Bitcoin Is Not Really A Good Money

[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.