Is bitcoin a "private" currency? - page 11.

nesty

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Quote from: grondilu on February 25, 2011, 01:24:27 AM

I think it is wrong to call bitcoin a "private" currency.

On the contrary, imo bitcoin is much more of a public currency that any national currency is.

That is true bitcoin is not private currency because everyone can invest on it and keep it as their investment. More people now are using bitcoin in purchasing online and there are also countries who accepts bitcoin in different establishment so we cannot call it as a private currency.

rosepetals

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Quote from: grondilu on February 25, 2011, 01:24:27 AM

I think it is wrong to call bitcoin a "private" currency.

On the contrary, imo bitcoin is much more of a public currency that any national currency is.

Bitcoin is for everyone not just set on as private currency but it is for everyone who wanted to own ,invest or hold it.Anyone can profit from it if they were aware on the usage of bitcoin as a mode of payment or for investment purposes.

yuni52

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if I think bitcoin is personal money because there is no power of state authority is also not taxed

Goodday

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Bitcoin is a decentralized peer-to-peer payment network and can not be undone and contains no personal or sensitive information.

estupido

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I think bitcoin is not a private currency because bitcoin is used by different people from different countries

Noctis Connor

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Quote from: metenjean on March 26, 2018, 04:23:50 AM

What is the definition of private in your statement means? If private define a condition with bitcoin ecosystem then yes it is, because bitcoin wasn't controlled and managed by government but more like private developer. However if you're talking about the private in the definition of consumption then bitcoin can be categorized as public currency and not private because it totally controlled by supply and demand and without any government intervention.

Agreed, I think bitcoin is not a private currency after all it is used by many nationalities all around the globe, unlike other currencies which is exclusive only for their specific country, bitcoin is also be converted in any currency , that is how the blockchain works, Technological advancement is in our grasp this age, maybe we should use bitcoin as our alternative currency or rather a singular currency for all the people of the world, but I think it will not be accepted by other countries we just wait for it to be recognize.

clonely

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I do not know how you got that idea but everyone can get the Bitcoin up for the money. Where is this private?

Maame Esi Sergio

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Bitcoin is more of an asset than to be called a currency. I it is a digital asset that anyone who owes some could boost of. In that case it could be a private currency since assets are private. Bitcoin is a no nation currency, It is the currency for only those who understands its operations and potentials.

Cherrybomb

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But in the other side it connot be could a public currency becouse no one own bitcoint his crypto currency because they want to have a currency that they can control and monitor, just like what we have now.

creativereza

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I do not think Bitcoin is a "personal" currency. Because Bitcoin is the online cryptocurrency online. If any person desires to earn money by investing or doing it online, feel free to do so. So this is not a personal currency.

mrbamboo

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I agree that Bitcoin is now a "private" currency. I work to collect Bitcoin, self-preserve them and execute transactions autonomously. No one knows how much Bitcoin I own. And no one has the right to tax my property. The advantage of Bitcoin is its ease of use and privacy. In the future, although Bitcoin is widely accepted, Bitcoin is essentially a "private" currency.

franky1

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public/private are not the right words

btc is a PERSONAL possession asset currency
bitcoin coin is a OPEN currency network

the whole private/public is more about what status a business/organisation has, if its owned by a government or not

so its better to talk about the funds as personal possession vs shared ownership vs controlled/licenced
and the network is either open(anyone can be part of) vs closed(ned to be employed or have special privelidge to be involved)

bitfocus

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Bitcoin is more of a Public Currency which will become the World (Alternative) Currency in ten years.

Gifolote

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I think bitcoin can be called a private currency.after all, bitcoin is not controlled by the state

rhayot

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Bitcoin is not a private currency because nobody's own it. We all know that this decentralized crypto currency made by the blockchain technology. That's why governments are against with this crypto currency because they want to have a currency that they can control and monitor, just like what we have now, the dollars and euros.

thelolicon2

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Nope, Bitcoin isn't a private currency because everything of your wallet is all public, people can see how many tokens you have in your wallet, where are you going to transfer them but the only thing they can't see is your name on it.

GeorgiyBilyk

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bitcoin can not be a private currency! bitcoin was created as a mathematical formula that self-develops! at bitcoin there is no boss at the head! but the price bitcoin is very much influenced by the miners, as well as the major players! until there are real rivals bitcoin, other players can control the price!

metenjean

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What is the definition of private in your statement means? If private define a condition with bitcoin ecosystem then yes it is, because bitcoin wasn't controlled and managed by government but more like private developer. However if you're talking about the private in the definition of consumption then bitcoin can be categorized as public currency and not private because it totally controlled by supply and demand and without any government intervention.

NashAmajh

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Of course Bitcoin is a private currency. actually it is the most secure cryptocurrency.no one can hack it or do any illegal thing with it. so you have not to worry about the privacy or security of Bitcoin just invest in Bitcoin now and starts to get profits.

igorkupcov3009

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Bitcoins and other crypto-currencies are private and open systems. Their ideology is that anyone can become an issuing center. Classical monetary mechanisms, on the contrary, are centralized: central banks are responsible for the issue.

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