‘Bitcoin Is Not Money’ Because We Cannot Print It – Banks - page 3.

goaldigger

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Quote from: Baofeng on March 20, 2019, 11:36:07 AM

‘Bitcoin Is Not Money’ Because We Cannot Print It – Banks

Quote

“Bitcoin is not money”, the European Central Bank published a statement regarding bitcoin as not being a monetary asset. These words from the bank are immensely harsh for the crypto community. The crypto analyst and investor, Joseph Young suggests that the bank has released the statement as per the crypto assets being unprintable. Though this is an absurd manner to qualify a monetary asset as ‘money’, the bank does praise the technology in the working behind bitcoin. The technology, being the entire crypto protocols, most specifically, decentralization is breakthrough and can make up for some decent projects in the future.

https://blockpublisher.com/bitcoin-is-not-money-because-we-cannot-print-it-banks/

And yet another other attack, but seriously flaw argument coming from banks. But that's fine, hearing this kind of arguments make me think that they are really threaten by crypto and afraid that one day all of them will become obsolete, or least majority of people will go to crypto, specially bitcoin.

It doesnt mean that if money cannot be print then its not considered as money. If banks are against digital currency, then why do they offer services likes credit cards or debit cards and even online transfers?. This doesnt require physical money or fiat but they do it.

TheCoinGrabber

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Prisoners use ramen to buy stuff in jail, I guess that don't qualify it as money.

First thing people learn in economics is that money is a store of value and a means of exchange. Anything that fulfills these that the majority accepts is the standard (cowrie, cacao, stone monoliths, etc) IS money. Bitcoins fulfill these and more.

Pattart

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Quote from: Malsetid on March 24, 2019, 01:35:04 AM

Quote from: zhengqi on March 23, 2019, 05:57:41 PM

If such an asset can be paid for a product or service, it can be considered a means of payment. Of course bitcoin cant be printed, but that does not make it any bad. Although it is digital, it is still a currency.

Right. Even digital fiat is gaining a lot of users every day. The term "money" Is subjective. And people may not see is at money but they can still opt to use it to make transactions, just like how we do online shopping and other online services. Fine don't call it money but we use it anyway.

do you think money is always in the form of cash and printed? of course, the meaning of money is many of things not only in the form of physical, but some that are in the form of digital and now that is what many people are interested in, a new breakthrough in technological developments in the field of currency

ice18

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The statement is totally contradicting to bitcoin to have a value and to become a money but even this banks cannot control how will bitcoin will change how money will work in the future we are in digital age now everything is transforming into it even you cannot print and cannot touched it physically but you can use it very effective and secured it will have a value the users are the one who gives value on bitcoin unlike government controlled fiats.

hatsuneczelmiku

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Even other people still doesn't consider the crypto currencies as money, I am still a proud Bitcoin crypto currency user, the keeps using it to provide sone of my financial needs. Honestly, a lots of things have been happened in my life through te help of Bitcoin, as well as change it for the better. And for that, even the other people doesn't recognize it as the medium of payment for now, in the future, I can see it on us.

taufik0911

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HEX: Longer pays better

Quote from: creeps on March 24, 2019, 04:22:04 PM

Quote from: KennyR on March 22, 2019, 05:49:37 AM

Banks have been experiencing massive loss in its revenue with the existence of more cryptocurrencies. Banks are the one that oppose cryptocurrencies through the governments indirectly. Now they don't have any valid reason and to make people understand it in a simple way banks have taken this in hands mentioning bitcoin is not money as it can't be printed.

The threat is getting bigger for sure and they’ve just said this none-sense statements thinking thay people is not wiser enough to understand this one. They are really trying to destroy bitcoin but of course they will not succeed on that. Fiat money can print anytime, that’s the biggest scam for sure and banks can’t stop bitcoin from growing.

because they were unable to stop the development of bitcoin they made their own blockchains as an alternative
what is clear is that bitcoin is not a currency and I do not agree with the name of cryptocurrency, I prefer the term digital asset
bitcoin is like gold and silver

creeps

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Quote from: KennyR on March 22, 2019, 05:49:37 AM

Banks have been experiencing massive loss in its revenue with the existence of more cryptocurrencies. Banks are the one that oppose cryptocurrencies through the governments indirectly. Now they don't have any valid reason and to make people understand it in a simple way banks have taken this in hands mentioning bitcoin is not money as it can't be printed.

The threat is getting bigger for sure and they’ve just said this none-sense statements thinking thay people is not wiser enough to understand this one. They are really trying to destroy bitcoin but of course they will not succeed on that. Fiat money can print anytime, that’s the biggest scam for sure and banks can’t stop bitcoin from growing.

Best Dreams

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Quote from: Malsetid on March 24, 2019, 01:35:04 AM

Quote from: zhengqi on March 23, 2019, 05:57:41 PM

If such an asset can be paid for a product or service, it can be considered a means of payment. Of course bitcoin cant be printed, but that does not make it any bad. Although it is digital, it is still a currency.

Right. Even digital fiat is gaining a lot of users every day. The term "money" Is subjective. And people may not see is at money but they can still opt to use it to make transactions, just like how we do online shopping and other online services. Fine don't call it money but we use it anyway.

It is not money but it is more than money for me people use it to buy goods and they use it to have travelling, in short we are free for using crypto currency same as we use money, bitcoin is safe for transaction ad online purchasing, it has no physical presence as fiat has but for me it is an advantage which allows us to keep yourself safe from robbing.

kingpin4321

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Money is of different form bitcoin is not a legal tender but that does not mean bitcoin is not money. Bitcoin at the moment can be used to purchase some things online and with what's happening now and the rate at which the world is going digital bitcoin stands to be our hope

lyks15

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This statement from the bank is full of fear and anxiety. Because they are afraid that tine will come that bitcoin can replace our natural money and when it's happen they will be affected or worst banking industry will die. For me competiton between cryptocurrency and bank is not good. A great idea is bank and crypto will start to collaborate but I hope bank will open their mind.

CryptoBry

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I actually agree with this assessment. Bitcoin is not money that is if we use the same definition existing for the fiat money circulated all over the world...and in this case I am sure they can be using that definition. Bitcoin is a different category but at the same time it has many attributes that the usal money has because it can be used as a medium of exchanging value from one person to another or to another business. Banks certainly have their own perception of what money is so I guess let's leave them at that and let them have the right to show whatever power they might have over the financial system existing as of today...because time is coming when they can be required to adopt or just perish.

Malsetid

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CryptoTalk.Org - Get Paid for every Post!

Quote from: zhengqi on March 23, 2019, 05:57:41 PM

If such an asset can be paid for a product or service, it can be considered a means of payment. Of course bitcoin cant be printed, but that does not make it any bad. Although it is digital, it is still a currency.

Right. Even digital fiat is gaining a lot of users every day. The term "money" Is subjective. And people may not see is at money but they can still opt to use it to make transactions, just like how we do online shopping and other online services. Fine don't call it money but we use it anyway.

zhengqi

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If such an asset can be paid for a product or service, it can be considered a means of payment. Of course bitcoin cant be printed, but that does not make it any bad. Although it is digital, it is still a currency.

FlightyPouch

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Quote from: maxreish on March 22, 2019, 11:22:07 AM

They feel threaten that is why the attack was on. But despite of that, even if btc wasn't a paper money because it wasn't printed out, we still use it to pay bills and pay some merchandise. We use it as a 'digital money' and that makes it as a money, too.

Doesn't mean that we can use it to pay bills, it is a money, it don't work like that. It is true that we can use them to pay some things but if you are talking about it through exchange, then you are not directly paying Bitcoin but selling your Bitcoin to pay your bills, that is how they do it. We can pay using Bitcoin because they have the value and a value more expensive than the fiats we use today.

tunapa

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Not all money can be printed. So that’s not enough to disqualify bitcoin not to be money. All this is not enough to pull down Bitcoin if that’s what they are trying to do. So many other forms of money which are regarded for but the war is only coming to bitcoin: banks should prepare for the worst. They will soon leave.

mohammedmattar

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Quote from: Baofeng on March 20, 2019, 11:36:07 AM

‘Bitcoin Is Not Money’ Because We Cannot Print It – Banks

Quote

“Bitcoin is not money”, the European Central Bank published a statement regarding bitcoin as not being a monetary asset. These words from the bank are immensely harsh for the crypto community. The crypto analyst and investor, Joseph Young suggests that the bank has released the statement as per the crypto assets being unprintable. Though this is an absurd manner to qualify a monetary asset as ‘money’, the bank does praise the technology in the working behind bitcoin. The technology, being the entire crypto protocols, most specifically, decentralization is breakthrough and can make up for some decent projects in the future.

https://blockpublisher.com/bitcoin-is-not-money-because-we-cannot-print-it-banks/

And yet another other attack, but seriously flaw argument coming from banks. But that's fine, hearing this kind of arguments make me think that they are really threaten by crypto and afraid that one day all of them will become obsolete, or least majority of people will go to crypto, specially bitcoin.

Banks consider BTC a competitor
The philosophy of the blockchain to dispense with the third party
So I do not see the banks ruling on BTC would be neutral
They are trying to maintain the fabulous profits they achieve.

sandra_x

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European union declaration that bitcoin is not a monetary asset does not diminish the value or importance of bitcoin, some countries even within the EU already see bitcoin as a legal tender. That aside,bitcoin does not really need the approval of a centralized entity as it is designed differently.

Teawhalee

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Printing ability should not be a criteria to regard bitcoin as money. Everyday things are advancing and developing in terms of innovations and technology to make life more easier. We won’t remain in the past if we want to move forward and this is what the banks needs to realize. The don’t need to keep hating on bitcoin it will only make it get better. There are many forms of money acceptable and not printed like PayPal, neteller , skrill, perfect money , and the likes which no one is hating on but only Bitcoin is experiencing this because of its potential.

alina345

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Hello =)

Sounds like the end of a centralized bank.

If cryptocurrency ushers in a new era of decentralized currency which is backed by the trust of its user then it will totally disrupt the concept of money as we know it. Banks will no longer hold the advantage of being able to print more money or using credit in fancy ways.

Artemis3

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CLEAN non GPL infringing code made in Rust lang

Quote from: Aikidoka on March 20, 2019, 05:58:22 PM

Quote from: Oceat on March 20, 2019, 05:07:17 PM

It's funny how they think it is, so does gold, silver, and livestock too before? Everyone can make simple money on how they want to implement it to the people. Paper money is just being used because it is just too light to carry compared to the previous money that people used to. Banks exist just because of this paper money and if there is no paper money how could they do exist?

Exactly, so that's why they said that bitcoin is not a money! They afraid that bitcoin will gain a high potential in the future and the fiat money will be useless, but I know that there is a big community which support bitcoin and cryptocurrencies, sooner or later bitcoin will have a high value in the market and banks should adapt that.

They will be forced to adapt or be left behind. Those with the older thinking will oppose resistance, until everybody is using Bitcoin regardless of what they say anyway.

Its like that Gandhi quote:

Quote from: Mahatma Gandhi

First they ignore you, then they laugh at you, then they fight you, then you win.

Topic: ‘Bitcoin Is Not Money’ Because We Cannot Print It – Banks - page 3. (Read 1049 times)