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Author Topic: Difference between Bitcoin and real money?  (Read 113866 times)
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November 18, 2016, 05:34:12 PM
 #281

Whereas bitcoin was invented as a digital currency and exists purely as a mathematical object, it nevertheless is a real money. It is revolutionary and have more appeal than what other so called real money are having to offer. It is secure, can be divided into much more smaller units, transactions are nearly instantaneously since central banks and its agents - card companies are by-passed, resulting in very low transactions costs. How best can a real money get?

Technically speaking, bitcoins are not a complete mathematical abstraction, they do exist as entries in the blockchain. And I don't think that such a representation of money substantially differs from how fiat in its digital form is instantiated on the Central bank accounts. Just in case, fiat can be divided into smaller units too, though there is no reason for that due to inflation. More often, the reverse procedure is required, when bigger denominations are replaced with smaller ones. For example, Benjamin Franklin 100 dollar bills may get replaced with Donald Trump 1 dollar bills in the future...

Regarding how much better a real money can get, there is always a lot of room for improvement

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November 18, 2016, 06:25:19 PM
 #282

Whereas bitcoin was invented as a digital currency and exists purely as a mathematical object, it nevertheless is a real money. It is revolutionary and have more appeal than what other so called real money are having to offer. It is secure, can be divided into much more smaller units, transactions are nearly instantaneously since central banks and its agents - card companies are by-passed, resulting in very low transactions costs. How best can a real money get?

Technically speaking, bitcoins are not a complete mathematical abstraction, they do exist as entries in the blockchain. And I don't think that such a representation of money substantially differs from how fiat in its digital form is instantiated on the Central bank accounts. Just in case, fiat can be divided into smaller units too, though there is no reason for that due to inflation. More often, the reverse procedure is required, when bigger denominations are replaced with smaller ones. For example, 100 Benjamin Franklin dollar bills may get replaced with 1 Donald Trump dollar bills in the future...

Regarding how much better a real money can get, there is always a lot of room for improvement
Very original sample you brought. Perhaps this will happen, because the new president of the United States has enough temperamental character of Napoleon. And without excluding the possibility that in the future we will see the dollar bill with the image of Trump.
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November 18, 2016, 08:24:27 PM
 #283

If we consider the issue on its merits, the things so that almost all that I get out of cash, it is real money. I can spend it in any place and at any time of the day. But if you take for example bitcoin, there where I dwell, for bitcoin practically nobody has heard, not to mention the fact that the stores took them as payment.
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November 18, 2016, 08:30:05 PM
 #284

I've been using bitcoin for more than a year and I am now regretting it, why? because if I knew it from the very start then I am a multimillionaire now... Btc is like my bread and butter now..
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November 18, 2016, 08:52:59 PM
 #285

bitcoin is a new way of Money managment or better called money processors and its fully based upon technologies. i prefer them with holograms technology(when succesfully inwnted) it will be instant future but on the other hands real money are like an instant solution to anything no need to wait a second while you have real money but some other factors work in that too

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November 18, 2016, 09:05:49 PM
 #286

I've discovered Bitcoin few days ago, but I am skeptical about few things, why would I invest money in Bitcoins at the end of the day,why would I convert money into Bitcoins?

If I want to buy stocks or invest money I can easily invest with real $. Why would I convert my $ to bitcoins?
If I want to gamble , I can simply gamble on websites that require $ as currency, why would I convert it to bitcoins?
What's the difference between Bitcoins and dolars? What does bitcoin bring to the table that real $ don't, less taxes, more income?

The word you are looking for is inflation.
Fiat currency cannot protect you against inflation, actually it makes you a victim of inflation. On the other hand, Bitcoin, by the fact that it is a currency issued in a limited and decentralized way, it's the first currency designed to protect you against inflation.

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November 18, 2016, 09:49:32 PM
 #287

bitcoin is a new way of Money managment or better called money processors and its fully based upon technologies. i prefer them with holograms technology(when succesfully inwnted) it will be instant future but on the other hands real money are like an instant solution to anything no need to wait a second while you have real money but some other factors work in that too
Yes bitcoin is the future of money,  the maximum amount of bitcoin is only 21 million so it will be deflation,  but fiat (real money) is no limit, so if the new printed real money has spread the value will be decrease. Bitcoin is created from minning, the minning will not end until reach 2140. Although bitcoin need electricity and internet connection but bitcoin give many advantage to the users. Fiat is already used in every country but its controled by government and monopolized by bank.

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November 18, 2016, 09:54:15 PM
 #288

I've been using bitcoin for more than a year and I am now regretting it, why? because if I knew it from the very start then I am a multimillionaire now... Btc is like my bread and butter now..
Lol I think it's never too late to join, you can still become a millionaire from bitcoin, as long as you're willing to work hard, I think this is the difference, the more easily obtain bitcoin than fiat


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November 19, 2016, 04:09:39 AM
 #289

Bitcoin is a digital currency. You can do online transactions right away while for fiat you have to deposit to remittance or banks first then do transactions, so bitcoin much faster than fiat do.
As for stability, bitcoin price is quite volatile, it depends on market movement, it could rise up and rise down in. short time unlike fiat that tends to stable.

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November 19, 2016, 04:39:03 AM
 #290

I've been using bitcoin for more than a year and I am now regretting it, why? because if I knew it from the very start then I am a multimillionaire now... Btc is like my bread and butter now..
Lol I think it's never too late to join, you can still become a millionaire from bitcoin, as long as you're willing to work hard, I think this is the difference, the more easily obtain bitcoin than fiat

Don't ever look back in the past pal it cannot change anything in the future. And MTBTT is right, it is not too late to keep on working in bitcoin so what you need to do is to get attached with bitcoin. Just move on and don't blame yourself for not knowing bitcoin earlier and learn to study some good strategies on how you will going to work in bitcoin.

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November 19, 2016, 04:39:40 AM
 #291

No no, back the real topic. I don't need anymore bullshit or any distractions...

Is bitcoin a commodity or not. Just a simple question.

You shared this yourself, can you read me what does it say inside the red circle?



I marked it for you its not that hard. C'mon!

I told you already. Bitcoin is money, it is not a commodity by its very nature. Money can be commoditized, since it possesses all the required qualities that make something into a marketable item, i.e. a commodity. Before of all, it is lack of qualitative differentiation across the market, otherwise known as fungibility. But money still remains money even if classified and used as a commodity since you can't strip it off of the qualities which make it into money without instantly destroying it. If you actually read the CFTC Order the except of which I provided, you would have known the reason why this service classified Bitcoin as well as other virtual currencies as commodities, while still calling them currencies, right in the red circle you've drawn...

Should I conclude that you are not going to admit that the status of Bitcoin is well defined legally in the US?
I'm not an expert on law or anything but I want to add that if you study the story of money, the first kind of money that existed was commodity money lots of things were used as money, beans, chickens, etc and only those things that had the best characteristics were eventually used all over the world, gold and silver, so even if we define bitcoin as a commodity it does not change the fact it has all the characteristics you would expect out of money.

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November 19, 2016, 04:51:07 AM
 #292

the difference between bitcoin with real money is the physical form. bitcoin digital form, while the real money in physical form. such as paper and metals. a very clear distinction.


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November 19, 2016, 05:43:11 AM
 #293

Whereas bitcoin was invented as a digital currency and exists purely as a mathematical object, it nevertheless is a real money. It is revolutionary and have more appeal than what other so called real money are having to offer. It is secure, can be divided into much more smaller units, transactions are nearly instantaneously since central banks and its agents - card companies are by-passed, resulting in very low transactions costs. How best can a real money get?

Exactly. Many people have the misconception that bitcoin is an illegitimate currency and therefore is not real money, since the founder is unknown. Or that it is not controlled by the government nor backed by anything of value, therefore it is not real money. But the truth is the fiat currency that people call "real money" have no real value either. The true value with bitcoin is the cryptographic and economical concept behind it which enables it to serve as a great currency.

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November 19, 2016, 06:23:11 AM
 #294

the difference between bitcoin with real money is the physical form. bitcoin digital form, while the real money in physical form. such as paper and metals. a very clear distinction.
Ya the most common and easiest difference to understand it is that bitcoin is digital currency and fiat is physical but there are many more differences and many ways and which are already explained here,rest can be learned just by using it and spending time in the forum and bitcoin world.
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November 19, 2016, 06:31:02 AM
 #295

Real money is a paper. It exists, you can touch it, you can do whatever you want with it. However, it's hard to stay anonymous when it comes to real cash. Bitcoin comes with this amazing feature, providing you anonymity and the freedom of choice. You can create as many accounts as you want if you want to "camouflage" yourself. It doesn't exist physically, but it does exist online and this is what technology is about.

Yes, though it does not have any physical shape or existence, but it has the feel and the use of a money, so the only differences we can find between them are that bitcoin is anonymous and second one is it is yet not physical, don't know if it will be given a physical shape later on or not.



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November 19, 2016, 06:33:25 AM
 #296

the difference between bitcoin with real money is the physical form. bitcoin digital form, while the real money in physical form. such as paper and metals. a very clear distinction.
Ya the most common and easiest difference to understand it is that bitcoin is digital currency and fiat is physical but there are many more differences and many ways and which are already explained here,rest can be learned just by using it and spending time in the forum and bitcoin world.
broadly bitcoin digital currency is one that can be accepted throughout the world. while fiat money is valid only in a few countries. bitcoin has a broader scope than the existing currency today. we can buy and sell bitcoin in exchange prevailing internationally.
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November 19, 2016, 08:10:49 AM
 #297

bitcoin is a new way of Money managment or better called money processors and its fully based upon technologies. i prefer them with holograms technology(when succesfully inwnted) it will be instant future but on the other hands real money are like an instant solution to anything no need to wait a second while you have real money but some other factors work in that too
Yes bitcoin is the future of money,  the maximum amount of bitcoin is only 21 million so it will be deflation,  but fiat (real money) is no limit, so if the new printed real money has spread the value will be decrease. Bitcoin is created from minning, the minning will not end until reach 2140. Although bitcoin need electricity and internet connection but bitcoin give many advantage to the users. Fiat is already used in every country but its controled by government and monopolized by bank.

 That's right, the main problem of real money is the value constantly decrease from time to time due to inflation.
Bitcoin is technology against these problem, decentralized digital currency that has many advantages such as high price, fast transaction to everywhere (sending money) worldwide, anonymous and you have full control to your money which different from bank systems.

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November 19, 2016, 05:48:41 PM
 #298

I've discovered Bitcoin few days ago, but I am skeptical about few things, why would I invest money in Bitcoins at the end of the day,why would I convert money into Bitcoins?

If I want to buy stocks or invest money I can easily invest with real $. Why would I convert my $ to bitcoins?
If I want to gamble , I can simply gamble on websites that require $ as currency, why would I convert it to bitcoins?
What's the difference between Bitcoins and dolars? What does bitcoin bring to the table that real $ don't, less taxes, more income?

if you save bitcoin you can get a profit , bitcoin increase fast
but if you save your $ or real money they just to inflation of price


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November 19, 2016, 06:00:02 PM
 #299

I've discovered Bitcoin few days ago, but I am skeptical about few things, why would I invest money in Bitcoins at the end of the day,why would I convert money into Bitcoins?

If I want to buy stocks or invest money I can easily invest with real $. Why would I convert my $ to bitcoins?
If I want to gamble , I can simply gamble on websites that require $ as currency, why would I convert it to bitcoins?
What's the difference between Bitcoins and dolars? What does bitcoin bring to the table that real $ don't, less taxes, more income?

if you save bitcoin you can get a profit , bitcoin increase fast
but if you save your $ or real money they just to inflation of price

The thing you just stated is not an advantage of bitcoin and is also not so true.
Bitcoin is not "Increasing fast", it can also decrease fast as it increase fast and you can end up losing a lot of money, it all depends when you bought it.
When you hold real world fiat, you can be sure that you will always have a value as you have your government who backs your funds.
 
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November 19, 2016, 06:14:04 PM
 #300

I've discovered Bitcoin few days ago, but I am skeptical about few things, why would I invest money in Bitcoins at the end of the day,why would I convert money into Bitcoins?

If I want to buy stocks or invest money I can easily invest with real $. Why would I convert my $ to bitcoins?
If I want to gamble , I can simply gamble on websites that require $ as currency, why would I convert it to bitcoins?
What's the difference between Bitcoins and dolars? What does bitcoin bring to the table that real $ don't, less taxes, more income?

if you save bitcoin you can get a profit , bitcoin increase fast
but if you save your $ or real money they just to inflation of price

The thing you just stated is not an advantage of bitcoin and is also not so true.
Bitcoin is not "Increasing fast", it can also decrease fast as it increase fast and you can end up losing a lot of money, it all depends when you bought it.
When you hold real world fiat, you can be sure that you will always have a value as you have your government who backs your funds.

This largely depends on which fiat you hold and who issues it (i.e. specific government behind the currency). If we are talking about the Swiss franc or the American dollar, you can be pretty sure that they won't get devalued overnight. But if we take the European currency, the Euro, you cannot be absolutely sure that the government behind it won't disappear in half a year following the collapse and disintegration of what is today known as the European Union, and the Euro itself won't turn into useless and worthless sheets of paper...



I don't think that Zimbabwean dollars have any value even if they have been backed by a government

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