Is Bitcoin a currency or merely a platform for transactions in other currencies?

Sitarow

legendary

Activity: 1792

Merit: 1047

Quote from: deed02392 on December 12, 2013, 05:58:29 AM

Ernst & Young have come out saying that Bitcoin shouldn't be viewed as a currency and is merely a platform for enabling microtransactions and e-commerce payments.

Opinions? I am struggling to understand how it can operate as a means of transferring money without being money itself? Unless they are more implying it WON'T be a currency rather than it can't be.

http://www.theguardian.com/technology/2013/dec/11/ernst-young-warn-bitcoin-payment-problems

Bitcoin has many uses.

What they are effectivly saying is eventualy 1btc will give its holder the privilage to transfer so much fiat/securitys/assets/commodities on the bitcoin network.

This approach can peg 1btc value at over 1Billion usd considering the amount of decimal places 1BTC has

AnonyMint

hero member

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Explained here:

https://bitcointalksearch.org/topic/m.3916390

benjamindees

legendary

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Merit: 1000

This is the opinion of an accounting firm. Accounting is a fraudulent profession that Bitcoin obsoletes. These types of people have been attempting to bolt their convoluted legalist crap onto Bitcoin for a couple of years now, in order to turn Bitcoin into a vehicle for their fraud. They seem to have the ultimate aim of turning Bitcoin into a second-rate Paypal competitor. Unfortunately, for some completely incomprehensible reason, this pathetic endeavour has gained a lot of traction among a vocal group of Bitcoin adopters.

stamen123

newbie

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Merit: 0

It is very well explained here how there is a Bitcoin network and bitcoin currency (beware the capital letters

) And why the one derives its value form the other:

http://www.coindesk.com/bitcoin-intrinsic-value-alan-greenspan/

deed02392

newbie

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Merit: 0

Could you perhaps break down the article I linked and give your opinion on each?

benjamindees

legendary

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Merit: 1000

Bitcoin is a currency, even though there is a group of moneyed interests working to cripple it.

deed02392

newbie

Activity: 39

Merit: 0

Ernst & Young have come out saying that Bitcoin shouldn't be viewed as a currency and is merely a platform for enabling microtransactions and e-commerce payments.

Opinions? I am struggling to understand how it can operate as a means of transferring money without being money itself? Unless they are more implying it WON'T be a currency rather than it can't be.

http://www.theguardian.com/technology/2013/dec/11/ernst-young-warn-bitcoin-payment-problems

Topic: Is Bitcoin a currency or merely a platform for transactions in other currencies? (Read 608 times)