

By the way, I feel this topic should be in the Bitcoin discussion board not the beginners and help board, but since a similar topic has already been posted there, you decide to post this one here. Another reason why I believe the accounts are being run by the same person.

As much as I agree with you, isn't Bitcoin is backed by nothing and is simply mined out of the code?  This is almost the same as how fiat is created except Bitcoin has upper limit unlike fiat.  Btw, at least fiat have the backing of the government while Bitcoin does not have.  In case of problem with fiat you can go after the government while if Bitcoin got any problem, we can't go after anyone.  Although Bitcoin is subjected to supply and demand, there is no central authority to insure us that the value of Bitcoin will remain, unlike fiat money.  Don't misunderstand me, I am Bitcoin all the way, it is that we keep on saying that fiat money is printed out of thin air, but looking at how Bitcoin is created, they are just in the same concept(many may argue but that is how I see it).



It used to be called the magic internet money because everyone is surprised how Bitcoin got its value when it has no backing of the government in its earlier years.  But now Bitcoin has its fundamental, I think magic internet money is not applicable to Bitcoin anymore.

Bitcoin is not a magic and in fact they are very far with each other. It's absolutely a technological innovation. But honestly speaking, the way you analyze it here, anyone that is new to the system will actually believe that it's 100 percent magical. That is a wrong perception of Bitcoin. The longer you take your time to study the blockchain and understand how the system works, you'll realize it's not magic but someone's hard work. Another aspect of Bitcoin and blockchain technologies that make it seems more magical is the trustless systems. With traditional financial systems, you have to trust third parties like banks to keep your money safe and process your transactions but with Bitcoin and blockchain, the trust is built into the system itself. That is, you don't need to trust any individual or organization to keep your money safe or carry out transactions. Blockchain will handle everything on your behalf and it very transparent.

There is far difference between Bitcoin and anything related to magic, this line of thought may have been born out of your head spinning around and you have missed out on a lot of facts about Bitcoin, because for you to have made such a statement as Bitcoin not being a currency which it is, and also calling bitcoin some form of magic which is also false claims.


But for the simplest explanation of what you should know that makes Bitcoin more scientific is for the fact that Bitcoin has a source code, unlike your ponzi which is magic promises operated on the ignorance of their victims.

I laughed when i first saw this headings. Its funny though to say such and attribute bitcoin existence to being a magical money. What is magical about it in the first place. As i see a post which shows the meaning of magic and what it stands for and i ask from the meaning of magic, did bitcoin emanate from the air? was there any superstitious invocation that brought about the existence of bitcoin?

Bitcoin of a truth is a product of coding and it was done by high tech gurus which i believe satoshi is and mind you, some of the contributors to bitcoin development are known even the first man to receive a reward for bitcoin was known here and he is Hal.

I really get your point when you say "magic" but  i think that it is not the appropriate word to use in qualifying bitcoin to your ascertions.

It is true that bitcoin is the most magical currency, and I believe that one day it will replace any currency after all the mining is finished then there will be a scarcity for bitcoin so it will continue to increase. This is very different from fiat which loses value every year.

Until now only BTC is the strongest, even the government is 100% believed to be unable to do anything to kill BTC. Apart from that, BTC cannot become extinct if the world is experiencing the most serious economic crisis. If there is still only one active internet, BTC can still be accessed.

I understand the point you are making reference to, but I don't think we can use the word magic to refer to bitcoin as internet money.
I think when you say magic, in my little understanding, it can refer to something that is done spiritually and only limited people with such knowledge can reveal the secret, while Bitcoin and blockchain technology are something that is transparent, accessible to everyone, and something one knows how to do and control, and anyone willing to learn the concept of Bitcoin can do that when they need it. Nevertheless, I agree with you that Bitcoin is internet money, but you can also take your Bitcoin off the internet and put it in your wallet.

You make this sound like Bitcoin can not be used anywhere else besides the internet which is the wrong picture!!
The same way we use fiat IRL and online is pretty much the same way we can use Bitcoin without restrictions, and to ensure anybody doesn't run into problems a Bitcoin card can be used to facilitate these transactions.


By definition, it is internet money!

Bitcoin is Pseudonymous by nature which makes perfect sense to have the creator unknown and guarantee his security too..

Would you say PayPal doesn't exist because its physical form is in bits of 1s and 0s ?? I doubt it, Bitcoin and PayPal aren't any different afaik and if people recognise PayPal to be real then Bitcoin deserves the same recognition!!!

The OP is very fascinated by Bitcoin. There are a lot of similar songs dedicated to Bitcoin on the forum, but stay down to earth and don’t create an idol for yourself. To master the “magic” of Bitcoin, you need knowledge and understanding that if you mishandle the magic wand (seed phrase), your Bitcoin can evaporate or pass into the hands of other more experienced magicians.
But seriously, OP, you create a religion of worship, and it always ends very badly.

Codes do exists and they're inside the computer programmed to generate cash through the central banks or machines they use. Let's say that cash doesn't really exist, it's just paper just as toilet paper that we use based on its function and what the government told us that fiat/cash is money that we can see in our wallets? I think it's been so long that many still don't acknowledge bitcoin as a real money. as long as it is being used as a medium of exchange just as money, bitcoin therefore is money whether you call internet money, still it doesn't change the fact that it can do what fiat/cash does.

Real money beyond the mention of fiat internet. Bitcoin is real money on the internet. Both are money that can be used for all needs.
Fiat is real money because it has a shape, which is different from Bitcoin as money that has no shape.

Fiat currency in the form can be used for transactions, gambling, investing and so on. Bitcoin as a currency can also be used like that, but Bitcoin is limited in quantity so it has strong value compared to real currency which is distributed and printed indefinitely from year to year.

Apart from that, the value of fiat currency will decrease every period. The difference can be felt if you are willing to find out.
And yes, Bitcoin is the currency of an incredible invention.

Bitcoin is the internet of money of all things. The swift transaction that can be performed on the blockchain, high security level without a security guard and price change at any specific time interval makes it invincible and more magical. What interest me the most is the trust and belief people have for such a digital money that you cant feel or touch, its really amazing.

Although the feeling that Bitcoin is magical gives the belief that it will always going to make people rich which is not true at all times. Bitcoin can get as high and as well as very low. What should be considered is the fact that, when the knowledge of it is applied either by investing and the idea of holding it for some decade can give hope of a better future if you do not sell when the price gives you a little profit or panic sell when the price drops because it is volatile.

Association magic with Bitcoin sounds like it's something that can't be properly deciphered and has some mysterious element meanwhile on the contrary Bitcoin is a very understandable and clear financial asset, which anybody who dedicates their rime to understanding it will definitely understand it properly and see no mystery in it because it's transparent without any form of vaugenesss.

In as much as I understand your concept it's also important you put things in a more clear and original form to avoid any case of ambiguity from people who are been introduced to such concept for the first time so they don't get a narrative not intended. Bitcoin may not appear to be physical, but it's pool of value is unending, it's virtuality is no barrier to its store of value and can even be further explored to a more innovative store of value. Bitcoin is so valuable that associating it with such description as given by the OP sounds like it's a mere virtual mystery, contrarily it's beyond that, Bitcoin is real business and everything about Bitcoin is now real than ever before.

I don't think bitcoin is something magical that was created magically and just happened. I read a little about the long history before bitcoin was born and discovered a new conception of a decentralized financial system as the antithesis of centralized fiat money.

Bitcoin initially had a cheap price and over time it became more expensive. It didn't just happen, many things happened to bitcoin, many rejections and bans on bitcoin, all of these were obstacles that bitcoin faced until bitcoin finally became as popular as it is now. Bitcoin is both a currency and an asset, it is loved for the concept of freedom it brings. We can own bitcoins individually and no one can freeze our bitcoins as long as we keep them in our own wallets, not on an exchange.

Bitcoin is a breakthrough, an idea, and freedom. Bitcoin was born with hard work and challenges, so Bitcoin runs normally and there is no magic except the great concept that exists in Bitcoin

There is no magic in Bitcoin without doing something. You must buy Bitcoin, search for free satoshi from the faucet, or work for Bitcoin. Without all of that, you can't have Bitcoin. But Bitcoin is money that exists on the internet and can also be used as a means of payment offline. But it depends on each country.

But we should not use the word magic for Bitcoin because we are afraid that people will think that by having Bitcoin, they can get rich quickly in an instant. But if people buy Bitcoin and keep it for a few years, they can make a profit from investing in Bitcoin.

But unfortunately, until now, there are still many people who don't know much about Bitcoin and don't want to start investing in Bitcoin. So those of us who already know Bitcoin must increase the amount of Bitcoin we have. This is so that when Bitcoin becomes a means of payment for all countries, we will already have Bitcoin and be ready with everything.

BTC Very innovative as you mean. Well, when will banks be happy, when the Federal Reserve decides to raise interest rates so that Depository Institutions have to keep reserves in the form of cash or deposits in Federal Reserve Banks, but Ironically, Bitcoin has the unique ability to eliminate this need and until now it may not have existed a central entity that controls Bitcoin, including monetary policy and interest rates.

This is another reason why many people see Bitcoin as an alternative and also a payment system, a global payment system so the need for banks will be reduced but despite this, banks also have another role in the global financial system.

When I saw the word magical, I thought it op wants to relate Bitcoin to some kind of mystical practice that is backed by some spiritual power that we see in moves. But I assume that @BlockchainWizard called Bitcoin a magical internet money because it couldn't be touched but it could be transferred and used as a means of exchange. This is not magical anymore because even fiat can be transferred through the same means even through the blockchain in the form of CBDC.

This is what makes it more magical, it is invincible  . It would be better to use words like innovative or exceptional than magical. Bitcoin is an extraordinary money that can serve as a solution to the many pitfalls of the traditional banking system.

Bitcoin is indeed magical internet money. The fact that it's intangible and exists only in code makes it all the more special. Its transparency limited supply and divisibility make it a good option for many people around the world.  I believe that Bitcoin is more than real money. We can change it into real money anytime. And it's popularity is showing that it will be a dominant currency in the entire world.

For a number of decades, all attempts to develop a digital currency has failed. Satoshi learned from all of them and finally developed a perfectly working version. Well, that's indeed a little magical.

Of all the desirable traits of a hard and sound money, no single fiat currency has met them. Bitcoin came and offered durability, divisibility, scarcity, transparency, fungibility, being a store of value, and other characteristics of an ideal money. That seems magical as well.

But Bitcoin is real money. It isn't magic. Its creation follows a strict protocol. It isn't like how fiat is created, magically out of thin air representing nothing whatsoever.

Well for some thats their belief but for me its act as a true money when it can easily be converted into real money and assets.

Most people think its a scam but that changes when they see how it works in the real world. Most prefer it as investment and a plausible commodity but sure thing many here considered that since its value have increases and decreases over time.

The Internet of Money Series with three volumes so far. It's the collection of Andreas Antonopoulos talks about Bitcoin over many years.

Bitcoin for beginners series. From the introduction to Bitcoin video, you can explore more about it with more videos in the playlist of Andreas.

Some books can be downloaded, [RESOURCES] Free bitcoin/blockchain/finance eBook.

The bullish case for Bitcoin is so insightful.

The same can be said of the money you put in the bank, when you transfer your funds  from one bank to the other, the banks are not actually exchanging cash, they are only imputing figures. It’s ironic that a blockchain wizard such as yourself would say this. Bitcoin does exist as a function of money, it’s a the only digital form of money that’s truly decentralized.

Bitcoin is not based off people's belief, people believe in it cause it has intrinsic value.
It was also not designed based off "feelings", I have no idea what that even means.

Just like any new innovation, there were early adopters who beleived in Bitcoin even when it did not have a market value and there are those that joined the train when it was getting speed, that's how inventions work

Bitcoin is based on people's belief that Bitcoin has value. I believe bitcoin was consciously built based on people's feelings. When Bitcoin first started, no one was pushing it!... it was only then, when people started believing and believing in bitcoin, that bitcoin started to rise. Instill hope in the future of society, wealth, happiness, freedom etc. Bitcoin is indeed magic internet money.

There is another interesting thing about Bitcoin being magic internet money, collecting bitcoin is to ensure that you have power and freedom in transactions. Bitcoin is People's money, if one day we face a dictator who freezes all access to the fiat we have, then we will still have Bitcoin for transactions. we can buy using bitcoin. Dictator rulers can close all access to Fiat, but cannot prevent them from transacting with bitcoin.

Bitcoin is money, depending on the person using it. It could be money, a store of value, some gambling token, or whatever the person wants to use it for. That's the point — no one should tell you what you can or can't use it for.

So is your money in your banks — only a small minority is actually backed by physical bank notes.

For me Bitcoin is not a type that can be said to be magical, Bitcoin in my opinion is not something surprising, strange, etc., Bitcoin is a type of cryptocurrency that I know is used cryptographically, even though it has no physical properties, but it can be stored and accessed transparently, the notes are encrypted just like you store notes online.

Or in today's language it is digital or can be said in the form of valuable assets which are provided in exchange by rail for cash or goods, even though they have to be distributed via a public blockchain network as is done currently, for me it is not magical, maybe if you say Bitcoin is anonymous and mysterious it might make sense, just like the title given by many people to its creator Satoshi Nakamoto.

I agree, there is no magic in bitcoin. If you understand it well (A lot of technical and coding stuff) there is no magic, maybe the correct word may be “mindblowing”, I mean it is difficult to believe how it works but there is no magic on it.

People usually refers to the word "magic" when then don't understand how something works, some users quote this

I agree to your post, Bitcoin IS magic internet money.

Bitcoin's origin is very unknown and very mysterious. Compared to cash, Bitcoin is very unreal, we can't see it, because it is not an object, like cash.
Cash is accepted everywhere while Bitcoin is only a very small internet place
Bitcoin has much space to grow because it is still early for Bitcoin. For example, Amazon still hasn't accepted Bitcoin.

Bitcoin IS magic internet money.
Bitcoin is like dark universe existence objects.

But being digital has also many disadvantages, like hacks, where we can hear from every day.
Or if we send it to a wrong address or we have lost our private key. Cash is more easey.

But your comparison is a very good comparison, of course

It is a great way to describe Bitcoin. Many adjectives are suited.

I also don't want to connect the word magic to Bitcoin, checking for various meanings of magic, it connotes something supernatural or mysterious, Bitcoin is not like that, it is transparent, and the result does not come from thin air, Bitcoin is very real and it impacted the present generation, and adopted by various industry.
It's real internet money I have used it to pay my bills, buy my groceries, and pay my loans it's more real than cash, I have often encountered fake cash


            

Bitcoin is really money. It is more real than cash that is backed by nothing and can simply be printed out of thin air.

I understand the reference to magic internet money, but I feel it gives a vagueness to Bitcoin when everything is verifiable and transparent and can be easily understood by everyone who tries to.
Cash on the other hand is what has all the mysteriousness about it.

Bitcoin is real internet money.

- Jay -

As a Blockchain Wizard, I'm convinced: Bitcoin is magic internet money.

Bitcoin might be not really money – but it's internet money. And it's not just internet money, it's magic internet money. We can attribute a lot of characteristics to Bitcoin but we really need to realize at some point, how magical Bitcoin is as an internet money.

Bitcoin has a magical history, where it’s even unknown, who developed it. It's already very magical because probably, we will never know, who Satoshi Nakamoto really is. But for sure, he was a really good coder, who inventecd Bitcoin.

And Bitcoin doesn't really exist, it's just code and we can "see" it in our wallet, we can't touch it like real cash, because it's only 0 or 1 (or hashs).
But still, we can own it, when we own our private key, where we can access it in Bitcoin's Blockchain, what's really magical and we can even send it to someone else in a completely different country to a different address, what’s even more magical.

A Blockchain is a very magical invention because such a product is still very new and unknown for many people.

Bitcoin is magic internet money because it can't be faked as well and Bitcoin follows defined rules. For example, Bitcoin's limited supply of 21 millions of BTC and how all Bitcoins are mined during several cycles until 2140, still more than 100 years away, when all Bitcoins will be mined.
So, Bitcoin is not only magic internet money, it’s also scarce internet money.

What's even better: everyone can join us.