Topic: Bitcoin is money, everything else is credit. (Read 2268 times)

There is hardly any doubt to deny this fact that Bitcoin is indeed a wonderful thing which provides you so many opportunities to earn a good amount of money for your better future. Bitcoin is not only a money but you can call it something more than money which can add more and more money in your account with each passing day.

That even happen here in our country. Here people are looking forward to work in bitcoins and some are doing amazing job. Exactly it is too difficult for one to earn bitcoin in these days and the prices are going high and higher. People are coming and joining this wonderful world of chances and opportunities. So yes bitcoins are amazing.

What does that mean? All alt coins are pretty much not backed by credit and will rarely be because they require no ID or tracking to purchase. Credit in an ALT coin is a hard gig to get going. FIAT is usually a direct representation of a value in the economy, and some countries still use things that are like the gold standard, such as Australia.

Gold is a high security reserve where the profiting is very small compared to bitcoin. Due to the commodity value, stability and the universal acceptance it gains more popularity and the same if considered as short term investment then a very huge volume is a must. The difference is massive between gold and bitcoin, so need to consider on the necessity we have.

Gold does not mean is a place for short term investment, it has been became a place to keep our money instead of keep in banks. While that, Bitcoin is a new way to make money through trade it on the crypto market. Both are very different.

,a part of what you were saying was right while a part of it i kinda disagree. bitcoin is money, yes it is, a virtual currency, gold and other investments are still money, they are used for transactions and exchanging goods long long time ago, they are used as payments so they are not credits. they are also investments good for long term purposes.

In my opinion, bitcoin is investment. I think it is suitable with someone who dare invest. Because sometime  it has risky. There is nothing in business without business. If you want to have so much money, you must dare bet with your decision making. I think Bitcoin is the good investment because it helps us earn more money for our life.

For me it is still hard to see bitcoin as money until it will be readily accepted throughout the world. It is still necessary to convert to FIAT in order to purchase most things and thus without such FIAT bitcoin would be essentially worthless. Realistically I foresee this being the case for quite some time.

I am of the very same opinion as you. But there is only one problem we have and that is the high transaction fees we have while sending or receiving bitcoins. This limits the scope.of bitcoin why would you want a 2% cut out of the bitcoins you send. Paying taxes is really better than that.

Same as you I look at bitcoin as money already it is only digital coins but I consider bitcoin as money. Well, it is not  investment or something tgis is money that we can use in investments. Bitcoin is good in short-term investment and it is more good in long-term investment. Bitcoin is the greatest crypto currency now because of its high demand and become valuable to everyone who already knows to deal with it. So better say Bitcoin is Money.

Yes, bitcoin is now used as an investment, because its price is too high and not everywhere you can buy something with it. All my friends earn with bitcoin, but then change it to regular currency.

Very well said! I think if we consider gold or even Bitcoin as credit, then this will be something unjust. I think there is no other better way of earning a good amount of money and profit but investing what all you had in Bitcoin. Gold is a good option as well but I think Bitcoin is most suitable option.

why do not you want bitcoin price stability?
what do you think about it?
what happens if bitcoin prices go down?
What you doing?

Unlike you I dont wish for the stability of bitcoin, in fact im fine with it's volatility. Your own opinion about bitcoin is nice, but I wouldn't just generalize money concept of bitcoin into just joining signature campaigns since it can also be used to pay others too. It can also be used to buy things online. Besides that, bitcoin is real money that is safe from counterfeiting and this for me is the definition of wealth which is bitcoin.

BTC definitely fits the definition of "wealth", more so than fiat money. Fiat money is a form of transacting, nothing more. It is a debt based, horribly flawed system.

You are right. Bitcoin cannot be called money. The maximum that bitcoin can claim that the status of the payment instrument. The point is not even banned or not. The fact that bitcoin does not contribute to the development of the economy and is the main task of monetary policy.

Personally I tend to think that literally everything is credit. Even precious metals, rubies and diamonds. The value of everything can be given or taken depending on circumstances and scenarios.

One decent argument for bitcoin not being credit could be its supply limit. There's no hard limit to the sum of credit banks or governments can extend. They can "create money out of thin air". Bitcoin being limited by supply differentiates itself from a credit paradigm in this way. There's a limit on the number of bitcoins that will be mined. There are many implications which can be derived from these subtle differences.

Economic instability, excessive debt, economic mismanagement, irresponsible use of resources. All of these things might be correlated with governments/banks having no limits on the credit they can extend. This could lead to irresponsible and high risk behavior which threatens economic stability and has other negative implications.

Bitcoin being limited by supply could contrast itself as being the opposite of these negative precedents.

In my own opinion bitcoin for me is money its really change my life since i was a member of this forum.i joined signature campaign to earned money every week and when i cash it out it make more money to me.it is the only currency that has a high value and has an increasing value every time many investors invest on it.im wishing for stable of bitcoin to expand its benefits and importance.

I do not agree with you, bitcoin is not money it's just an investment, if it is money then it is not prohibited by law, if it is money then it must be accepted at the bank. And you have to convert it into a currency to use that proves it's not money.

Yes it's true, in which case most people or earn money from users of the bitcoin bitcoin and concluded that bitcoin is money and the right words to you that we are also doing a job to be able to obtain payment. in the bitcoin has no face value that surely will but can be used as a tool of bitcoin payments and this is the advantage of bitcoin. bitcoin can also be used as an investment of a portion of the amount of money to obtain the value added in the economy.

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.

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).

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.

It is a sort of stock, assets. Many believe bitcoin like this. They may be true is some regard. I think it has much resemblance with stock because of selling and buying and trading. Whatever you may call bitcoin, I just believe it will be the source of cash and assets and stock and many much more.

It cant really be avoided and its just really a normal thing on which bitcoin do have different forms or on how people do treat it since we do have different minds. No matter what would be the thing we do treat it as long we can able to use and make money anytime on storing it then it would be always a win-win situation for us. Some people do really treat it as a stock,assets or whatsoever.I do believe only the thing that this is one of a hell good investment.

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

Yes, that’s true. Most people sees it as investment due to the growth and the rate profit they make from its growth. But the real fact is that Bitcoin is money in its own way, and as the OP said, anything apart from Bitcoin is credit.
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.

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.

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.

If you think on price then yes, but bitcoin made it clear that it will be most valuable thing in this world so far.


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.

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.

Money could be anything that people agree upon. Bitcoin could be a measurement of the debt as well as any other token.

So much for a theory. The practice is a little bit different, as not everything in the nowaday world can be used as money.

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.

There is a book by D. Graeber "debt the first 5000 years" where it is eloquently described, that the debt was prior to the use of money, and the money are just a form of a debt in form of a numbers ascribed to them. Ofcourse you can use tokens as a money to make its value more secure, but its still a form of a debt.

Money created to become a medium of exchange, just simply like that. To enrich or impoverish? it depends on people who use it, try to earn, save and spend money. Bitcoin has many classifications ; as digital currency or money, as store of value, as an investment or commodity and someone can't force his opinion about the meaning of bitcoin and its usefulness back to each person who use it.


What is this? bitcoin do rise as it start from zero to over $2000, prices of goods also rise or decline depend on supply and demand but not relate to bitcoin falls obviously.


I am not sure about that, bitcoin doesn't has all the properties of money;
- fiat currency is easier to spend than bitcoin
- most bitcoin transactions going through online network
- not everyone willing to accept bitcoin as payment method

Not that educated about economics but I can say that bitcoin seem to be a better form of money because its supply is fixed, there'll only be a certain number of coins that can be mined. It just seem more simple. On the other hand, fiat has its supply regulated by the government. They can restrict it to raise its value, or pump more to lower it. It wouldn't be hard for people to say that the value is just whatever the government and the banking institutions want it to be.

If you understood what I was trying to say its supposed to bring you to a question. Is BTC a network of debits thats passed around? Think about it. I put money in, then I receive an input which I can spend later. Then I spend it to buy something, now I have to put in more money to have more inputs.

Agree, it is something that posses actual value and I am not sure how many of us are aware of the fact that paper currency other than (1 unit bill) is not the money but a promise by the government of that country to pay that sum of amount to the bearer of the bill. Whereas Bitcoin gives us complete freedom to acquire, hold and spend the amount that we wish to spend and that too without permission or interference of the third party.

Exactly, “money ought to make people rich and properious and not poverty and debt” I think people have been subconsciously programme to believe that bitcoin is and investment but we can really see that bitcoin is money as it makes people rich why our current fiat system makes people poor and in debt.

Well, I agree with some of your points here. Though I must admit I am not an economic junkie so there are some terms I could not fully grasp on. Nevertheless, basically I don't care if Bitcoin is money or not since I can use it to buy anything I want and I can easily convert it to my country's fiat money with no problem at all.

I am speaking here as an ordinary guy whose understanding about Bitcoin is very basic. All I know is that Bitcoin has appreciated in value greatly vis-a-vis fiat money since I was introduced into it a year ago. And I am happy for that. I do expect it to rise some more after the August 1 event and I hope there would be no disastrous forking to occur.

Bitcoin for me represent a revolution in the financial world which can soon affect many facets of our lives. Soon it can be reaching mainstream and that would be the time when Bitcoin can start to reach its intended and full potential.

Fiat is not a claim on something that doesn't exist, but rather a reflection of wealth of a society. The wealthier a society (ie. factories built, products sold, services rendered) the more fiat there ought to exist to reflect this growth. Of course there's a lot that can go wrong along the way (hyperinflation, etc), but it's important to keep in mind that at its core fiat is rooted in something, ie. wealth.

Bitcoin is a good investment but a very risky investment compared to gold and anyone who choose to invest bitcoin over gold are risk takers and thinking that their investment will bring good return in the future. We are investing a technology here that could help change the world's financial system and it's really big so if success will happen we will be rewarded with big return.

For now on bitcoin is not yet special to all people but to those who knows it only, what I mean is you consider gold as better now than bitcoin because bitcoin are not yet already expose to everybody but the thing is when the bitcoin already expose and known to everyone then I probably say that bitcoin is better than gold. However, Bitcoin is money not an investment. Bitcoin are only digital coin but it is already consider as money that can be converted into cash.

Bitcoin is more than money because it has a different value with the real money who is subject for inflation.
Also with the limited supply it could make us rich someday if the price will continue to rise, with bitcoin as my holdings I can ensure no one will use or steal it as long as I will be able to keep it securely.

Putting your money in the bank will give the bankers the opportunity to spend it for their benefits, we were given interest but not enough for the value we save but with bitcoin we can double our money even in a short period of time.

The government when using the current fiat, they can take credit which would affect our economic status but with bitcoin it is only solely based on supply and demand which gives the holders the best benefits when demand will increase.

It is a investment if it was actual money why isn't it accepted anywhere and same for gold it can used everywhere and only at particular places only we can use it. Gold is mined so is bitcoin while money can't be mined only printed so therefore gold and bitcoin have similar features

I can agree with this seeing as how leveraged our government is right now and they are doing all they can to sell bonds so interest rates will probably go up which is very detrimental to the economy. All this started because we took advantage of the financial system and that our currency was not minted.

In the world of fiat money, gold has no face value and gold is not a payment method too. Now gold is just an investment.

Before 1971, the dollar was pegged to gold. Price of gold was $35 per ounce. So, gold price didn't float.

I see Bitcoin as a monetary unit that is best utilized as an investment. Yes, you can buy things with it, but the fee's make it impractical for that use more times than not.

I agree with some of the submissions you have given except the bolded part which I disagree with and I am sure quite a number of people will also agree with me on that position, however, I am open to further explanation because we have seen the price of bitcoin in relation to dollar go up or down in a matter of hours while the price of one shirt in the store or price of burger remains the same within this same period which means at a point in time, my 0.01btc could be enough to get me a shirt, while the next minute, I might not be able to afford that same shirt with my 0.01btc which negates your position at the bolded part above.

Gold is traditional money. Gold has no face value.

You can call bitcoin money, which is not wrong, but you can also call bitcoin an investment, it's like a stock, its value is constantly changing, the use of bitcoin is the same. Like investments and stocks, you always face risks.

Somehow it makes sense but there is still a dent with it being called as money.
Can it buy something? I mean purchasing at a grocery, let us say Walmart?
People tend to look at money if it can be used to buy something or to trade it for an object or a necessity.
If it cannot be proven like that then what else would they see bitcoin as?

Just an investment. Why? It is just stucked in the wallet. Wallets which they see like banks who store money.

But it terms of the utility that currency provides, which is the power to purchase things, Bitcoin creates the affect that every day goods and services become more affordable. This illusion/affect becomes amplified when the value of Bitcoin to fiat increases so drastically in a short amount of time.

We've seen Bitcoin increase 125% this year alone, the prices of goods and services has gone up maybe 2% over the same amount of time (likely less).

Your point isn't lost, it's the value of Bitcoin that's going up that's driving the affect the OP is speaking of, but the OP's point is fair when we consider what Bitcoin should/could mean to the "average guy" just trying to make his way through life without too much debt. You know, someone who couldn't care less about the technology elements or the government control of money.

Why are you so surprised? If bitcoin is used simply to invest the money I would have to maintain your sarcasm, but there are many people who perform some work and receive payment in bitcoins. This is already the emergence of the bitcoin economy, and this is serious.

If you really think about it, BTC is nothing but a ledger with the record of all the inputs and outputs. If you think about it that way you wouldnt think of it as money. We dont even have the coins in our wallets. Its all right there in the ledger stored as UTXOs. If the world finds some value in that and they are willing to pay for over $2000 per 1 BTC, then ok.

So true but unfortunately when the majority of the population will open their eyes and see it, it will be already too late for tem. The 2008 crisis is nothing compared to what will happen, and it will. Maybe in 5 years, maybe in 20 years but don't worry, the finacial collapse will happen.
By the way, have you ever watched the documentary "Money as debt"? It's an animated video explaining how the monetary systems work with banking https://en.wikipedia.org/wiki/Money_as_Debt You can find with no problem on Youtube

Traditional money has a face value. It applies to fiat money as well as fiduciary money. Bitcoin does not have a face value. Its value depends on demand and supply (like shares or other investments). At the same time bitcoin can be used as a payment instrument.

I think that is the main advantage of bitcoin: it comprises features of both investments and money. Thanks to that, the bitcoin eliminates the division between money and investments and makes investing available for everyone for every level of society.

Fiat is credit. Only commodities like gold and Bitcoin can be considered monies.

To understand why that is the case, you have to understand the origins of money and banking.

Historically, “banking” was rooted in bailment – the practice of storing someone else’s goods. The depositor would leave his items for safe keeping with the warehouse and have a ticket issued. This ticket pledged that his article would be redeemable on demand. After the receipt-holder presented his ticket and paid a storage fee, the warehouse would return his item.

Some goods, however, are relatively homogenous and indistinguishable. Gold is homogenous. An individual storing 100 ounces of gold at a warehouse for safe keeping does not care whether the exact same ounces of gold he particularly left with the warehouseman are redeemed; he just needs 100 ounces of gold back.

Unfortunately, this lack of caring enables the warehouseman embezzle the items/funds entrusted with him. The warehouseman is a cunning and calculating figure. Since he knows not all his customers will demand their gold at the same time, he may maneuver within a margin, profiting off his customer’s property. At any given time, he may only have 90% of the claims he issued available for redemption; at other times, he may have 50%, 40%, 30%, 10%, or even 0%.

The warehouseman may choose to live it up – selling his customer’s gold and spending the money on yachts, women, or booze. However, if he is caught violating their trust, his customers will immediately demand their grain back; thus, running him out of business. The warehouseman can engage in another, less obvious, form of fraud and deception. Rather than cashing-in his customer’s gold, he can instead issue fake warehouse receipts. Warehouse receipts backed by nothing but identical to the genuine receipts in all aspects. He can then lend these receipts out to borrowers, collecting interest on claims to property he never had.

Since all fiat is a claim on something that doesn't exist, it is credit.

It was J.P. Morgan that said "Gold is money, everything else is credit".

Unlike gold, which is material, exists in society and carries great value through its beauty. Bitcoin is a product of technology, it is a digital product, its power and value are completely dependent on human beliefs for it.

The only thing I'd see attractive in gold is that it has never gone out of style. People has always valued it. I see gold more as a store of value rather than a instrument for growth. Not as convenient as bitcoin but if you have enough money to invest in multiple stuff, it probably wouldn't hurt to have a bit of AU.


And the ever increasing value is not much of a problem for bitcoin because of the satoshi system. You don't see fiat with 8 trailing decimals units.

Bitcoin is certainly a very good tool for earning and currency, but gold is still better for the reason that it still exists in the real world. Bitcoin is not always convenient for use because of the high commission, so ordinary money must exist in parallel, this is complementary to each other.

Very great post, I bookmarked it for future purpose !

i don't agree with your defaltionary definition about bitcoin, it's not the price of the goods that falls, it's bitcoin that increase and have more power in purchase

for fiat can be seen in both case, inflationary because they lose value due to infinite printing, which make their coin have less and less value over time, or because the goods increase in price

I think you're correct in the point where bitcoin is money but I can't see the logic where everything else is credit. Yes the value of gold will always be there and bitcoin also but we can't infer the same of gold and bitcoin as the stocks of bitcoin sometimes drops. But I do agree in a way that bitcoin is koney now it is used more and kore as the days go by and in the future who knows.

i think even the creator never think that bitcoin will rise like these days, long way before popular it's only used for anonym/untraceble transaction with advantage for helping people with fast transaction, but that day just changed after it enters the market, now it become another "market games", unstable curency, and high fees.

This is just my opinion for now, maybe change in the future 

In 2014, Warren Buffett had said: "Bitcoin and Cryptocurrency can't become to a precious thing like gold, Bitcoin just a support tools for help make transaction between people in country to other country, useful, fast and safe"

=> We can know from him: Bitcoin just is a digital cash, can't replace FIAT or Gold

Bitcoin is not money because it can not really buy everything. As long as I know real world money can buy any dam thing. Don’t answer me that bitcoin is available everywhere and can many stuff around, No it can’t, and bitcoin is actually a commodity and it can traded for money. Thats what I think folks. I wish it will turn into money form soon. I would be more than happy sir!

100% correct. I hate to admit it, but something must be done about transaction fees to stop this out of control, outrageous fee situation.

There is absolutely no way Bitcoin will become fully mainstream before this problem is solved. I think it will be the next thing we talk about after August 1st and Segwit is done with.

You are looking Bitcoin from a perspective omitting the presence and influence of fiat at people's life.

No one can live without fiat these days, Bitcoin can't buy everything, so Bitcoin is still an investment and Bitcoin still rises its price. If we were in a Bitcoin's utopian society I would agree 100% with you, but we aren't.

For now Bitcoin is much more rentable than gold, but with so many possible changes in Bitcoin system, it's a unpredictable currency, gold is still more stable and guaranteed as it's a physical resource and not a virtual one.

This is something we should talk about!

What is it about gold that you still consider better than Bitcoin? What if the appreciation we've seen this year occurred every year? Or let's just say that Bitcoin gains 25% price growth each year, what would that do to change your mind?

We've seen a 125% gain thus far this year...so the price could stay this way for 5 years and we'd still be able to claim 25% growth year over year. That's more than we've seen with gold historically.

Bitcoin at its current state has several disadvantages that make it a very bad form of money - transaction fees make small transactions (below $200-$100) very expensive; volatility makes it risky to hold and receive as a payment; confirmation time can also be an issue, as sometimes instant transactions are required for business. All these factors currently outweigh potential benefits of Bitcoin for most users, so people still haven't started mass adoptions, despite Bitcoin being here for 8 years already.

Good vid, thanks for sharing, especially narrator is strong point in this doc.
They dont tell absolute truth about fee cost though so it is a little biased at least in this aspect.
Very good sound design, a little weird transition effects (to artsy), talking heads have no or close to none make-up (that's a plus, if you ask me).
Overall score for a documentary feature 6.3/10 ( IMO of course )
As to the title of this thread I would say Bitcoin is money everything else is debt :/

Maybe with the current situation, high tx fees and slow confirmation time doesn't look like that bitcoin will take over the monetary system. But for me, even if bitcoin becomes the giant it can be, it still can't totally eliminate fiat but will go hand and hand with it. Gold is better as store of value and hedge against a worldwide crisis.

Don't see bitcoin as mighty like you (yet), it's a different system that indeed has several advantages. But i still consider gold better.

I agree with your point of view. I disagree with your use of "credit". You're not using that word in way that's consistent with its definition.

"Credit" does not mean inflationary (that's not part of the definition at all). Credit means lending. So your claim that owning or using fiat is owning or using credit is not true.

The definition of Credit in the monetary usage is: the ascription or acknowledgment of something as due or properly attributable to a person, institution, etc.:

Bitcoin is money. Everything else is not credit.

Now more to your point, if we were to refer to Bitcoin (not as an investment but) as a currency that increases spending power over time we may tap into the intrigue of a whole new demographic of future adopters.

If you want to learn more about the BTC and why it is such a massive revolution in the way we consider what money is, I recommend you the following links :

• https://www.youtube.com/watch?v=v6yNxN_YBNU : Bitcoin the End of money as we know it ! 1h documentary
• http://magazine.ouishare.net/2013/05/bitcoin-human-based-digital-currency/

I see BTC as a monetary systm owned and managed by the people who trust it instead our fiat monetray systems based in debt and the power of banks/wallstreet

Nothing gets on my nerves more than hearing "Bitcoin is an investment".

Bitcoin is not an investment, Bitcoin is money. In fact, everything other than gold and Bitcoin is simply credit.

Money is supposed to enrich, not impoverish; yet, inflationary credit (fiat) has done nothing but robbed the saver, the worker, and the retiree of his/her purchasing power while enriching Wall Street and asset holders.

Bitcoin, unlike credit, is not inflationary, but deflationary. The price of Bitcoin doesn't rise, the cost of goods relative to Bitcoin falls.

As long as our monetary system is not rooted in private property ethic, that is, banks are allowed to lend "money" they do not have (conjured from thin air), the economic boom and bust cycle will only continue to grow in severity.

Anyone who has read either Ludwig Von Mises or Rothbard's work is familiar with the concept (for more on why Bitcoin is money, and everything else is credit, I highly recommend What has government done to our money? by Rothbard, available here for free: https://mises.org/library/what-has-government-done-our-money).

People aren't investing in Bitcoin persay, but rather, riding off the enriching effects of price deflation, which has existed in the US before the creation of the Federal Reserve.

Bitcoin has all the properties of money, and in my humble opinion, is a better monetary unit than gold.

Thoughts? What do you see Bitcoin as?

Tzadik