Difference between Bitcoin and real money? - page 107.

NEWGOODOUBLE

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Quote from: dhimasnk on April 16, 2017, 06:44:08 AM

bitcoin difference with real money?

I was joined in bitcoin business a few years ago but I will try to explain in my opinion.

1. if real money, we can hold it for physical shape while bitcoin could not due to digital form.
2. The original money circulation is regulated by government regulations while bitcoin is not, so we can be free to use it.
3. bitcoin hold down inflation. BTC as save heaven like gold become resistant to inflation, in contrast with real money

True, the striking difference is bitcoin can be used as a profitable investment such as gold, while the real money can not do that. Cheesy

Pierre 2

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There are lot many differences between btc and paper money,
But biggest one is bitcoin is decentralized and its full supported by its market. It is great to have that kind of money in this age.

deisik

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English ⬄ Russian Translation Services

Quote from: tiptopfund on April 16, 2017, 04:17:37 AM

The main difference between Bitcoin and Real money is Bitcoin is Independent

Normal currencies all over the world are controlled by a central bank in each country. This means that every aspect of the normal currency is highly influenced by the bank. These aspects include the inflation rates, the amount of currency to be printed as well as the interest rates. However, this particular system does not work with bitcoin as it is not controlled by a particular regulating body.

Bitcoin is independent or decentralized, thus it is not controlled by the government or financial agencies. The absence of a central entity that controls bitcoins makes it impossible for anyone to prevent its distribution through the peer-to-peer network between users located across the globe without any problems

Indeed, Bitcoin is far from fiat in terms of independence

That is, it is by far more independent than money printed by governments. But it is not perfect either. Right now, its fate is in the hands of a few miners if not just one miner (you know his name), so how is that particularly different from the control that governments are exerting on fiat they happen to issue? In other words, is it the kind of independence (in relation to, for example, fixed supply of new coins) that we may want Bitcoin to possess if it still remains highly vulnerable (read centralized) in other crucial and vital aspects?

Fatanut

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Quote from: Creepings on April 16, 2017, 07:39:10 AM

Quote from: Victorycoin on April 16, 2017, 07:00:25 AM

Quote from: Format.C^ on April 02, 2017, 11:30:30 PM

Quote from: Mvaporis1961 on April 02, 2017, 08:45:59 PM

Bitcoin - lower fees, you have your own bank, transactions is easier and faster, identity of the owner is anonymous, volatile value
Fiat - higher fees, you need some company to put your money on, transactions takes some time and requires some verification if you are owning a large amount, stable value

Yes and in fiat you cannot huge amount of money with you physically as there is always a chance of money getting stolen or getting robbed but with bitcoins you can carry any amount in your bitcoin wallet and no one would be aware about it.

Looks like you forgot to add that anyone with access to your private key is the actual owner of the coins, so cases of theft are not alien here nor something exclusive to fiat currencies. One more thing, lower fees is now, used to be with Bitcoin as these days we are daunted with increasing cost for carrying out transactions in the Bitcoin ecosystem and this a real cause for concern for most bitcoiners.

I think that is true, when other people have your private key, they can send or manage you bitclins inside that bitckin wallet. But this will only happen if you are kind enough to give your private keys to other people. Never do that , keep that safe. About the fees, it is really a pain in the ass. But we all know that the developers are having a solution for that. We better wait on what will happen in the future.

I wouldn't really say "kind enough" but rather I'll use "stupid enough". If you don't even know one of the basic stuffs in bitcoin, you shouldn't expose yourself just yet. Private key is called "private" for a reason. It's because it's not meant to be shared to other people. Sharing your private key is like giving out all of your bitcoins from that address.

The developers might have already think about a solution for the ever-increasing bitcoin's transaction fee but as long as they haven't implemented it on bitcoin yet, we will continue to experience huge transaction fees. A perfect solution is nothing if you fail to implement it.

Jewell

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Quote from: kikeda on April 03, 2017, 06:15:21 AM

Quote from: Cherylstar86 on April 03, 2017, 06:12:25 AM

Quote from: Klima on April 03, 2017, 05:00:59 AM

Quote from: Format.C^ on April 02, 2017, 11:30:30 PM

Quote from: Mvaporis1961 on April 02, 2017, 08:45:59 PM

Bitcoin - lower fees, you have your own bank, transactions is easier and faster, identity of the owner is anonymous, volatile value
Fiat - higher fees, you need some company to put your money on, transactions takes some time and requires some verification if you are owning a large amount, stable value

Yes and in fiat you cannot huge amount of money with you physically as there is always a chance of money getting stolen or getting robbed but with bitcoins you can carry any amount in your bitcoin wallet and no one would be aware about it.

And no one needs to explain why this money is in my account. And no one can ever freeze my bitcoins in my wallet.
When using fiat, I do not have such advantages

Practically all that you've said is true and the exact point that bitcoin has more advantages than fiat nowadays specially we are now adopting digital types of transaction like online savings account, but I can really say that fiat real money were more prone to be stealed rather than digital currency which is anonymous account. Physical touch can be appreciated by real money and bitcoin will be only appreciated through viewing it online, and you will see the actual amount by just logging in your wallet account.

People will never mind even if they cannot touch their bitcoins physically and they will be happy even to see it online in their wallet without touching it as the having bitcoin means having money and the main intention of people is to have more money for the future.

i think now people do not have enough time to count their cash with their hands then then manage them in sequence, they just what to use their money virtually and save their time. therefore they will never mind if they cannot touch their virtual currency.

Creepings

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Quote from: Victorycoin on April 16, 2017, 07:00:25 AM

Quote from: Format.C^ on April 02, 2017, 11:30:30 PM

Quote from: Mvaporis1961 on April 02, 2017, 08:45:59 PM

Bitcoin - lower fees, you have your own bank, transactions is easier and faster, identity of the owner is anonymous, volatile value
Fiat - higher fees, you need some company to put your money on, transactions takes some time and requires some verification if you are owning a large amount, stable value

Yes and in fiat you cannot huge amount of money with you physically as there is always a chance of money getting stolen or getting robbed but with bitcoins you can carry any amount in your bitcoin wallet and no one would be aware about it.

Looks like you forgot to add that anyone with access to your private key is the actual owner of the coins, so cases of theft are not alien here nor something exclusive to fiat currencies. One more thing, lower fees is now, used to be with Bitcoin as these days we are daunted with increasing cost for carrying out transactions in the Bitcoin ecosystem and this a real cause for concern for most bitcoiners.

I think that is true, when other people have your private key, they can send or manage you bitclins inside that bitckin wallet. But this will only happen if you are kind enough to give your private keys to other people. Never do that , keep that safe. About the fees, it is really a pain in the ass. But we all know that the developers are having a solution for that. We better wait on what will happen in the future.

Victorycoin

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Quote from: Format.C^ on April 02, 2017, 11:30:30 PM

Quote from: Mvaporis1961 on April 02, 2017, 08:45:59 PM

Bitcoin - lower fees, you have your own bank, transactions is easier and faster, identity of the owner is anonymous, volatile value
Fiat - higher fees, you need some company to put your money on, transactions takes some time and requires some verification if you are owning a large amount, stable value

Yes and in fiat you cannot huge amount of money with you physically as there is always a chance of money getting stolen or getting robbed but with bitcoins you can carry any amount in your bitcoin wallet and no one would be aware about it.

Looks like you forgot to add that anyone with access to your private key is the actual owner of the coins, so cases of theft are not alien here nor something exclusive to fiat currencies. One more thing, lower fees is now, used to be with Bitcoin as these days we are daunted with increasing cost for carrying out transactions in the Bitcoin ecosystem and this a real cause for concern for most bitcoiners.

dhimasnk

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Activity: 546

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bitcoin difference with real money?

I was joined in bitcoin business a few years ago but I will try to explain in my opinion.

1. if real money, we can hold it for physical shape while bitcoin could not due to digital form.
2. The original money circulation is regulated by government regulations while bitcoin is not, so we can be free to use it.
3. bitcoin hold down inflation. BTC as save heaven like gold become resistant to inflation, in contrast with real money

DoublerHunter

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Quote from: ekoice on April 16, 2017, 04:21:11 AM

Quote from: crst on September 10, 2016, 01:13:57 PM

I've discovered Bitcoin few days ago, but I am skeptical about few things, why would I invest money in Bitcoins at the end of the day,why would I convert money into Bitcoins?

If I want to buy stocks or invest money I can easily invest with real $. Why would I convert my $ to bitcoins?
If I want to gamble , I can simply gamble on websites that require $ as currency, why would I convert it to bitcoins?
What's the difference between Bitcoins and dolars? What does bitcoin bring to the table that real $ don't, less taxes, more income?

If you have just your fiat money,it will just remain same and it will not grow.But if you invest it in bitcoin,it would grow gradually giving you good returns.You can enjoy tax free for your earnings in bitcoin unless it is regulated in your country.You could send huge amounts of money via btc to any parts of the world instantly with low fees.

That is the right words to describe the difference of bitcoin and real money because if you have fiat then it will still be that fiat money who does not improve its value while if you have bitcoin then you also have investment where you can earn decent amount of money from just holding your stocks.

ekoice

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Quote from: crst on September 10, 2016, 01:13:57 PM

I've discovered Bitcoin few days ago, but I am skeptical about few things, why would I invest money in Bitcoins at the end of the day,why would I convert money into Bitcoins?

If I want to buy stocks or invest money I can easily invest with real $. Why would I convert my $ to bitcoins?
If I want to gamble , I can simply gamble on websites that require $ as currency, why would I convert it to bitcoins?
What's the difference between Bitcoins and dolars? What does bitcoin bring to the table that real $ don't, less taxes, more income?

If you have just your fiat money,it will just remain same and it will not grow.But if you invest it in bitcoin,it would grow gradually giving you good returns.You can enjoy tax free for your earnings in bitcoin unless it is regulated in your country.You could send huge amounts of money via btc to any parts of the world instantly with low fees.

tiptopfund

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The main difference between Bitcoin and Real money is Bitcoin is Independent

Normal currencies all over the world are controlled by a central bank in each country. This means that every aspect of the normal currency is highly influenced by the bank. These aspects include the inflation rates, the amount of currency to be printed as well as the interest rates. However, this particular system does not work with bitcoin as it is not controlled by a particular regulating body.

Bitcoin is independent or decentralized, thus it is not controlled by the government or financial agencies. The absence of a central entity that controls bitcoins makes it impossible for anyone to prevent its distribution through the peer-to-peer network between users located across the globe without any problems.

Gens09

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The difference of bitcoins in a real money is currency real money is a physical money and we can carry it anywhere and pay or buy something bitcoin is a virtual currency that we can only store in our bitcoin wallet maybe in a hardrive wallet, in a computer or in our phone.
Another is the exchange rate of bitcoin is a lot than a normal currency example dollar 1 bitcoin is a thousan dollars.

zeze18

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If I see its function may be almost the same between bitcoin with real currency, but it certainly has a significant difference in terms of legality

Quote from: Michel de Montaigne on April 16, 2017, 03:34:32 AM

Quote from: Oatmeal on April 02, 2017, 06:45:59 AM

The difference of bitcoin and real money, physically bitcoin is virtual currency. It doesn’t exist in the kind of physical form that the currency & coin we’re used to exist in. Bitcoin is something that people likes because you hold it by yourself and have better security some people also says that for you to escape from the bank. And lastly bitcoin has no value, only exchange value.

I agree with what you say. But bitcoin has value. As in other exchange tools, people's demand for value in the bitcoin is determined.
There is no value in your money if you look at your side. Then it is not worth under.
People can use different exchange tools during shopping. Bitcoin is one of these exchange tools.
There is no difference between bticoin and real money.

I see between bitcoin and real money have the same function and can be used as payment transaction tool.
However, there is a significant difference regarding the legality that until now no government has authorized bitcoin as the official digital currency transaction tool.

Michel de Montaigne

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Quote from: Oatmeal on April 02, 2017, 06:45:59 AM

The difference of bitcoin and real money, physically bitcoin is virtual currency. It doesn’t exist in the kind of physical form that the currency & coin we’re used to exist in. Bitcoin is something that people likes because you hold it by yourself and have better security some people also says that for you to escape from the bank. And lastly bitcoin has no value, only exchange value.

I agree with what you say. But bitcoin has value. As in other exchange tools, people's demand for value in the bitcoin is determined.
There is no value in your money if you look at your side. Then it is not worth under.
People can use different exchange tools during shopping. Bitcoin is one of these exchange tools.
There is no difference between bticoin and real money.

bitcoin-shark

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why you should prefere bitcoin at real money? to escape bank sistem and become your bank by yourself "BE YOUR OWN BANK" and why not your transactions are a little more anonimous that those with real money

coinchaser007

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No need to attack those new to bitcoin and learning about it.

Regarding the question, ask yourself how real is the value of "real" money (fiat) compared to bitcoin? Consider who is backing it.

Qartada

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Quote from: centralbanksequalsbombs on April 02, 2017, 11:00:39 PM

Fiat
Buys less and less things over time (prices of things to buy go up)
Very high fees to send money across country lines
Costs atleast $20+ for a single (same-day settled) wire transfer
Can buy things quickly & conveniently
Can pay taxes
Can be mostly anonymous to do illegal activities
Is completely Regulated and controlled by governments

Bitcoin
Buys more goods/services over time (prices become cheaper as time goes on)
Minimal fees to send money to another country
Minimal fees for same-day settlement
Not convenient to use directly to buy things (however can be used indirectly for scaling options)
Cannot use to pay taxes directly to government
Is completely tracked and not very anonymous for illegal activities ; blockchain has immutable record
Cannot be regulated or controlled by governments

More suggested reading re: Bitcion:
"Hacks & puppets & forks - how to destroy bitcoin": https://bitcointalksearch.org/topic/hacks-puppets-forks-how-to-destroy-bitcoin-1834310

Fiat's usage isn't really decreasing, while the prices of items goes up the pay for work also goes up, which is how inflation usually works (although it is still annoying for anyone who wants to save money and is not needed in society).

I would also argue that while Bitcoin is not very anonymous for illegal activities, it's better for them than online fiat (e.g. banks) because while the transactions are held on the blockchain they are based on pseudonymns which can be changed all the time.

bonefix

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Quote from: centralbanksequalsbombs on April 02, 2017, 11:00:39 PM

Fiat
Buys less and less things over time (prices of things to buy go up)
Very high fees to send money across country lines
Costs atleast $20+ for a single (same-day settled) wire transfer
Can buy things quickly & conveniently
Can pay taxes
Can be mostly anonymous to do illegal activities
Is completely Regulated and controlled by governments

Bitcoin
Buys more goods/services over time (prices become cheaper as time goes on)
Minimal fees to send money to another country
Minimal fees for same-day settlement
Not convenient to use directly to buy things (however can be used indirectly for scaling options)
Cannot use to pay taxes directly to government
Is completely tracked and not very anonymous for illegal activities ; blockchain has immutable record
Cannot be regulated or controlled by governments

More suggested reading re: Bitcion:
"Hacks & puppets & forks - how to destroy bitcoin": https://bitcointalksearch.org/topic/hacks-puppets-forks-how-to-destroy-bitcoin-1834310

I believe Bitcoin represents a superb medium for the store of value which is one of the purposes of money. In essence, it is money represented by knowledge. I have a problem seeing Bitcoin as a medium of exchange despite the fact that I love that it is not centrally controlled, is essentially fee free and is deflationary. Human beings, by their very nature, do not trust each other otherwise the concept of money will not have been invented. Our fiat transactions are regulated not only by the banks but also enforceable by law. A bitcoin transaction has no such guarantee. Until countries like Japan start recognising Bitcoin as a legitimate means of transaction, we will always be at risk of a transaction not being honoured or else have no recourse if it goes wrong.

kikeda

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Super Smash Bros. Ultimate Available Now!

Quote from: Cherylstar86 on April 03, 2017, 06:12:25 AM

Quote from: Klima on April 03, 2017, 05:00:59 AM

Quote from: Format.C^ on April 02, 2017, 11:30:30 PM

Quote from: Mvaporis1961 on April 02, 2017, 08:45:59 PM

Bitcoin - lower fees, you have your own bank, transactions is easier and faster, identity of the owner is anonymous, volatile value
Fiat - higher fees, you need some company to put your money on, transactions takes some time and requires some verification if you are owning a large amount, stable value

Yes and in fiat you cannot huge amount of money with you physically as there is always a chance of money getting stolen or getting robbed but with bitcoins you can carry any amount in your bitcoin wallet and no one would be aware about it.

And no one needs to explain why this money is in my account. And no one can ever freeze my bitcoins in my wallet.
When using fiat, I do not have such advantages

Practically all that you've said is true and the exact point that bitcoin has more advantages than fiat nowadays specially we are now adopting digital types of transaction like online savings account, but I can really say that fiat real money were more prone to be stealed rather than digital currency which is anonymous account. Physical touch can be appreciated by real money and bitcoin will be only appreciated through viewing it online, and you will see the actual amount by just logging in your wallet account.

People will never mind even if they cannot touch their bitcoins physically and they will be happy even to see it online in their wallet without touching it as the having bitcoin means having money and the main intention of people is to have more money for the future.

Cherylstar86

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Quote from: Klima on April 03, 2017, 05:00:59 AM

Quote from: Format.C^ on April 02, 2017, 11:30:30 PM

Quote from: Mvaporis1961 on April 02, 2017, 08:45:59 PM

Bitcoin - lower fees, you have your own bank, transactions is easier and faster, identity of the owner is anonymous, volatile value
Fiat - higher fees, you need some company to put your money on, transactions takes some time and requires some verification if you are owning a large amount, stable value

Yes and in fiat you cannot huge amount of money with you physically as there is always a chance of money getting stolen or getting robbed but with bitcoins you can carry any amount in your bitcoin wallet and no one would be aware about it.

And no one needs to explain why this money is in my account. And no one can ever freeze my bitcoins in my wallet.
When using fiat, I do not have such advantages

Practically all that you've said is true and the exact point that bitcoin has more advantages than fiat nowadays specially we are now adopting digital types of transaction like online savings account, but I can really say that fiat real money were more prone to be stealed rather than digital currency which is anonymous account. Physical touch can be appreciated by real money and bitcoin will be only appreciated through viewing it online, and you will see the actual amount by just logging in your wallet account.

Topic: Difference between Bitcoin and real money? - page 107. (Read 114883 times)