Topic: ‘Bitcoin Is Not Money’ Because We Cannot Print It – Banks - page 5. (Read 1049 times)
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
For me, even banks still didn't recognize the different crypto currencies we have as a money, I really don't mind as long as I can use all of my crypto currencies as a medium for payment methods. I am glad to have my crypto currencies and make my life much better and let me have convenience.
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.
There have been multiple attacks from banks and governments against bitcoin in the last months, especially in 2019. I think they just realized how powerful bitcoin is and they are trying to somehow make people lose trust in bitcoin by finding all kind of reasons why it cant be ussed as a currency. We dont know what plans they have but anyways i wish the good luck in their attempt to defame bitcoin
Attacking bitcoin just make it more stronger. They can't bring bitcoin down because people support and love it. The easiness and usefulness of cryptocurrency to their lives makes it more valuable to them than embracing fiat and currency of the banking system.
So going by the statement, they mean to say that money can be defined as paper we can feel .
So like when I make transactions using my banking mobile app to transfer funds to a client.
The funds transferred is not considered money by the statement.
It's laughable.
So like when I make transactions using my banking mobile app to transfer funds to a client.
The funds transferred is not considered money by the statement.
It's laughable.
‘Bitcoin Is Not Money’ Because We Cannot Print It – Banks
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.
Well in that case all the amount that we are holding in our bank is not money either because it's just the numbers that we see on the screen.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.
The only money we have is the cash because it's printed. I wonder how such big companies can me such shit statements. There are so many examples and arguments that we can put up against this statement.
The European bank should have made an effort in finding a reasonable statement to classify bitcoin as 'not money'.
Central banks are trying to put bitcoin in their definition of money and it doesn't work and will never work.
Their definition of money is stuck in the 20th century. We shouldn't worry about it and move on and the definitions will have to be changed in time. When people were travelling on horses and shooting bows there were many laws that later changed or became forgotten when they didn't do those things anymore.
Their definition of money is stuck in the 20th century. We shouldn't worry about it and move on and the definitions will have to be changed in time. When people were travelling on horses and shooting bows there were many laws that later changed or became forgotten when they didn't do those things anymore.
It's more than money even other people thought it didn't work. This has been proven for years and it sustained a strong foundation despite of fud and fake news circulating, which competition tried to pull btc down. Bitcoin is a form of digital money and not in a physical form, which you can use it though web network. It can only be appreciated through modern gadgets like phones and computers, you can use this asset using this technology gadgets.
The current banknotes are advanced notes issued by us to the bank for payment. Over time, cash acquired such a form. The claim that money is not that which cannot be printed on paper is absurd. Gold or precious stones are also not printed on paper, but ounces of gold or carats in diamonds have their own measure of value and function as a means of payment. I do not even think that such statements will be seriously considered in the financial market.
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.
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.
Fiat is a currency, it is not money.
Money has all the attributes of currency + A STORE OF VALUE.
Fiat/currency is never a store of value as it DEVALUATES over time due to inflation as banks and governments continue printing it.
The $1 that you have 10 years ago is not the same value now, probably lost more than 50% of it's value.
In the olden times, only gold, silver and other precious metals or precious stones are considered money.
AND it still is today.
We still consider gold, silver and other precious metals or precious stones that were mined some 4,000 years ago to be valuable.
The US dollar was previously backed by gold and silver (gold or silver certificate paper dollars).
If you go to a US bank and claim the gold using that fiat/paper currency, they will give you that $ value in gold or silver.
The US$ is no longer backed by anything...Same as with all other fiat/currencies. And you can't go to a bank now and claim that fiat value in its equivalent gold or silver.
Bitcoin is considered THE digital gold as it continued appreciating since its creation 10 years ago.
And governments and banks could not inflate it since it has a finite supply.
It had never gone down its original trading price of less than $1 (when it hit more than $100 per btc).
I guess bankers and governments don't even know the difference between currency vs money.
Money has all the attributes of currency + A STORE OF VALUE.
Fiat/currency is never a store of value as it DEVALUATES over time due to inflation as banks and governments continue printing it.
The $1 that you have 10 years ago is not the same value now, probably lost more than 50% of it's value.
In the olden times, only gold, silver and other precious metals or precious stones are considered money.
AND it still is today.
We still consider gold, silver and other precious metals or precious stones that were mined some 4,000 years ago to be valuable.
The US dollar was previously backed by gold and silver (gold or silver certificate paper dollars).
If you go to a US bank and claim the gold using that fiat/paper currency, they will give you that $ value in gold or silver.
The US$ is no longer backed by anything...Same as with all other fiat/currencies. And you can't go to a bank now and claim that fiat value in its equivalent gold or silver.
Bitcoin is considered THE digital gold as it continued appreciating since its creation 10 years ago.
And governments and banks could not inflate it since it has a finite supply.
It had never gone down its original trading price of less than $1 (when it hit more than $100 per btc).
I guess bankers and governments don't even know the difference between currency vs money.
People decide what "money" is, not Banks. We have seen several examples of that in 3rd world countries : In Zimbabwe, people preferred to receive candy for change, instead of the 1000's of worthless paper that was printed by their corrupt government.
In Venezuela, people are turning to Bitcoin to protect the value of their wealth, because hyperinflation and fiat currencies are failing them in their country at the moment.
Banks forget their place in the whole scheme of things. Bitcoin will become the people's money.
In Venezuela, people are turning to Bitcoin to protect the value of their wealth, because hyperinflation and fiat currencies are failing them in their country at the moment.
Banks forget their place in the whole scheme of things. Bitcoin will become the people's money.
these things are always considered a very good sign in my opinion because they are the undeniable proof of how bitcoin has been growing stronger as a currency and that has been scaring the banks and their tyranny of power.
that is simply because these "institutions" want to make more money and they think they can do a better job if they create their own centralized token instead of going with what already exists. and that mentality is there because of how big some of the useless tokens have gotten in the past.
It seems like that a lot of institutions are now comfortable with the idea of integrating blockchain tech into their operations, but they are still quite negative overall about BTC as a currency.
that is simply because these "institutions" want to make more money and they think they can do a better job if they create their own centralized token instead of going with what already exists. and that mentality is there because of how big some of the useless tokens have gotten in the past.
Money is the banknotes printed by the Central Bank of every country and use in paying bills, buying things, wealth and sometimes the basis of status in life. Whereas, Bitcoin is a cryptocurrency which exist only in the internet BUT, it can be utilized in all of the things money can be used and besides, cyptocurrency is much easier, convenient and less hassle to use. The wide scoop and advantages that Bitcoin can be utilized is the reason that banks will become redundant in the future. This is the reason why, in my opinion, they issue this kind of statement. To discouraged people to use Bitcoin so that banks will not be dissolved.
The definition of 'money' from a bank's point of view is very limited, and therefore expect some statements like this wherein banks reiterate their limited control of bitcoin and due to that, they cannot consider itas 'money'. Long before banks existed, people have been using different of forms of money that is not being controlled by a central authority, and had worked for millenia. Say what the bankers want to say, but in the end, people will choose what form of money are they going to use.
Great point. A Casascius coin would be nice.
But you can print BTC. It's already been done many times over. Have a look in the collectibles subforum
Great point. A Casascius coin would be nice.
But you can print BTC. It's already been done many times over. Have a look in the collectibles subforum
Central banks are trying to put bitcoin in their definition of money and it doesn't work and will never work.
Their definition of money is stuck in the 20th century. We shouldn't worry about it and move on and the definitions will have to be changed in time. When people were travelling on horses and shooting bows there were many laws that later changed or became forgotten when they didn't do those things anymore.
Their definition of money is stuck in the 20th century. We shouldn't worry about it and move on and the definitions will have to be changed in time. When people were travelling on horses and shooting bows there were many laws that later changed or became forgotten when they didn't do those things anymore.
It's more than money even other people thought it didn't work. This has been proven for years and it sustained a strong foundation despite of fud and fake news circulating, which competition tried to pull btc down. Bitcoin is a form of digital money and not in a physical form, which you can use it though web network. It can only be appreciated through modern gadgets like phones and computers, you can use this asset using this technology gadgets.
Central banks are trying to put bitcoin in their definition of money and it doesn't work and will never work.
Their definition of money is stuck in the 20th century. We shouldn't worry about it and move on and the definitions will have to be changed in time. When people were travelling on horses and shooting bows there were many laws that later changed or became forgotten when they didn't do those things anymore.
Their definition of money is stuck in the 20th century. We shouldn't worry about it and move on and the definitions will have to be changed in time. When people were travelling on horses and shooting bows there were many laws that later changed or became forgotten when they didn't do those things anymore.
It's more than money even other people thought it didn't work. This has been proven for years and it sustained a strong foundation despite of fud and fake news circulating, which competition tried to pull btc down. Bitcoin is a form of digital money and not in a physical form, which you can use it though web network. It can only be appreciated through modern gadgets like phones and computers, you can use this asset using this technology gadgets.
I deny such statements. They might not be printable but you can still transform and convert them into some card information.
Last year there was a something about this topic. A unique chip containing Bitcoin's addresses from a specific individual which contained all his btc information. He could even use it in some machines for exchanges.
If they could adopt that and make a single card just like credit and debit card you could still use them into banks.
Last year there was a something about this topic. A unique chip containing Bitcoin's addresses from a specific individual which contained all his btc information. He could even use it in some machines for exchanges.
If they could adopt that and make a single card just like credit and debit card you could still use them into banks.
Central banks are trying to put bitcoin in their definition of money and it doesn't work and will never work.
Their definition of money is stuck in the 20th century. We shouldn't worry about it and move on and the definitions will have to be changed in time. When people were travelling on horses and shooting bows there were many laws that later changed or became forgotten when they didn't do those things anymore.
Their definition of money is stuck in the 20th century. We shouldn't worry about it and move on and the definitions will have to be changed in time. When people were travelling on horses and shooting bows there were many laws that later changed or became forgotten when they didn't do those things anymore.
Gold and coins were considered and traded as money in old ages and still gold is considered as money because it holds value, so these justifications by banking authorities are useless.
The paper currency or digital currency both are money because they hold value.
The paper currency or digital currency both are money because they hold value.
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