Bitcoin Is Not Really A Good Money

[BobK71]

I know, Bitcoin is designed to be as free from central bank and politician control as possible.  It is open-source, decentralized, etc.

But if you think about it, Bitcoin is still fundamentally worse than gold and silver as a truly free money.

First things first: all of gold, silver and Bitcoin are subject to central bank manipulation by pegging.  When central banks store up enough non-state money, they can sell that money for a fixed dollar or pound price, and thus suppress any appreciation of the non-state money in currency terms.  This enables the elites to acquire wealth and power for free, by issuing state currency and debt, as long as the central bank has enough of the non-state money to fight off any 'run on the bank.'

This was the real nature of the gold and silver standards through most of modern history, that mainstream economists praised for stabilizing state currencies and economies, at that time.  (Of course, they are now firmly against the gold standard, thus both times saying the elites' system was/is good for the economy.)

That said, Bitcoin suffers from the additional problem that it's secured not by physics, but by algorithm.  Algorithms can change.  Algorithms are only guarded by humans who are subject to persuasion.  At some point, the elites will have issued too many IOUs against the Bitcoin in their vaults.  Either we increase the issuance limit from 21 million, or we get a financial crisis and depression.  I imagine most of the developers will be open to talking.  (BTW, some version of this is almost guaranteed to happen, due to the nature of the world system.  For example, all countries have defaulted on their promises to redeem gold at a fixed price.)

This is in contrast to gold and silver, where violating the limit of issuance is physically impossible (or very expensive, with radioactive reactions.)

Another major weakness of Bitcoin is transparency.  In order for the public to hold the elites accountable for their monetary actions, however partially, the easier it is to observe and monitor the system, the better.  The reality is that computer networks and data structures are not easy for most of the public to understand, compared to the age-old concept of holding physical metals.

And we know from experience that the elites take full advantage of lack of public understanding.  Besides the 'gold standard good, gold standard bad' flip-flop by establishment economists, almost every major issue of finance is distorted before the public receive the wisdom passed down to it by the media (and this includes, maybe especially includes, channels tailored to the highly educated, like The Economist magazine and America's PBS television.)  Southeast Asia in the 90s, Greece recently, and Germany between world wars were made to suffer deflation after their financial crises, and the economic justification was 'moral hazard.'  The US was allowed to print devalued money to ease the pain after its own financial crises, and the economic justification was Keynesian pain relief.  (The real reason for the differentiation was that American voters had more power to disrupt the elites' system than those other populations.)

With Bitcoin so much easier to manipulate than gold and silver, no wonder, all the signs are that the elites will promote Bitcoin as the store of value of the future.  This makes even more sense when you consider it would be embarassing for the elites to promote gold or silver instead, since their prices would have to rise to a level much higher than the last time the elites tried to fix them.  Gold has appreciated 30 time since the elites' fixed postwar price of $35/ounce, and would likely have to appreciate another 30 times before a new (de-facto) gold standard can become stable.  This does not make the elites' money look good.  Bitcoin has no such history, and the elites can claim (and likely be believed) that they are merely moving money onto a new, electronic foundation that is more stable than a totally fiat system.

As I mentioned before, the elites must secretly nurture, if not openly promote, some form of safe store of value that is totally trusted by the public.  In today's world, that can only mean non-state-issued money.  The only question is which.

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[cryptounicon]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

[bncbnc]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

yes that is right that bitcoin is the currency of the modern people specially the new generation who are showing more interest in bitcoin to use it for online shopping. they are now converting even their business to online and mostly giving preference to online shopping and other dealings, therefore we can say that bitcoin has a great and bright future.

[DrGuns4Hands]

for me bitcoin is a really good thing to be dependent on. it really helps me on daily instructions mostly business transactions bitcoin also always there for me when i needed money i can easily sell it out so that i can cash it out. even tho bitcoin is a decentralized money. i don't care because bitcoin is the one who helps me to be on my state right now.

[yugyug]

many old-fashion economists and old-fashion investors can't hardly explain how the bitcoin or cryptocurrency really work. even the genius investor Warren Buffett talks bullshits about bitcoin and he tried to predict 4 years ago that bitcoin would burst like a bubble and that time the bitcoin's value is below 300 usd and now the price is soaring as high as 4000 usd , he even can't understand how it was going. OP is right bitcoin is not a good money; for an old-fahsion man but it is a very good money for a cyber generation, gold and silver is not the real wealth status of this modern times as you can see Microsoft, Facebook, Apple, Twitter, Google, IBM, Intel, Spotify and other computing related services are the new wealthy elite and they didn't need gold to hold, DATA is the new money. Bitcoin is DATA so this is where the value it holds.

[Hydrogen]

I will contend that.

1. Bitcoin has many advantages over both gold and silver. Bitcoin is easier to transact and buy/sell with than a 2 pound gold/silver nugget. Bitcoin is easier to store and keep safe than gold/silver. Bitcoin is more portable. Bitcoin is more difficult to counterfeit than gold/silver bars. If bitcoin is stolen it may also be easier to track down and recover than gold/silver due to the publicly accessible ledger and a good portion of the internet containing logs which allow tracking of transactions to a relative degree.

2. Bitcoin's algorithm is a major advantage being a creator of long term value. The second people have control over something like ethereum or bch is often the second they sacrifice long term value for short term gain. We can see this in many crypto and fiat currencies which are manipulated to produce short term gain, rather than long term value. People criticize bitcoin's algorithm but also fail to acknowledge the algorithm has proven much more reliable and stable than more arbitrary and often greed driven human regulation.

[skyline247]

I will contend that.

1. Bitcoin has many advantages over both gold and silver. Bitcoin is easier to transact and buy/sell with than a 2 pound gold/silver nugget. Bitcoin is easier to store and keep safe than gold/silver. Bitcoin is more portable. Bitcoin is more difficult to counterfeit than gold/silver bars. If bitcoin is stolen it may also be easier to track down and recover than gold/silver due to the publicly accessible ledger and a good portion of the internet containing logs which allow tracking of transactions to a relative degree.

2. Bitcoin's algorithm is a major advantage being a creator of long term value. The second people have control over something like ethereum or bch is often the second they sacrifice long term value for short term gain. We can see this in many crypto and fiat currencies which are manipulated to produce short term gain, rather than long term value. People criticize bitcoin's algorithm but also fail to acknowledge the algorithm has proven much more reliable and stable than more arbitrary and often greed driven human regulation.

Bitcoin's algorithm definitely isn't an advantage over gold, because it was modeled on gold to begin with. There is only a certain amount available (like gold), as time goes on it gets harder to mine (like gold) and thus becomes more rare and the price or demand increases (like gold). This is why it is called virtual gold in the first place. :p

[gadimbrut]

Bitcoin is not really money but bitcoin is better than money in terms of usefulness and in many countries there are many who accept payments using bitcoin, so we do not need to exchange money, just we use bitcoin

[Mtoo]

well you , me, other people they knows about that  BTC and when you see the majority of them don't  believe or care about projects BTC . okay let them there up get more bitcoin.

[HabBear]

At some point, the elites will have issued too many IOUs against the Bitcoin in their vaults. 

That's not how bitcoin works. So you either don't understand how bitcoin works OR you're implying that Satoshi or core developers would change the algorithm to serve this nefarious purpose.

Perhaps they could to that, but then they'd have to rely on the miners, node operators, and owners of Bitcoin to accept it. Everyone who participates in the system has the privilege of supporting the existing system as a result. You see an example of this in Bitcoin Cash and Bitcoin prices. The success of Bitcoin Cash is driven entirely on (1) the will of miners and node operators to process their transactions (i.e., they must agree with Bitcoin Cash as an alternative to Bitcoin), and (2) the general public to want to own and trade Bitcoin Cash.

You're right, Bitcoin is not good money. Why would anyone spend today what they know will be worth more tomorrow? Bitcoin is an asset class, a store of value. That's it. It's beautiful.

[Forhadm]

Bitcoin is really a good money. because bitcoin is a helpful project i will dependent for it per day per weeks per month also per years i think bitcoin is a good project also a good money now a day many young generation people are helpful for this bitcoin side, so i think its a perfect project.

[Vinalians]

who said that it is not a good money? all of us benefit in bitcoin the price of it is unstoppable it is now more than 4000$  and you are saying that it is not really a good money, no, it is a good money, and i am sure in the future the price of it will increase more.

[trecore4]

We can get financial crisis !! Oh come on what are you thinking about bitcoin. To be honest the 21 million cap for bitcoin is not its limitation but it is its security. If the limits are increased then there is no value to bitcoin as it will be available on mass number. Today's bitcoin works on the strategy that it is limited and people are trying to grab as much as they can.


Though one day it is circulated completely, it doesn't mean it won't have deposit securities but it will keep moving through the wallets, peer to peer and this algorithm is non ending.


Paper money & Gold are destructive, they can degrade through the time and can be created again and again to reach market capital again but bitcoin is stable and the algorithm is not destructive, it's computing power that keeping it on always. There is no off switch. That's bitcoin is better.

[Beerwizzard]

Imho bitcoin is not a complete money. At least as it is today.
Right now it more looks like an instrument for investment and speculations. To make it look like money it should be more tradable. Most of the problems are already discussed and I hope will be solved pretty soon.

[@prashant]

Imho bitcoin is not a complete money. At least as it is today.
Right now it more looks like an instrument for investment and speculations. To make it look like money it should be more tradable. Most of the problems are already discussed and I hope will be solved pretty soon.

bitcoin original was not designed to become day to today money ,it was designed as a asset to blockchain technology ,the main focus was blockchain .now it has become the most profitable investment asset,is used widely because of its anonymous nature.

[Xavofat]

Either we increase the issuance limit from 21 million, or we get a financial crisis and depression.  I imagine most of the developers will be open to talking. 

Developers have absolutely no real power whatsoever.

What makes BTC a much more free money than gold or silver is that anyone can run any client at any time.  You want 100 kajillion coins?  Go ahead, have them.  Good luck getting everyone else to run your stupid client.

The only power that developers have is producing a client.  If the economic majority want to increase the supply of coins, they'll run a client which increases the supply of coins.  If the economic minority still don't want to increase the supply, they can keep the supply and that's perfectly fine.  The same applies with all of the other consensus rules, such as the block size.

Another major weakness of Bitcoin is transparency.  In order for the public to hold the elites accountable for their monetary actions, however partially, the easier it is to observe and monitor the system, the better.

Handing gold from one place to another is almost 100% untraceable, just like physical cash.  Moving Bitcoin is many times more transparent because every single transaction is accessible on a public ledger.  That means that you could see banks shifting money between each other and all other economic activity that takes place.  BTC would massively increase transparency unless banks attempted to keep their addresses hidden, but that would be tough since people can see the addresses they deposit to (if they even deposit to a bank at all).

[BobK71]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

Me too, but the deflationary aspect is basically the same among all the non-state monies.

Bitcoin has the special problem that it is only software and data, and thus the safeguard against human issuance is not as secure.

Certainly, in the digital age it would be more convenient to have electronic money.  But when going electronic compromises the integrity of the system, IMO the compromise is not worth making.

The increase of convenience generally increases the degree of trust required to keep the system honest and stable.  What humans should do is not to use systems that assume their fellow humans are trustworthy.  What they need to do now is to have a sound monetary basis for their economy, use that to build a healthy and strong economy and society, where trust grows naturally.  With more trust, we can then look for convenience.  The horse before the cart, so to speak.

[BingoDog]

I wouldn't say bitcoin isn't good money but bitcoin isn't traditional form of money. That still confuses majority of people. The whole concept was designed much different that typical currencies work and that is actualy good. The problem can happen when people actualy don't know how and for what they can use bitcoin to have the maximum benefit out of it. In such situations they get disappointed and their final conclusion is that bitcoin is no good.

[blackmagician]

I will only say that bitcoin is not a good money when it has no value anymore. How can you say that bitcoin is not good  money if some people are earning it and holding it.  As long as bitcoin has value it will always be a good money.

[QueenOf]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

yes that is right that bitcoin is the currency of the modern people specially the new generation who are showing more interest in bitcoin to use it for online shopping.

Yes agree we must admit it, some countries are already using bitcoin as a means of buying and selling, this is good even in my country a lot of young people involved bitcoin and the result they use for mebayar school fees, this is a very good impact for us, don't care for their elite they just think about themselves.

[Babyrica0226]

Bitcoin was a good currency /money to me, because all my weekly expenses is being sustained by Bitcoin, not only that all my monthly bills also bitcoin paid all of it and the most important was bitcoin is giving  me a savings for the future, particularly I believed it will become  10, 000$ or more by next year 2018 by march. So, bitcoin is obviously a good money, In fact in the other country it is legal in Japan, China, Russia and upcoming country that they will make it legalize are India and Korea.

[MarconyGL]

For me, bitcoin is good money, because it helps improve the financial situation and improve the economy of the country. Many have already noticed its positive effect and want it to develop.

[Kprawn]

Bitcoin's real strength is in it's disruptive nature. It can force changes in the banking sector and also in remittance services,

where there has been exploitation for years, because these giants were backed by governments and funded by Taxpayers.

It sucks as a currency, because the fees to use it is currently too high. These problems are only temporary and it might

change in a matter of a few months. {just by making a few code changes} 

[quarkyplum]

Maybe you have mistaken, I think if call Bitcoin is money, it not wrong because we can exchange it to FIAT and the value of Bitcoin not small, very high and high than gold. This is reason I can say Bitcoin really good money, but about asset, still need the time confirm.

[The_prodigy]

I know, Bitcoin is designed to be as free from central bank and politician control as possible.  It is open-source, decentralized, etc.

But if you think about it, Bitcoin is still fundamentally worse than gold and silver as a truly free money.

First things first: all of gold, silver and Bitcoin are subject to central bank manipulation by pegging.  When central banks store up enough non-state money, they can sell that money for a fixed dollar or pound price, and thus suppress any appreciation of the non-state money in currency terms.  This enables the elites to acquire wealth and power for free, by issuing state currency and debt, as long as the central bank has enough of the non-state money to fight off any 'run on the bank.'

This was the real nature of the gold and silver standards through most of modern history, that mainstream economists praised for stabilizing state currencies and economies, at that time.  (Of course, they are now firmly against the gold standard, thus both times saying the elites' system was/is good for the economy.)

That said, Bitcoin suffers from the additional problem that it's secured not by physics, but by algorithm.  Algorithms can change.  Algorithms are only guarded by humans who are subject to persuasion.  At some point, the elites will have issued too many IOUs against the Bitcoin in their vaults.  Either we increase the issuance limit from 21 million, or we get a financial crisis and depression.  I imagine most of the developers will be open to talking.  (BTW, some version of this is almost guaranteed to happen, due to the nature of the world system.  For example, all countries have defaulted on their promises to redeem gold at a fixed price.)

This is in contrast to gold and silver, where violating the limit of issuance is physically impossible (or very expensive, with radioactive reactions.)

Another major weakness of Bitcoin is transparency.  In order for the public to hold the elites accountable for their monetary actions, however partially, the easier it is to observe and monitor the system, the better.  The reality is that computer networks and data structures are not easy for most of the public to understand, compared to the age-old concept of holding physical metals.

And we know from experience that the elites take full advantage of lack of public understanding.  Besides the 'gold standard good, gold standard bad' flip-flop by establishment economists, almost every major issue of finance is distorted before the public receive the wisdom passed down to it by the media (and this includes, maybe especially includes, channels tailored to the highly educated, like The Economist magazine and America's PBS television.)  Southeast Asia in the 90s, Greece recently, and Germany between world wars were made to suffer deflation after their financial crises, and the economic justification was 'moral hazard.'  The US was allowed to print devalued money to ease the pain after its own financial crises, and the economic justification was Keynesian pain relief.  (The real reason for the differentiation was that American voters had more power to disrupt the elites' system than those other populations.)

With Bitcoin so much easier to manipulate than gold and silver, no wonder, all the signs are that the elites will promote Bitcoin as the store of value of the future.  This makes even more sense when you consider it would be embarassing for the elites to promote gold or silver instead, since their prices would have to rise to a level much higher than the last time the elites tried to fix them.  Gold has appreciated 30 time since the elites' fixed postwar price of $35/ounce, and would likely have to appreciate another 30 times before a new (de-facto) gold standard can become stable.  This does not make the elites' money look good.  Bitcoin has no such history, and the elites can claim (and likely be believed) that they are merely moving money onto a new, electronic foundation that is more stable than a totally fiat system.

As I mentioned before, the elites must secretly nurture, if not openly promote, some form of safe store of value that is totally trusted by the public.  In today's world, that can only mean non-state-issued money.  The only question is which.

I think bitcoin is a currency that is not neccasarily easy but given time and effort can be something that can work to almost anybody with or without experience. BTC has proven time and time again that it is not easy money that some preach it to be, but it can be something that can give you its benefits if you really work hard for it. The problem with BTC I guess is its lack of educating the masses and that is why some people shy away from it instead of gravitating towards it as some people preach that this is an easy way to earn money and if they encounter any hardship they retract.

[WatchMaker]

Great observation OP... But what you should understand is elites are always one step of the masses.
Elites are wiser than the general public. Whenever we create something new and good for the masses they always step up and taste it.
When the taste so sweet they buy it all before the masses even know about it. Don't worry bitcoin is not the only cryptocurrency in the world soon the other altcoins will emerge.

[bajing]

With Bitcoin so much easier to manipulate than gold and silver, no wonder, all the signs are that the elites will promote Bitcoin as the store of value of the future.  This makes even more sense when you consider it would be embarassing for the elites to promote gold or silver instead, since their prices would have to rise to a level much higher than the last time the elites tried to fix them.  Gold has appreciated 30 time since the elites' fixed postwar price of $35/ounce, and would likely have to appreciate another 30 times before a new (de-facto) gold standard can become stable.  This does not make the elites' money look good.  Bitcoin has no such history, and the elites can claim (and likely be believed) that they are merely moving money onto a new, electronic foundation that is more stable than a totally fiat system.

I think there is price manipulation also on gold and silver price even in the stock market, manipulation can also be done. Yes indeed it is done by a group of people who have a lot of money but as long as we are smart, i think we can used that situation to our advantage. "we will not forever invest our in bitcoin."

[kpcian]

I don't think so, nowadays Bitcoin is getting accepted most of the virtual service and becoming a popular currency in the developed countries. A lot of renowned company have declared that Bitcoin could have been accepted as a transaction tool. Apple store, MacDonald, Pizza hut and so many business platform announced as like. So Bitcoin is really a good enough money at present.

[Cacingkemi]

Well i can say that bitcoin is a good money because of the price increase is not stable but only good for internet transaction not for local transaction because its always need internet before you can send bitcoin to the receiver.. its just like a gold or sliver but the demand is really fast and the movement of the price is really increasing fast unlike gold even its in demand the price is not really increasing fast..
Bitcoin is a good thing online that you can use to buy soemthing and pay for less fee for paying transactions. i don't think that bitcoin is not a good money but there are many people are getting benefits in bitcoin..

My opinion is very very agree with you. BTC is real the currency of the future, with the development of the times as now BTC fits perfectly with modernization. We do not need to bother bringing a wallet or a visa card, just bring a cell phone and start to shopping.

[pearlmen]

OP has really made some valid point based on the analysis that he put forward but the conclusion in which I can add is that, most of those things he sees as an advantage gold, silver or even fiat are the disadvantage that bitcoin came to solve and nothing can be substituted for freedom no matter how lucrative and that's what bitcoin has that supersedes every other options and alternative OP put forward.

[allthingsluxury]

Bitcoin is light years ahead of fiat money, which is still our predominate system that we use.

It is a step in the right direction and it is much easier to transact in, than precious metals currently.

Is it better? I wouldn't say that, precious metals is backed up with over 10,000 years of history, as being a safe store of value. BTC however, does not just function as a store of value, it has many other valuable applications, that should NOT be overlooked.

It is not apples vs apples. They are quite different and to simply BTC is a disservice to it.

[BobK71]

I will contend that.

1. Bitcoin has many advantages over both gold and silver. Bitcoin is easier to transact and buy/sell with than a 2 pound gold/silver nugget. Bitcoin is easier to store and keep safe than gold/silver. Bitcoin is more portable. Bitcoin is more difficult to counterfeit than gold/silver bars. If bitcoin is stolen it may also be easier to track down and recover than gold/silver due to the publicly accessible ledger and a good portion of the internet containing logs which allow tracking of transactions to a relative degree.

These are real advantages of Bitcoin over gold and silver, but they all come at a cost -- making the system more complex and contingent (ie contingent upon there being electricity, cross-device communications, etc., and most important of all, upon users being able to trust an electronic rather than physical system -- there are multiple points along the path where deception can be introduced in such a complex system.)

My main point was that this complexity and contingency make the system fundamentally more vulnerable to abuse and fraud than a gloriously simple, stupid and honest physical store of wealth like gold.

There are times in life when we need simple and stupid honesty.  I contend that, in the world we live in, money is one of them.

2. Bitcoin's algorithm is a major advantage being a creator of long term value. The second people have control over something like ethereum or bch is often the second they sacrifice long term value for short term gain. We can see this in many crypto and fiat currencies which are manipulated to produce short term gain, rather than long term value. People criticize bitcoin's algorithm but also fail to acknowledge the algorithm has proven much more reliable and stable than more arbitrary and often greed driven human regulation.

If Bitcoin is more long-term oriented than Ethereum and Bitcoin Cash, isn't gold or silver even more so?

[UsernameBitcoin]

Bitcoin is light years ahead of fiat money, which is still our predominate system that we use.

It is a step in the right direction and it is much easier to transact in, than precious metals currently.

Is it better? I wouldn't say that, precious metals is backed up with over 10,000 years of history, as being a safe store of value. BTC however, does not just function as a store of value, it has many other valuable applications, that should NOT be overlooked.

It is not apples vs apples. They are quite different and to simply BTC is a disservice to it.

Sorry but this is not entirely true. Bitcoin is not necessarily light years ahead of fiat at least in most respects. See, fiat can be transacted in a matter of seconds but Bitcoin transactions take up to 24 hours to confirm if you use a fee that is anywhere realistic to what you would need to do micro payments like anything under $5.00 which are obviously very common in most of the world. It has a long way to go still.

[skyline247]

Bitcoin is money. And it is good money. However, maybe it could be said that it is not great money. Why? Because transactions are too expensive and take far too long.

[Kidmat]

Bitcoin is money. And it is good money. However, maybe it could be said that it is not great money. Why? Because transactions are too expensive and take far too long.

Bitcoin is more than money because we can buy good online by using bitcoin as payment. Transactions you said may take long because of the transactions fees. Bitcoin advantages than real money with its value is volatile that users grab this opportunity to earn more money.

[Rahar02]

Depends on which side you look at it; disadvantages could be advantages.
-  Bitcoin price could be maniuplated? Yes, it can be, and many people already did it. But, for those who can hold for long term and sell
   at high peaks will get bigger profits.
- Never heard about security problems regarding bitcoin algorithm, so it just your speculation. But, everyone could test the algorithm
  and notify the devs team if there's any leak.
- Bitcoin transparency is another advantage, it's not fully transparent but everyone could check every transaction as it's recorded in
  blockchain.

[Hydrogen]

Bitcoin's algorithm definitely isn't an advantage over gold, because it was modeled on gold to begin with. There is only a certain amount available (like gold), as time goes on it gets harder to mine (like gold) and thus becomes more rare and the price or demand increases (like gold). This is why it is called virtual gold in the first place. :p

Bitcoin's algorithm could be an advantage over gold as its control over the supply of bitcoin is arguably better than any regulation or control over the supply of gold.

If you want a real world example of this look into how the supply of aluminum and other metals is manipulated to artificially move prices.

These are real advantages of Bitcoin over gold and silver, but they all come at a cost -- making the system more complex and contingent (ie contingent upon there being electricity, cross-device communications, etc., and most important of all, upon users being able to trust an electronic rather than physical system -- there are multiple points along the path where deception can be introduced in such a complex system.)

My main point was that this complexity and contingency make the system fundamentally more vulnerable to abuse and fraud than a gloriously simple, stupid and honest physical store of wealth like gold.

There are times in life when we need simple and stupid honesty.  I contend that, in the world we live in, money is one of them.

Wait. Have you been watching the Mr. Robot tv show? Cause that's probably the only example I can think of where a massive electronic attack could destabilize and cause tremendous upheavel to society.

I don't know what to reply to that. If the system is complex and a lot of the data is erased, there are so many redundancies and copies of the blockchain downloaded that it could be difficult to replace or introduce a catastrophic single point of failure.

Also it might be said that people rely upon electrical for everyday life. We already trust electronic systems with virtually everything. Does it make a difference if we add one more system to the list?

If Bitcoin is more long-term oriented than Ethereum and Bitcoin Cash, isn't gold or silver even more so?

One might say: gold and silver aren't as long term oriented as bitcoin for several reasons.

1. There isn't any support for buying or selling with gold/silver/precious metals. It might be illegal to do so.
2. Gold/silver has less active users worldwide, a smaller community and user base.
3. Most people wouldn't know what to do with gold/silver if they had some. There's no knowledge or information surrounding it that the average person can relate to.
4. If someone had 50 pounds of gold/silver the police would probably confiscate it or it might be stolen. Bitcoin may be much easier to store and keep safe over the long term.

There are possibly many reasons why gold/silver would not be a better store of long term value than crypto.

[batang_bitcoin]

But if you think about it, Bitcoin is still fundamentally worse than gold and silver as a truly free money.

Well I'm thinking all the time that bitcoin is a good money. You're the only one I guess that only thinks it's not. Basically I'm not looking at it only as a money but mostly I'm looking and treating on it as an investment. That's why those gold, silver investors are hopping in today's bitcoin craze and happily seeing their portfolio progress.

[GreatOrchid]

Obviously that banks only cares about truly commodities like gold or silver, or any other metal, just because of money, and money means power.
They can not afford to lose "money" because of bitcoin, so there is gonna be a war betwene bitcoin and banks, because btc is occuping the territory of the banks.
But yes, it is money in the end, or you can not use it to buy things? I do.. So its money, enjoy that.

[TexasHuck]

I think through solid development, the evolution of BTC will continue to solve many problems including the "Free Money" concept.

Huck

[Quietman]

There maybe some flaws you can see in bitcoin but it does not generalize that it is not a good money at all. If all of us would base the meaning of being good money to its transaction hassles and vulnerability then no one would be happy to invest in bitcoin. Bitcoin has a lot to offer for us in this community. It's a step by step process in order to perfect something.

[DevilSlayer]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

yes that is right that bitcoin is the currency of the modern people specially the new generation who are showing more interest in bitcoin to use it for online shopping.

Yeah bitcoin is a digtal currency that can use by all citizen. I know the bitcoin will more develop and will become more stronger than before. I believe that the bitcoin has a bright future.

[Uberzugzug]

Yes it is not. First of all, it is not accepted by all countries in the world. Second, it is only being transacted through internet. Lastly, it is one of the currencies with the most unstable rates.

[Farma]

I do not know if bitcoin is not a good type of money, but I do know that bitcoin is a very good investment tool. Giving its users the opportunity to have a lot of money in a short time, I think in the future will be very many people who are interested in bitcoin although not a good type of money

[Renji Abarai]

I think through solid development, the evolution of BTC will continue to solve many problems including the "Free Money" concept.

Huck

I though so. There are many improvements already with bitcoin and we hope that this November scheduled fork will be fine. Bitcoin continues to evolve and being refined as time passed.

[Carmen01]

I know, Bitcoin is designed to be as free from central bank and politician control as possible.  It is open-source, decentralized, etc.

But if you think about it, Bitcoin is still fundamentally worse than gold and silver as a truly free money.

First things first: all of gold, silver and Bitcoin are subject to central bank manipulation by pegging.  When central banks store up enough non-state money, they can sell that money for a fixed dollar or pound price, and thus suppress any appreciation of the non-state money in currency terms.  This enables the elites to acquire wealth and power for free, by issuing state currency and debt, as long as the central bank has enough of the non-state money to fight off any 'run on the bank.'

This was the real nature of the gold and silver standards through most of modern history, that mainstream economists praised for stabilizing state currencies and economies, at that time.  (Of course, they are now firmly against the gold standard, thus both times saying the elites' system was/is good for the economy.)

That said, Bitcoin suffers from the additional problem that it's secured not by physics, but by algorithm.  Algorithms can change.  Algorithms are only guarded by humans who are subject to persuasion.  At some point, the elites will have issued too many IOUs against the Bitcoin in their vaults.  Either we increase the issuance limit from 21 million, or we get a financial crisis and depression.  I imagine most of the developers will be open to talking.  (BTW, some version of this is almost guaranteed to happen, due to the nature of the world system.  For example, all countries have defaulted on their promises to redeem gold at a fixed price.)

This is in contrast to gold and silver, where violating the limit of issuance is physically impossible (or very expensive, with radioactive reactions.)

Another major weakness of Bitcoin is transparency.  In order for the public to hold the elites accountable for their monetary actions, however partially, the easier it is to observe and monitor the system, the better.  The reality is that computer networks and data structures are not easy for most of the public to understand, compared to the age-old concept of holding physical metals.

And we know from experience that the elites take full advantage of lack of public understanding.  Besides the 'gold standard good, gold standard bad' flip-flop by establishment economists, almost every major issue of finance is distorted before the public receive the wisdom passed down to it by the media (and this includes, maybe especially includes, channels tailored to the highly educated, like The Economist magazine and America's PBS television.)  Southeast Asia in the 90s, Greece recently, and Germany between world wars were made to suffer deflation after their financial crises, and the economic justification was 'moral hazard.'  The US was allowed to print devalued money to ease the pain after its own financial crises, and the economic justification was Keynesian pain relief.  (The real reason for the differentiation was that American voters had more power to disrupt the elites' system than those other populations.)

With Bitcoin so much easier to manipulate than gold and silver, no wonder, all the signs are that the elites will promote Bitcoin as the store of value of the future.  This makes even more sense when you consider it would be embarassing for the elites to promote gold or silver instead, since their prices would have to rise to a level much higher than the last time the elites tried to fix them.  Gold has appreciated 30 time since the elites' fixed postwar price of $35/ounce, and would likely have to appreciate another 30 times before a new (de-facto) gold standard can become stable.  This does not make the elites' money look good.  Bitcoin has no such history, and the elites can claim (and likely be believed) that they are merely moving money onto a new, electronic foundation that is more stable than a totally fiat system.

As I mentioned before, the elites must secretly nurture, if not openly promote, some form of safe store of value that is totally trusted by the public.  In today's world, that can only mean non-state-issued money.  The only question is which.

in short you say bitcoin is not good money?,but in my opinion i think bitcoin is really good because for what the conveniece bitcoin brings to many person who use it,like easy transaction and to have extra income also,i admire the person who create bitcoin,thanks a lot i earn money for this bitcoin

[BobK71]

At some point, the elites will have issued too many IOUs against the Bitcoin in their vaults. 

That's not how bitcoin works. So you either don't understand how bitcoin works OR you're implying that Satoshi or core developers would change the algorithm to serve this nefarious purpose.

Perhaps they could to that, but then they'd have to rely on the miners, node operators, and owners of Bitcoin to accept it. Everyone who participates in the system has the privilege of supporting the existing system as a result. You see an example of this in Bitcoin Cash and Bitcoin prices. The success of Bitcoin Cash is driven entirely on (1) the will of miners and node operators to process their transactions (i.e., they must agree with Bitcoin Cash as an alternative to Bitcoin), and (2) the general public to want to own and trade Bitcoin Cash.

You're right, Bitcoin is not good money. Why would anyone spend today what they know will be worth more tomorrow? Bitcoin is an asset class, a store of value. That's it. It's beautiful.

Unfortunately, this doesn't change the fact that Bitcoin's money supply is ultimately controlled by humans.  With the elites' power, humans can be fooled, cajoled, bribed, threatened, and legally coerced into doing what they want.  Hell, the global elites have even managed to get the world to accept a totally fiat global reserve currency for 45 years -- a feat that I bet many of their own class thought impossible in the earlier ages.

[Taki]

All this reasons that you called are ok, because of, you see, Bitcoin wasn't created to replace gold or silver. So, they both can be used by the central bank and people. Bitcoin was created as control free currency and it is following it's target good for now. I don't see why do you compare bitcoin and gold in such positions where gold actually wins. Bitcoin has it's own positive sides, that gold hasn't, with which it attracts so many users and attention today.

[BobK71]

Either we increase the issuance limit from 21 million, or we get a financial crisis and depression.  I imagine most of the developers will be open to talking.  

Developers have absolutely no real power whatsoever.

What makes BTC a much more free money than gold or silver is that anyone can run any client at any time.  You want 100 kajillion coins?  Go ahead, have them.  Good luck getting everyone else to run your stupid client.

This is true in theory.  In practice, any group who want to make Bitcoin work in a certain way must gather enough strength in numbers and produce their own client(s).  After that point, they leave themselves open to reward or punishment by the elites through manipulation of coin values.  This has demonstrably already started.  (Note the story also explains the survival of Bitcoin Cash.)

True, price manipulation also applies to gold and silver.  But Bitcoin/crypto is a much more flexible system.  In an age when the elites have both power and awareness, and the public have neither, flexibility will only work in favor of the elites.

The only power that developers have is producing a client.  If the economic majority want to increase the supply of coins, they'll run a client which increases the supply of coins.  If the economic minority still don't want to increase the supply, they can keep the supply and that's perfectly fine.  The same applies with all of the other consensus rules, such as the block size.

The elites have, over 500+ years, proved themselves very capable of creating 'economic majorities' who just happen to do what they want -- i.e. allow them to skim the cream of human labor while leaving most of the effects of social ills, economic pain, war and other instabilities to the public, all the while keeping them almost completely in the dark.

Another major weakness of Bitcoin is transparency.  In order for the public to hold the elites accountable for their monetary actions, however partially, the easier it is to observe and monitor the system, the better.

Handing gold from one place to another is almost 100% untraceable, just like physical cash.  Moving Bitcoin is many times more transparent because every single transaction is accessible on a public ledger.  That means that you could see banks shifting money between each other and all other economic activity that takes place.  BTC would massively increase transparency unless banks attempted to keep their addresses hidden, but that would be tough since people can see the addresses they deposit to (if they even deposit to a bank at all).

You could almost write a quick program to split up bitcoins into new, totally anonymous addresses holding small amounts each.  When banks' money flows through these addresses, no one will be able to tell which are payments and spends, which are kept as reserves, and which are used to manipulate the market.

[BobK71]

We can get financial crisis !! Oh come on what are you thinking about bitcoin. To be honest the 21 million cap for bitcoin is not its limitation but it is its security. If the limits are increased then there is no value to bitcoin as it will be available on mass number. Today's bitcoin works on the strategy that it is limited and people are trying to grab as much as they can.

Oh, absolutely, I want the 21 million cap.  I'm just afraid it will be removed someday.  For gold, that would not be possible, as you'd have to find the gold in the ground.

[BobK71]

Imho bitcoin is not a complete money. At least as it is today.
Right now it more looks like an instrument for investment and speculations. To make it look like money it should be more tradable. Most of the problems are already discussed and I hope will be solved pretty soon.

I agree, but it has the most important property of money -- store of value.

In fact, Bitcion's scalability problems that make it hard to trade is a plus for the elites who want to promote Bitcoin.  If it were more tradeable, it would further reduce demand for state currencies.

[BobK71]

I will only say that bitcoin is not a good money when it has no value anymore. How can you say that bitcoin is not good  money if some people are earning it and holding it.  As long as bitcoin has value it will always be a good money.

Well, the dollar has value today, but I'm sure most people here will agree the dollar is not a good money, in the sense that it encourages the American elites to bring economic problems and wars around the war in order to defend their dollar as their power base.

It's in the same sense that Bitcoin is not a good money.  Now, Bitcoin was designed precisely to avoid the dollar's problems, I know, but as I've argued, a system that is based on electronics rather than physics will not be strong enough to resist the elites' using it as a tool to protect their exercise of perverse power.

[lexamagic]

Bitcoin is good money that helps an honest way to improve the lives of many people who do not have a job or are short of salary. I do not see anything wrong with them.

[the-doctor]

I agree with nost of the opinios. What bothers me is the hacking activities . These are real and brcoming so sophisticated that for example goverments have toools to penetrate your computer and data connections so actually they can manipulate and take away your digital goods. I really dont tottaly safe land to store bitcoin yet . Ledger nano is far from safe from my point of view

[Hamphser]

I agree with nost of the opinios. What bothers me is the hacking activities . These are real and brcoming so sophisticated that for example goverments have toools to penetrate your computer and data connections so actually they can manipulate and take away your digital goods. I really dont tottaly safe land to store bitcoin yet . Ledger nano is far from safe from my point of view

Worrying too much wont really give you anything good and thinking off that government doesnt really have the power to track us anytime specially on our browsing habits unless if you download virus or malware that they would able to track you out but if you are careful they wont easily hacked you up no matter what and speaking on bitcoin you cant be easily hacked as long you wont expose those private keys.

[virasog]

There really is no perfect system. Every time that you try to accommodate one need ,, you end up either creating another issue or making some small flaw larger. The same is true for Bitcoin. In order to keep things completely anonymous you have to do away with services like exchanges and other online services. In order to keep things completely decentralized you have to do the same thing.

[hase0278]

There really is no perfect system. Every time that you try to accommodate one need ,, you end up either creating another issue or making some small flaw larger. The same is true for Bitcoin. In order to keep things completely anonymous you have to do away with services like exchanges and other online services. In order to keep things completely decentralized you have to do the same thing.

Bitcoin might not be perfect but no one needs to do away with services and other online services just to send money online anonymously as one can send using his/her own wallet without ever revealing his identity at all. By doing that the real essence of bitcoin is still there even without using services to make one more anonymous. I agree on the part though that one need to use exchanges. In order to keep bitcoin market decentralized, all must continue to use decentralized exchanges.

[Idrisu]

The only question is actually " which state will allow his country to using money that the state did not have control on" I do believe the elites and politicians will never want freedom for common man. Bitcoin is even better not make a legal tender but we the promoters should only push for it acceptability by humanity. No country has accepted bitcoin but we can really see the impact it has made in our society. Decentralized currency is enemity of politicians and elites.

[rickadone]

Either we increase the issuance limit from 21 million, or we get a financial crisis and depression.  I imagine most of the developers will be open to talking. 

Developers have absolutely no real power whatsoever.

What makes BTC a much more free money than gold or silver is that anyone can run any client at any time.  You want 100 kajillion coins?  Go ahead, have them.  Good luck getting everyone else to run your stupid client.

The only power that developers have is producing a client.  If the economic majority want to increase the supply of coins, they'll run a client which increases the supply of coins.  If the economic minority still don't want to increase the supply, they can keep the supply and that's perfectly fine.  The same applies with all of the other consensus rules, such as the block size.

Another major weakness of Bitcoin is transparency.  In order for the public to hold the elites accountable for their monetary actions, however partially, the easier it is to observe and monitor the system, the better.

Handing gold from one place to another is almost 100% untraceable, just like physical cash.  Moving Bitcoin is many times more transparent because every single transaction is accessible on a public ledger.  That means that you could see banks shifting money between each other and all other economic activity that takes place.  BTC would massively increase transparency unless banks attempted to keep their addresses hidden, but that would be tough since people can see the addresses they deposit to (if they even deposit to a bank at all).

Lmao…truly for those old fashion men. Fools keeps on talking trash about Bitcoin; saying things that don’t even have meaning, while experts are a whole lot busy making money through Bitcoin. I’ve seen some people said all sorts bad words against Bitcoin, but are now investing into it. Let them keep on wasting time, while others quietly makes money.

[bitgoldpanther1978]

Maybe for you Bitcoin is not a good money, but for most bitcoin community here it is a good currency where many of here helped by bitcoin.
They used bitcoin in so many ways, whether in savings, investment, trading, and many more.

[BobK71]

All this reasons that you called are ok, because of, you see, Bitcoin wasn't created to replace gold or silver. So, they both can be used by the central bank and people. Bitcoin was created as control free currency and it is following it's target good for now. I don't see why do you compare bitcoin and gold in such positions where gold actually wins. Bitcoin has it's own positive sides, that gold hasn't, with which it attracts so many users and attention today.

This is a reasonable argument to make, but I don't think it's as simple as 'gold has one set of advantages, and Bitcoin has another set of advantages.'

The advantages of Bitcoin bring convenience in an electronic age. The advantages of gold are in regards to the integrity of a state-free money.  One set is more fundamentally important than the other.

It's almost like saying, a beautiful boat with many amenities is really no good if it has holes that will eventually sink it.

[skyline247]

Bitcoin is not great right now because there are huge transaction fees and of course no one wants to pay 10% for one transaction, especially small amounts. With that said, it will get better with Lightning Network.

[arseaboy]

All this reasons that you called are ok, because of, you see, Bitcoin wasn't created to replace gold or silver. So, they both can be used by the central bank and people. Bitcoin was created as control free currency and it is following it's target good for now. I don't see why do you compare bitcoin and gold in such positions where gold actually wins. Bitcoin has it's own positive sides, that gold hasn't, with which it attracts so many users and attention today.

This is a reasonable argument to make, but I don't think it's as simple as 'gold has one set of advantages, and Bitcoin has another set of advantages.'

The advantages of Bitcoin bring convenience in an electronic age. The advantages of gold are in regards to the integrity of a state-free money.  One set is more fundamentally important than the other.

It's almost like saying, a beautiful boat with many amenities is really no good if it has holes that will eventually sink it.

great that's how exactly we should think about this system as gold already proven his existence that most of the countries treated as an asset while bitcoin still new and still trying to prove its stability both have its own potential and they have different venue.

[Roboabhishek]

Every technology has its positive and negative effects it depends on the user.
For eg, Drug dealing and accepting payment for drugs and illegal businesses is now much easier. ( negative )

People can send money in form of bitcoins easily to one another without going through banks ( +ve )

[lanyounanhai]

stop blaming bitcoin. Bitcoin is a good money and if you do not like bitcoin, you can use fiat or other kinds of cryptocurrency

[laxinternational]

All this reasons that you called are ok, because of, you see, Bitcoin wasn't created to replace gold or silver. So, they both can be used by the central bank and people. Bitcoin was created as control free currency and it is following it's target good for now. I don't see why do you compare bitcoin and gold in such positions where gold actually wins. Bitcoin has it's own positive sides, that gold hasn't, with which it attracts so many users and attention today.

This is a reasonable argument to make, but I don't think it's as simple as 'gold has one set of advantages, and Bitcoin has another set of advantages.'

The advantages of Bitcoin bring convenience in an electronic age. The advantages of gold are in regards to the integrity of a state-free money.  One set is more fundamentally important than the other.

It's almost like saying, a beautiful boat with many amenities is really no good if it has holes that will eventually sink it.

great that's how exactly we should think about this system as gold already proven his existence that most of the countries treated as an asset while bitcoin still new and still trying to prove its stability both have its own potential and they have different venue.

Yes the worst part is that some people figure out that bitcoin was designed to replace gold, silver, platinum or dollars. This is not true, bitcoin was created to provide unique experience for peer to peer payments. We all need to know this before start blaming bitcoin or complain about it.

[Bagaji]

Well I don't understand what you mean by bitcoin not really a good money, because to me bitcoin has all the features of money and equally  store of value compared to other currency you can think about. Only people who don't have knowledge of what crypto currency is all about.

[fullypak]

Every technology has its positive and negative effects it depends on the user.
For eg, Drug dealing and accepting payment for drugs and illegal businesses is now much easier. ( negative )

People can send money in form of bitcoins easily to one another without going through banks ( +ve )

Yes we can do this dealing with direct cash also, but why the dealers use Bitcoins means it is un trackable currency. no body can know who is sent and who is received. i think people will use bitcoins for both positive and negative. We can not say directly that Bitcoin is not good money. it depends on you how you treat.

[Hydrogen]

One might say world markets decide which money is good or bad. Good money prospers and increases in value while bad money devalues/hyperinflates as its worth diminishes.

If Charles Darwin were alive today he could write a theory of money evolution where markets are defined by a survival of the fittest credo which determines good, strong, money survives while bad, weak, money perishes and is eliminated from the global financial gene pool.

As Charles Darwin isn't here, how do we define what good money or bad money is?

[Hamphser]

Either we increase the issuance limit from 21 million, or we get a financial crisis and depression.  I imagine most of the developers will be open to talking. 

Developers have absolutely no real power whatsoever.

What makes BTC a much more free money than gold or silver is that anyone can run any client at any time.  You want 100 kajillion coins?  Go ahead, have them.  Good luck getting everyone else to run your stupid client.

The only power that developers have is producing a client.  If the economic majority want to increase the supply of coins, they'll run a client which increases the supply of coins.  If the economic minority still don't want to increase the supply, they can keep the supply and that's perfectly fine.  The same applies with all of the other consensus rules, such as the block size.

Another major weakness of Bitcoin is transparency.  In order for the public to hold the elites accountable for their monetary actions, however partially, the easier it is to observe and monitor the system, the better.

Handing gold from one place to another is almost 100% untraceable, just like physical cash.  Moving Bitcoin is many times more transparent because every single transaction is accessible on a public ledger.  That means that you could see banks shifting money between each other and all other economic activity that takes place.  BTC would massively increase transparency unless banks attempted to keep their addresses hidden, but that would be tough since people can see the addresses they deposit to (if they even deposit to a bank at all).

Lmao…truly for those old fashion men. Fools keeps on talking trash about Bitcoin; saying things that don’t even have meaning, while experts are a whole lot busy making money through Bitcoin. I’ve seen some people said all sorts bad words against Bitcoin, but are now investing into it. Let them keep on wasting time, while others quietly makes money.

This is true, they are wasting time while we are silently making money with bitcoin. Ive known some of my friends did tell me that bitcoin is a scam or fraud but a year later they do approach me again and asking what are the ways on making money on bitcoin because they do able to see me that i have lots of money to buy my wants which they cant afford to buy on.Bitcoin might not have a physical form but still consider as money since it do have a value.

[Reid]

Loved reading it. But have we ever think why gold is so precious?
It is just a mere stone and just made valuable because it is shining. 
Time for a new one to shine and change this world on how it circulates from just the fiat money and commodities which are being used by crocodiles just for their own profit.
This one is not just for the rich. It will somehow change the way people look at a new currency.

[sindikat]

Now bitcoin is not very good money it is true. But who is to blame? Bitcoin can be compared to weapons. You can use it to protect your life and can destroy and take away life from others. Bitcoin still not a currency. We are still on the way to this and much depends on our actions.

[keeee]

I know, Bitcoin is designed to be as free from central bank and politician control as possible.  It is open-source, decentralized, etc.

But if you think about it, Bitcoin is still fundamentally worse than gold and silver as a truly free money.

First things first: all of gold, silver and Bitcoin are subject to central bank manipulation by pegging.  When central banks store up enough non-state money, they can sell that money for a fixed dollar or pound price, and thus suppress any appreciation of the non-state money in currency terms.  This enables the elites to acquire wealth and power for free, by issuing state currency and debt, as long as the central bank has enough of the non-state money to fight off any 'run on the bank.'

This was the real nature of the gold and silver standards through most of modern history, that mainstream economists praised for stabilizing state currencies and economies, at that time.  (Of course, they are now firmly against the gold standard, thus both times saying the elites' system was/is good for the economy.)

That said, Bitcoin suffers from the additional problem that it's secured not by physics, but by algorithm.  Algorithms can change.  Algorithms are only guarded by humans who are subject to persuasion.  At some point, the elites will have issued too many IOUs against the Bitcoin in their vaults.  Either we increase the issuance limit from 21 million, or we get a financial crisis and depression.  I imagine most of the developers will be open to talking.  (BTW, some version of this is almost guaranteed to happen, due to the nature of the world system.  For example, all countries have defaulted on their promises to redeem gold at a fixed price.)

This is in contrast to gold and silver, where violating the limit of issuance is physically impossible (or very expensive, with radioactive reactions.)

Another major weakness of Bitcoin is transparency.  In order for the public to hold the elites accountable for their monetary actions, however partially, the easier it is to observe and monitor the system, the better.  The reality is that computer networks and data structures are not easy for most of the public to understand, compared to the age-old concept of holding physical metals.

And we know from experience that the elites take full advantage of lack of public understanding.  Besides the 'gold standard good, gold standard bad' flip-flop by establishment economists, almost every major issue of finance is distorted before the public receive the wisdom passed down to it by the media (and this includes, maybe especially includes, channels tailored to the highly educated, like The Economist magazine and America's PBS television.)  Southeast Asia in the 90s, Greece recently, and Germany between world wars were made to suffer deflation after their financial crises, and the economic justification was 'moral hazard.'  The US was allowed to print devalued money to ease the pain after its own financial crises, and the economic justification was Keynesian pain relief.  (The real reason for the differentiation was that American voters had more power to disrupt the elites' system than those other populations.)

With Bitcoin so much easier to manipulate than gold and silver, no wonder, all the signs are that the elites will promote Bitcoin as the store of value of the future.  This makes even more sense when you consider it would be embarassing for the elites to promote gold or silver instead, since their prices would have to rise to a level much higher than the last time the elites tried to fix them.  Gold has appreciated 30 time since the elites' fixed postwar price of $35/ounce, and would likely have to appreciate another 30 times before a new (de-facto) gold standard can become stable.  This does not make the elites' money look good.  Bitcoin has no such history, and the elites can claim (and likely be believed) that they are merely moving money onto a new, electronic foundation that is more stable than a totally fiat system.

As I mentioned before, the elites must secretly nurture, if not openly promote, some form of safe store of value that is totally trusted by the public.  In today's world, that can only mean non-state-issued money.  The only question is which.

First of all we are now in the "Digital society" where everyone are more likely using technologies such as phones, desktop etc. Golds and Silvers are not so good in our time. Bitcoin is now the number one in terms of cryptocurrencies because of its interesting features.

[hardforkcoin]

I know, Bitcoin is designed to be as free from central bank and politician control as possible.  It is open-source, decentralized, etc.

But if you think about it, Bitcoin is still fundamentally worse than gold and silver as a truly free money.

First things first: all of gold, silver and Bitcoin are subject to central bank manipulation by pegging.  When central banks store up enough non-state money, they can sell that money for a fixed dollar or pound price, and thus suppress any appreciation of the non-state money in currency terms.  This enables the elites to acquire wealth and power for free, by issuing state currency and debt, as long as the central bank has enough of the non-state money to fight off any 'run on the bank.'

This was the real nature of the gold and silver standards through most of modern history, that mainstream economists praised for stabilizing state currencies and economies, at that time.  (Of course, they are now firmly against the gold standard, thus both times saying the elites' system was/is good for the economy.)

That said, Bitcoin suffers from the additional problem that it's secured not by physics, but by algorithm.  Algorithms can change.  Algorithms are only guarded by humans who are subject to persuasion.  At some point, the elites will have issued too many IOUs against the Bitcoin in their vaults.  Either we increase the issuance limit from 21 million, or we get a financial crisis and depression.  I imagine most of the developers will be open to talking.  (BTW, some version of this is almost guaranteed to happen, due to the nature of the world system.  For example, all countries have defaulted on their promises to redeem gold at a fixed price.)

This is in contrast to gold and silver, where violating the limit of issuance is physically impossible (or very expensive, with radioactive reactions.)

Another major weakness of Bitcoin is transparency.  In order for the public to hold the elites accountable for their monetary actions, however partially, the easier it is to observe and monitor the system, the better.  The reality is that computer networks and data structures are not easy for most of the public to understand, compared to the age-old concept of holding physical metals.

And we know from experience that the elites take full advantage of lack of public understanding.  Besides the 'gold standard good, gold standard bad' flip-flop by establishment economists, almost every major issue of finance is distorted before the public receive the wisdom passed down to it by the media (and this includes, maybe especially includes, channels tailored to the highly educated, like The Economist magazine and America's PBS television.)  Southeast Asia in the 90s, Greece recently, and Germany between world wars were made to suffer deflation after their financial crises, and the economic justification was 'moral hazard.'  The US was allowed to print devalued money to ease the pain after its own financial crises, and the economic justification was Keynesian pain relief.  (The real reason for the differentiation was that American voters had more power to disrupt the elites' system than those other populations.)

With Bitcoin so much easier to manipulate than gold and silver, no wonder, all the signs are that the elites will promote Bitcoin as the store of value of the future.  This makes even more sense when you consider it would be embarassing for the elites to promote gold or silver instead, since their prices would have to rise to a level much higher than the last time the elites tried to fix them.  Gold has appreciated 30 time since the elites' fixed postwar price of $35/ounce, and would likely have to appreciate another 30 times before a new (de-facto) gold standard can become stable.  This does not make the elites' money look good.  Bitcoin has no such history, and the elites can claim (and likely be believed) that they are merely moving money onto a new, electronic foundation that is more stable than a totally fiat system.

As I mentioned before, the elites must secretly nurture, if not openly promote, some form of safe store of value that is totally trusted by the public.  In today's world, that can only mean non-state-issued money.  The only question is which.

Iwanted to just say that in all reality, the elites aren't affected by bitcoin right now at all.

The bond/stock market is somewhere around tens of trillions of dolalrs  or hundreds of trillions of dollars of value.

The total marketcap of  all coins is about 154 Billion USD. That is very small compared to stock/bond market. The elites make their money in stocks/bonds.

A new thing coming out with ICOs all the time can greatly affect their earnings though, as investors will now likely start to notice ICOs and not put that money into stocks/bonds any more.

We are decades away from it making a real impact I would say.

[ShadowBits]

I will only say that bitcoin is not a good money when it has no value anymore. How can you say that bitcoin is not good  money if some people are earning it and holding it.  As long as bitcoin has value it will always be a good money.

yup yup yup
Can you believe that there are still people who dont believe in Bitcoin?
Look, be ignorant but don't stay ignorant.You can be excused for initial skepticism and ignorance but stupidity is a choice
The worst kind of fool is an educated fool. Real talk. 😐
 if 2017 saw cryptocurrency emerge as a revolutionary force to be reckoned with, 2018 is going to put insane money in your pocket in a very real way!
Bitcoin equals Good money.

[el kaka22]

Now bitcoin is not very good money it is true. But who is to blame? Bitcoin can be compared to weapons. You can use it to protect your life and can destroy and take away life from others. Bitcoin still not a currency. We are still on the way to this and much depends on our actions.

Lol, have you gone crazy ? Bitcoins are not taking away anyone’s life rather this currency has given hope to live to masses. Go and meet those who were unable to sleep well just because of their financial problems and how bitcoins have helped them out in fixing their problems. Bitcoins can’t be compared with weapons, don’t be so rude, pal.

[bestluck]

Bitcoin is not great right now because there are huge transaction fees and of course no one wants to pay 10% for one transaction, especially small amounts. With that said, it will get better with Lightning Network.

yes you are right these transaction fees really made pissed off some of the biotcoin users, because at the start they earn very low amount of bitcoin from here and when there is transaction fees, user get so little amount, so this is why they backed off when they see such high amount of transaction fees. But I suggest most people that keep working because this transaction fee become less in future.

[Clement Kaliyar]

stop blaming bitcoin. Bitcoin is a good money and if you do not like bitcoin, you can use fiat or other kinds of cryptocurrency

If i really want to send money now at this moment i will use fiat,because the transaction charges are crazy right now and the confirmation delays are really high,i am glad to send transactions through fiat rather than shelling out more money as transaction charges,i really want to see things change and the core has to take some steps to tackle this issue and if that is handled it is the best currency we ever had.

[nowlscor18]

Maybe for you Bitcoin is not a good money, but for most bitcoin community here it is a good currency where many of here helped by bitcoin.
They used bitcoin in so many ways, whether in savings, investment, trading, and many more.

That's  true, i doubted about this at first,  but seing how this really works makes me say that's it is really useful. It helped a lot of people already and still continuing to provide for us. Not only providing our for our needs but also giving us the chance to  incourage others who can also use the benefits of this.

[kuryadi]

Bitcoin is a fluctuating currency and a significant price change .. making bitcoin prices rise and fall briefly. this is the excess bitcoin, and most people are investing bitcoin. They take the opportunity to buy when bitcoin prices go down and sell when bitcoin prices go up .. there are some people just keep their bitcoin waiting for expensive bitcoin prices. I think bitcoin is better than fiat money. Other than as an investment also bitcoin you can use to make transactions easily without a third party. You can make a peer-to-peer transaction to allow faster delivery.

[kyori]

It is good only for those unemployed and who really wants to earn more money but in the economy matter it is really bad, many businessman now are hard to counter bitcoin value because of its volatility and their business might be goes down.

[BaraxLo]

Now bitcoin is not very good money it is true. But who is to blame? Bitcoin can be compared to weapons. You can use it to protect your life and can destroy and take away life from others. Bitcoin still not a currency. We are still on the way to this and much depends on our actions.

Man are you kidding me? Bitcoin is a pure source to be rich. It is right that bitcoin is not money because it is something better than that. It keeps your amount, your earning safe then how can you even think about bitcoin destroying others life. I mean come on. We are going to make it happen and we will make it happen it will not only become currency it will also take over all currencies of the world.

[GreenBits]

Now bitcoin is not very good money it is true. But who is to blame? Bitcoin can be compared to weapons. You can use it to protect your life and can destroy and take away life from others. Bitcoin still not a currency. We are still on the way to this and much depends on our actions.

Man are you kidding me? Bitcoin is a pure source to be rich. It is right that bitcoin is not money because it is something better than that. It keeps your amount, your earning safe then how can you even think about bitcoin destroying others life. I mean come on. We are going to make it happen and we will make it happen it will not only become currency it will also take over all currencies of the world.

its not all so rosy, broseph. this is quasi money, or better yet, Mammon (call it by its name). Money has been ruining peoples lives since we invented this silly shit, and will until we end all of this.

have a bite

http://nypost.com/2014/03/05/bitcoin-firm-ceo-found-dead-in-suspected-suicide/ (she was a pretty woman)

http://www.realclearinvestigations.com/articles/2017/07/07/death_by_opioids_bought_with_bitcoin.html (because duuh)

https://www.wired.com/beyond-the-beyond/2017/07/giant-mt-got-bitcoin-robbery-shoes-dropping-greece/ (MTGOX bros, you juust might get your bread back, one day)

http://www.telegraph.co.uk/news/2017/08/05/british-model-kidnapped-milan-captor-tried-auction-online-for300000/ (because what the fuck really happened here?)

and the beat goes on and on. bitcoin isnt perfect, by all means. its an interesting experiment that fills a growing niche extremely well.

and yes, the OP is correct. bitcoin isnt money, just yet. money doesnt swing 50% either way on a bad day

[phr0stbyt3]

It doesn't matter even if the elites are gettinf benefits from it who cares bitcoin is allowing us to hide from government agencies, paying unnecessary tax for funding the military to kill innocent people and also it is a free currency meaning no one from the top can know how much i have unlike banks any executive manager can have information about you

[mrayazgul]

So, in order for you to have the best services available to you you have to give up some of the things that Bitcoin was sold on in first place. The same is true for other services all the way from debit cards to cash itself.

[Trela]

It is good only for those unemployed and who really wants to earn more money but in the economy matter it is really bad, many businessman now are hard to counter bitcoin value because of its volatility and their business might be goes down.

If Bitcoin not good, why still have many investor, holder, trader in Bitcoin become to millionaire or get rich earlier than other people on the world everyday? I cannot understand the reason make you have this thought, most investor when go to Bitcoin, they are also know Bitcoin give them many opportunities while other jobs cannot compare with it.

[Tyrantt]

I don't see bitcoin as an everyday currency and "good money" nowdays, it's more of a an investment asset to hold for longer period of time as you can see people proposing and encouraging that idea on this forum and that's one of the main things that make  me think that way. Surely, I hope that that will change in the near future.

[nasipadang]

I don't see bitcoin as an everyday currency and "good money" nowdays, it's more of a an investment asset to hold for longer period of time as you can see people proposing and encouraging that idea on this forum and that's one of the main things that make  me think that way. Surely, I hope that that will change in the near future.

I agree with you sir, most bitcoin users themselves see bitcoin as a good investment asset rather than as a currency, because of its fluctuating value and for transaction fee are also expensive

[frowsiter]

Bitcoin is not great right now because there are huge transaction fees and of course no one wants to pay 10% for one transaction, especially small amounts. With that said, it will get better with Lightning Network.

It's not right but it is still working and people are still using it on mass scale. The fact of fees is due to mining stuff, the speedy transaction etc. There are different factors for that which will be overcome once the network is advanced to the next level. I believe there are many forks that will happen in the future which will help bitcoin transactions smoothly through the time. Who knows insntant confirmation might just get evolved and it will be more easy to use bitcoin.

[cjnmoh]

Bitcoin has the value of it's own which is derived by itself. The value is obtained on the market forces and non other has external body and even the Govt. of any country also can't interfere to it's transaction. It's a real money but the virtual but great value as of now.

[error08]

First things first: all of gold, silver and Bitcoin are subject to central bank manipulation by pegging.  When central banks store up enough non-state money, they can sell that money for a fixed dollar or pound price, and thus suppress any appreciation of the non-state money in currency terms.  This enables the elites to acquire wealth and power for free, by issuing state currency and debt, as long as the central bank has enough of the non-state money to fight off any 'run on the bank.'

I am not sure and there is no way for us to check - to know whether central bank already store enough Bitcoin and planned to sell it when it reach certain point. But, everyone could compete in this field, because bitcoin gain its value like bubbles, then whoever sell bitcoin at highest peak could make biggest profits. There are many peoples and whales already involved in bitcoin environment which makes the price fluctuations become a normal things.

[jovs]

for me bitcoin is a really good thing to be dependent on. it really helps me on daily instructions mostly business transactions bitcoin also always there for me when i needed money i can easily sell it out so that i can cash it out. even tho bitcoin is a decentralized money. i don't care because bitcoin is the one who helps me to be on my state right now.

Bitcoin is much more good in transaction because on the first place crypto-currency serves as an good option for more reliable and fast transaction so it could be  good for of money in terms of transaction. People can say that bitcoin is not a good form of money if they do no have enough proof or experience though using Bitcoin in transaction, investment or trading.

[Paycoinzzz]

Bitcoin has the value of it's own which is derived by itself. The value is obtained on the market forces and non other has external body and even the Govt. of any country also can't interfere to it's transaction. It's a real money but the virtual but great value as of now.

Virtual asset but the value of Bitcoin is real, this is the definion of Bitcoin today.
So, we should have some backup way for keep safe our money when use Bitcoin, because virtual value really easy get hacked and loss.

[malikusama]

You are stating the disadvantages of bitcoin, every thing has pros and cons and so does bitcoin also have some disadvantages. But you should also have to admit that bitcoin has more advantages than disadvantages, and that is the main reason why it is so popular around the world.
Bitcoin is secured on algorithm which makes it unique from other physical currencies, it doesn't mean that it is not secured, the network based on blockchain is much more stable and secured.
Transparency is a headache for the government as the transactions are anonymous and there isn't any central control of transactions or bitcoin network.
Elite are secretly involved because bitcoin is the future and they do believe that it is better than gold and silver in earning purpose to make good profit.

[supercanada1]

It doesn't matter even if the elites are gettinf benefits from it who cares bitcoin is allowing us to hide from government agencies, paying unnecessary tax for funding the military to kill innocent people and also it is a free currency meaning no one from the top can know how much i have unlike banks any executive manager can have information about you

These are the some fundamental reasons why people are so much attracted towards bitcoins. Bitcoins are providing them complete freedom and a completely control over their money. No one can ask them about their assets for charging them with useless taxes that are never ever used for the welfare of public.

[ASHLIUSZ]

Bitcoin has the value of it's own which is derived by itself. The value is obtained on the market forces and non other has external body and even the Govt. of any country also can't interfere to it's transaction. It's a real money but the virtual but great value as of now.

Virtual asset but the value of Bitcoin is real, this is the definion of Bitcoin today.
So, we should have some backup way for keep safe our money when use Bitcoin, because virtual value really easy get hacked and loss.

Just having the virtual presence serve as an advantage at some point and in other way it provides with the increased risk that one could have never thought. Till now growth is big, based on which the adoption and demand for it increasing which now due to the usage as currency makes it one among the best money as it has got more advantages than disadvantages.

[BobK71]

First things first: all of gold, silver and Bitcoin are subject to central bank manipulation by pegging.  When central banks store up enough non-state money, they can sell that money for a fixed dollar or pound price, and thus suppress any appreciation of the non-state money in currency terms.  This enables the elites to acquire wealth and power for free, by issuing state currency and debt, as long as the central bank has enough of the non-state money to fight off any 'run on the bank.'

I am not sure and there is no way for us to check - to know whether central bank already store enough Bitcoin and planned to sell it when it reach certain point. But, everyone could compete in this field, because bitcoin gain its value like bubbles, then whoever sell bitcoin at highest peak could make biggest profits. There are many peoples and whales already involved in bitcoin environment which makes the price fluctuations become a normal things.

Certainly there's no way to know for sure until central banks announce how much Bitcoin they have (as they openly stated they had 'a lot of' gold and silver in the past.)

The power to move prices by owning a lot of something is a very profitable advantage.  The problem is that the financial assets of a nation belongs to its public, but the top politicians and bankers have used their control of these assets to manipulate financial markets and create long-term bubbles that mostly benefit themselves, over the last 500+ years.

[ObscurePen]

There are another fews problems with Bitcoin. You might want to include them in here. First of all, Bitcoin’s price is pretty volatile. Just to give you a sense of its volatility, just look at the price chart of Bitcoin a few days ago. Bitcoin price dropped almost 300$USD in the space of 2 hours! That is amazingly bad. Such a characteristic makes Bitcoin a terrible currency. The second characteristic is the freaking high transaction fee. I payed freaking 0.00115742 to transact 0.00396661BTC to another account! Far out! Fiat fees are like a few cents. And here I am paying $6! So as you can see, Bitcoin is not a very good currency at all. The only good thing about it is its decentralised platform and peer to peer network. I still have hope that transaction fees will decrease.

[matchi2011]

Bitcoin has the value of it's own which is derived by itself. The value is obtained on the market forces and non other has external body and even the Govt. of any country also can't interfere to it's transaction. It's a real money but the virtual but great value as of now.

Virtual asset but the value of Bitcoin is real, this is the definion of Bitcoin today.
So, we should have some backup way for keep safe our money when use Bitcoin, because virtual value really easy get hacked and loss.

Just having the virtual presence serve as an advantage at some point and in other way it provides with the increased risk that one could have never thought. Till now growth is big, based on which the adoption and demand for it increasing which now due to the usage as currency makes it one among the best money as it has got more advantages than disadvantages.

I agree with you there but fact still is that it doesn't any form that people can hold and can physically exchange for products. I undrstand it can somehow happen and demand can grow furthermore but currently, the current currency which is fiat is the main thay will always be used in the market.

[malboroman]

There are another fews problems with Bitcoin. You might want to include them in here. First of all, Bitcoin’s price is pretty volatile. Just to give you a sense of its volatility, just look at the price chart of Bitcoin a few days ago. Bitcoin price dropped almost 300$USD in the space of 2 hours! That is amazingly bad. Such a characteristic makes Bitcoin a terrible currency. The second characteristic is the freaking high transaction fee. I payed freaking 0.00115742 to transact 0.00396661BTC to another account! Far out! Fiat fees are like a few cents. And here I am paying $6! So as you can see, Bitcoin is not a very good currency at all. The only good thing about it is its decentralised platform and peer to peer network. I still have hope that transaction fees will decrease.

Transactions fee will decrease as infra become more and more developed. Competition between different exchanges and wallets, financed on ICOs and with other venture capital should push fees down. The other point is what to do with the speed of transactions.

[Baofeng]

There are another fews problems with Bitcoin. You might want to include them in here. First of all, Bitcoin’s price is pretty volatile. Just to give you a sense of its volatility, just look at the price chart of Bitcoin a few days ago. Bitcoin price dropped almost 300$USD in the space of 2 hours! That is amazingly bad. Such a characteristic makes Bitcoin a terrible currency. The second characteristic is the freaking high transaction fee. I payed freaking 0.00115742 to transact 0.00396661BTC to another account! Far out! Fiat fees are like a few cents. And here I am paying $6! So as you can see, Bitcoin is not a very good currency at all. The only good thing about it is its decentralised platform and peer to peer network. I still have hope that transaction fees will decrease.

Transactions fee will decrease as infra become more and more developed. Competition between different exchanges and wallets, financed on ICOs and with other venture capital should push fees down. The other point is what to do with the speed of transactions.

Segwit has been activated a few days ago so I don't know if we can feel the impact of it right now or we just needed a few more months of so. If miners would have upgraded their software to support Segwit then it will be a breeze to make transaction and we don't need to pay high fees because it is design like that isn't it?

I think exchanges should lower the fees now if really Segwit becomes successful. I guess its really up to the individual to still used bitcoin or go to altcoins to pay less fees and faster confirmation if you keep on complaining about it.

[planfox]

Bitcoin is a modern currency of the future and good money. Perhaps he has some minor shortcomings in the form of high fees, but they will be covered by a rapid price increase that will make many people rich.

[iv4n]

There are another fews problems with Bitcoin. You might want to include them in here. First of all, Bitcoin’s price is pretty volatile. Just to give you a sense of its volatility, just look at the price chart of Bitcoin a few days ago. Bitcoin price dropped almost 300$USD in the space of 2 hours! That is amazingly bad. Such a characteristic makes Bitcoin a terrible currency. The second characteristic is the freaking high transaction fee. I payed freaking 0.00115742 to transact 0.00396661BTC to another account! Far out! Fiat fees are like a few cents. And here I am paying $6! So as you can see, Bitcoin is not a very good currency at all. The only good thing about it is its decentralised platform and peer to peer network. I still have hope that transaction fees will decrease.

Transactions fee will decrease as infra become more and more developed. Competition between different exchanges and wallets, financed on ICOs and with other venture capital should push fees down. The other point is what to do with the speed of transactions.

Segwit has been activated a few days ago so I don't know if we can feel the impact of it right now or we just needed a few more months of so. If miners would have upgraded their software to support Segwit then it will be a breeze to make transaction and we don't need to pay high fees because it is design like that isn't it?

I think exchanges should lower the fees now if really Segwit becomes successful. I guess its really up to the individual to still used bitcoin or go to altcoins to pay less fees and faster confirmation if you keep on complaining about it.

Wallets should also lower transaction fees, its not normal how high they are. We will see for couple months will that be solved or not, but I will not send bitcoin nowhere. I get so nervous two days ago when I paid 3 mBTC transaction fee, that is 15 dollars!!!! That is a robbery!
I need to complain because bitcoin advertise was low transaction fees, anonymity, what changed!? More people joined, price rises and now let's make fees higher. Bitcoin is turning out into very expensive to use asset. Its not normal transaction fee to be 3 mBTC for 30 mBTC and someone who sending 3 BTC, that favorites rich people, and what is with rest of us?

[Kawasanz]

Bitcoin is actually an electronic or digital payment instrument, where elites want payment systems through bitcoin and other cryptocurrencies by ignoring paper currency. It is true that transparent bitcoin weakness is the absence of an authoritative body that can control, even though banks, governments and society in general , But indirect progress has proved that bitcoin will become a necessity in the future

[ALT67890]

No, bitcoin or any fiat currency has its unwanted features. Yes it isn't perfect but I think we do positive thinking first than looking for what is bad to it, really won't do good to you and bitcoin also. I do hate also the high fee but that is part of what bitcoin increases meant.

[BobK71]

It doesn't matter even if the elites are gettinf benefits from it who cares bitcoin is allowing us to hide from government agencies, paying unnecessary tax for funding the military to kill innocent people and also it is a free currency meaning no one from the top can know how much i have unlike banks any executive manager can have information about you

Yes, as you imply, Bitcoin is a lot better than fiat.  But not as good as gold.  Maybe it's 90%, 95% of gold (taking a crude, one-dimensional evaluation of merit here).

But my point is that, if the monetary system leaves even a 1% hole open for the elites to abuse it, they will find it.  So, 99% is not good enough.

Now, as I mentioned in the OP, even gold is not good enough.  But that weakness applies to cryptos as well, and crytos open up whole new ways of abuse.

In the grand scheme of things, promoting crypto represents a retreat by the elites, similar to letting gold go up.  But this retreat is a lot less embarrassing for them, and in fact is not as far a retreat as promoting gold (due to the non-physical nature of crypto.)  So it is a good idea from their point of view.

In the very final analysis, what will be good enough can only be public awareness.  That is why, this is a thousand year battle.  The battle is nevertheless worth fighting.

[BobK71]

Yes the worst part is that some people figure out that bitcoin was designed to replace gold, silver, platinum or dollars. This is not true, bitcoin was created to provide unique experience for peer to peer payments. We all need to know this before start blaming bitcoin or complain about it.

I think limited supply is key.  It is why savers want Bitcoin, and indeed why the elites are promoting it (since, as I mentioned in a link from the OP, they ultimately need a sound money too.)  In this key aspect, it plays the same role as gold.

[alyssa85]

Wallets should also lower transaction fees, its not normal how high they are. We will see for couple months will that be solved or not, but I will not send bitcoin nowhere. I get so nervous two days ago when I paid 3 mBTC transaction fee, that is 15 dollars!!!! That is a robbery!
I need to complain because bitcoin advertise was low transaction fees, anonymity, what changed!? More people joined, price rises and now let's make fees higher. Bitcoin is turning out into very expensive to use asset. Its not normal transaction fee to be 3 mBTC for 30 mBTC and someone who sending 3 BTC, that favorites rich people, and what is with rest of us?

It's not the fault of the wallets. They estimate the fees by looking at the size of the mempool. If it is huge, then the fees automatically rise. The only way they fall is if the mempool is empty - and given the 1mg blocksize and the lack of use of segwit, the only way the mempool will drop is if people don't use bitcoin.

[BobK71]

One might say world markets decide which money is good or bad. Good money prospers and increases in value while bad money devalues/hyperinflates as its worth diminishes.

If Charles Darwin were alive today he could write a theory of money evolution where markets are defined by a survival of the fittest credo which determines good, strong, money survives while bad, weak, money perishes and is eliminated from the global financial gene pool.

As Charles Darwin isn't here, how do we define what good money or bad money is?

Thank you for bringing this up.  This is very key.

First of all, the world is messed up precisely because money is not a free market (at least for the last 500+ years, in the West.)  Basically, after the Renaissance showed that humans can now produce a lot of real wealth, the top politicians and bankers learned to form an alliance to gain huge profits by using state power to manipulate the values of money, debt, and most other financial assets, while making the economy look like a free market.

In this system, the elites certainly don't let the best money win -- if they did, gold and silver would be worth a lot more today.  (They have been trying to convince us gold is a bad money, over the last 45 years, and there is also a narrow definition of 'good' and 'bad' money under Gresham's Law.)

Good vs. bad money, as I used the phrases, only applies to what is good for an honest system that allows everyone to earn as they deserve, and that makes it unnecessary for the elites to use war and other violent means to defend their deceptive system.

[BobK71]

Iwanted to just say that in all reality, the elites aren't affected by bitcoin right now at all.

Oh, I'll bet that this is very mistaken...

The bond/stock market is somewhere around tens of trillions of dolalrs  or hundreds of trillions of dollars of value.

The total marketcap of  all coins is about 154 Billion USD. That is very small compared to stock/bond market. The elites make their money in stocks/bonds.

A new thing coming out with ICOs all the time can greatly affect their earnings though, as investors will now likely start to notice ICOs and not put that money into stocks/bonds any more.

We are decades away from it making a real impact I would say.

Stocks, bonds, etc. are all based on state-issued money.  The majority of rich people spend most of their time with these, yes.

But the inner circle of power pays special attention to non-state-issued monies, for a variety of reasons, and in a variety of ways.  (See the link from my original post as an example.)

The small market cap of Bitcoin only makes it more attractive for the elites to secretly promote as
an alternative to gold for the role of non-state-issued store of value.  For one, it's cheaper for the elites to acquire and store for future use (for market manipulation, and 'cheap' is only in the sense of minimizing inflation, since the elites can print unlimited dollars and euro.)  For another, Bitcoin's price can grow a lot without embarrassing the elites, since they never tried to fix its price explicitly.  A big growth of value will help adoption of Bitcoin by the public and thus establish it as a legitimate store of value.

[BobK71]

The worst kind of fool is an educated fool. Real talk. 😐

I totally agree!  I have my own stories to tell too...  Only, we have to argue on the basis of facts as well as concepts, since there is no real alternative.

[tweetbit]

If gold and most fiat currency is created by greedy officials in government and how they used it for personal interest is a big question. If manipulation being thrown around gold it will be detectable as it is personally been in circulation for some time. But telling me that bitcoin is something bad money won't be just any thing I will easily believe in to. Don't bother because I think it's wrong.

[Coffee135]

Iwanted to just say that in all reality, the elites aren't affected by bitcoin right now at all.

Oh, I'll bet that this is very mistaken...

The bond/stock market is somewhere around tens of trillions of dolalrs  or hundreds of trillions of dollars of value.

The total marketcap of  all coins is about 154 Billion USD. That is very small compared to stock/bond market. The elites make their money in stocks/bonds.

A new thing coming out with ICOs all the time can greatly affect their earnings though, as investors will now likely start to notice ICOs and not put that money into stocks/bonds any more.

We are decades away from it making a real impact I would say.

Stocks, bonds, etc. are all based on state-issued money.  The majority of rich people spend most of their time with these, yes.

But the inner circle of power pays special attention to non-state-issued monies, for a variety of reasons, and in a variety of ways.  (See the link from my original post as an example.)

The small market cap of Bitcoin only makes it more attractive for the elites to secretly promote as
an alternative to gold for the role of non-state-issued store of value.  For one, it's cheaper for the elites to acquire and store for future use (for market manipulation, and 'cheap' is only in the sense of minimizing inflation, since the elites can print unlimited dollars and euro.)  For another, Bitcoin's price can grow a lot without embarrassing the elites, since they never tried to fix its price explicitly.  A big growth of value will help adoption of Bitcoin by the public and thus establish it as a legitimate store of value.

The price growth of bitcoin is inevitable, but that is a good quality only for the owners of the coins. Such a high price may deter potential users. Who can afford to buy bitcoins at $ 4,500? But if you're new to bitcoin? For the successful development of a bitcoin needs to exist a labour market with payment in bitcoins. The more people have bitcoins the faster to develop the crypto economy.

[GoodLuck2]

There are another fews problems with Bitcoin. You might want to include them in here. First of all, Bitcoin’s price is pretty volatile. Just to give you a sense of its volatility, just look at the price chart of Bitcoin a few days ago. Bitcoin price dropped almost 300$USD in the space of 2 hours! That is amazingly bad. Such a characteristic makes Bitcoin a terrible currency. The second characteristic is the freaking high transaction fee. I payed freaking 0.00115742 to transact 0.00396661BTC to another account! Far out! Fiat fees are like a few cents. And here I am paying $6! So as you can see, Bitcoin is not a very good currency at all. The only good thing about it is its decentralised platform and peer to peer network. I still have hope that transaction fees will decrease.

Transactions fee will decrease as infra become more and more developed. Competition between different exchanges and wallets, financed on ICOs and with other venture capital should push fees down. The other point is what to do with the speed of transactions.

Indeed! The transaction fees are not that big problem. With passage of time, they will decrease making all us happier. Speed of transactions is okay for me but I have come across certain threads where people have problem with the speed like it took them even two days sometimes to make a transaction. If this is the case, strict action should be taken soon.

[Koadharber]

There are another fews problems with Bitcoin. You might want to include them in here. First of all, Bitcoin’s price is pretty volatile. Just to give you a sense of its volatility, just look at the price chart of Bitcoin a few days ago. Bitcoin price dropped almost 300$USD in the space of 2 hours! That is amazingly bad. Such a characteristic makes Bitcoin a terrible currency. The second characteristic is the freaking high transaction fee. I payed freaking 0.00115742 to transact 0.00396661BTC to another account! Far out! Fiat fees are like a few cents. And here I am paying $6! So as you can see, Bitcoin is not a very good currency at all. The only good thing about it is its decentralised platform and peer to peer network. I still have hope that transaction fees will decrease.

Transactions fee will decrease as infra become more and more developed. Competition between different exchanges and wallets, financed on ICOs and with other venture capital should push fees down. The other point is what to do with the speed of transactions.

Indeed! The transaction fees are not that big problem. With passage of time, they will decrease making all us happier. Speed of transactions is okay for me but I have come across certain threads where people have problem with the speed like it took them even two days sometimes to make a transaction. If this is the case, strict action should be taken soon.

Delayed transactions do really have the reasons why they do wait for those longer periods of time on which they possibly put small tx fee or the network is congested together on the time that they make transfers. This is the only flaws that i can see on bitcoin as of now. Its anonymity features would really give some negative impressions but wont matter since most people are using it on positive side.

[gredisgold88]

I know, Bitcoin is designed to be as free from central bank and politician control as possible.  It is open-source, decentralized, etc.

But if you think about it, Bitcoin is still fundamentally worse than gold and silver as a truly free money.

First things first: all of gold, silver and Bitcoin are subject to central bank manipulation by pegging.  When central banks store up enough non-state money, they can sell that money for a fixed dollar or pound price, and thus suppress any appreciation of the non-state money in currency terms.  This enables the elites to acquire wealth and power for free, by issuing state currency and debt, as long as the central bank has enough of the non-state money to fight off any 'run on the bank.'

This was the real nature of the gold and silver standards through most of modern history, that mainstream economists praised for stabilizing state currencies and economies, at that time.  (Of course, they are now firmly against the gold standard, thus both times saying the elites' system was/is good for the economy.)

That said, Bitcoin suffers from the additional problem that it's secured not by physics, but by algorithm.  Algorithms can change.  Algorithms are only guarded by humans who are subject to persuasion.  At some point, the elites will have issued too many IOUs against the Bitcoin in their vaults.  Either we increase the issuance limit from 21 million, or we get a financial crisis and depression.  I imagine most of the developers will be open to talking.  (BTW, some version of this is almost guaranteed to happen, due to the nature of the world system.  For example, all countries have defaulted on their promises to redeem gold at a fixed price.)

This is in contrast to gold and silver, where violating the limit of issuance is physically impossible (or very expensive, with radioactive reactions.)

Another major weakness of Bitcoin is transparency.  In order for the public to hold the elites accountable for their monetary actions, however partially, the easier it is to observe and monitor the system, the better.  The reality is that computer networks and data structures are not easy for most of the public to understand, compared to the age-old concept of holding physical metals.

And we know from experience that the elites take full advantage of lack of public understanding.  Besides the 'gold standard good, gold standard bad' flip-flop by establishment economists, almost every major issue of finance is distorted before the public receive the wisdom passed down to it by the media (and this includes, maybe especially includes, channels tailored to the highly educated, like The Economist magazine and America's PBS television.)  Southeast Asia in the 90s, Greece recently, and Germany between world wars were made to suffer deflation after their financial crises, and the economic justification was 'moral hazard.'  The US was allowed to print devalued money to ease the pain after its own financial crises, and the economic justification was Keynesian pain relief.  (The real reason for the differentiation was that American voters had more power to disrupt the elites' system than those other populations.)

With Bitcoin so much easier to manipulate than gold and silver, no wonder, all the signs are that the elites will promote Bitcoin as the store of value of the future.  This makes even more sense when you consider it would be embarassing for the elites to promote gold or silver instead, since their prices would have to rise to a level much higher than the last time the elites tried to fix them.  Gold has appreciated 30 time since the elites' fixed postwar price of $35/ounce, and would likely have to appreciate another 30 times before a new (de-facto) gold standard can become stable.  This does not make the elites' money look good.  Bitcoin has no such history, and the elites can claim (and likely be believed) that they are merely moving money onto a new, electronic foundation that is more stable than a totally fiat system.

As I mentioned before, the elites must secretly nurture, if not openly promote, some form of safe store of value that is totally trusted by the public.  In today's world, that can only mean non-state-issued money.  The only question is which.

how? , it is very difficult to understand" how is new added bitcoin . " , the creation of bitcoin from origin is 21 million? , the unfortunate bitcoin is the price monopoly. but it does not matter if it only uses as a transfer of wealth by calculating the $ value of bitcoin, yes it depends on the individual.

[adam1230]

3-4 years ago bitcoin transaction fee was nice so i was sending money with bitcoin. not its around 2-3$ so its same as local banks. So why do i need to send money using bitcoin?
Then is started to use alt coins but there is a big problem here on local bitcoin exchanges altcoins not supported. So now its a good choice to send money with local banks.

[neonshium]

Bitcoin is a modern currency of the future and good money. Perhaps he has some minor shortcomings in the form of high fees, but they will be covered by a rapid price increase that will make many people rich.

Everything have downfalls, it is not a new thing. The beauty and aptitude bitcoin have in market, and the people loving it in many regards is superior over a few loopholes or shortcomings of bitcoin. Yeah high fee is the issue but this issue is being handled and you can see fee have been reduced.

[richmcrich]

There are another fews problems with Bitcoin. You might want to include them in here. First of all, Bitcoin’s price is pretty volatile. Just to give you a sense of its volatility, just look at the price chart of Bitcoin a few days ago. Bitcoin price dropped almost 300$USD in the space of 2 hours! That is amazingly bad. Such a characteristic makes Bitcoin a terrible currency. The second characteristic is the freaking high transaction fee. I payed freaking 0.00115742 to transact 0.00396661BTC to another account! Far out! Fiat fees are like a few cents. And here I am paying $6! So as you can see, Bitcoin is not a very good currency at all. The only good thing about it is its decentralised platform and peer to peer network. I still have hope that transaction fees will decrease.

Transactions fee will decrease as infra become more and more developed. Competition between different exchanges and wallets, financed on ICOs and with other venture capital should push fees down. The other point is what to do with the speed of transactions.

Indeed! The transaction fees are not that big problem. With passage of time, they will decrease making all us happier. Speed of transactions is okay for me but I have come across certain threads where people have problem with the speed like it took them even two days sometimes to make a transaction. If this is the case, strict action should be taken soon.

Yes you are right. Transaction fee is something which pinches the investors. But compared to what we are getting in return from Bitcoin, this transaction fee hardly matters. Even then it won’t take much to settle up all the things like fee and time required. These are the things which will be in control in near future.

[Rajamuda]

Seen in general indeed is not good money, and it is still not really official around the world, but after many peoples who proved that bitcoin can boost finance, i think bitcoin is one of the good ways used to earn money and give many opportunities for many people to earn money and reduce unemployment which without job anymore on their life. So bitcoin can be said a good money to everyone i guess.

[ekans45]

Well i can say that bitcoin is a good money because of the price increase is not stable but only good for internet transaction not for local transaction because its always need internet before you can send bitcoin to the receiver.. its just like a gold or sliver but the demand is really fast and the movement of the price is really increasing fast unlike gold even its in demand the price is not really increasing fast..
Bitcoin is a good thing online that you can use to buy soemthing and pay for less fee for paying transactions. i don't think that bitcoin is not a good money but there are many people are getting benefits in bitcoin..

In most of the people bitcoin is a good form of money because it somehow represent the future of currency or the future money. So the best thing to do is to trust bitcoin because there is much more room for bitcoin development and growth.

[supandi wiharja]

I think bitcoin really is a promising digital currency, its price keeps rising beyond the gold price because i think bitcoin is very practical for people who use this digital money.
In addition, the bitcoin stock from the center has been thinned and many people are looking for it, this will make the bitcoin price higher over time as the bitcoin scarcity becomes a big factor in increasing the bitcoin value.

[Casdinyard]

I will only say that bitcoin is not a good money when it has no value anymore. How can you say that bitcoin is not good  money if some people are earning it and holding it.  As long as bitcoin has value it will always be a good money.

I dont understand why there are people saying that bitcoin is dying and bitcoin will be worthless. Maybe they had a bad experience or just trolling and spreading some fud.
Yeah you're right we can say that btc is not a good money if its lose its value. But the reality is we are experiencing an all time high so the community are all happy with the unexpected increase and all are hoping that our christmas will be more happier when it hits $5000.

[Altero]

Your are wrong if you think that bitcoin is not a good money. Bitcoin is a new generation of currencies used in internet worldwide, a lot of investors and traders that could benefit this. They believe that bitcoin could bring them for a great and  good investment in the future and they can generate big profit from here.
I know that bitcoin can make a lot of changes in everyone's life, and most bitcoiners can generate income from here. And probably this could be a good money for us in the future.

[Michhotdog]

Bitcoin is good money that changes the lives of many people for the better and I do not understand why many people say bitcoin is bad. Of course someone can use it for bad purposes, but it can be done with any other currency.

[Fulmand]

Seen in general indeed is not good money, and it is still not really official around the world, but after many peoples who proved that bitcoin can boost finance, i think bitcoin is one of the good ways used to earn money and give many opportunities for many people to earn money and reduce unemployment which without job anymore on their life. So bitcoin can be said a good money to everyone i guess.

I disagree that bitcoin is not really a good money. Well in fact you are very right, many people we're helped financially by bitcoin. Not directly helped like just giving bitcoin to random people but because bitcoin is a way to different online jobs and online stores, and also you can advertise your business with the use of bitcoin.

[MiF]

Bitcoin is not really money but bitcoin is better than money in terms of usefulness and in many countries there are many who accept payments using bitcoin, so we do not need to exchange money, just we use bitcoin

Bitcoin help us to address all of our financial needs so i considered this is a money too.If money can buy almost everything now so same as bitcoin too. It just happen that paper money is become the first to be recognized but it will be the same for bitcoin soon. If someday that bitcoin will no more value that it cannot be use to purchase anything anymore then that is the time that i will declared bitcoin is not just not really a good money but it is not a money.

[cotton ball]

Bitcoin is not really money but bitcoin is better than money in terms of usefulness and in many countries there are many who accept payments using bitcoin, so we do not need to exchange money, just we use bitcoin

Bitcoin help us to address all of our financial needs so i considered this is a money too.If money can buy almost everything now so same as bitcoin too. It just happen that paper money is become the first to be recognized but it will be the same for bitcoin soon. If someday that bitcoin will no more value that it cannot be use to purchase anything anymore then that is the time that i will declared bitcoin is not just not really a good money but it is not a money.

But still it cannot be used for offline transactions, while few people believe in electronic transactions, they are still afraid of online account hacking problems and so on, I think bitcoin is not as perfect as fiat, but in terms of assets I still agree with your perspective.

[Shimeka30]

How that bitcoin is not a money, it may not be a physical one but it can be convert into a real cash/money whatever country you belong. This shows that bitcoin has a store of value, you better think of that mate.

[Yatsan]

Bitcoin is good money that changes the lives of many people for the better and I do not understand why many people say bitcoin is bad. Of course someone can use it for bad purposes, but it can be done with any other currency.

Precisely, The bitcoin is a very good way of investment just like other currency and the bitcoin is also a way of making money to other people that is broke and can do freelance job. Many people now have skills but cannot use it but here in the forum you can earn bitcoin by doing a certain task and as you can see the salary for every job is very high so I highly suggest bitcoin is a very good way for making money.

[Kiweikoo]

Well i can say that bitcoin is a good money because of the price increase is not stable but only good for internet transaction not for local transaction because its always need internet before you can send bitcoin to the receiver.. its just like a gold or sliver but the demand is really fast and the movement of the price is really increasing fast unlike gold even its in demand the price is not really increasing fast..
Bitcoin is a good thing online that you can use to buy soemthing and pay for less fee for paying transactions. i don't think that bitcoin is not a good money but there are many people are getting benefits in bitcoin..

In most of the people bitcoin is a good form of money because it somehow represent the future of currency or the future money. So the best thing to do is to trust bitcoin because there is much more room for bitcoin development and growth.

Saying this that Bitcoin is not a good money will something unjust. The way Bitcoin has changed the life of so many of its investors, and the way number of investors investing is increasing with each passing day, we can hardly blame Bitcoin not to be a good money.

[omonuyak]

Though bitcoin has it limitations and I know thewe is no any human system that is perfect! Bitcoin is far better than gold and silver to me in term of governments, central banks, politicians and elite control. Some of us here who has benefiting from bitcoin and blockchain technology ,really can see the difference. Bitcoin is decentralized and it doesn't discriminate unlike others form of money.

[wowanstrong]

Any currency in itself can not be good or bad, it all depends on how people use it. Bitcoin is a modern currency and it provides an opportunity to earn to everyone, I think it's very good.

[Pettuh4]

Any currency in itself can not be good or bad, it all depends on how people use it. Bitcoin is a modern currency and it provides an opportunity to earn to everyone, I think it's very good.

Precisely, it depends on the individual usage of the currency and how it is controlled on the market. If the currency is centralized then there are many problems with control etc. but a decentralized currency only depends on how people use it either for good or bad. To me Bitcoin is good money and it has supported me in sending funds globally.

[malboroman]

Bitcoin is a modern currency of the future and good money. Perhaps he has some minor shortcomings in the form of high fees, but they will be covered by a rapid price increase that will make many people rich.

Why you believe only in bitcoin? Why not eth or any other currency with better infra and transactions speed?

[rodskee]

Any currency in itself can not be good or bad, it all depends on how people use it. Bitcoin is a modern currency and it provides an opportunity to earn to everyone, I think it's very good.

i agree with you mate all currrency have own identity, bitcoin is giving the opportunity to us like the unemployed bitcoin give a decent job using the decentralized cryptocurrency, bitcoin gives hopes to get the dreams in life of everyone here in the bitcoin industries. i'm very thankful bieng the part of bitcoin.

[coinplus]

I will only say that bitcoin is not a good money when it has no value anymore. How can you say that bitcoin is not good  money if some people are earning it and holding it.  As long as bitcoin has value it will always be a good money.

I dont understand why there are people saying that bitcoin is dying and bitcoin will be worthless. Maybe they had a bad experience or just trolling and spreading some fud.
Yeah you're right we can say that btc is not a good money if its lose its value. But the reality is we are experiencing an all time high so the community are all happy with the unexpected increase and all are hoping that our christmas will be more happier when it hits $5000.

I am agreeing with this statement as it reveals the most common cause of why people are roaming about the bad bitcoin is. When someone don’t get anything good form anything, people make that thing, something really bad bitcoin will be the promising money in upcoming years.

[BobK71]

The price growth of bitcoin is inevitable, but that is a good quality only for the owners of the coins. Such a high price may deter potential users. Who can afford to buy bitcoins at $ 4,500? But if you're new to bitcoin? For the successful development of a bitcoin needs to exist a labour market with payment in bitcoins. The more people have bitcoins the faster to develop the crypto economy.

I see what you mean with regard to Bitcoin needing to be part of the payment system.

But remember, even during the 'stable' period of the gold standard, only a small number of countries (e.g. UK, US) could afford to have both gold and paper money circulating at the same time.  Gold served mainly as a store of value, and I think the elites are envisioning the same role for Bitcoin and other cryptos.

[btcjocan]

The price growth of bitcoin is inevitable, but that is a good quality only for the owners of the coins. Such a high price may deter potential users. Who can afford to buy bitcoins at $ 4,500? But if you're new to bitcoin? For the successful development of a bitcoin needs to exist a labour market with payment in bitcoins. The more people have bitcoins the faster to develop the crypto economy.

I see what you mean with regard to Bitcoin needing to be part of the payment system.

But remember, even during the 'stable' period of the gold standard, only a small number of countries (e.g. UK, US) could afford to have both gold and paper money circulating at the same time.  Gold served mainly as a store of value, and I think the elites are envisioning the same role for Bitcoin and other cryptos.

Yeah it's almost the same strategies mate, same roles have been applied here and demand is the most certain about bitcoin investments. Greater demand can make us profitable with bitcoins in the future of our holding if we are investing at a good value. So far other investors find it hard waiting for a good price since they're buying bitcoin at it's current price which very expensive, but even though it's a volatile currency, there's that opportunity of gaining it's price even better or be tripled of it's current value right now.

[shezu007]

3-4 years ago bitcoin transaction fee was nice so i was sending money with bitcoin. not its around 2-3$ so its same as local banks. So why do i need to send money using bitcoin?
Then is started to use alt coins but there is a big problem here on local bitcoin exchanges altcoins not supported. So now its a good choice to send money with local banks.

It is not about fees it is about values too because if bitcoin is increased then the transaction would be upgrade too because we know that bitcoin is increasing on daily based so the transaction would be update it too so we need to explain that situation to people that if you are earning high income why should we discuss the transaction fees too?

[Aztek]

There maybe some flaws you can see in bitcoin but it does not generalize that it is not a good money at all. If all of us would base the meaning of being good money to its transaction hassles and vulnerability then no one would be happy to invest in bitcoin. Bitcoin has a lot to offer for us in this community. It's a step by step process in order to perfect something.

It is true that there is a lot of things in bitcoin that should a development in the future. In the simple matters bitcoin is not that perfect, yet we are a vital factor for it to develop and to become a better currency in the future. It depends on us on how we are going to used bitcoin as a number one option on transaction specifically on trading, investments or daily transaction that could somehow makes bitcoin more popular on people to used it as a mode of transaction.

[kevpantof]

There maybe some flaws you can see in bitcoin but it does not generalize that it is not a good money at all. If all of us would base the meaning of being good money to its transaction hassles and vulnerability then no one would be happy to invest in bitcoin. Bitcoin has a lot to offer for us in this community. It's a step by step process in order to perfect something.

It is true that there is a lot of things in bitcoin that should a development in the future. In the simple matters bitcoin is not that perfect, yet we are a vital factor for it to develop and to become a better currency in the future. It depends on us on how we are going to used bitcoin as a number one option on transaction specifically on trading, investments or daily transaction that could somehow makes bitcoin more popular on people to used it as a mode of transaction.

Nothing is perfect; we just go for what are better or rather better suits us. We are an important factor but don't you think bitcoin has attracted us first towards itself. It provided us with new ways of transaction and become our source of income. BTCs have that much followers because of its extraordinary features. We can be replaced but BTC can't be.

[Matcuda]

Bitcoin has small incomes, but they can be corrected in the future. In addition, it provides an opportunity for unemployed people to earn without having special skills. This is good money.

[andreibi]

Bitcoin as this moment is not a good means to pay for stuff. Store of value? Currently yeah, but it wouldn't last long if people start to realize what is Bitcoin really good for.

[Chyton]

First of all I know that Bitcoin was designed to be the next digital cash, but some years after that it's not feasible to be the mass adopted digital cash. Bitcoin is becoming our digital gold not money. In my opinion, Bitcoin will never be our digital cash because of it's deflationary design.
A good cash need to be inflated at a controlled rate while Bitcoin is capped at 21 Million that means Bitcoin is getting more scarce everyday, not so much different from gold eh? And Bitcoin is more practical to store and liquidize than gold.

[noictib]

Bitcoin as this moment is not a good means to pay for stuff. Store of value? Currently yeah, but it wouldn't last long if people start to realize what is Bitcoin really good for.

Yeah , i agree because here in my city no one shops are accepting bitcoin and also saying that if anything like bitcoin is exists than that is scam only because it is totally a useless concept to store MONEY in the online with some words.
Well here bitcoin is good money for each other among the bitcoiners and we can easily expect that how much we are making with the bitcoin after payment because its value will increase time to time and we will make money in offline ( by storing in Wallet and doing nothing ).
So we need to educate the people about this thing legimately , so that they can understand its value in real ways  and can make use of btc and other cryptocurrency and make it more valuable in public place to use bitcoin .

[yrreg ger]

I think it is based on the experience of the user. They think that bitcoin is not a good money because of being cashless/crypto-currecny which is possible to disapper that cause of losing money. And the otherside is gooe because it is helpful to the other, it is the source ot income by the other because of investing, trading and benefits of volatile price of each crypto-currency. It is normal to make a mistakes because this will the one reason why we survive and have a better life.

[Fundalini]

Bitcoin leans toward the investment side rather than as a money for transactions. Ironically, it is a currency but it has done a terrible job thus far. I takes to many processing to buy stuffs, isn't enough popular to be accepted by many stores and transaction cost and time are at a below acceptable level.  So unless they fix that block size capacity and then be more accessible,  bitcoin would never be a good money.

[Lubang Bawah]

This is the opinion of those who have not gained profit from bitcoin so say it. for me bitcoin is the best money because its value is always up compared to the price of all commodities.

[FLoving]

I think it is based on the experience of the user. They think that bitcoin is not a good money because of being cashless/crypto-currecny which is possible to disapper that cause of losing money. And the otherside is gooe because it is helpful to the other, it is the source ot income by the other because of investing, trading and benefits of volatile price of each crypto-currency. It is normal to make a mistakes because this will the one reason why we survive and have a better life.

It is very much depending on the customer how bitcoins are to him. If he is earning good money with bitcoins, indeed he is never ever going to consider bitcoins bad money. I don’t think so bitcoins have anything that can put them in the category of bad money. It is much better than traditional ones.

[fedoralite]

I think it is based on the experience of the user. They think that bitcoin is not a good money because of being cashless/crypto-currecny which is possible to disapper that cause of losing money. And the otherside is gooe because it is helpful to the other, it is the source ot income by the other because of investing, trading and benefits of volatile price of each crypto-currency. It is normal to make a mistakes because this will the one reason why we survive and have a better life.

It is very much depending on the customer how bitcoins are to him. If he is earning good money with bitcoins, indeed he is never ever going to consider bitcoins bad money. I don’t think so bitcoins have anything that can put them in the category of bad money. It is much better than traditional ones.

The problem is there are people who's been trying their luck on hyips and get scammed and for this they see bitcoins is not good since they had bad experiences upon using this but if they are good player on this industry they will surely find it more convenient and a good source of profits if they will explore it up.

[Ejanend]

I think it is based on the experience of the user. They think that bitcoin is not a good money because of being cashless/crypto-currecny which is possible to disapper that cause of losing money. And the otherside is gooe because it is helpful to the other, it is the source ot income by the other because of investing, trading and benefits of volatile price of each crypto-currency. It is normal to make a mistakes because this will the one reason why we survive and have a better life.

A lot of people has the different thinking about bitcoin and for me bitcoin is not just the money but it is more than that because it keeps your money and your investments save then how can someone say that bitcoin is not the money we can buy things and can pay our bills using bitcoin in addition to it is best payment service because of the cheaper and faster transaction so it is better than money for money now.

[cluit]

There maybe some flaws you can see in bitcoin but it does not generalize that it is not a good money at all. If all of us would base the meaning of being good money to its transaction hassles and vulnerability then no one would be happy to invest in bitcoin. Bitcoin has a lot to offer for us in this community. It's a step by step process in order to perfect something.

It is true that there is a lot of things in bitcoin that should a development in the future. In the simple matters bitcoin is not that perfect, yet we are a vital factor for it to develop and to become a better currency in the future. It depends on us on how we are going to used bitcoin as a number one option on transaction specifically on trading, investments or daily transaction that could somehow makes bitcoin more popular on people to used it as a mode of transaction.

Nothing is perfect; we just go for what are better or rather better suits us. We are an important factor but don't you think bitcoin has attracted us first towards itself. It provided us with new ways of transaction and become our source of income. BTCs have that much followers because of its extraordinary features. We can be replaced but BTC can't be.

Exactly! Bitcoin is no doubt a very good source of income for many of us. I think the one who think this thing that Bitcoin is not a good money, they actually are unaware of all the wonders which Bitcoin is and will bring in the coming days. Bitcoin in my point of view will be the most valuable money in future.

[karmamiu]

There maybe some flaws you can see in bitcoin but it does not generalize that it is not a good money at all. If all of us would base the meaning of being good money to its transaction hassles and vulnerability then no one would be happy to invest in bitcoin. Bitcoin has a lot to offer for us in this community. It's a step by step process in order to perfect something.

It is true that there is a lot of things in bitcoin that should a development in the future. In the simple matters bitcoin is not that perfect, yet we are a vital factor for it to develop and to become a better currency in the future. It depends on us on how we are going to used bitcoin as a number one option on transaction specifically on trading, investments or daily transaction that could somehow makes bitcoin more popular on people to used it as a mode of transaction.

Nothing is perfect; we just go for what are better or rather better suits us. We are an important factor but don't you think bitcoin has attracted us first towards itself. It provided us with new ways of transaction and become our source of income. BTCs have that much followers because of its extraordinary features. We can be replaced but BTC can't be.

Exactly! Bitcoin is no doubt a very good source of income for many of us. I think the one who think this thing that Bitcoin is not a good money, they actually are unaware of all the wonders which Bitcoin is and will bring in the coming days. Bitcoin in my point of view will be the most valuable money in future.

                         It is just because the developer is really brilliant he saw that it is still not enough and there are some problems from transferring money from one place to another so he developed a virtual currency that has multi-purpose. Even though it is not yet perfect or not even at the bound of perfection, so many developers are trying to developed new ways or methods or even projects that could help and be beneficial to bitcoin itself.

[xSkylarx]

Bitcoin is not a really good money because it will not help you to pay your things on a daily basis and bitcoin is more like a good investment for long term because bitcoin is not a completely a money but also an investment which is preferrable rather than using it as a money.

[syaripudin]

Currently, many people who want to do activities dibitcoin that alone can be used as evidence that bitcoin currency is good enough money. not to mention the many investors who want to invest dibitcoin. so I guess you're wrong if you say that bitcoin is not good money. bitcoin is helpful to meet the needs in terms of the economy of my life. right now I have started trading in dibitcoin I do that because I am very confident that actually bitcoin can improve in terms of economy of my life for the future. and really bitcoin is a gift I get.

[goldade]

Bitcoin is not real money because of simple fact acceptance the way dollar is not real money to the man on the street of China trying to make a living for himself. In the outside world bitcoin might not be real money, but over here, that is the main currency to be used as a medium of exchange and even anything other than bitcoin for services to be rendered or rendered is purely a waste of time.

[marjoree]

Bitcoin is powerful enough this days and maybe gold and silver will be left out and they will be just a jewelry. Think of what will happen with bitcoin in the future it will be soon known by the whole world and extend more since its value gets higher every year

[tiptopgemdotcom]

This is the opinion of those who have not gained profit from bitcoin so say it. for me bitcoin is the best money because its value is always up compared to the price of all commodities.

Dont underestimate opinions of other members. Bitcoin prices always have ups and downs. As a digital money we can list many good reasons but let's dont ignore the cons of bitcoin..

[Gotomoon]

Bitcoin is powerful enough this days and maybe gold and silver will be left out and they will be just a jewelry. Think of what will happen with bitcoin in the future it will be soon known by the whole world and extend more since its value gets higher every year

I believe bitcoin has a bright future and yes it is powerful these days. Soon there will be a merchant that bitcoin will serve as a real money. Somehow, by buying things online we can say it can serves as a good money online because we can use it to purchase online. Moreover, bitcoin has not stopping from there because we can serve it as an investment also.

[Afnan_faizah]

Actually bitcoin is better then the current currency,its durable,  divisible,  and have limitation in the amount. Those characteristic was makes bitcoin to be the best currency in the world.

[jets567]

If it's not a good money, Maybe we can ask now why Jaime Bought bitcoins last time inspite of saying that BTC is a fraud. I'm not saying that you argument is not good but for my basic point of view, Maybe i'll be trusting a well known banker from a prominent company who sees the potential of BTC than you. Just saying tho.

[Sled]

Bitcoin is not created to be used as money, it is created to be an investment who will fight for inflation and will save the money of the people in the world. Bitcoin is not like the regular money because you cannot use it for daily life since you will be spending more money in paying the fees so it is just suited for investment.

[Latviand]

I know, Bitcoin is designed to be as free from central bank and politician control as possible.  It is open-source, decentralized, etc.

But if you think about it, Bitcoin is still fundamentally worse than gold and silver as a truly free money.

First things first: all of gold, silver and Bitcoin are subject to central bank manipulation by pegging.  When central banks store up enough non-state money, they can sell that money for a fixed dollar or pound price, and thus suppress any appreciation of the non-state money in currency terms.  This enables the elites to acquire wealth and power for free, by issuing state currency and debt, as long as the central bank has enough of the non-state money to fight off any 'run on the bank.'

This was the real nature of the gold and silver standards through most of modern history, that mainstream economists praised for stabilizing state currencies and economies, at that time.  (Of course, they are now firmly against the gold standard, thus both times saying the elites' system was/is good for the economy.)

That said, Bitcoin suffers from the additional problem that it's secured not by physics, but by algorithm.  Algorithms can change.  Algorithms are only guarded by humans who are subject to persuasion.  At some point, the elites will have issued too many IOUs against the Bitcoin in their vaults.  Either we increase the issuance limit from 21 million, or we get a financial crisis and depression.  I imagine most of the developers will be open to talking.  (BTW, some version of this is almost guaranteed to happen, due to the nature of the world system.  For example, all countries have defaulted on their promises to redeem gold at a fixed price.)

This is in contrast to gold and silver, where violating the limit of issuance is physically impossible (or very expensive, with radioactive reactions.)

Another major weakness of Bitcoin is transparency.  In order for the public to hold the elites accountable for their monetary actions, however partially, the easier it is to observe and monitor the system, the better.  The reality is that computer networks and data structures are not easy for most of the public to understand, compared to the age-old concept of holding physical metals.

And we know from experience that the elites take full advantage of lack of public understanding.  Besides the 'gold standard good, gold standard bad' flip-flop by establishment economists, almost every major issue of finance is distorted before the public receive the wisdom passed down to it by the media (and this includes, maybe especially includes, channels tailored to the highly educated, like The Economist magazine and America's PBS television.)  Southeast Asia in the 90s, Greece recently, and Germany between world wars were made to suffer deflation after their financial crises, and the economic justification was 'moral hazard.'  The US was allowed to print devalued money to ease the pain after its own financial crises, and the economic justification was Keynesian pain relief.  (The real reason for the differentiation was that American voters had more power to disrupt the elites' system than those other populations.)

With Bitcoin so much easier to manipulate than gold and silver, no wonder, all the signs are that the elites will promote Bitcoin as the store of value of the future.  This makes even more sense when you consider it would be embarassing for the elites to promote gold or silver instead, since their prices would have to rise to a level much higher than the last time the elites tried to fix them.  Gold has appreciated 30 time since the elites' fixed postwar price of $35/ounce, and would likely have to appreciate another 30 times before a new (de-facto) gold standard can become stable.  This does not make the elites' money look good.  Bitcoin has no such history, and the elites can claim (and likely be believed) that they are merely moving money onto a new, electronic foundation that is more stable than a totally fiat system.

As I mentioned before, the elites must secretly nurture, if not openly promote, some form of safe store of value that is totally trusted by the public.  In today's world, that can only mean non-state-issued money.  The only question is which.

That's why i think that bitcoin and regular curreny has its pros and cons while I think that no currency can ever be safe from tampering or from banks. The possibilities uou can do in bitcoin is still endless and more people are still investig on it as it gives them profit that banks or in their regular money cant do.

[karmamiu]

Actually bitcoin is better then the current currency,its durable,  divisible,  and have limitation in the amount. Those characteristic was makes bitcoin to be the best currency in the world.

                      How can we say such words? In fact it is still running despite those FUDs and news about bitcoin. Some people use those news to take advantage and buy it from dips so in the end when the time comes when the prices raise, they will be the ones who will benefit, unlike those who panic and sell it easily they are the losers. So in the last man standing are those who bought from the low price.

[julius caesar]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

yes that is right that bitcoin is the currency of the modern people specially the new generation who are showing more interest in bitcoin to use it for online shopping. they are now converting even their business to online and mostly giving preference to online shopping and other dealings, therefore we can say that bitcoin has a great and bright future.

I think it will be a great idea if bitcoin didnt pump into its lowest price, which may scare people in using it for trading unlike using in paper money you have the money that you gain from somewhere, it will remains as is if you dont spend it but in bitcoin dumps its price without any clue but good thing it come back to its original price, bitcoin is better than paper money because it is easy to be earn.

[Gozie51]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

yes that is right that bitcoin is the currency of the modern people specially the new generation who are showing more interest in bitcoin to use it for online shopping. they are now converting even their business to online and mostly giving preference to online shopping and other dealings, therefore we can say that bitcoin has a great and bright future.

I think it will be a great idea if bitcoin didnt pump into its lowest price, which may scare people in using it for trading unlike using in paper money you have the money that you gain from somewhere, it will remains as is if you dont spend it but in bitcoin dumps its price without any clue but good thing it come back to its original price, bitcoin is better than paper money because it is easy to be earn.

Nice idea... I still think that even with a dump in bitcoin, it will still rise and still be used for trading. The shake in bitcoin value is normal and expected given the issues from China.

[BobK71]

If it's not a good money, Maybe we can ask now why Jaime Bought bitcoins last time inspite of saying that BTC is a fraud. I'm not saying that you argument is not good but for my basic point of view, Maybe i'll be trusting a well known banker from a prominent company who sees the potential of BTC than you. Just saying tho.

'Bitcoin is not a good money' is only against the point of view that Bitcoin will help the cause of freedom in this world.  I don't think the price of Bitcoin has a bad future.  In fact, the elites may be promoting it precisely because it is easier to manipulate than gold and silver.

[IT_AEX]

Indeed; seeing bitcoin as money would be the same as seeing gold as money.
Both are currencies that backup day-to-day money.

You cant go to a grocery store with your gold ingot and pay, that doesnt mean that gold is "bad money".
The same applies with bitcoin, bitcoin still has some challenges ahead to be solved in order to be considered "good money".

However, as a currency it is disrupting markets. And other altcoins are taking his place in day to day tradings (ltc, monero, zcash)

[Akash1243]

Yes I think that bitcoins are not good money yet as of now it is mostly only seen as an investments because of it's volatile nature.Bitcoins prices are highly influenced by the demands of the people if it increase then the price would too but if people won't do any transactions with bitcoins then bitcoins would be pretty much died.I think bitcoins can only seen as investment as it's market is not going to get stable anytime soon because they are in limited number so after all bitcoins are mined it's price is going to sky rocket.

[sampalokmix]

for me bitcoin is a really good thing to be dependent on. it really helps me on daily instructions mostly business transactions bitcoin also always there for me when i needed money i can easily sell it out so that i can cash it out. even tho bitcoin is a decentralized money. i don't care because bitcoin is the one who helps me to be on my state right now.

Bitcoin is something worth sweating for, I mean you can actually visualize all the things that you have been working for, I dont believe that it is not a good money , in what way? It will give a profit and thats the reason why you are posting here, cause you are assuming for a profit and dreaming about a financially stable life which will take long in some working buildings.

[Sniper150]

How do you say so that bitcoin is not really a good money? When bitcoin is trade in fiat currency, did you say it is not a good money? You can trade it whatever you want to do with your bitcoin. I believe that bitcoin is really a good money because it helps me a lot especially in financial needs.

[Melissa95]

For me, though, I look at Bitcoin not just as a currency, but what it could do in the future in other applications. Think of the Bitcoin technology as a way to exchange and verify ownership. It’s like getting into your car with your smartphone. You present cryptographic proof of ownership. You’re the owner, and it’s verified through this common ledger. The car is able to identify that it is your car, and so the car starts. You’re done.

[JTASSOCIATES]

Most of replies to your qoute "Bitcoin is not really a Good Money"  No Bitcoin is good Money. I agree with them by myself also. The fear  by. you when Gold and Silver has controled  by each countty according to gheir policy and their resirement. But Bitcoin isnot conttlled by sny countty regulayions. This is why we are here and without any countries / Government intervine we supporting our families financial reuirement "Dont you think Bitcoin is Good Moneny". 

Dont worry about future which is very Bright with Bitcoin so be happy Good Luck.

[BobK71]

Most of replies to your qoute "Bitcoin is not really a Good Money"  No Bitcoin is good Money. I agree with them by myself also. The fear  by. you when Gold and Silver has controled  by each countty according to gheir policy and their resirement. But Bitcoin isnot conttlled by sny countty regulayions. This is why we are here and without any countries / Government intervine we supporting our families financial reuirement "Dont you think Bitcoin is Good Moneny". 

Dont worry about future which is very Bright with Bitcoin so be happy Good Luck.

Bitcoin will be controlled by governments and central banks the same way, and for the same reason, as controlling gold and silver.  And indeed that is why the elites are promoting Bitcoin now.

All they need to do will be to buy enough Bitcoin to sell when they want the price to go down.  Of course, today the techniques are more sophisticated, but things will be essentially no different from what they have done with gold and silver over the last 400 years.

[celested]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

yes that is right that bitcoin is the currency of the modern people specially the new generation who are showing more interest in bitcoin to use it for online shopping. they are now converting even their business to online and mostly giving preference to online shopping and other dealings, therefore we can say that bitcoin has a great and bright future.

Bitcoin is also considered currency but it is a digital currency. The money itself is not bad it is as valuable as gold, silver so! But many people do not believe in this currency because it is a virtual world. It's bad only when people use it to profit themselves.

[Sled]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

yes that is right that bitcoin is the currency of the modern people specially the new generation who are showing more interest in bitcoin to use it for online shopping. they are now converting even their business to online and mostly giving preference to online shopping and other dealings, therefore we can say that bitcoin has a great and bright future.

Bitcoin is also considered currency but it is a digital currency. The money itself is not bad it is as valuable as gold, silver so! But many people do not believe in this currency because it is a virtual world. It's bad only when people use it to profit themselves.

What is the matter for that? What is the big deal if people use bitcoin to profit themselves because that is a true statement and that is the main reason why we are here in bitcoin or cryptocurrency world because we want to make profits for ourselves and we can only achieve that if we are going to take risks and trust the cryptocurrencies in the internet. Bitcoin is considered as a currency but it is more on being a profitable type of investment.

[BingoDog]

Just the opposite, bitcoin is good money if you know how and when to use it. It's not typical money for typical use and it's not for everyone, that is why people often make mistakes. Bitcoin is virtual and it has different rules than classic fiat currency. But the advanatage is that you don't have to use is just as a money but as investment as well.

[ShadowBits]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

im 100% on this , if i may add the deflationary aspect of bitcoin surely is the aspect that attracts investor to be dependent on bitcoin
as surely they will profit every deflation and inflation of btc

[PacePay]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

im 100% on this , if i may add the deflationary aspect of bitcoin surely is the aspect that attracts investor to be dependent on bitcoin
as surely they will profit every deflation and inflation of btc

If this is not good why people are talking about it this is one of senseless thing that it is not good, it has enhanced people lives and many of lives are connected to it, it is giving them profit on daily basis, many people are attracted toward it just because it give them room to earn more In less time and it has completed its benchmarks.

[iMark]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

yes that is right that bitcoin is the currency of the modern people specially the new generation who are showing more interest in bitcoin to use it for online shopping. they are now converting even their business to online and mostly giving preference to online shopping and other dealings, therefore we can say that bitcoin has a great and bright future.

I think it will be a great idea if bitcoin didnt pump into its lowest price, which may scare people in using it for trading unlike using in paper money you have the money that you gain from somewhere, it will remains as is if you dont spend it but in bitcoin dumps its price without any clue but good thing it come back to its original price, bitcoin is better than paper money because it is easy to be earn.

i think it is precisely because of the fluctuations that make bitcoin not very good for use as currency, when you pay something you can lose money and can also profit, for example when you use bitcoin to pay for certain goods and after you pay later due to fluctuations price to be down, of course that will be harmed the seller and vice versa

[zzSunZZ]

This, in a nutshell, is why I got involved with bitcoin in the first place and why I believe in the idea so much.
It's also what worried me about the recent forking debate, though I have to confess I'm not sure I ever understood that entirely (I am reasonably smart and technically inclined, but far from a crypto expert.)
The cryptocurrency world is so dynamic right now, that as an adult who works 80+ hours per week and also has a family to attend to, I've found it difficult to stay on top of the news.
My layperson's understanding of the recent fork tumult was that it centered at least in part on the fact that control of the currency lies with miners, and that bitcoin mining power had become concentrated over time with a small number of actors in China.

[bozo333]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

yes that is right that bitcoin is the currency of the modern people specially the new generation who are showing more interest in bitcoin to use it for online shopping. they are now converting even their business to online and mostly giving preference to online shopping and other dealings, therefore we can say that bitcoin has a great and bright future.

I think it will be a great idea if bitcoin didnt pump into its lowest price, which may scare people in using it for trading unlike using in paper money you have the money that you gain from somewhere, it will remains as is if you dont spend it but in bitcoin dumps its price without any clue but good thing it come back to its original price, bitcoin is better than paper money because it is easy to be earn.

i think it is precisely because of the fluctuations that make bitcoin not very good for use as currency, when you pay something you can lose money and can also profit, for example when you use bitcoin to pay for certain goods and after you pay later due to fluctuations price to be down, of course that will be harmed the seller and vice versa

Bitcoin is the digital currency it price is changed the every houver and every day it is the best one monetary value is not changed, but bitcoin value is charged every day so it is the best way for the get the more income and future growth. Bitcoin use to every counter, but money is not used to other country. Bitcoin is the best way to get more income for future saving.

[Superways]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

yes that is right that bitcoin is the currency of the modern people specially the new generation who are showing more interest in bitcoin to use it for online shopping. they are now converting even their business to online and mostly giving preference to online shopping and other dealings, therefore we can say that bitcoin has a great and bright future.

I think it will be a great idea if bitcoin didnt pump into its lowest price, which may scare people in using it for trading unlike using in paper money you have the money that you gain from somewhere, it will remains as is if you dont spend it but in bitcoin dumps its price without any clue but good thing it come back to its original price, bitcoin is better than paper money because it is easy to be earn.

i think it is precisely because of the fluctuations that make bitcoin not very good for use as currency, when you pay something you can lose money and can also profit, for example when you use bitcoin to pay for certain goods and after you pay later due to fluctuations price to be down, of course that will be harmed the seller and vice versa

Bitcoin is the digital currency it price is changed the every houver and every day it is the best one monetary value is not changed, but bitcoin value is charged every day so it is the best way for the get the more income and future growth. Bitcoin use to every counter, but money is not used to other country. Bitcoin is the best way to get more income for future saving.

It all depends on how you want to use your Bitcoins. If you are planning for investment and earning purpose, then it is definitely a very good money and it can help you earn a very good amount of wealth. On the other hand, if you want to spend it for meeting your daily based needs, then it is actually not a good idea.

[que91]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

yes that is right that bitcoin is the currency of the modern people specially the new generation who are showing more interest in bitcoin to use it for online shopping. they are now converting even their business to online and mostly giving preference to online shopping and other dealings, therefore we can say that bitcoin has a great and bright future.

I think it will be a great idea if bitcoin didnt pump into its lowest price, which may scare people in using it for trading unlike using in paper money you have the money that you gain from somewhere, it will remains as is if you dont spend it but in bitcoin dumps its price without any clue but good thing it come back to its original price, bitcoin is better than paper money because it is easy to be earn.

i think it is precisely because of the fluctuations that make bitcoin not very good for use as currency, when you pay something you can lose money and can also profit, for example when you use bitcoin to pay for certain goods and after you pay later due to fluctuations price to be down, of course that will be harmed the seller and vice versa

Bitcoin is the digital currency it price is changed the every houver and every day it is the best one monetary value is not changed, but bitcoin value is charged every day so it is the best way for the get the more income and future growth. Bitcoin use to every counter, but money is not used to other country. Bitcoin is the best way to get more income for future saving.

It all depends on how you want to use your Bitcoins. If you are planning for investment and earning purpose, then it is definitely a very good money and it can help you earn a very good amount of wealth. On the other hand, if you want to spend it for meeting your daily based needs, then it is actually not a good idea.

What do you think with the value of Bitcoin as now to spend for daily needed? No one is stupid to does that, only stupid user of Bitcoin will use their Bitcoin to buy daily needed, if they really want to use cryptocurrency for that, they should use Ripple or other altcoin with cheap fees transaction and low value.

[ongels]

Bitcoin has a wide variety of uses compared to physical form of money, And someday it will be realized to become our future currency, And we will be glad that we arrived in our final destination. This type of currency are highly appreciated by future generation because of its efficient to use and could be good source of income.

[spyerf]

Bitcoin is a good currency, especially especially for a new generation of forward thinking would be more interested in bitcoin to use it for online shopping. Even now they are transforming their business online and mostly prefer online shopping and other transactions, and because one's success will be more and more people who are interested in its existence. With that we can say that bitcoin has a bright and bright future for online businesses and bitcoin hunters

[949miner]

It depends on how your see money and power, as far as i read your message, you are only blaming banks and police, but this is not how the money works in this world, maybe you are saying that because you are angry that the most powerful people are the ones who most money have. Anyway, bitcoins are going to be the new era of money, so i think it is "a new way to store money" and get profit from that, and obviously that more money means more power.

[Anfisman]

I think so too, now everything have grown, the technology we use today has grown so rapidly, in fact almost every aspect of our lives has grown, so I think the development of currency is also necessary, use the digital currency needs to be considered, with existing means strongly support the digital currency. We must begin to reduce dependence on fiat money, because it is considered less effective use.

[Daimon88]

How do you say so that bitcoin is not really a good money? When bitcoin is trade in fiat currency, did you say it is not a good money? You can trade it whatever you want to do with your bitcoin. I believe that bitcoin is really a good money because it helps me a lot especially in financial needs.

It is just a senseless statement that it Is not good money bitcoin is more versatile than any other business it gives you profit on daily basis and never let down its investor and the money that came from bitcoin is better than the working like a retard for hours in jam packed office, and say this to the millionaire who got everything from bitcoin they will give you a better answer.

[KingdomHearts]

Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

yes that is right that bitcoin is the currency of the modern people specially the new generation who are showing more interest in bitcoin to use it for online shopping. they are now converting even their business to online and mostly giving preference to online shopping and other dealings, therefore we can say that bitcoin has a great and bright future.

Bitcoin is also considered currency but it is a digital currency. The money itself is not bad it is as valuable as gold, silver so! But many people do not believe in this currency because it is a virtual world. It's bad only when people use it to profit themselves.

What is the matter for that? What is the big deal if people use bitcoin to profit themselves because that is a true statement and that is the main reason why we are here in bitcoin or cryptocurrency world because we want to make profits for ourselves and we can only achieve that if we are going to take risks and trust the cryptocurrencies in the internet. Bitcoin is considered as a currency but it is more on being a profitable type of investment.

I have learnt something in my life so far. We can correct the incorrect but we cannot correct the hater. If someone does not like bitcoins, no matter what facts we gave him, he won't change his mind. People don't change their beliefs easily.

Bitcoin is the most profitable investment in today's world and it is a fact. Yes we all are here due to this characteristic and won't get influence by words against bitcoins.