Topic: Bitcoin is not a virtual currency! (Read 10363 times)

This is a very good point I never stopped to think about. I think I have been saying digital all or most of the time, instinctively, though. However, while the definition of digital is indeed more apt a description of Bitcoin, and virtual does imply nonreality, I think it is very common to conflate the two terms. I bet you your average Joe reacts the same to either word.

Simply Digital money/Gold

Yap....I agree and have been thinking this from the moment I educated myself on Bitcoins.

All Fiat currencies, today are pretty much 1 and 0's in a computer and ledger database.  Most people do not carry cash now a days and do everything electronically (online, credit card etc.)

I thought what is the difference between Bitcoins and other crypto currencies to the fiat money system.  Not much difference except the physical representation of money... CASH.  And cash is going the way of the "do do bird" as well, and many banking institutions are pushing using your phone as a wallet etc..

So what is the difference between FIAT currency and Bitcoins/cryto coins...not much.

However, the establishment (Central banks) will try to convince the general public , that there is a big difference and control and manipulate the publics perception through the mainstream media....and the sheeples will follow.

Until more fiat currencies collapse and drive people to Bitcoins like Argentina, Cypress and soon other parts of Europe, then American dollars people will look to the status quo...and that is unfortunate.   

Here is a quote from an article:

"Realize, that modern fiat currencies are really nothing but “virtual digital money” anyway. Your bank account is nothing more than electronic ledger in your banks database anyway. So, BitCoins is not really much different, except that no more than 21 million can be created thereby maintaining integrity and preventing irresponsible government spending."

http://www.moneyaccumulator.com/770/the-bitcoin-debate-economics-vs-virtual-reality/

Look at this CNET article from 5 hours ago. It uses virtual and digital interchangeably. But what is worse is that it says, "The virtual currency, which sprang up in 2009 to intentionally avoid the prying eyes of law enforcement and government officials..."

As if it's a money made for only outlaws.
 
http://news.cnet.com/8301-1023_3-57597505-93/bitcoin-is-a-legitimate-form-of-currency-a-federal-judge-rules/

src: http://oxforddictionaries.com/definition/english/virtual

This thread was just begging for this. Sorry.

whenever i do my sales patter to people i prefer the term digital as oppose to virtual.

as many people think 'virtual' as in FAKE / made up.. this is because people for decades beleive the word virtual reality to mean "fake reality" and not "computer based reality"

so saying digital immediately gives them the perception of it being computer based without that side thought of fake.

so i am also one of those which find it an easier sales pitch when using the word digital as oppose to virtual

I have been doing the same (speaking to brick and mortar stores) about BTC.  As soon as you mention "you get 100% of the invoice, no fees to the bank" they seem to get onboard.

I prefer bitcoin to stay a "virtual currency" from a legal perspective as we have more freedom to use virtual currencies than with "real" currencies.

Virtual currency seems ok to me

virtual like not physical
currency also know as some value to buy goods/services or get value for selling goods/services

I told my girlfriend about Bitcoin while also mentioning food and she said "mmm sounds tasty". Really?

at this point I don't even care what people think bitcoin is, as long as they buy it. i could try to specify what it really is but there's simply not enough time in the world

this man is right:

This is true. "Virtual" is a misnomer in case of bitcoins. "Digital cash" or "electronic cash" or "digital currency" - these are all more appropriate.  There is more to Bitcoin than bitcoins, though. Bitcoin is a public ledger of digitally signed and timestamped messages.

As for intrinsic value, it is not true that Bitcoin doesn't have any. Just like you can use paper money to produce heat in a fireplace, or to make confetti, you can use Bitcoin to timestamp, digitally sign, publicly anounce, and validate messages world-wide. We use these messages as announcements of transactions of units of account (bitcoins , or more precisely satoshis). In other words, while bitcoins have no intrinsic value, Bitcoin does.

Bitcoin is free speech; what is a Bitcoin transaction other than rule based editing of a shared public ledger?

If I shout loudly my private key, and a terrorist hears me and creates a ledger entry increasing the number of bitcoins associated with a private key known only to him, am I funding terrorism?

Anyhow, bitcoin (in the US) is money now:
http://www.courthousenews.com/2013/08/06/Bitcoin.pdf

LOL this made me laugh so hard  ;

I told my 60 yr old dad about bitcoin and his only response was "Is that like baseball cards or something"

first link reads the same as all those news reporting Thailand banning bitcoin drama.  if you read carefully forbe's artile, you will see that court decided against Shaver's claims that BTCST did not operate in investment securities and did not fall under SEC jurisdiction, which court decided against. The Judge simply recognized Bitcoin being as a form of money which can be used in investment securities, exchanged for traditional currencies and to buy goods and services with it.  There were no official ruling on whether Bitcoin is legally defined as a currency or not.

in other thread you mentioned Liberty Dollars and that there is a bunch of laws designed specifically for currencies inclining that bitcoiners may be in trouble with this 'precedent' for making their own money. Firstly you dismiss the fact that US does not prohibit private currencies, there are few that exists and function today in the US. Secondly bitcoin does not try to compete with and look closely resembling with legal tender for which LD got in trouble; there are no single entity issuing Bitcoins and no single miner has control over bitcoin's production mechanism and clearly do not fall under any currency counterfeiting laws that protect USD.

No, that is not what they ruled.

Bitcoin is a way to pay=currnecy

The things are real wealth bitcoin is just a representation of wealth.

But i can buy things!