This is an interesting take on Bitcoin but for me as of now Bitcoin is not yet that powerful. Since it is still being exchange to FIAT then without FIAT then Bitcoin will be zero value. Also with your argument it can also applied not just gold but other precious metal and commodities. We can also apply it to Silver and Oil.
Maybe in the future Bitcoin will be the real money but as of now it is too early to say.
Topic: Bitcoin is money, everything else is credit. - page 2. (Read 2245 times)
I am not an economic expert and I dont like difficult word, I like to keep it simple, bitcoin is a money becaus it can be spend although not all the places are accepting bitcoin and bitcoin is an investment because the value is keep on rising it is the same like you are keeping gold or other country fiat, so bitcoin is both money and investment
This can be debated by us, some people claim that bitcoin is not cash since it's not spendable on everywhere if you don'y have debit crypto cards.
And silver, gold type metals are also not credit too.
I am not an economic expert and I dont like difficult word, I like to keep it simple, bitcoin is a money becaus it can be spend although not all the places are accepting bitcoin and bitcoin is an investment because the value is keep on rising it is the same like you are keeping gold or other country fiat, so bitcoin is both money and investment
Gold is not credit man. Gold is the same as Bitcoin essentially (except there is technically a never ending supply, whereas Bitcoin supply is finite).
Bitcoin isn’t money as par real cash, bitcoin is just like a store of value which you can exchange for money, though some people have started accepting it as a form of money which automatically turns it to me, its just like shares which you buy with money and also sell for money
I pretty much agree with you in this regard but there is little confusion about the nature of bitcoins. Some people consider it investment; some asset and others treat it like money. I think it has versatile functions and is serving in all ways well. We can consider it as money because we do use bitcoin for buying goods. Bitcoin isn’t money as par real cash, bitcoin is just like a store of value which you can exchange for money, though some people have started accepting it as a form of money which automatically turns it to me, its just like shares which you buy with money and also sell for money
Do you consider bitcoin as stocks, then its ok to say this. You store them and collected them and then when time is right you sell.
Bitcoin is something far more then money some say its asset, other gold of new age, many names.
Best part is that anyone can use it no matter how low they have knowledge about bitcoin.
Bitcoin isn’t money as par real cash, bitcoin is just like a store of value which you can exchange for money, though some people have started accepting it as a form of money which automatically turns it to me, its just like shares which you buy with money and also sell for money
Do you consider bitcoin as stocks, then its ok to say this. You store them and collected them and then when time is right you sell.
Bitcoin is something far more then money some say its asset, other gold of new age, many names.
Best part is that anyone can use it no matter how low they have knowledge about bitcoin.
Bitcoin isn’t money as par real cash, bitcoin is just like a store of value which you can exchange for money, though some people have started accepting it as a form of money which automatically turns it to me, its just like shares which you buy with money and also sell for money
Do you consider bitcoin as stocks, then its ok to say this. You store them and collected them and then when time is right you sell.
Bitcoin is something far more then money some say its asset, other gold of new age, many names.
Best part is that anyone can use it no matter how low they have knowledge about bitcoin.
I also see a BTC more like a digital commodity and not like a money as you measure its value based on fiat currency you call a credit. If BTC would not rise i compare to a credit money you would not noticed and would not call it money. The limited supply of BTC cant be used for monetary policies when recession hits the economy. How you will stimulate a BTC circulation if the value of it constantly grow. And what kind of effect would such of money have on economy? From this point of view BTC seems to be a commodity same as gold, grain, oil, etc.
Bitcoin isn’t money as par real cash, bitcoin is just like a store of value which you can exchange for money, though some people have started accepting it as a form of money which automatically turns it to me, its just like shares which you buy with money and also sell for money
Bitcoin is not an investment, Bitcoin is money. In fact, everything other than gold and Bitcoin is simply credit.
~snip~
Bitcoin has all the properties of money, and in my humble opinion, is a better monetary unit than gold.
~snip~
Bitcoin has all the properties of money, and in my humble opinion, is a better monetary unit than gold.
The idea of bitcoin is become a digital currency, Peer-to-Peer Electronic Cash System. Satoshi intended to created a digital form of money, but current situation lead bitcoin as a trading object, that's why people state it as an investment due to their money growing on bitcoin. But it's likely to change if most business, groceries, retailers and merchants accepting bitcoin payment, so people don't have to convert bitcoin into fiat currency in order to cover their daily expenses. Bitcoin will achieve that because it is a better monetary system than fiat currency if blockchain can afford thousands transactions in second.
I do see lots of matured men and women that served their country for many years and when they retire, getting their payment/pension becomes a problem.
I do agree with your point of view, but somethings are still incorrect in it. The way you are using credit is incorrect, since credit is usually something that is related to lending money. For example this user may have a good credit history, which will make him available to loans. The point that bitcoin is at right now, it isn’t a good form of online money. Sure segwit did make fees lower, but they are still, pretty high. The fees, will make it hard to use with lower transactions and for people who make a lot of smaller transactions.
Bitcoin is for sure useful as a currency/P2P digital cash/Long Term Store of Value.
The currency part is obvious. We know how much there will be. When it will halve in rewards. What updates the majority wish to have happen.
The Long Term Store of Value is the above things mixed in together. We know the supply/future supply. Demand has been increasing and therefore more people are willing to buy BTC. The more people willing to buy BTC means the price should go up because the supply available to buy goes down.
Bitcoin COULD be used as credit, but not specifically on-chain. Companies could give out loans in some ICO altcoin they create or something like that. It just wouldn't be on the BTC chain.
The currency part is obvious. We know how much there will be. When it will halve in rewards. What updates the majority wish to have happen.
The Long Term Store of Value is the above things mixed in together. We know the supply/future supply. Demand has been increasing and therefore more people are willing to buy BTC. The more people willing to buy BTC means the price should go up because the supply available to buy goes down.
Bitcoin COULD be used as credit, but not specifically on-chain. Companies could give out loans in some ICO altcoin they create or something like that. It just wouldn't be on the BTC chain.
Bitcoin is both money as well as an investment.When it is used to buy any product,it acts as money.If it is saved with the aim of getting huge returns,then it acts as an investment.Bitcoin is the real money and paper currencies are just credit which is an assurance given by the government that it would pay the amount in return for it.
i think the same like you but I think bitcoin now is only the money in online world and we can used it to buy something in online store for now. but I am sure that in future, when bitcoin is approving by many country and they decided to make bitcoin as a bridge for payment from online to offline, then bitcoin is like money and nothing different. bitcoin can offering to people to used bitcoin because the fee is not big as they used their credit card in offline store.
Bitcoin is not an investment, Bitcoin is money. In fact, everything other than gold and Bitcoin is simply credit.
~snip~
Bitcoin has all the properties of money, and in my humble opinion, is a better monetary unit than gold.
~snip~
Bitcoin has all the properties of money, and in my humble opinion, is a better monetary unit than gold.
The idea of bitcoin is become a digital currency, Peer-to-Peer Electronic Cash System. Satoshi intended to created a digital form of money, but current situation lead bitcoin as a trading object, that's why people state it as an investment due to their money growing on bitcoin. But it's likely to change if most business, groceries, retailers and merchants accepting bitcoin payment, so people don't have to convert bitcoin into fiat currency in order to cover their daily expenses. Bitcoin will achieve that because it is a better monetary system than fiat currency if blockchain can afford thousands transactions in second.
Bitcoin is both money as well as an investment.When it is used to buy any product,it acts as money.If it is saved with the aim of getting huge returns,then it acts as an investment.Bitcoin is the real money and paper currencies are just credit which is an assurance given by the government that it would pay the amount in return for it.
Still gold is more stable than bitcoin, the use bitcoin is just warming up and all its users now are early adopters.
If you think on price then yes, but bitcoin made it clear that it will be most valuable thing in this world so far.
Bitcoin is money I agree, at the same time it must be more than money. It must be a store of value along with investment vehicle. After gold (except few other precious metals and stone), human race is preparing to transact themselves without help of governments and central banks.
Bitcoin is more than money as it is a whole new system. It may replace fiats/gold/banking system and may introduce a new concept of world wide one single currency.
Bitcoin is more than money as it is a whole new system. It may replace fiats/gold/banking system and may introduce a new concept of world wide one single currency.
If we dont look on bitcoin as money then it would not be in this position or with this price. But for bitcoin to be primary mean of paying (like your reply many think that some day bitcoin will replace fiat) it will take lot more then just some of us say thin or to think on this. Still bitcoin if we look on payment mean is young currency many still refuse to accept it or to adopt it.
In the end when this happens it will be completely different system and it will be completely different payment systems in the world.
Sometimes back I remember a topic here which reads like : bitcoin is alone currency and all other altcoins are just applications.
Bitcoin is money I agree, at the same time it must be more than money. It must be a store of value along with investment vehicle. After gold (except few other precious metals and stone), human race is preparing to transact themselves without help of governments and central banks.
Bitcoin is more than money as it is a whole new system. It may replace fiats/gold/banking system and may introduce a new concept of world wide one single currency.
Bitcoin is money I agree, at the same time it must be more than money. It must be a store of value along with investment vehicle. After gold (except few other precious metals and stone), human race is preparing to transact themselves without help of governments and central banks.
Bitcoin is more than money as it is a whole new system. It may replace fiats/gold/banking system and may introduce a new concept of world wide one single currency.
Money could be anything that people agree upon. Bitcoin could be a measurement of the debt as well as any other token.
Deflationary currency is not so good of a money. As there is a theory that worse type of money, usualy infaltionary is replacing a better form of money for a simple reason, its easier to get. So I totaly do not agree with the OP here.
Maybe a deflationary money is better in an ideal world, but within the world that is based on consumer goods, deflationary currency would make people save more money, making a consumer good economy weaker, as people would buy less goods in the end.
Deflationary currency is not so good of a money. As there is a theory that worse type of money, usualy infaltionary is replacing a better form of money for a simple reason, its easier to get. So I totaly do not agree with the OP here.
Maybe a deflationary money is better in an ideal world, but within the world that is based on consumer goods, deflationary currency would make people save more money, making a consumer good economy weaker, as people would buy less goods in the end.
Computer and cell-phone manufacturers produce better products at lower prices every year - deflation - yet people keep buying.
Savings are essential. Investment is a function of savings and drives production. Production is wealth.
Any 'consumption' based economy will only muddle along, failing to grow its productive capacity.
Still gold is more stable than bitcoin, the use bitcoin is just warming up and all its users now are early adopters. So in the world of money its a newbie but has lot of potential. Nothing is surprising when you hear a word from pioneer investors that bitcoin can't replace the fiat system, but the good thing is we can take advantage of bitcoins high price as long as its still profitable.
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