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Author Topic: Bitcoin is money, everything else is credit.  (Read 2018 times)
bitcoinmaniac52
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September 24, 2017, 12:25:23 AM
 #61

Gold is not credit man. Gold is the same as Bitcoin essentially (except there is technically a never ending supply, whereas Bitcoin supply is finite).


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September 24, 2017, 12:30:08 AM
 #62

I am not an economic expert and I dont like difficult word, I like to keep it simple, bitcoin is a money becaus it can be spend although not all the places are accepting bitcoin and bitcoin is an investment because the value is keep on rising it is the same like you are keeping gold or other country fiat, so bitcoin is both money and investment
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September 24, 2017, 12:35:16 AM
 #63

I am not an economic expert and I dont like difficult word, I like to keep it simple, bitcoin is a money becaus it can be spend although not all the places are accepting bitcoin and bitcoin is an investment because the value is keep on rising it is the same like you are keeping gold or other country fiat, so bitcoin is both money and investment

This can be debated by us, some people claim that bitcoin is not cash since it's not spendable on everywhere if you don'y have debit crypto cards.

And silver, gold type metals are also not credit too.

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September 24, 2017, 01:38:43 AM
 #64

This is an interesting take on Bitcoin but for me as of now Bitcoin is not yet that powerful. Since it is still being exchange to FIAT then without FIAT then Bitcoin will be zero value. Also with your argument it can also applied not just gold but other precious metal and commodities. We can also apply it to Silver and Oil.

Maybe in the future Bitcoin will be the real money but as of now it is too early to say.

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September 24, 2017, 06:22:35 AM
 #65

If you really think about it, BTC is nothing but a ledger with the record of all the inputs and outputs. If you think about it that way you wouldnt think of it as money. We dont even have the coins in our wallets. Its all right there in the ledger stored as UTXOs. If the world finds some value in that and they are willing to pay for over $2000 per 1 BTC, then ok.
Why are you so surprised? If bitcoin is used simply to invest the money I would have to maintain your sarcasm, but there are many people who perform some work and receive payment in bitcoins. This is already the emergence of the bitcoin economy, and this is serious.
Yes it's true, in which case most people or earn money from users of the bitcoin bitcoin and concluded that bitcoin is money and the right words to you that we are also doing a job to be able to obtain payment. in the bitcoin has no face value that surely will but can be used as a tool of bitcoin payments and this is the advantage of bitcoin. bitcoin can also be used as an investment of a portion of the amount of money to obtain the value added in the economy.

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September 24, 2017, 06:40:27 AM
 #66

I do not agree with you, bitcoin is not money it's just an investment, if it is money then it is not prohibited by law, if it is money then it must be accepted at the bank. And you have to convert it into a currency to use that proves it's not money.

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September 27, 2017, 11:04:11 AM
 #67

In my own opinion bitcoin for me is money its really change my life since i was a member of this forum.i joined signature campaign to earned money every week and when i cash it out it make more money to me.it is the only currency that has a high value and has an increasing value every time many investors invest on it.im wishing for stable of bitcoin to expand its benefits and importance.

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September 27, 2017, 11:39:13 AM
 #68

Personally I tend to think that literally everything is credit. Even precious metals, rubies and diamonds. The value of everything can be given or taken depending on circumstances and scenarios.

One decent argument for bitcoin not being credit could be its supply limit. There's no hard limit to the sum of credit banks or governments can extend. They can "create money out of thin air". Bitcoin being limited by supply differentiates itself from a credit paradigm in this way. There's a limit on the number of bitcoins that will be mined. There are many implications which can be derived from these subtle differences.

Economic instability, excessive debt, economic mismanagement, irresponsible use of resources. All of these things might be correlated with governments/banks having no limits on the credit they can extend. This could lead to irresponsible and high risk behavior which threatens economic stability and has other negative implications.

Bitcoin being limited by supply could contrast itself as being the opposite of these negative precedents.

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September 27, 2017, 12:05:00 PM
 #69

I do not agree with you, bitcoin is not money it's just an investment, if it is money then it is not prohibited by law, if it is money then it must be accepted at the bank. And you have to convert it into a currency to use that proves it's not money.
You are right. Bitcoin cannot be called money. The maximum that bitcoin can claim that the status of the payment instrument. The point is not even banned or not. The fact that bitcoin does not contribute to the development of the economy and is the main task of monetary policy.

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September 27, 2017, 12:12:34 PM
 #70

BTC definitely fits the definition of "wealth", more so than fiat money. Fiat money is a form of transacting, nothing more. It is a debt based, horribly flawed system.

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September 27, 2017, 12:40:45 PM
 #71

In my own opinion bitcoin for me is money its really change my life since i was a member of this forum.i joined signature campaign to earned money every week and when i cash it out it make more money to me.it is the only currency that has a high value and has an increasing value every time many investors invest on it.im wishing for stable of bitcoin to expand its benefits and importance.
Unlike you I dont wish for the stability of bitcoin, in fact im fine with it's volatility. Your own opinion about bitcoin is nice, but I wouldn't just generalize money concept of bitcoin into just joining signature campaigns since it can also be used to pay others too. It can also be used to buy things online. Besides that, bitcoin is real money that is safe from counterfeiting and this for me is the definition of wealth which is bitcoin.
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September 27, 2017, 02:12:09 PM
 #72

In my own opinion bitcoin for me is money its really change my life since i was a member of this forum.i joined signature campaign to earned money every week and when i cash it out it make more money to me.it is the only currency that has a high value and has an increasing value every time many investors invest on it.im wishing for stable of bitcoin to expand its benefits and importance.
Unlike you I dont wish for the stability of bitcoin, in fact im fine with it's volatility. Your own opinion about bitcoin is nice, but I wouldn't just generalize money concept of bitcoin into just joining signature campaigns since it can also be used to pay others too. It can also be used to buy things online. Besides that, bitcoin is real money that is safe from counterfeiting and this for me is the definition of wealth which is bitcoin.
why do not you want bitcoin price stability?
what do you think about it?
what happens if bitcoin prices go down?
What you doing?

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September 29, 2017, 12:51:26 PM
 #73

Gold is not credit man. Gold is the same as Bitcoin essentially (except there is technically a never ending supply, whereas Bitcoin supply is finite).
Very well said! I think if we consider gold or even Bitcoin as credit, then this will be something unjust. I think there is no other better way of earning a good amount of money and profit but investing what all you had in Bitcoin. Gold is a good option as well but I think Bitcoin is most suitable option.

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September 29, 2017, 12:53:43 PM
 #74

I do not agree with you, bitcoin is not money it's just an investment, if it is money then it is not prohibited by law, if it is money then it must be accepted at the bank. And you have to convert it into a currency to use that proves it's not money.

Yes, bitcoin is now used as an investment, because its price is too high and not everywhere you can buy something with it. All my friends earn with bitcoin, but then change it to regular currency.

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Dontme
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September 29, 2017, 01:04:31 PM
 #75

Nothing gets on my nerves more than hearing "Bitcoin is an investment".

Bitcoin is not an investment, Bitcoin is money. In fact, everything other than gold and Bitcoin is simply credit.

Money is supposed to enrich, not impoverish; yet, inflationary credit (fiat) has done nothing but robbed the saver, the worker, and the retiree of his/her purchasing power while enriching Wall Street and asset holders.

Bitcoin, unlike credit, is not inflationary, but deflationary. The price of Bitcoin doesn't rise, the cost of goods relative to Bitcoin falls.

As long as our monetary system is not rooted in private property ethic, that is, banks are allowed to lend "money" they do not have (conjured from thin air), the economic boom and bust cycle will only continue to grow in severity.

Anyone who has read either Ludwig Von Mises or Rothbard's work is familiar with the concept (for more on why Bitcoin is money, and everything else is credit, I highly recommend What has government done to our money? by Rothbard, available here for free: https://mises.org/library/what-has-government-done-our-money).

People aren't investing in Bitcoin persay, but rather, riding off the enriching effects of price deflation, which has existed in the US before the creation of the Federal Reserve.

Bitcoin has all the properties of money, and in my humble opinion, is a better monetary unit than gold.

Thoughts? What do you see Bitcoin as?

Tzadik


Same as you I look at bitcoin as money already it is only digital coins but I consider bitcoin as money. Well, it is not  investment or something tgis is money that we can use in investments. Bitcoin is good in short-term investment and it is more good in long-term investment. Bitcoin is the greatest crypto currency now because of its high demand and become valuable to everyone who already knows to deal with it. So better say Bitcoin is Money.

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September 29, 2017, 01:06:43 PM
 #76

Nothing gets on my nerves more than hearing "Bitcoin is an investment".

Bitcoin is not an investment, Bitcoin is money. In fact, everything other than gold and Bitcoin is simply credit.

Money is supposed to enrich, not impoverish; yet, inflationary credit (fiat) has done nothing but robbed the saver, the worker, and the retiree of his/her purchasing power while enriching Wall Street and asset holders.

Bitcoin, unlike credit, is not inflationary, but deflationary. The price of Bitcoin doesn't rise, the cost of goods relative to Bitcoin falls.

As long as our monetary system is not rooted in private property ethic, that is, banks are allowed to lend "money" they do not have (conjured from thin air), the economic boom and bust cycle will only continue to grow in severity.

Anyone who has read either Ludwig Von Mises or Rothbard's work is familiar with the concept (for more on why Bitcoin is money, and everything else is credit, I highly recommend What has government done to our money? by Rothbard, available here for free: https://mises.org/library/what-has-government-done-our-money).

People aren't investing in Bitcoin persay, but rather, riding off the enriching effects of price deflation, which has existed in the US before the creation of the Federal Reserve.

Bitcoin has all the properties of money, and in my humble opinion, is a better monetary unit than gold.

Thoughts? What do you see Bitcoin as?

Tzadik


I am of the very same opinion as you. But there is only one problem we have and that is the high transaction fees we have while sending or receiving bitcoins. This limits the scope.of bitcoin why would you want a 2% cut out of the bitcoins you send. Paying taxes is really better than that.

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September 29, 2017, 01:08:00 PM
 #77

For me it is still hard to see bitcoin as money until it will be readily accepted throughout the world. It is still necessary to convert to FIAT in order to purchase most things and thus without such FIAT bitcoin would be essentially worthless. Realistically I foresee this being the case for quite some time.

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September 29, 2017, 02:25:01 PM
 #78

In my opinion, bitcoin is investment. I think it is suitable with someone who dare invest. Because sometime  it has risky. There is nothing in business without business. If you want to have so much money, you must dare bet with your decision making. I think Bitcoin is the good investment because it helps us earn more money for our life.
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September 29, 2017, 04:50:25 PM
 #79

,a part of what you were saying was right while a part of it i kinda disagree. bitcoin is money, yes it is, a virtual currency, gold and other investments are still money, they are used for transactions and exchanging goods long long time ago, they are used as payments so they are not credits. they are also investments good for long term purposes.

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September 29, 2017, 05:07:36 PM
 #80

Gold is not credit man. Gold is the same as Bitcoin essentially (except there is technically a never ending supply, whereas Bitcoin supply is finite).
Very well said! I think if we consider gold or even Bitcoin as credit, then this will be something unjust. I think there is no other better way of earning a good amount of money and profit but investing what all you had in Bitcoin. Gold is a good option as well but I think Bitcoin is most suitable option.
Gold does not mean is a place for short term investment, it has been became a place to keep our money instead of keep in banks. While that, Bitcoin is a new way to make money through trade it on the crypto market. Both are very different.

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