Difference between Bitcoin and real money? - page 154.

d-trixx

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Quote from: deisik on November 18, 2016, 01:34:12 PM

Quote from: Victorycoin on November 18, 2016, 10:37:03 AM

Whereas bitcoin was invented as a digital currency and exists purely as a mathematical object, it nevertheless is a real money. It is revolutionary and have more appeal than what other so called real money are having to offer. It is secure, can be divided into much more smaller units, transactions are nearly instantaneously since central banks and its agents - card companies are by-passed, resulting in very low transactions costs. How best can a real money get?

Technically speaking, bitcoins are not a complete mathematical abstraction, they do exist as entries in the blockchain. And I don't think that such a representation of money substantially differs from how fiat in its digital form is instantiated on the Central bank accounts. Just in case, fiat can be divided into smaller units too, though there is no reason for that due to inflation. More often, the reverse procedure is required, when bigger denominations are replaced with smaller ones. For example, 100 Benjamin Franklin dollar bills may get replaced with 1 Donald Trump dollar bills in the future...

Regarding how much better a real money can get, there is always a lot of room for improvement

Very original sample you brought. Perhaps this will happen, because the new president of the United States has enough temperamental character of Napoleon. And without excluding the possibility that in the future we will see the dollar bill with the image of Trump.

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Quote from: Victorycoin on November 18, 2016, 10:37:03 AM

Whereas bitcoin was invented as a digital currency and exists purely as a mathematical object, it nevertheless is a real money. It is revolutionary and have more appeal than what other so called real money are having to offer. It is secure, can be divided into much more smaller units, transactions are nearly instantaneously since central banks and its agents - card companies are by-passed, resulting in very low transactions costs. How best can a real money get?

Technically speaking, bitcoins are not a complete mathematical abstraction, they do exist as entries in the blockchain. And I don't think that such a representation of money substantially differs from how fiat in its digital form is instantiated on the Central bank accounts. Just in case, fiat can be divided into smaller units too, though there is no reason for that due to inflation. More often, the reverse procedure is required, when bigger denominations are replaced with smaller ones. For example, Benjamin Franklin 100 dollar bills may get replaced with Donald Trump 1 dollar bills in the future...

Regarding how much better a real money can get, there is always a lot of room for improvement

mikecgna

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Quote from: carlerha on November 18, 2016, 12:19:38 PM

Quote from: mrkevio on November 18, 2016, 10:41:13 AM

Real money is a paper. It exists, you can touch it, you can do whatever you want with it. However, it's hard to stay anonymous when it comes to real cash. Bitcoin comes with this amazing feature, providing you anonymity and the freedom of choice. You can create as many accounts as you want if you want to "camouflage" yourself. It doesn't exist physically, but it does exist online and this is what technology is about.

yes that is a fact that fiat currency is paper money while bitcoin is a crypto degital currency, bitcoin can also be use as investment, bitcoin is accepted every where in the world where as fiat currency is centralize and every country has their own currency.

Not all countries in the world still willing to accept bitcoin and recognize its full- fledged currency. Therefore, this can cause problems. That's real money is still needed.

carlerha

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Quote from: mrkevio on November 18, 2016, 10:41:13 AM

Real money is a paper. It exists, you can touch it, you can do whatever you want with it. However, it's hard to stay anonymous when it comes to real cash. Bitcoin comes with this amazing feature, providing you anonymity and the freedom of choice. You can create as many accounts as you want if you want to "camouflage" yourself. It doesn't exist physically, but it does exist online and this is what technology is about.

yes that is a fact that fiat currency is paper money while bitcoin is a crypto degital currency, bitcoin can also be use as investment, bitcoin is accepted every where in the world where as fiat currency is centralize and every country has their own currency.

mrkevio

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Real money is a paper. It exists, you can touch it, you can do whatever you want with it. However, it's hard to stay anonymous when it comes to real cash. Bitcoin comes with this amazing feature, providing you anonymity and the freedom of choice. You can create as many accounts as you want if you want to "camouflage" yourself. It doesn't exist physically, but it does exist online and this is what technology is about.

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Whereas bitcoin was invented as a digital currency and exists purely as a mathematical object, it nevertheless is a real money. It is revolutionary and have more appeal than what other so called real money are having to offer. It is secure, can be divided into much more smaller units, transactions are nearly instantaneously since central banks and its agents - card companies are by-passed, resulting in very low transactions costs. How best can a real money get?

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Quote from: mindrust on November 18, 2016, 04:23:28 AM

No no, back the real topic. I don't need anymore bullshit or any distractions...

Is bitcoin a commodity or not. Just a simple question.

You shared this yourself, can you read me what does it say inside the red circle?

I marked it for you its not that hard. C'mon!

I told you already. Bitcoin is money, it is not a commodity by its very nature. Money can be commoditized, since it possesses all the required qualities that make something into a marketable item, i.e. a commodity. Before of all, it is lack of qualitative differentiation across the market, otherwise known as fungibility. But money still remains money even if classified and used as a commodity since you can't strip it off of the qualities which make it into money without instantly destroying it. If you actually read the CFTC Order the except of which I provided, you would have known the reason why this service classified Bitcoin as well as other virtual currencies as commodities, while still calling them currencies, right in the red circle you've drawn...

Should I conclude that you are not going to admit that the status of Bitcoin is well defined legally in the US?

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Quote from: deisik on November 17, 2016, 02:39:59 PM

Quote from: mindrust on November 17, 2016, 02:20:46 PM

Quote from: deisik on November 17, 2016, 10:56:04 AM

Quote from: kidsrock on November 17, 2016, 10:28:00 AM

i only know that bitcoin is not yet used in every country, real money is used by every country. bitcoin is from the online and real money is for offline. bitcoin can send it to every where without border, money needs to be convert when we want to send into other country.

Bitcoin is already used throughout the world, maybe, even more universally than the US dollar (I mean geographically, of course, not by the bulk value). "Real money", on the other hand, is real only for the given country, all other monies in this respect are not "real" since they are just foreign currencies. I guess only a few currencies could claim to be universal and not quite "foreign" to most countries. These are the American dollar, the Euro, and, to a lesser degree, the British pound and the Swiss franc...

And I'm heavily inclined to think that Bitcoin tends to belong to the these group of currencies

Quote from: mindrust on November 17, 2016, 10:13:30 AM

I am bored, have a nice day.

Just a few minutes ago you were "really interested" and now you are bored?

I am bored because i just waste my time while arguing with you. I wasn't really interested, i was just dramatizing the situation. It seems you are not capable to understand this too which is not surprising at all.

Back to Step 1.

Bitcoin is a commodity.

Do you agree? yes or no. Don't want anymore bullshit.

Bitcoin is money, first and foremost. But this is irrelevant in regard to what you started your argument with. You started with claiming that Bitcoin status is undefined in most countries, i.e. whether it is a currency, commodity, or whatever. I say that in all countries that matter for Bitcoin success (the US, EU, China), its status is well defined. The CFTC defined Bitcoin and other virtual currencies as commodities for the sake of regulating these currencies derivative markets while not denying Bitcoin as being a currency...

Quote from: mindrust on November 17, 2016, 07:10:50 AM

Even most countries haven't decided that if bitcoin is money or commodity yet you are so precise with your descripton. Impressive. To me, it is a commodity

Back to your original post, is Bitcoin status defined in the US?

No no, back the real topic. I don't need anymore bullshit or any distractions...

Is bitcoin a commodity or not. Just a simple question.

You shared this yourself, can you read me what does it say inside the red circle?

I marked it for you its not that hard. C'mon!

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Quote from: ashiqdey on November 18, 2016, 12:10:42 AM

Lot of difference. Almost there is no similarities between bitcoin and real money. The name is only money but there is no look and feel of money with bitcoin because it is neither issues by government nor have taxes like real money. It is all about freedom do whatever you want none will come to ask you out arrest you.

Though it does not have a look like real money but i don't agree that bitcoin does not have the feel of money, i personally feel that i have money when i have bitcoin because deep inside i know that this is what can be turned to cash anytime, and this is what i can use for buying things as well on internet, so the feeling is almost same, though it does not have any real shape like fiat.

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Quote from: millgates on November 18, 2016, 03:44:37 AM

Quote from: crst on September 10, 2016, 02:13:57 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?

Bitcoin and fiat have difference in system, but both are same in the function. Value of fiat is decrease every time but bitcoin value is increase every time. No one controls bitcoin so no tax for it. Fiat is controled by government and monopolized by bank, government tax it.

That is not right,as you own the bitcoins which mean that you are your own bank,but if you have fiat on a local bank means that you are all lays on your bank and if your bank fails you wont be able to take out your money,not as bitcoin when you wallet is your bank.

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Quote from: millgates on November 18, 2016, 03:44:37 AM

Quote from: crst on September 10, 2016, 02:13:57 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?

Bitcoin and fiat have difference in system, but both are same in the function. Value of fiat is decrease every time but bitcoin value is increase every time. No one controls bitcoin so no tax for it. Fiat is controled by government and monopolized by bank, government tax it.

You are wrong that value of fiat always decreases. It's just like bitcoin, It's price is unstable but in a minimal amount only. I agree that bitcoin don't have tax because it not use the word tax instead transaction fee. For every transaction we made, there are fees deducted equivalent to the tax on the fiat, So basically it is just the same, And you can't buy all goods using bitcoin, you also need to convert it on fiat then tax applies as well. Wink

millgates

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Quote from: crst on September 10, 2016, 02:13:57 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?

Bitcoin and fiat have difference in system, but both are same in the function. Value of fiat is decrease every time but bitcoin value is increase every time. No one controls bitcoin so no tax for it. Fiat is controled by government and monopolized by bank, government tax it.

deisik

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Quote from: azguard on November 18, 2016, 03:18:14 AM

Now the obvious question that this raises is the following: Is Bitcoin so different from the dollar? A dollar bill also has no use other than what people are willing to pay for it. And if people decide they wish to trust the people who create Bitcoins more than their own government, then perhaps it could be an alternative medium of exchange

With dollar bills, you can pay American taxes at least, just like with any other national currency you can pay their national taxes. In this way, any currency is a legal tender for paying taxes, dues, and public debts in its jurisdiction. What is Bitcoin jurisdiction, and could you pay taxes with Bitcoin anywhere in the world? If you can't, it means that it is not a legal tender anywhere, right?

So, is Bitcoin different from the dollar?

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Bitcoin has no use value, only exchange value, and because it is has no worth in use other than what others are willing to pay for it, it is always in a bubble: these happen when prices of assets get dislodged from their fundamental value. So Bitcoin is the perfect bubble.

Now the obvious question that this raises is the following: Is Bitcoin so different from the dollar? A dollar bill also has no use other than what people are willing to pay for it. And if people decide they wish to trust the people who create Bitcoins more than their own government, then perhaps it could be an alternative medium of exchange.

ashiqdey

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Lot of difference. Almost there is no similarities between bitcoin and real money. The name is only money but there is no look and feel of money with bitcoin because it is neither issues by government nor have taxes like real money. It is all about freedom do whatever you want none will come to ask you out arrest you.

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Quote from: delliaerd on November 17, 2016, 11:17:56 PM

Quote from: shinratensei_ on November 17, 2016, 09:08:49 PM

Quote from: nejibens on November 17, 2016, 06:22:51 PM

Personally i don't see any real difference between Bitcoin and other currencies (i do believe that Bitcoin is in fact real money). We can use Bitcoin the same way using fiat and other currencies.

Real - Crypto. The main point of the different between both of the currencies. Roll Eyes

Basically both bitcoin and fiat is same if see from aspect that both of these is money that can use to buy or pay something, but these work in different ways. Fiat is real money/real physical currency that we can use more complicated functions rather than bitcoin which is crypto currency and only can use with internet connection. Even fiat like dollars more acceptable everywhere rather than bitcoin.

fiat represent a country that has been established controlled by its government and can physically use inside its jurisdiction and very well known to its community while btc is a internet base currency that has been known by few as of this moment comparing to the users of fiat they similar in terms of uses since btc is also a currency but its limitation always rely with the value of local fiat as well.

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Quote from: shinratensei_ on November 17, 2016, 09:08:49 PM

Quote from: nejibens on November 17, 2016, 06:22:51 PM

Personally i don't see any real difference between Bitcoin and other currencies (i do believe that Bitcoin is in fact real money). We can use Bitcoin the same way using fiat and other currencies.

Real - Crypto. The main point of the different between both of the currencies. Roll Eyes

Basically both bitcoin and fiat is same if see from aspect that both of these is money that can use to buy or pay something, but these work in different ways. Fiat is real money/real physical currency that we can use more complicated functions rather than bitcoin which is crypto currency and only can use with internet connection. Even fiat like dollars more acceptable everywhere rather than bitcoin.

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Bitcoin is GOD

There are quite a few differences between bitcoin and fiat but some of them are: the possibility of sending any amount of money for a very small fee all over the world, this is a great advantage over fiat, the pseudonymous nature of bitcoin offers privacy from the eyes of banks and governments, bitcoin can be used to carry great amounts of money on you without anyone knowing about it including banks and governments, the same cannot be said about credit cards and having a lot of fiat or gold with you is suspicious for some authorities.

And that is just right out the top of my head.

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Quote from: nejibens on November 17, 2016, 06:22:51 PM

Personally i don't see any real difference between Bitcoin and other currencies (i do believe that Bitcoin is in fact real money). We can use Bitcoin the same way using fiat and other currencies.

Real - Crypto. The main point of the different between both of the currencies. Roll Eyes

nejibens

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Personally i don't see any real difference between Bitcoin and other currencies (i do believe that Bitcoin is in fact real money). We can use Bitcoin the same way using fiat and other currencies.

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