Bitcoin isn’t based on gold, but mathematics, and there is a limit to have many can be created. However, given that nobody controls the production of bitcoin - Starikov asks – by which mechanism does a computer programme generate its own code? Is this artificial intelligence? If so, we didn’t know this kind of level of artificial intelligence exists. Furthermore, why is it that it has been allowed to exist, given that it is only Central Banks of any one country that are constitutionally allowed to create legal tender? If you or I tried to create our own currency, that would be against the law.
The video from here:
https://www.youtube.com/watch?v=4F89zKhUu1s&t=77sHonestly, It doesn't look like this (Nikolai Starikov who is a famous writer, politician etc.) knows what he is talking about so I thought I share it with the community to see their opinions on this.
Nikolai Starikov is right when he said that it is uninstitutional to create a currency outside from that is allowed by the law. But he is wrong in one point, even though bitcoin is called a currency but the different states, including those who adopted and those who did not, have not considered bitcoin to be a currency but rather as a form or mode of payment and nothing more. Cryptocurrency such as bitcoin is just like a paypal fund but is not a currency since before a material to be called a currency there must be a declaration of the state. Since bitcoin is not considered by the states as a currency then it is not unconstitutional rather is just a tool or new type of form for payment.
