Bitcoin Forum

‘Bitcoin Is Not Money’ Because We Cannot Print It – Banks


https://blockpublisher.com/bitcoin-is-not-money-because-we-cannot-print-it-banks/

And yet another other attack, but seriously flaw argument coming from banks. But that's fine, hearing this kind of arguments make me think that they are really threaten by crypto and afraid that one day all of them will become obsolete, or least majority of people will go to crypto, specially bitcoin.

Money is whatever people decides holds value.  Doesn't matter what it is, seashells, gold, beanie babies, paper.  Currency is just a faith based system.  Fiat is a complete scam but most people are too stupid to realize or lack any real fight to go against the banks.

What a crap.

With the long history of money, money didn't start to be printed back then. Bitcoin is an asset that people hold and valuable to them. Crap with the monetary system, they are just afraid and threatened at the same time because they are losing investors from their banks.

You can't teach old dog new tricks...
This is what they start to do when there is no meaning to fight against valuable assets that threats their old system. If bankers don't call the money something unprintable then why they produce plastic cards?

Faith and reputation it is. And such events as Bretton Woods 1944 meeting.

That is indeed a very unfair excuse not to recognize Bitcoin :D Gold used to be money, yet one could not print it. And coins are technically not printed as well, so what, now only banknotes count as money? I get that the point is in being material but still. PayPal money is not material, though, right? It functions as money nevertheless. And materiality really should not matter in the contemporary world of technology and innovation. What matters in the value attributed to something, and the willingness to exchange this something for goods and services. Bitcoin meets these criteria more and more.

Who cares, we don't need the central banks to consider whether or not Bitcoin is money. As long as both parties accept the BTC there is an exchange of value.

What I wonder is: doesn't it affect all the tax decisions that countries may have made recently. If Bitcoin is not currency, then we should no longer be taxed (or differently). I don't know if you follow my reasoning.

I do, if it is not considered as a monetary asset by the banks, than government should not task that owners of bitcoins. But different governments have different opinions and stands on cryptocurrency, not all tax holders and not all choose not to recognize it.

There have been multiple attacks from banks and governments against bitcoin in the last months, especially in 2019. I think they just realized how powerful bitcoin is and they are trying to somehow make people lose trust in bitcoin by finding all kind of reasons why it cant be ussed as a currency. We dont know what plans they have but anyways i wish the good luck in their attempt to defame bitcoin

Alas, I do not agree with you, money is called the banknote of the Central Bank of your country and they only do what they print.
The rest of the securities are either gold or bitcoin are some assets that cost a certain amount which is expressed in money.
Bitcoin is a digital asset that can be attributed to digital money, but so far the problem is that payment with bitcoin is rarely applicable.

banks understand money differently, very well regulated banks are actually more correct than libertarian private ones that just enrich themselves at expense of others,

Well then, try to buy something for gold today. I'll be curious to see it :) Gold is not considered as money for already a pretty long time.
In modern world money are issued by bodies, that are able to provide any kind of monetary policy. In this case, BTC is not considered as money.

During the early civilization rare metals and other commodities were used as a medium of exchange. This later turned to be metal coins, and the with the existence of banks the entire system got changed. Similarly the present era is all about the technology backed creation of coins. Now paperless economy is highly preferred and cryptocurrencies fulfills the same.

this article is clickbait trash. that headline is a straight up lie.

the central bank didn't say anything at all about the ability to print money. all they said was "bitcoin is not money" which is no surprise because that's the default position of virtually all legacy institutions and authorities.

joseph young (a pro-bitcoin nobody) is the one who added "because they cannot print it".

people really need to boycott these horrible clickbait sites. they have zero integrity and it's embarrassing as a bitcoiner to be associated with this sort of blatant dishonesty.

some of y'all really need to start reading full articles and absorbing them before commenting because you're making the problem worse.

Well, I don't care how they call it. Actually not everyone call it a currency some calls it an asset or a valuable asset. As long as I know what its value for me then to hell with their opinions. Bitcoin investors who've known its value for years are more than willing to just shrug their shoulder in this kind of remarks. They are just threaten with the future of bitcoin since bitcoin users/investors do not need these centralized banks by the way.

People have different terminology to represent bitcoin. Bitcoin from the beginning never mentioned as currency. Beginning days it was just a token with some value. Slowly this has changed acquiring different forms and finally got comparison to currency. Now it is much associated with mainstream adoption. Let's wait and see what happens with the market.

Why are you giving importance to this comment? bitcoin is still very young and how everything new is facing the opposition of regulators because these regulators still do not feel comfortable in using something new. but with the passing of the years something new will conquer the regulators. we have to be very patient.

Silvergate Bank Onboarded 59 New Crypto Customers in Q4 2018 (https://cointelegraph.com/news/silvergate-bank-onboarded-59-new-crypto-customers-in-q4-2018)

with time, everyone will accept cryptos

It seems like that a lot of institutions are now comfortable with the idea of integrating blockchain tech into their operations, but they are still quite negative overall about BTC as a currency.

That said, though, this is an absurd accusation. If anything, bitcoin is more so money than fiat currency is, because it is able to serve as a long term store of value due to the fact that the currency supply is fully decentralised and cannot be manipulated, diluted, or debased by a central entity the way fiat has essentially been depreciating for as long as it has existed.

It serves all the functions of money, just like precious metals, but in a much better and efficient way. Though, when you get banks to comment on BTC at any time there is always some possibility of conflict of interest, as bitcoin does somewhat take away the control that they have.

This is not the first time banks are attacking bitcoin saying things to take the minds of individuals from investing in bitcoin but then we know they do this out of fear of Bitcoin killing fiat. So much money has been made by these banks and they feel threatened with the opportunity bitcoin is offering. Well banks can keep saying things but then bitcoin will only grow stronger, whether bitcoin can be printed or not, its a means of payment we have long been waiting for and happy its finally here.

Actually, its an excellent argument in favor of Bitcoin. Of course you can't print it, that's the whole point... Inflation is no more.
Now we are challenging that school of economy that states inflation is needed, or fractional reserve banking, or debt, to grow an economy...

Its normal to call bicoin an asset because it can be used as an asset use aside from a currency but calling it not a money seems inapropriate . for now bitcoin remains online because its new but we never know soon if someone will print bitcoin on a paper like money .


Given that they already made alot of money then why they are still threatend about the existence of bitcoin ?  Thats a greedy move they are showing right there but banks can only do nothing about these bitcoin and cryptos because they cant just shut it down based on their own liking .

Normal line for those banks out there but not all of them do share the same view since there are a few who do have positive views about crypto existence.
Lets talk about the negative ones, im not surprised that they will say such thing and they have been saying these after all these year but it doesnt matter
because crypto would still remain no matter what.

It's funny how they think it is, so does gold, silver, and livestock too before? Everyone can make simple money on how they want to implement it to the people. Paper money is just being used because it is just too light to carry compared to the previous money that people used to. Banks exist just because of this paper money and if there is no paper money how could they do exist?

The banks are definitely scared of Bitcoin because the last time i checked money is anything which is use as a medium of exchange in the sense that we all agree to accept it in making transactions and we both know that Bitcoin posed such attribute so it not been printed doesn't hinder it from been a money.

I'm not shock or surprise the banks make this statement because the banks don't like the real concept behind Bitcoin creation which why the Chinese government is not fully supporting Bitcoin because they believed bitcoin will make their banks services and national currency to become obsolete. But, it will be better if they could listen to IMF Boss advice.

It's not about physical paper money being light and easy to carry with you wherever you go. It's about the ability that banks have to create digital value out of nothing whenever a client for example asks for a loan. All it requires the bank to create whatever amount of money is to change a few metrics within their database.

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Meh, the article itself is lame and the site it's listed on too. I get it that you want people to click on your items, but this goes a bit too far.

Exactly, so that's why they said that bitcoin is not a money! They afraid that bitcoin will gain a high potential in the future and the fiat money will be useless, but I know that there is a big community which support bitcoin and cryptocurrencies, sooner or later bitcoin will have a high value in the market and banks should adapt that.

Gold and coins were considered and traded as money in old ages and still gold is considered as money because it holds value, so these justifications by banking authorities are useless.
The paper currency or digital currency both are money because they hold value.

Central banks are trying to put bitcoin in their definition of money and it doesn't work and will never work.
Their definition of money is stuck in the 20th century. We shouldn't worry about it and move on and the definitions will have to be changed in time. When people were travelling on horses and shooting bows there were many laws that later changed or became forgotten when they didn't do those things anymore.

I deny such statements. They might not be printable but you can still transform and convert them into some card information.
Last year there was a something about this topic. A unique chip containing Bitcoin's addresses from a specific individual which contained all his btc information. He could even use it in some machines for exchanges.
If they could adopt that and make a single card just like credit and debit card you could still use them into banks.

It's more than money even other people thought it didn't work. This has been proven for years and it sustained a strong foundation despite of fud and fake news circulating, which competition tried to pull btc down. Bitcoin is a form of digital money and not in a physical form, which you can use it though web network. It can only be appreciated through modern gadgets like phones and computers, you can use this asset using this technology gadgets.

I agree to it for me bitcoin is an digital asset which is why bitcoin is created to use it in web and transact virtually. I don't think central banks are against with bitcoin they do not just want to lose money since bitcoin has a flaws because the value of it goes up and down they want a stable price of it like the money currency it don't up high or down like bitcoin. The stability of their investment are what they wanted.

But you can print BTC. It's already been done many times over. Have a look in the collectibles subforum :)

The definition of 'money' from a bank's point of view is very limited, and therefore expect some statements like this wherein banks reiterate their limited control of bitcoin and due to that, they cannot consider itas 'money'. Long before banks existed, people have been using different of forms of money that is not being controlled by a central authority, and had worked for millenia. Say what the bankers want to say, but in the end, people will choose what form of money are they going to use.


Great point. A Casascius coin would be nice. :)

Money is the banknotes printed by the Central Bank of every country and use in paying bills, buying things, wealth and sometimes the basis of status in life. Whereas, Bitcoin is a cryptocurrency which exist only in the internet BUT,  it can be utilized in all of the things  money can be used and besides, cyptocurrency is much easier, convenient and less hassle to use.  The wide scoop and advantages  that Bitcoin can be utilized is the reason that banks will become redundant in the future.  This is the reason why,  in my opinion, they issue this kind of statement.  To discouraged people to use Bitcoin so that banks will not be dissolved.

these things are always considered a very good sign in my opinion because they are the undeniable proof of how bitcoin has been growing stronger as a currency and that has been scaring the banks and their tyranny of power.


that is simply because these "institutions" want to make more money and they think they can do a better job if they create their own centralized token instead of going with what already exists. and that mentality is  there because of how big some of the useless tokens have gotten in the past.

People decide what "money" is, not Banks. We have seen several examples of that in 3rd world countries : In Zimbabwe, people preferred to receive candy for change, instead of the 1000's of worthless paper that was printed by their corrupt government.

In Venezuela, people are turning to Bitcoin to protect the value of their wealth, because hyperinflation and fiat currencies are failing them in their country at the moment.

Banks forget their place in the whole scheme of things. Bitcoin will become the people's money.  ;)

Fiat is a currency, it is not money.
Money has all the attributes of currency + A STORE OF VALUE.

Fiat/currency is never a store of value as it DEVALUATES over time due to inflation as banks and governments continue printing it.
The $1 that you have 10 years ago is not the same value now, probably lost more than 50% of it's value.

In the olden times, only gold, silver and other precious metals or precious stones are considered money.
AND it still is today.
We still consider gold, silver and other precious metals or precious stones that were mined some 4,000 years ago to be valuable.

The US dollar was previously backed by gold and silver (gold or silver certificate paper dollars).
If you go to a US bank and claim the gold using that fiat/paper currency, they will give you that $ value in gold or silver.
The US$ is no longer backed by anything...Same as with all other fiat/currencies. And you can't go to a bank now and claim that fiat value in its equivalent gold or silver.

Bitcoin is considered THE digital gold as it continued appreciating since its creation 10 years ago.
And governments and banks could not inflate it since it has a finite supply.
It had never gone down its original trading price of less than $1 (when it hit more than $100 per btc).

I guess bankers and governments don't even know the difference between currency vs money.

 ;D ;D ;D ;D ;D

Yeah Bitcoin cannot be termed as money. Therefore it is termed as Crypto currency or Digital currency lmao.
But if you still want to use the Bitcoin as a physical coin, then you can download a paper wallet and can experience almost holding the Bitcoins as physical currency.
In my opinion Digital currency is more safe and secure than Physical Currency.
There is no limit to hold the Digital currency, whereas there are some rules to hold the Physical Currency.
Therefore i liked Bitcoin as it is and also respect the opinions by bank stated by you.

The current banknotes are advanced notes issued by us to the bank for payment. Over time, cash acquired such a form. The claim that money is not that which cannot be printed on paper is absurd. Gold or precious stones are also not printed on paper, but ounces of gold or carats in diamonds have their own measure of value and function as a means of payment. I do not even think that such statements will be seriously considered in the financial market.

Although, we have some countries which their Senior banker supported Bitcoin but they are few in number with t his you're wrong when you said you don't think the Central Banks are against Bitcoin because if they are not they ought to work with the Bitcoin community and fix the flaws involve in crypto. Mind you, the up and down trend of Bitcoin is not flaws but the concept which Bitcoin was built on. However, no currency can ever be stable because fiat money also loose value either, while Bitcoin usually come back strong, why do they have complaint?

Well in that case all the amount that we are holding in our bank is not money either because it's just the numbers that we see on the screen.
The only money we have is the cash because it's printed. I wonder how such big companies can me such shit statements. There are so many examples and arguments that we can put up against this statement.
The European bank should have made an effort in finding a reasonable statement to classify bitcoin as 'not money'.

So going by the statement, they mean to say that money can be defined as paper we can feel .
So like when I make transactions using my banking mobile app to transfer funds to a client.
The funds transferred is not considered money by the statement.
It's laughable.

Attacking bitcoin just make it more stronger. They can't bring bitcoin down because people support and love it. The easiness and usefulness of cryptocurrency to their lives makes it more valuable to them than embracing fiat and currency of the banking system.

It's true that bitcoin isn't printable, but it doesn't mean it has no value. Bitcoin is a crypto-currency asset. Diamond isn't printable but banks aren't accepting them for collateral? Same about bitcoin, it has value due to lot of people's invested on it. Bitcoin isn't printable money but it is the value of money. My opinion is if all banks accept bitcoin then there will not much volatility. Actually banks are worrying about bitcoin volatility. I don't see any other point why banks are not ready to accept it.

For me, even banks still didn't recognize the different crypto currencies we have as a money, I really don't mind as long as I can use all of my crypto currencies as a medium for payment methods. I am glad to have my crypto currencies and make my life much better and let me have convenience.

Indeed bitcoin is not money because we can't print it but bitcoin also can be used as transactions tools and it is eventually will valuable such as money and i think although banks threats bitcoin with this statements but it won't stop development of bitcoin and in the future digital money such as bitcoin will be mass adopted with possible recognize as digital money too

Definitely right!! I just wonder why Banks give us a statement like that, but anyway it seems so stupid and absurb opinion. Our modern life is more likely to a tech-society, especially cashless society is an example. Nowerdays more and more country tend to use E-wallets to make a payment to many things. The banks also encourage people to use online account service to pay for something in need like electric fee, water fee and something like that. So to say briefly what they had criticized on bitcoin is such a vast gap between the words and the deeds they have done.

Can they make a good excuses next time? Seems to me this is just a rehearse and have heard this kind of lame excuses before.

A good example is precious metals, they used to be a medium before, but since we can't print it, can we can call them money as well? The argument is really flawed, why do they just admit that they are just afraid of this so called digital money?

Oh, man. This is one of the shallowest arguments against Bitcoin. We are now at the digital age. I think they are well aware of this. We do not need hard objects anymore. We are getting paperless not just in terms of communication and data but also in terms of money. They themselves are doing this with their credit and debit cards. We already have the likes of Paypal. Even when we buy or trade Gold and Silver we are not actually holding the real thing with our very hands and pass it to the hands of another physically. We are doing them in a virtual way.

LOL!! I didn't think Banks can make such laughable statement on one of the most important innovation of this decade! But it is very true that Banks are really shaking about the increasing prominence of crypto space. It directly threatens their business because they can see their hold on the economy is loosening. Sometimes back I had received the below email from my bank about bitcoin and cryptos. You can see how negatively they are portraying the cryptos through this propaganda mailer.

https://i.imgur.com/9uqyVpB.jpg

The frequency of such propaganda attacks will increase in near future! The more Banks will fear bitcoin, the more they will try to send out such information to their customers to create a negative mindset about bitcoin among the mass.

Of course, bitcoin is not a currency but the value of bitcoin seems to be an asset that we can convert into cash, the use of bitcoin as currency is not too surprising even if we cannot print it, as long as the seller accepts, using bitcoin for trading is possible. But for banks, they often do not accept this because with the administration from the government, Bitcoin is something not in their currency list and allowed, and I'm not too concerned about their acceptance when I always think bitcoin is a place to invest, use as currency is just a secondary feature

The long history of money started with the barter system where people traded goods or services to others. The problem with the system is that it lacked something universal in value. Slowly, the barter system was changed and people used precious metals and stones as coins in exchanging goods. Until then when banks were created, the fiat (or paper money) has been the universal exchange rate per country.

Like what you said, the value of money depends upon each person if they perceive something as valuable. It does not need to be paper or to be printed by banks but as long as people view something as valuable then it is considered as money.

If European Central Bank insist that every form of money most be in a printable form, then we are going back to the stone age. As technology is evolving the Fintech section suppose to be evolving too.

What you say, actually reminded us of the old stories that happened in the Netherlands namely about the viral stories of tulip mania hundreds of years ago. At that time, many rich and influential people talked about investing in tulips, plus media that always portrays new rich people after investing in tulips. And my question is "can tulips be printed?"

In few words, physical currency is outdated and virtual currency is better and for that reason is the future.

That is precisely what Elon Musk said not too long ago and it holds a huge truth inside that statement. This is precisely the beginning of something interesting. I wouldn't cry even one second if physical currency disappeared worldwide today.

This is something that should definitely happen in the future from my point of view.

Most of the bank are really desperate to destroy bitcoin because it is a threat to them that makes them idiot and didnt even know now what is the meaning of money.

source: google.com

Yeah but everything will be digitalized in the future, and people will leave printed / physical money because it's much more simple and safe.
And also, many bitcoins banks are popping out

Besides that, the raw materials for the paper will extinct, and we cannot use paper to print the money. With the growth of the technology, it will change the using the paper for the money, and it will transform into digital payment as we look right now. Many apps offerings the new service that we only need to send the money to the apps that can be used to pay something.

In the future, this process will be more simple especially if we use cryptocurrency, so we don't have to carry paper money to everywhere, and if we want to buy something, we could use the barcode and scan to see the price.

That is true. Many countries already have this co call cashless flow of paying everything, some have reduce usage of paper money to minimum. If crypto isnt the future then it will major step of creating something for all to be used instead of money. Technology behind this can be used in various things not just for money transfer. You can even store huge amount of data.

Funny if only because it is not printable then it cannot be called money, while they themselves have a type of money that is not printable
or digital but still has value. I think the bank's concern is not only due to fluctuations but also the anonymity of bitcoin

It's not surprising that they're attacking bitcoin once again. As what I can see, they somehow view bitcoin as a threat. They can see it also, the advancement bitcoin has and how it can be used in the future.
Let's go back to the past. Before, they don't use money but rather gold (and other things that has a value that can be used for trade-offs), yet they're not printable.  Although bitcoin is not printable, it has a great value and its use can also be used same as the money.

Banks have been experiencing massive loss in its revenue with the existence of more cryptocurrencies. Banks are the one that oppose cryptocurrencies through the governments indirectly. Now they don't have any valid reason and to make people understand it in a simple way banks have taken this in hands mentioning bitcoin is not money as it can't be printed.

They feel threaten that is why the attack was on. But despite of that, even if btc wasn't a paper money because it wasn't printed out, we still use it to pay bills and pay some merchandise. We use it as a 'digital money' and that makes it as a money, too.

basically bitcoin is indeed not money and cannot be printed, bitcoin is only a digital asset that has valuable value so that its function is the same as the existing currency because it can be done for various transactions. The main purpose of Bitcoin was created by Shatosi Nakamoto just to facilitate transactions that can be done by people who use it

Of course, "we"  cannot print Bitcoin" is why Bitcoin was made in the first, And why printing Bitcoin/cryptocurrency is automated, transparent and  fixed. Printing currencies whenever we want to sounds like abuse. A crafty government could illegally print as much money they want without even causing inflation. In fact most governments could be doing this already. This is why Bitcoin is great

You are definitely wrong that Bitcoin is not money. Because here in my country We had one bank here who is bitcoin/cryptocurrency accepted.
Through this, if that is true the bitcoin is not money, why the hell this bank is accepting it if it is not a currency anyway(Bitcoin). In short, Bitcoin is connected into fiat currency according to my understand about it.

They will be forced to adapt or be left behind. Those with the older thinking will oppose resistance, until everybody is using Bitcoin regardless of what they say anyway.

Its like that Gandhi quote:

Sounds like the end of a centralized bank.

If cryptocurrency ushers in a new era of decentralized currency which is backed by the trust of its user then it will totally disrupt the concept of money as we know it. Banks will no longer hold the advantage of being able to print more money or using credit in fancy ways.

Printing ability should not be a criteria to regard bitcoin as money. Everyday things are advancing and developing in terms of innovations and technology to make life more easier. We won’t remain in the past if we want to move forward and this is what the banks needs to realize. The don’t need to keep hating on bitcoin it will only make it get better. There are many forms of money acceptable and not printed like PayPal, neteller ,  skrill, perfect money , and the likes which no one is hating on but only Bitcoin is experiencing this because of its potential.

European union declaration that bitcoin is not a monetary asset does not diminish the value or importance of bitcoin, some countries even within the EU already see bitcoin as a legal tender. That aside,bitcoin does not really need the approval of a centralized entity as it is designed differently.

Banks consider BTC  a competitor
The philosophy of the blockchain to dispense with the third party
So I do not see the banks ruling on BTC would be neutral
They are trying to maintain the fabulous profits they achieve.

Not all money can be printed. So that’s not enough to disqualify bitcoin not to be money. All this is not enough to pull down Bitcoin if that’s what they are trying to do. So many other forms of money which are regarded for but the war is only coming to bitcoin: banks should prepare for the worst. They will soon leave.

Doesn't mean that we can use it to pay bills, it is a money, it don't work like that. It is true that we can use them to pay some things but if you are talking about it through exchange, then you are not directly paying Bitcoin but selling your Bitcoin to pay your bills, that is how they do it. We can pay using Bitcoin because they have the value and a value more expensive than the fiats we use today.

If such an asset can be paid for a product or service, it can be considered a means of payment. Of course bitcoin cant be printed, but that does not make it any bad. Although it is digital, it is still a currency.

Right. Even digital fiat is gaining a lot of users every day. The term "money" Is subjective. And people may not see is at money but they can still opt to use it  to make transactions, just like how we do online shopping and other online services. Fine don't call it money but we use it anyway.

I actually agree with this assessment. Bitcoin is not money that is if we use the same definition existing for the fiat money circulated all over the world...and in this case I am sure they can be using that definition. Bitcoin is a different category but at the same time it has many attributes that the usal money has because it can be used as a medium of exchanging value from one person to another or to another business. Banks certainly have their own perception of what money is so I guess let's leave them at that and let them have the right to show whatever power they might have over the financial system existing as of today...because time is coming when they can be required to adopt or just perish.

This statement from the bank is full of fear and anxiety. Because they are afraid that tine will come that bitcoin can replace our natural money and when it's happen they will be affected or worst banking industry will die. For me competiton between cryptocurrency and bank is not good. A great idea is bank and crypto will start to collaborate but I hope bank will open their mind.

Money is of different form bitcoin is not a legal tender but that does not mean bitcoin is not money. Bitcoin at the moment can be used to purchase some things online and with what's happening now and the rate at which the world is going digital bitcoin stands to be our hope

It is not money but it is more than money for me people use it to buy goods and they use it to have travelling, in short we are free for using crypto currency same as we use money, bitcoin is safe for transaction ad online purchasing, it has no physical presence as fiat has but for me it is an advantage which allows us to keep yourself safe from robbing.

The threat is getting bigger for sure and they’ve just said this none-sense statements thinking thay people is not wiser enough to understand this one. They are really trying to destroy bitcoin but of course they will not succeed on that. Fiat money can print anytime, that’s the biggest scam for sure and banks can’t stop bitcoin from growing.

because they were unable to stop the development of bitcoin they made their own blockchains as an alternative
what is clear is that bitcoin is not a currency and I do not agree with the name of cryptocurrency, I prefer the term digital asset
bitcoin is like gold and silver

Even other people still doesn't consider the crypto currencies as money, I am still a proud Bitcoin crypto currency user, the keeps using it to provide sone of my financial needs. Honestly, a lots of things have been happened in my life through te help of Bitcoin, as well as change it for the better. And for that, even the other people doesn't recognize it as the medium of payment for now, in the future, I can see it on us.

The statement is totally contradicting to bitcoin to have a value and to become a money but even this banks cannot control how will bitcoin will change how money will work in the future we are in digital age now everything is transforming into it even you cannot print and cannot touched it physically but you can use it very effective and secured it will have a value the users are the one who gives value on bitcoin unlike government controlled fiats. 

do you think money is always in the form of cash and printed? of course, the meaning of money is many of things not only in the form of physical, but some that are in the form of digital and now that is what many people are interested in, a new breakthrough in technological developments in the field of currency

Prisoners use ramen to buy stuff in jail, I guess that don't qualify it as money.

First thing people learn in economics is that money is a store of value and a means of exchange. Anything that fulfills these that the majority accepts is the standard (cowrie, cacao, stone monoliths, etc) IS money. Bitcoins fulfill these and more.

It doesnt mean that if money cannot be print then its not considered as money. If banks are against digital currency, then why do they offer services likes credit cards or debit cards and even online transfers?. This doesnt require physical money or fiat but they do it.

For me, crypto still crypto, gold still gold, money still money.
People have their right to choose crypto as fiat but remember that crypto basically is an asset that act like fiat.

Personally I won't make crypto as fiat because it still risky until now !

This "Bitcoin Is Not Money’ Because We Cannot Print It" nonsense statement, from the  European Central Bank, should be read with the question ask to there #AskECB service.


Out of the blue, the European Central Bank started massive money printing of EURO a few weeks ago, just a few months after they closed down the last printing spree.

Then someone asks them " Where did you get the money for the QE?" and the European Central Bank then just replied  "As a central bank, we can create money to buy assets"

https://twitter.com/ecb/status/1105494215381913601

This makes no sense at all because money is not all about banknotes and physical form. Reasons are much deeper than that. Nevertheless, the attitude of banks and governments towards cryptocurrencies will change and it is changing already. So the concept of money is changing also digitalization is rapidly developing so the state of mind should also.

- Exactly, with a society that is developing and modernizing over time, money will not only exist in physical form, it will exist in electronic form, although it cannot be printed but people still understand the value and can still use it for buying and selling. So bitcoin may not be defined as a formal currency but its use as currency is still possible but I believe everyone will be less interested in this feature because the special thing that is not there, the speciality of bitcoin is the strong fluctuation and sudden price increase, that helps many people get profit with accumulating and holding it

I doubt if all the banks have this perception, they are so ignorant if all of them thinks that Bitcoin is not money, I have used Bitcoin so many times to buy stuff online and paid my bills and grocery using Bitcoin, let them perish for their ignorance in the future no banks will say that because Bitcoin will have a massive adoption.

I have never read such a silly statement, at least recently. To explain title: Bitcoin isn't money because we don't have control on it, we can't print as much as we won't, we can't inflate it and make money and make you work for covering inflation which will be caused by us.
That's the great thing they don't have enough control on it, money is something that is unique and has ability to be exchanged in things, so bitcoin has this ability, you can buy anything with bitcoin, there are a lot of people/services which accept bitcoin and if it's not considered as money for them, then why the hell do they try to set regulations on it?

Agree, this is not about form you know. even gold has been a currency for thousands of years, but we can't printed it. this is not a matter of form, but as long as it has value we can use it as a medium of exchange or currency. and the barter system teaches us

Such statements are not new when it comes to BTC vs Banks. Almost all centralized financial institutes have the same views about BTC and other cryptocurrencies. The reason is very clear, BTC is there to break their monopolies.

Money doesn't mean something printable, I do not know on which ground such statements are released by known banks. If something printable only can be considered as money then govt. should stop stock market, we purchase shares against money which are not printable but it holds some value for us. We take stocks as our assets. Why can't Bitcoin be considered as an asset? Actually most of the banks are afraid of blockchain technology and its acceptance by common people, cryptos are real threat for banking business, so its not surprising to get such statements from any bank.

Very interesting point of view, of course, government and banks were really afraid to blockchain technology because they know that someday if blockchain and crypto will become their big competitor when it comes to financial interest. People choose crypto to save their asset instead in the bank. I think this is the reason why the bank throws that word into cryptocurrency.

An that is the real cause of inflation in the system brought about by the central bank because they create money out of tin air when ever they need money. But the case is different with bitcoin because bitcoin is a decentralized currency that can not be print from nothing you have to hold it to be able to use it.

As a digital currency, one woudn't be surprised to see Central Bank altering such word from it jurisdiction. They should have remembered that, Gold was not printed on papers, still yet its called money among others, so, they coming out to speak against Bitcoin shows their fears of Bitcoin existence. They had done all their possible best to pull down(destroy Bitcoin) the said Bitcoin grow stronger and stronger, and  their efforts rendered futile.

..people treated Bitcoin differently..yeah its true that Bitcoin cannot be print because it is a digital currency, a form of electronic cash that is used for online transaction and can be converted into a fiat money..nowadays,,there are lots of attacks on Bitcoins,,people spreading rumors about the negative side of Bitcoin,but we all know that Bitcoin has a great value compared to the reigning fiat money ($) that is used in the circulation of universe economy.If we do believe in the power of Bitcoin and not used it in a negative way,probably Bitcoin will be the number 1 cryptocurrency in the universe and many would adopt and acknowledge the use of it..

Yes it is true Bitcoin was not a real money because it didn't created by any bank, but it can be convert into fiat currency. It may not be a real one but once you convert it into fiat money of course We can use it immediately to pay in any form of traditional business.

I am OK with it. Because for me Bitcoin is more like an asset (similar to gold or silver), which is protected against inflation. And the advantage with Bitcoin is that it can be used as a currency as well, just like gold bullion coins.

Our economy should be in this situation because of these banks. I do not understand what a thought is. I wonder how paper money will reach the speed of the developing world. They are making meaningless conversations without understanding what crypto is.

Money is any entity that can be accepted as a means for exchange of goods and services. Printed notes and coins are just a form money can be represented with but not the true appearance of it. Bitcoin is also a form of money because people accept it in exchange for goods and services.

to be able to change the bank's decision about bitcoin is very difficult. because the bank has been integrated with all banks throughout the country and has not recognized bitcoin as a currency. requires official recognition from all parties who have authority over currencies to be able to recognize bitcoin as a currency and can be printed like fiat currencies.

Yes, Bitcoin is not money because we can not print it. That's right But Bitcoin is a virtual currency. But bank Bitcoin is reluctant to accept the Bitcoin. Because no bank can control Bitcoin. So the bank does not count Bitcoin as money. But I think Bitcoin has a lot of potentials to become a currency. Bitcoin is a little typical currency. Bitcoin's acceptance eligibility is increasing day by day. So I think the bank does not accept Bitcoin as money, but many of us accept Bitcoin as money.

Thank you

Earlier this happened and people were accepted an entity as exchange because it had a physical state. With cryptocurrency people weren't able to understand the market and the reality of bitcoin. Just for the reason of unable to print it can't be considered valueless. From my understanding people will realize the need of bitcoin and technology, but it takes little time.

That is banks versions, but for me money is not always can be print as long as it has a value. I haven't saw any definitions from some economic expert who said money is paper or other form that can be look clearly and can be hold in real. But many people says money is a tool that have a value and can be exchanged for various items, and other people agree that the tool is valuable.

I strongly disagree. bitcoin is a digital currency just like cash that we can use to buy goods or services just different forms and ways to transact. now, cash has been digitalized, such as the use of e-bangking so that we can use cash to transact online without having to have a physical form. so, bitcoin and cash are legitimate or official money that we can use to transact but how to use it differently.
 

Anyone who will describe Bitcoin as not being money is just ignorant and also  a dumb person. 'According to (http://www.businessdictionary.com/definition/money.html)' , money is described or defined as anything of value that serves as a generally accepted medium of financial exchange, legal tender for repayment of debt, standard of value,  unit of accounting measure, and  means to save or store purchasing power. This perfectly explains that money can be in so many forms so far as its accepted as a means to exchange for goods and services. Bitcoin is just an advanced form of money.

Oh yeah that's actually funny to hear you know, that the fact that we cannot print bitcoin so we cannot regard it as a currency. Are we not using all these electronic payment systems such as Visa, Master Card etc? This is the more reason why the world should rally behind the legalization of bitcoin to be accepted as a medium of payment because most governmental organizations are really cheating people when the make transactions through Central Banks. Cryptocurrencies especially bitcoin is what makes transactions very fast, safe and also comes with very little cost of transaction compared to fiat currency transactions.

I have said it before it make no sense at all for bank to say because they can not print bitcoin that make it not to be a currency, what is the definition of a currency to them because to most others a currency is any thing that can be use as a medium of payments and for exchange of goods and services and bitcoin perform this roles.

This is a very questionable argument, I think. But bitcoin, unlike Fiat money, cannot be faked, and if you pay with bitcoin, then the second party will know for sure that it is not a fake.

Correct, that's the point because Bitcoin cannot be fake like fiat currency. Bitcoin not be printed make it better than the fiat which can be easily fake into printed papers with fake identities and most of these fake fiat currencies are difficult to identify. Bitcoin has a unique identity which cannot be fake into any type.

That's a stupid definition of money from bankers.
Just because it cannot be printed, it cannot be considered money, BTC has more value than the paper money, and with it's limited supply
it's better since it will not inflate as long it's use by the people.

Basic definition of money is it is a Medium of Exchange. (https://www.investopedia.com/insights/what-is-money/)

Correct. Banks printed a lot of money for the rich people only and poor people become poorer. Fiat does not favor people living in the lower status in the society. Money can be printed but it is a centralized one so it won't last as people prefer a decentralized one that will potentially give them financial freedom in the future. Cryptocurrencies has value so we can use it like what fiat can do but more than that crypto is more convenient than fiat.

I think it is very shallow point of view.

Most of the money transfer is becoming without paper. Even some countries i heard that thinking about stopping cash transfer. Everything is through banks.

now ''they'' say that bitcoin is not money because it cannot be printed because they have not put themselves ''them'' here and do not have their own coins but instead when '' they are ready to join here, then you will see that they will say the opposite. this is just a matter of not yet benefiting.

What a foolish argument! Does they even know that before paper money, people use everything that they think has value as a money? That it is only because of invention of paper money the reason why we are using it? Change is inevitable, they can't just accept that they are loosing their value because we now have a digital form of money that is why they hate it. They must accept the fact the now is the time for cryptocurrency. With their reasoning, so they are saying that online gaming on a reliable gaming site (https://vegascasino.io/casino/video-slots/durian-dynamite?utm_source=ccdd) is just a child play when it is obviously wrong because me myself have earned there while easing my boredom? What a foolish argument it is.

Lol, how can we print digital coins. From the start we know about bitcoin that we cannot print it.But atleast we can convert bitcoin to fiat.

I mean you can physically print bitcoins if you wanted onto paper, it would just be the QR code on a piece of paper with the amount of the bitcoin the QR code holds and represents. Why waste the plastic (like the cdn dollar) or paper... we live in the digital age digital gangsters keep it digital. I mean it would help in the future if the main power grid went out or something.

like this https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcQl-002vloxFQkaF6CFMolFKgCmTJS2_dLByQDNB8OwmThM0nkTxg

You can print it by yourself but banks cannot because it isnt approved by governments  that bitcoin should be printed and to be used just like a normal paper money  but you still got a point when you say that we are now in digital world . everything now works in digital and the best part is that we can save our trees and we can save the environment when we arent printing a paper money  .

In case of blackout  . there are still generator that can power our gadget using a fuel

Definitely, this argument is not going to work because of the fundamental definition of money emerges from the value to the users irrespective of creation or supreme authority managing the whole financial ecosystem. Yes, the institutions like bank have the power to manipulate the flow of traditional money but again their power is limited to to the extent of currency issued by the government of that respective country. Therefore I don't see this as a concrete argument.

That was the funniest statement that I came upon. So how do they look at their digital payments apps that uses smartphones to transact on banks? It's just numbers and not also printed. We are on the digital era but the bank industry still don't recognize it and I feel thatwho made this statement must 60 and above years of age.

As it isn't backed by any of the financial institutions or legalized authority it isn't a currency as USD. But, with its multiple usage it has gained importance as currency as well. As it has got value it is used for exchange of things as well in reward for services rendered. In such a regard bitcoin has been getting used same as currency though it has some deviations in the features of a centralized currency.