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I tried to articulate why cryptocurrencies would be the future and redefine money again. The article talks about how and why money took the shape we have today, and how and why cryptocurrencies can also take that shape.

Please provide feedback if you have 10minutes. Clap and share if you find it interesting.

https://medium.com/@anvay.rane/are-we-about-to-redefine-money-again-4bed5344ebaa

Good article, with bitcoin the money will be redefined because it is not an simple technology but it is revolution, it changes everything related to money.

True. As we can see shape and form of money changed as we evolved solve old problems money had. Bitcoin does solve a crucial problems fiat money face, if the community accepting bitcoin grows, bitcoin has the potential to be used as a global currency.

I absolutely agree that Bitcoin is redefining money.  The fiat system and King dollar is about to die a violent death and the powers that be needed something to replace it and push us towards one world government.  And then Bitcoin appeared.  Those who get on early get to live well after the transition.  Those with fiat under the mattress get to be slaves.

We, humans, have evolved and so did the tool used as money. We have experienced problems with fiat currencies in third world countries, due to hyperinflation. As we moved away from cowrie shells to metal coins, metal coins to fiat money, I believe we will move away from fiat to cryptocurrencies.

In the past, the interpretation of money was changing and still doing, long ago these paper we're dealing with today were not, buying with a Mastercard everywhere you go wasn't even a dream, now we're slowly going to cryptocurrencies mass adoption, a simple light transaction click is very near until that happen BTC and the others alts will not be defined as money from the majority.

Even for BTC or alternative cryptocurrencies to be eligible as money, they need to satisfy all attributes of fiat. To replace fiat, you don't have to be different but rather better than it. Fiat has intrinsic value, no matter how much we argue. The intrinsic value comes from coercion, pay your taxes or go to jail. Fiat has extrinsic enforcement by governments issuing denominated currencies, to determine its value. A 5 dollar is always a 5 dollar.

BTC lacks intrinsic value, people might falsely argue, sending transactions is the intrinsic value of BTC. Sending transactions doesn't give an edge for BTC to compete against traditional currencies. Until BTC doesn't have intrinsic value, replacing fiat would be difficult. One scenario where bitcoin would work as currency is when the global population, consider it acceptable similar to cowrie shells accepted by the people of Uganda.

I am bullish on Ethereum having a higher chance to dethrone the fiat currencies.

Bitcoin doesn't have value, it has a perceived value. Similar to brass rings used in West Africa, provided the tribe agree on using it, it works as a tool of exchange, ie. money. The price, on the other hand, gravitates to the cost of producing a bitcoin, same can be observed in commodities. Lack of intrinsic value prevents bitcoin's relative stability, but it can be used as money since we have empirical evidence of using objects as money without intrinsic value within communities.

Some of governments recognize Bitcoin as an asset, not a currency. It is something like a share of a company that can be bought without using a stock market and securely transferred using a strong asymmetric cryptography directly to a buyer which can live anywhere. I think the replacing a fiat money is almost impossible, because the national economies are based on them. The governments will protect the financial system of a country they managed. Yes, the shape of money is changing, the currencies evolve and go forward.

for the future purpose of bitcoin is actually to replace fiat currency, and I think that is the hardest thing but I believe dengab future of increasingly sophisticated technology that all can be realized.

Yes, we are redefining money with bitcoin. Bitcoin is better than USD, gold and even will be platinum if BTC hits 40K USD. I Don't think Bitcoin will replace the fiat money, but everyone will take bitcoin seriously as their investment.

we always wait for it. when bitcoins become global currencies (though not the preferred currency), but bitcoins can be used for legitimate barter tools.

in my opinion, If you want electronic currency Become shaped like the currency we are using it is quite difficult and must undergo a revolutionary change or acceptance is quite long.

It is already defined over years therefore it is not easy to redefine money again with bitcoin

Bitcoin has value, bitcoin can be used for transactions and hence bitcoin can be called as currency, only bitcoin in digital form is not like fiat having physical shape.

We should not do anything. If people accept bitcoin as official currency, they must change their opinion about money

Depends on the perspective. Evolution of monies over the period of years was to eradicate flaws the previous form of monies had. Today, we have moved away from the gold standard, ( one of the sound monetary policy ) to fiat. The problem fiat currencies face are that governments or federal reserves are unaccounted for their decisions in increasing the supply. Argentina, Zimbabwe, Chile, are a few examples.

Bitcoin-like systems allow a codified rule to adhere to for the betterment of the system, thereby removing the current problem in fiat currencies provided cryptocurrencies are able to meet other advantages of fiat money.


Yes, you are absolutely right. Bitcoin is more of a commodity. And we know from experience, that mankind heavily relied on a commodity as money, animal horns, crocodile money in Malaysia, Whiskey in Germany.

Fiat heavily relies on coercion, ie. pay your taxes in USD or go to jail. A private money competing against fiat money has to rely on persuasion. People who are persuaded enough with the advantage of such private money ( cryptocurrency ) will prefer to hold coins over their national currencies.

On a long run, national currencies and stable cryptocurrencies will be competing based on price stability. Citizens are free to choose one over the other based on evidence of price stability.

It really matters on what you mean when you're talking about this redefinition of money, I (personally) don't think that Bitcoin is going to end up being the currency of the world as so many would like to think it's going to be. But I DO THINK, that Bitcoin is going to bring innovation to the world currency stage -- be it with blockchain tech, and so on and so forth.

So even if Bitcoin does die, I do think that the world is going to gain the knowledge that a decentralized currency is possible. This is the most amazing part in my mind.

Maybe the title is a bit misleading. If you glance at the article, I have tried to overlay the evolution of money ( historically ) with evolution in cryptocurrency landscape. Bitcoin, Ethereum, EOS, and now stable currencies. I believe bitcoin fits well in commodity money category.

I am merely suggesting, for the first time in history, we have reached a point where it could be possible to build a price stable monetary system, which can be utterly decentralized as promised by Nakamoto, always adhered to a rule-based policy as advocated by Friedman, privately issued to compete against the monopoly of government-issued currencies as dreamt about by Hayek.

Its not redefining...The price of bitcoin is also unstable if compared to Indian rupees and the price of dollar is also slightly unstable compared to Indian rupees....As like other currency it is also a currency...But its digital currency but not digital money...Digital money are those which are stored in paytm or freecharge etc sites...But its a digital currency...Its just an evolution of technology..

I think it's true that bitcoin will define the currency of the future, because I think bitcoin will be the currency of the future with the advancement of blockchain technology.

Why not? We never had a decentralized currency before, and provided centralized control over currency is a considerable problem. Yes, Bitcoin is volatile, due to the monetary policy followed by the system. Rupees, Dollars have an inflationary monetary policy, debasing rupees and dollars every year. We can experiment to design a monetary policy to keep the price relatively stable.

By money, I meant tool of exchange. Cowrie shells are money, as they are used to facilitate medium of exchange. Hence bitcoin can also be defined as money.

maybe it is considered an evolution of currency but not that particularly is a different kind of currency or money because its nature is always a digital currency. indeed technology changes a lot as time goes by, and as we can see that in the application of our modern currencies.

This is the monetary system evolution and this time definition of money is some how different, this definition is about digital currency which can be used in various transactions but no body can deposit or withdraw it in bank. or no atm will pay it till now,rest is future any thing can develop more.

This was a very good article indeed, I liked this phrase, "Community agreed digital barter”  ;D

I watched an episode of "Decoded" on Netflix yesterday and they were asking questions about the Gold that was supposed to be stored in Fort Knox and most of the people that worked there or knew people that worked there, are of the opinion that Fort Know has no Gold at all. One of the previous Senators even said that if the citizens of America knew about this, then there would be a financial collapse and riots in the streets. <The Dollars value is not linked to Gold anymore, but the Gold still represent the wealth of America>

That day will come, and then Bitcoin will be used as a alternative to the Dollar and all the other Fiat currencies that will collapse as a ripple affect of the Dollars collapse.  ::)

Now, people look at electronic money as a unique digital, non-reproducible, unpredictable and that is why it is a physical asset. It can be said that when the electronic money revolution is sweeping through all economies, having reliable information about this kind of investment will help you to benefit from it and not be left behind.

Thank you for the kind words. Yes, Federal Reserve maintained the gold reserve until 1971 for every dollar in circulating supply. Now we use fiat, which is backed by the utility of paying taxes in dollars. Fiat simply means "let it be done", a king's order. We don't need fiat currencies to collapse, in order for stable cryptocurrencies to be used as "valid currencies". If we are successful to create a cryptocurrency, with less than 5% volatility, third world countries can benefit a lot. Once third world countries give recognition to such a cryptocurrency, it may enter the realm of "valid real-valued currency".

I do not think that will happen because defining money with bitcoin will make a mess, because not everyone in the world can understand about bitcoin, and I think it's very hard to implement.

I think the current definition of bitcoin is gradually changing people's perception.
Because bitcoin is a brand new thing, people need more time to understand it, and legal tender will be replaced gradually.

Since the start of crypto (even though
Icve just started  a year ago) defining bitcoin in the forum is a repetitive action,  but actually It's  a good thing because bitcoin users are continuously growing newbie ls need this kind of articles.

This is a nice article to define the true value of a currency because even fiat money in ancient times is being represented by things and other valuable items to be traded by merchants. Now technology has evolve the form of money which is more relevant in our era. The fiat and crypto are two important currency that can be more useful in our daily life.

We have to remember that everyone in the world does not have the privileges as we do. The digital money would not be able to penetrate countries, without good digital access.

It is really true. Human now a days continuously seek for change or somewhat we can say is that people wanted to have improvement in every technology we have. We improved things as it maybe, we make things impossible being possible. One way of proving it is the existence of bitcoin, with bitcoin it can help our lives easier than before. Money can specify as bitcoin that will happen soon.

Cash and gold are "simple" objects. The fact that they do not pay interest rates makes them even simpler. In particular, there is no need to spend time investigating the reliability of a dividend paid for by "non-profitable" assets - people can immediately agree that the dividend is zero. This information seems to have a high demand in terms of timing of financial instability (when no one knows for sure what others know about the securities they are selling). Of course, this situation is somewhat complicated when it includes the partners (intermediaries), but this is true for all assets.

I agree with the second post reply here, bitcoin is changing everything including our mindsets that we have. You are obtaining a new global view and value about a money, that you have never had before.

I think both money and crypto are two different things but will work together for the betterment of both , I don't see crypto taking money space and also money taking crypto space but both will work together , crypto still need fiat to run because I don't think money can be eradicate for crypto .

I do not think that will happen because I see that bitcoin is very difficult let alone replace the paper money, because the bitcoin prices are never stable and also not all regions can reach the internet network.

I think we need innovation, everyone is saturated with the currency we use today. even the money we use now cannot give us happiness. the country's economy can not change poverty.

therefore we need currency innovation, and bitcoin comes with bringing positive values, changing lives for the better.

Absolutely. Just wanted to emphasize the meaning of the entire system, i.e. blockchain, because this isn't just electronic representation of a dollar or other currency. This is a totally new phenomenon most people even haven't figured out yet.

good article I might agree it because I think in the future all will use technology because it's easier and simple people no longer use money for payment but it's easier with coins because it's safer and simple to use

Thanks, for the kind words. "Sharing is caring".

I really appreciate your efforts of building awareness about money and cryptocurrencies. It is my own experience that when we try to explain Bitcoin to someone who has absolutely no idea about it, we have to start explaining from the money itself and it is very surprising to see that we never understood how money really works. Probably that's the reason why centralisation became successful so far. However, with the evolution of decentralized currencies, things will start to change and we will see transformation literally in every sector out there in the coming decades. As a user, it is our responsibility to build awareness about it on our individual level. Aavadlela aahe!

Thanks for the kind words. Decentralization would allow us to function, in ways like never before.

it even goes beyond money, it's redefining the whole centralized systems we're facing now. I believe centralization might be needed, but it depends on how much centralization there is

Interestingly enough, Bitcoin's vitality is still a dazzling fire, depending on the economic fluctuations that the flame can emit or weaken. However, it has never been off since 2009 so far. And the future is elusive, but in general, we should hope for a beautiful Bitcoin era.

I am still bearish about the role of Bitcoin. I am not entirely confident, about Bitcoin usability, as store-of-value or medium of exchange. Bitcoin has diverged from the path, envisioned by Nakamoto.

we are still in the early stages of crypto currencies so it takes lot of time for the people to understand about the technology and then will use it.But the invention of the crypto currencies is a revolutionary thing and it can change the future of money system.

Yes, we do have an opportunity to change the monetary system for betterment.

Redefining money with bitcoin is impossible because first, people in the world used money for daily life and bitcoin only used by few people. Few people means its not yet 50% of the world population knows bitcoin.

No i don't think so. Fiat money will stay as it is. With crypto we are just intoducing a new kind of money, which will coexist with the existing kind. A new kind of currency.

how fast can we see bitcoin as a common currency? I doubt it. but the fact that bitcoin is a phenomenon-definitely

Not just on money, but also on the economic, technological, and most importantly our mindset system. Bitcoin may never be able to replace FIAT but at least Bitcoin able to be the platform of online transaction for international use.

if the state does not prohibit bitcoin and the answer is yeah bitcoin can redefine the money already spread in that country

Nothing is parminent in life and nothing is impossible, the so called fiat currency came as a result of technological advancement and so the arrival of Bitcoin as such money will have no choice than to allow it self to be redefined by the current technological advancement.

I agree with this, there is no such thing as permanent in life, but it is a continuous change. We tend to improve everything in our lives. We make everything instant, digital, fast. We make things easier for everyone of us. In the end of it, we wished for everyone to benifit. With bitcoin we can do transactions more easily at the same time we will be efficient and effective. That ks why bitcoin is considered to be the king.

I believe Bitcoin should become the "money for the internet". Bitcoin as gold, may not work.

It is encouraging after all, but Bitcoin is still in a deep need of the corrections and regulations that will allow and empower it to become something more likely as money! It is not that easy.

The end will come to fiat currencies earlier than we even think, judging by the rate at which cryptocurrency is evolving. It is normal for fiat currency to be replaced having dominated for several years. The fiat currencies we see today are also a replacement for a certain type of money spent in the past.

Until cryptocurrencies are volatile, they will not replace fiat completely. The aim is not to replace fiat but to open a new market of new currencies.

It is just a matter of time, cryptocurrency will take over as the world's currency. The awareness is building up day by day. Money as a whole has gone through various transformation and fiat currencies will one day extinct. The process of eliminating the fiat currencies has begun.

Cryptocurrency is the future of money usage from physical to virtual

Its not only the redefining of money but reshaping also,this will bring the currency to maximum using since the accessibility now are available anytime since the cryptocurrency enters the system

Actually the money you deposited is a token whose has same price as the price of FIAT, it’s more suitable called as digital money rather than digital currency because it’s only a token. Different case with Bitcoin which has its own platfo (http://yubster.com)rm.

The technology behind bitcoin, the blockchain, is one of the significant development that would revolutionize major processes in our system. The future of different processes in businesses, trading, marketing, and advertising can be changed totally for good with blockchain. But, will bitcoin can replace money? As of now, no because of its volatility and it is not yet mainstream.

Yes, We are!

“In many countries in Africa, there are far more cellphones than bank accounts,” said Manuel Valente, co-founder of La Maison. “For bitcoin, all you need is a phone.”
This is not only Africa, But whole world will enjoy it.

Bitcoin is a new form of money that is revolutionary. It can even change how some people perceive money. It has started and offered new ecosystems with its creation like decentralized exchanges, electronic wallets, a currency that also functions as an investment, store of value, etc so it is enough reason to believe that it really does redefine money.

What do you mean about the redefine money again with bitcoin? What do you need to have in order to have bitcoin? Money. Right? Why do we need to redefine?

This conspiracy theory is quite slick, if the Russian agent read this, the doomsday of American financial will happen shortly lol
In my opinion the po (http://renovasi-rumah.net)wer of FIAT is still very strong, if the dollar tumbles, still there are Japanese yen or euro or even pound sterling will fight over the noble throne.

Bitcoin when introduced in 2009, was completely unknown and was considered as an alien technology but those who believed bitcoin that time are now bitcoin billionaires and their success stories are the proof of their success so now a days bitcoin is very huge and potentiating crypto currency and no doubt it is most superior of all the crypto currencies and even considered as a threat to available Fiat currencies and obviously it has bought revolution in the economic world and has presented itself a new way of investment and the most beneficial investment so no doubt bitcoin is about to redefine money again.

Yes. In order to have Bitcoin, you need money. Such a statement stands true for all forms of money. To gather fiat, you needed gold or assets to collateral for loans.
We have seen money evolve over years from cowrie shells to fiat. I mentioned redefining in that context, whether Bitcoin unlocked an unexplored dimension of money.

Basically the things presented by crypto are something new, something that is able to advance the financial system, it is what makes bitcoin as a conversation a lot of people. At the moment, people who like it continue to grow, especially later when the platform has in advance.

I don't think you can describe Bitcoin with symbols like
Cowrie shells that have intrinsic properties in your article. But all that can make sense, because barter is the beginning of the transaction.
I like the article that you created, the contents of which describe very valuable, then can conclude that Bitcoin will be the main tool as a transaction that will be used by the world.

Did you imply, "cowrie shells that do not have intrinsic properties ." I made an analogy between Cowrie Shells and Bitcoin when it comes to a medium of exchange. The lack of intrinsic properties for both Bitcoin and Cowrie shell disallow their usage in transactions until agreed upon by a community.

that's what i am looking for. Bitcoin will be used as official money and we have to redefine money again