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Author Topic: Difference between Bitcoin and real money?  (Read 110617 times)
roadbits
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December 26, 2016, 12:38:23 PM
 #561

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?


Bitcoin is not real money?  Huh Roll Eyes

You don't understand his main point of attention. In short - Why would you use Bitcoin to pay for things, gamble, etc, while you can do everything instantly with fiat already? I kinda agree with that. Bitcoin as currency tool is simply not that interesting anymore as fiat related payment platforms have upped their game to such a level, that it basically outrules Bitcoin in that aspect. That's why I have been saying lately that the growth from Bitcoin has to come from people using Bitcoin either as an investment tool, or as store of value tool where they can operate outside the current banking and governmental system.

According to me the main difference in b/w bitcoin and real money is, it's not possible to use Bitcoin for the legal transaction. Means any legal payment we don't have a chance to pay through Bitcoin. All legal transaction will do through real currency. And Bitcoin is more useful for online gamblers. People stopped using real currency when this bitcoin came to gambling world. The bitcoin capture is online gambling world completly.
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December 26, 2016, 05:24:52 PM
 #562

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?


Bitcoin is not real money?  Huh Roll Eyes

You don't understand his main point of attention. In short - Why would you use Bitcoin to pay for things, gamble, etc, while you can do everything instantly with fiat already? I kinda agree with that. Bitcoin as currency tool is simply not that interesting anymore as fiat related payment platforms have upped their game to such a level, that it basically outrules Bitcoin in that aspect. That's why I have been saying lately that the growth from Bitcoin has to come from people using Bitcoin either as an investment tool, or as store of value tool where they can operate outside the current banking and governmental system.

Maybe, because it makes sense to operate beyond the current banking and government system when Bitcoin is being used not only as a store of value or an investment asset, but also as a means of payment? Open your mind, a closed-loop Bitcoin economy would be possible without any government participation or interaction, either direct or mediated. When anyone is using fiat for anything, government is always there, since fiat is basically a part of government itself. In this way, I can't possibly agree that Bitcoin is not interesting as a currency since there is fiat already...

Dark market is an obvious example proving my point

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December 26, 2016, 05:30:05 PM
 #563

Bitcoin is tax free but Real money is not tax free.Bitcoin can't be use in every shop or markets.But real money is eligible in every shops and markets.If we transfer bitcoin it's untraceable but real money transfer is traceable.Real money will never die or banned  but bitcoin can be banned or vanished.
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December 26, 2016, 05:32:24 PM
 #564

Bitcoin is real money. And the only time I convert my money into fiat is when I need to pay a bill or purchase a consumable.

Who says bitcoin is not money? Of course it is, but the question is if what is the difference between real money (fiat) and bitcoin, and what you said is exactly what makes them different, which is that bitcoin is not yet spendable anywhere we want and real money (fiat) can be used anywhere we want.
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December 26, 2016, 05:42:47 PM
 #565

Bitcoin is tax free but Real money is not tax free.Bitcoin can't be use in every shop or markets.But real money is eligible in every shops and markets.If we transfer bitcoin it's untraceable but real money transfer is traceable.Real money will never die or banned  but bitcoin can be banned or vanished.

Yeah bitcoin is tax free, at the same real money were kept without proper taxation by few users. Though bitcoin looks untraceable if a particular persons bitcoin address is known, his entire balance can be known. Real money can't be the same even if someone's account details were known.

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deisik
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December 26, 2016, 05:48:36 PM
 #566

Bitcoin is real money. And the only time I convert my money into fiat is when I need to pay a bill or purchase a consumable.

Who says bitcoin is not money? Of course it is, but the question is if what is the difference between real money (fiat) and bitcoin, and what you said is exactly what makes them different, which is that bitcoin is not yet spendable anywhere we want and real money (fiat) can be used anywhere we want

The main issue with such logic lies in the fact that there is no abstract fiat which can be used anywhere. The US dollar cuts it to a degree, but, as I mentioned before, there are more than a hundred fiat monies hanging around, and the total majority of them have only limited local use. My point is that Bitcoin is overall more usable throughout the world than most of these currencies. In other words, you simply can't correctly compare something specific (Bitcoin) with something abstract (fiat in general)...

At least, in respect to some quality or feature which is not set for the latter

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December 27, 2016, 01:34:36 AM
 #567

There is not much on their difference because bitcoin is another form of money and it is virtual and fiat or real money is just physical. They can both help us in having financial freedom if we know how to manage those two and if you are smart enough on how to use it then you can generate a lot of income from it.

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December 27, 2016, 01:53:21 AM
 #568

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?


Bitcoin is not real money?  Huh Roll Eyes
Bitcoin is complex money. The complex explanation about the value of algorithm. At least you can buy something use it. I can't say it's real or not because it does not have a physical body. Not completing about the criteria of a real money. But bitcoin still keep its value and the digital form makes it have a complex characteristic. Makes sense for call it the complex currency.

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December 27, 2016, 03:03:55 AM
 #569

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?


Bitcoin is not real money?  Huh Roll Eyes
Bitcoin is complex money. The complex explanation about the value of algorithm. At least you can buy something use it. I can't say it's real or not because it does not have a physical body. Not completing about the criteria of a real money. But bitcoin still keep its value and the digital form makes it have a complex characteristic. Makes sense for call it the complex currency.


Bitcoin is a form of digital currency and real money is fiat currency which you can withdraw it in cash form using an ATM machine and you can touch it physicaly. You cannot touch a digital currency value but you can only see it through viewing it using internet network connection. Fiat currency is very important with bitcoin in my own explanation because you can convert your cryptocurrency to fiat and without fiat currency you cannot convert it to real money which is fiat cash. Bitcoin cannot used in purchasing goods at department store which is not adopting bitcoin as mode of payment so you really need to convert it to fiat in order to make it cash form.
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December 27, 2016, 03:19:42 AM
 #570

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?

You can gamble anonymously with bitcoin so none will find out about your activities or who you are if you take the right measures, besides many people that gamble with bitcoin gamble coins they earned in some way or another so they don't need to convert fiat into bitcoin.

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December 27, 2016, 03:22:05 AM
 #571

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?


Bitcoin is not real money?  Huh Roll Eyes
Bitcoin is complex money. The complex explanation about the value of algorithm. At least you can buy something use it. I can't say it's real or not because it does not have a physical body. Not completing about the criteria of a real money. But bitcoin still keep its value and the digital form makes it have a complex characteristic. Makes sense for call it the complex currency.

Not true, Bitcoin is nor complex money because people not started using like fiat yet. People from the forum only using the Bitcoin in trade and for some online purchases, so Once Bitcoin adopted and made centralized by the Government. That time there is no difference at all apart from price value.

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December 27, 2016, 04:56:26 AM
 #572

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?

because bitcoin just not the digital currency , this is digital currency better than gold ..
bitcoin be easily for more things like if you going to overseas you do not need change your money because bitcoin already received in several country...


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December 27, 2016, 07:09:13 AM
 #573

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?

You can gamble anonymously with bitcoin so none will find out about your activities or who you are if you take the right measures, besides many people that gamble with bitcoin gamble coins they earned in some way or another so they don't need to convert fiat into bitcoin.
I think the real money as fiat can also do gambling unnoticed by the police. is the difference fiat with bitcoin significantly is decentralized
This is clearly different from the fiat controlled by any government

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fasdorcas
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December 27, 2016, 07:17:08 AM
 #574

bitcoin is digital currency which can be use for online websites and online shopping and real money is fiat which can be use for direct shopping and real money have physical shape and real money can be store in bank.

fasdorcas
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December 27, 2016, 07:20:09 AM
 #575

its very simple that different between in bitcoin and real money , bitcoin have no physical shape and recently we can use it for direct shopping in local shops and real money have physical shape and we can use it for direct shopping in anywhere in local shops.

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December 28, 2016, 08:45:23 AM
 #576

its very simple that different between in bitcoin and real money , bitcoin have no physical shape and recently we can use it for direct shopping in local shops and real money have physical shape and we can use it for direct shopping in anywhere in local shops.

You posted your reply twice, maybe you should delete the other one.

Anyway, regards the physical "shape" or maybe you meant "form" in your sentence, indeed bitcoin does not have a physical representation of the coins but real money also has such form. Real money can be deposited, for example in paypal, which would become digital. Another is credit cards, you can buy a lot of things without even getting your wallet using credit cards. I don't think form has anything to do with both financial mediums. It does not really give them any real advantage or disadvantage.

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Fatanut
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December 28, 2016, 09:04:08 AM
 #577

its very simple that different between in bitcoin and real money , bitcoin have no physical shape and recently we can use it for direct shopping in local shops and real money have physical shape and we can use it for direct shopping in anywhere in local shops.

You posted your reply twice, maybe you should delete the other one.

Anyway, regards the physical "shape" or maybe you meant "form" in your sentence, indeed bitcoin does not have a physical representation of the coins but real money also has such form. Real money can be deposited, for example in paypal, which would become digital. Another is credit cards, you can buy a lot of things without even getting your wallet using credit cards. I don't think form has anything to do with both financial mediums. It does not really give them any real advantage or disadvantage.
To some, it does. When people asked me where are my bitcoins, I said it's on the internet and they looked dismayed or disappointed. That shouldn't be a problem to me though because right from the start I was aware that bitcoin is a cryptocurrency and not a fiat currency. There are physical bitcoins that has a corresponding amount in the wallet but it costs a lot and we don't really need that physical coin to have transactions.

I can add in your post that bitcoin is basically the same as those digital form of money like the ones in paypal and bank accounts. Similar to those, you can convert your bitcoin into fiat as well.

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legendbtc
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December 28, 2016, 09:29:19 AM
 #578

There are many reason in between bitcoin and fiat money, fiat money is controlled by the government sectors and bitcoin is controlled by the one who has bitcoin. Bitcoin is completely digital currency we can send it to any part of the country where as fiat money it is restricted to specific country only. The value of the bitcoin is very high when compared to fiat currency.The transaction fee of bitcoin is very less when compared fiat currency.

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December 28, 2016, 11:34:28 AM
 #579

Give or take we all spend money one way or another. Was is fiat or bitcoin we at the end spend it for something. Bigger issues is that sometimes you have bitcoin and you need cash fast takes days to serve all out, but this is something i hope it will be resolved in near future for all to pay/spend bitcoin/fiat not you with cash only. I just hope that i will live to see this happening.



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deisik
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December 28, 2016, 05:09:34 PM
 #580

its very simple that different between in bitcoin and real money , bitcoin have no physical shape and recently we can use it for direct shopping in local shops and real money have physical shape and we can use it for direct shopping in anywhere in local shops.

You posted your reply twice, maybe you should delete the other one.

Anyway, regards the physical "shape" or maybe you meant "form" in your sentence, indeed bitcoin does not have a physical representation of the coins but real money also has such form. Real money can be deposited, for example in paypal, which would become digital. Another is credit cards, you can buy a lot of things without even getting your wallet using credit cards. I don't think form has anything to do with both financial mediums. It does not really give them any real advantage or disadvantage.
To some, it does. When people asked me where are my bitcoins, I said it's on the internet and they looked dismayed or disappointed. That shouldn't be a problem to me though because right from the start I was aware that bitcoin is a cryptocurrency and not a fiat currency. There are physical bitcoins that has a corresponding amount in the wallet but it costs a lot and we don't really need that physical coin to have transactions

Physical bitcoins are just like your paper wallet. They don't contain any bitcoins at all, only the private key to a Bitcoin wallet. All bitcoins that were mined, are mined, or will be mined will always remain in the blockchain (unless Bitcoin paradigm changes). Regarding fiat, it is not essentially different as long as we don't mean cash. Basically, fiat is just a collection of records in a Central bank database, which correspond to the amount of money held by commercial banks and other financial institutions (a typical double-entry with one entry in the commercial bank and the other in the Central bank)...

In other words, these are the same digits but organized in a somewhat different manner

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