‘Bitcoin Is Not Money’ Because We Cannot Print It – Banks - page 4.

Babyrica0226

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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.

You are definitely wrong that Bitcoin is not money. Because here in my country We had one bank here who is bitcoin/cryptocurrency accepted.
Through this, if that is true the bitcoin is not money, why the hell this bank is accepting it if it is not a currency anyway(Bitcoin). In short, Bitcoin is connected into fiat currency according to my understand about it.

Ucy

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Of course, "we" cannot print Bitcoin" is why Bitcoin was made in the first, And why printing Bitcoin/cryptocurrency is automated, transparent and fixed. Printing currencies whenever we want to sounds like abuse. A crafty government could illegally print as much money they want without even causing inflation. In fact most governments could be doing this already. This is why Bitcoin is great

radjie

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Quote from: mornabo on March 22, 2019, 05:26:11 AM

Quote from: The Cryptovator on March 21, 2019, 03:31:05 AM

It's true that bitcoin isn't printable, but it doesn't mean it has no value. Bitcoin is a crypto-currency asset. Diamond isn't printable but banks aren't accepting them for collateral? Same about bitcoin, it has value due to lot of people's invested on it. Bitcoin isn't printable money but it is the value of money. My opinion is if all banks accept bitcoin then there will not much volatility. Actually banks are worrying about bitcoin volatility. I don't see any other point why banks are not ready to accept it.

Funny if only because it is not printable then it cannot be called money, while they themselves have a type of money that is not printable
or digital but still has value. I think the bank's concern is not only due to fluctuations but also the anonymity of bitcoin

basically bitcoin is indeed not money and cannot be printed, bitcoin is only a digital asset that has valuable value so that its function is the same as the existing currency because it can be done for various transactions. The main purpose of Bitcoin was created by Shatosi Nakamoto just to facilitate transactions that can be done by people who use it

maxreish

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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.

KennyR

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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.

plvbob0070

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It's not surprising that they're attacking bitcoin once again. As what I can see, they somehow view bitcoin as a threat. They can see it also, the advancement bitcoin has and how it can be used in the future.
Let's go back to the past. Before, they don't use money but rather gold (and other things that has a value that can be used for trade-offs), yet they're not printable. Although bitcoin is not printable, it has a great value and its use can also be used same as the money.

mornabo

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Quote from: The Cryptovator on March 21, 2019, 03:31:05 AM

It's true that bitcoin isn't printable, but it doesn't mean it has no value. Bitcoin is a crypto-currency asset. Diamond isn't printable but banks aren't accepting them for collateral? Same about bitcoin, it has value due to lot of people's invested on it. Bitcoin isn't printable money but it is the value of money. My opinion is if all banks accept bitcoin then there will not much volatility. Actually banks are worrying about bitcoin volatility. I don't see any other point why banks are not ready to accept it.

Funny if only because it is not printable then it cannot be called money, while they themselves have a type of money that is not printable
or digital but still has value. I think the bank's concern is not only due to fluctuations but also the anonymity of bitcoin

slocker

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Quote from: ethereumhunter on March 22, 2019, 01:47:23 AM

Besides that, the raw materials for the paper will extinct, and we cannot use paper to print the money. With the growth of the technology, it will change the using the paper for the money, and it will transform into digital payment as we look right now. Many apps offerings the new service that we only need to send the money to the apps that can be used to pay something.

In the future, this process will be more simple especially if we use cryptocurrency, so we don't have to carry paper money to everywhere, and if we want to buy something, we could use the barcode and scan to see the price.

That is true. Many countries already have this co call cashless flow of paying everything, some have reduce usage of paper money to minimum. If crypto isnt the future then it will major step of creating something for all to be used instead of money. Technology behind this can be used in various things not just for money transfer. You can even store huge amount of data.

ethereumhunter

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Quote from: tegarp90 on March 22, 2019, 01:36:57 AM

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.

Yeah but everything will be digitalized in the future, and people will leave printed / physical money because it's much more simple and safe.
And also, many bitcoins banks are popping out

Besides that, the raw materials for the paper will extinct, and we cannot use paper to print the money. With the growth of the technology, it will change the using the paper for the money, and it will transform into digital payment as we look right now. Many apps offerings the new service that we only need to send the money to the apps that can be used to pay something.

In the future, this process will be more simple especially if we use cryptocurrency, so we don't have to carry paper money to everywhere, and if we want to buy something, we could use the barcode and scan to see the price.

tegarp90

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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.

Yeah but everything will be digitalized in the future, and people will leave printed / physical money because it's much more simple and safe.
And also, many bitcoins banks are popping out

Dingdongjl

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Most of the bank are really desperate to destroy bitcoin because it is a threat to them that makes them idiot and didnt even know now what is the meaning of money.

Quote

Money is a medium of exchange in the sense that we all agree to accept it in making transactions.

source: google.com

xWolfx

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Quote from: LimLims on March 21, 2019, 12:28:44 AM

Yeah Bitcoin cannot be termed as money. Therefore it is termed as Crypto currency or Digital currency lmao.
But if you still want to use the Bitcoin as a physical coin, then you can download a paper wallet and can experience almost holding the Bitcoins as physical currency.
In my opinion Digital currency is more safe and secure than Physical Currency.
There is no limit to hold the Digital currency, whereas there are some rules to hold the Physical Currency.
Therefore i liked Bitcoin as it is and also respect the opinions by bank stated by you.

In few words, physical currency is outdated and virtual currency is better and for that reason is the future.

That is precisely what Elon Musk said not too long ago and it holds a huge truth inside that statement. This is precisely the beginning of something interesting. I wouldn't cry even one second if physical currency disappeared worldwide today.

This is something that should definitely happen in the future from my point of view.

Bonsaiav

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Quote from: qwertyup23 on March 21, 2019, 08:01:29 AM

Like what you said, the value of money depends upon each person if they perceive something as valuable. It does not need to be paper or to be printed by banks but as long as people view something as valuable then it is considered as money.

What you say, actually reminded us of the old stories that happened in the Netherlands namely about the viral stories of tulip mania hundreds of years ago. At that time, many rich and influential people talked about investing in tulips, plus media that always portrays new rich people after investing in tulips. And my question is "can tulips be printed?"

pat4cryptoreal

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If European Central Bank insist that every form of money most be in a printable form, then we are going back to the stone age. As technology is evolving the Fintech section suppose to be evolving too.

qwertyup23

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Quote from: ?? on ??

Money is everything that has value, they not necessarily have to be printed. Banks again come up with excuses not to accept cryptocurrencies

The long history of money started with the barter system where people traded goods or services to others. The problem with the system is that it lacked something universal in value. Slowly, the barter system was changed and people used precious metals and stones as coins in exchanging goods. Until then when banks were created, the fiat (or paper money) has been the universal exchange rate per country.

Like what you said, the value of money depends upon each person if they perceive something as valuable. It does not need to be paper or to be printed by banks but as long as people view something as valuable then it is considered as money.

dat.ho12492

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Quote from: bering on March 21, 2019, 03:33:20 AM

Indeed bitcoin is not money because we can't print it but bitcoin also can be used as transactions tools and it is eventually will valuable such as money and i think although banks threats bitcoin with this statements but it won't stop development of bitcoin and in the future digital money such as bitcoin will be mass adopted with possible recognize as digital money too

Of course, bitcoin is not a currency but the value of bitcoin seems to be an asset that we can convert into cash, the use of bitcoin as currency is not too surprising even if we cannot print it, as long as the seller accepts, using bitcoin for trading is possible. But for banks, they often do not accept this because with the administration from the government, Bitcoin is something not in their currency list and allowed, and I'm not too concerned about their acceptance when I always think bitcoin is a place to invest, use as currency is just a secondary feature

avikz

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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.

LOL!! I didn't think Banks can make such laughable statement on one of the most important innovation of this decade! But it is very true that Banks are really shaking about the increasing prominence of crypto space. It directly threatens their business because they can see their hold on the economy is loosening. Sometimes back I had received the below email from my bank about bitcoin and cryptos. You can see how negatively they are portraying the cryptos through this propaganda mailer.

The frequency of such propaganda attacks will increase in near future! The more Banks will fear bitcoin, the more they will try to send out such information to their customers to create a negative mindset about bitcoin among the mass.

Darker45

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Oh, man. This is one of the shallowest arguments against Bitcoin. We are now at the digital age. I think they are well aware of this. We do not need hard objects anymore. We are getting paperless not just in terms of communication and data but also in terms of money. They themselves are doing this with their credit and debit cards. We already have the likes of Paypal. Even when we buy or trade Gold and Silver we are not actually holding the real thing with our very hands and pass it to the hands of another physically. We are doing them in a virtual way.

Jating

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Can they make a good excuses next time? Seems to me this is just a rehearse and have heard this kind of lame excuses before.

A good example is precious metals, they used to be a medium before, but since we can't print it, can we can call them money as well? The argument is really flawed, why do they just admit that they are just afraid of this so called digital money?

annango

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Quote from: serjent05 on March 20, 2019, 02:00:14 PM

Well, I don't care how they call it. Actually not everyone call it a currency some calls it an asset or a valuable asset. As long as I know what its value for me then to hell with their opinions. Bitcoin investors who've known its value for years are more than willing to just shrug their shoulder in this kind of remarks. They are just threaten with the future of bitcoin since bitcoin users/investors do not need these centralized banks by the way.

Definitely right!! I just wonder why Banks give us a statement like that, but anyway it seems so stupid and absurb opinion. Our modern life is more likely to a tech-society, especially cashless society is an example. Nowerdays more and more country tend to use E-wallets to make a payment to many things. The banks also encourage people to use online account service to pay for something in need like electric fee, water fee and something like that. So to say briefly what they had criticized on bitcoin is such a vast gap between the words and the deeds they have done.

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