Bitcoin Is "Money Out of Thin Air"?

[Angela92P]

cryptocurrency is virtual money that has no physical expression. They are only in the form of computer code, encrypted data. At the same time, the imitation of the account is not controlled by the administrator: banks and terminals do not participate in operations with cryptocurrency, they are not regulated by the state. Anyone can get money, and this direction is called "mining". Mining involves the use of computer power to solve various problems on the formation of new blocks of the cryptocurrency network. Simply put, for overclocking the operating system, you can earn money. The mechanism is similar to investing money in shares, but instead of shares — the power of the computer. Therefore, we can not say that bitcoin is money out of thin air, then you need to work hard.

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[KingScorpio]

Bitcoin has just turned 9 years old...it was nine years ago that Satoshi Nakamoto shared to the world the whitepaper that would be the basis for the creation of Bitcoin and its underlying technology called the Blockchain. The ride was not really that easy because it took some time for Bitcoin to finally caught some fire which pushed the digital currency into the attention it is getting right now. People of course doubted at that time how can mere programming be able to create a digital currency that would have some value.

As of today, those people who took the risk (no matter if they might have not been serious at that time) are experiencing the surprising rainfall of value they might have never expected to happen. Lucky for them...for many of us we have to work hard to get our Bitcoin though it is really worth every penny of the hard work (or money) we put in to get hold of some Bitcoin.

There are still many people who are holding the idea that Bitcoin is essentially making money out of thin air. It is as if the idea of Bitcoin has not yet been absorbed by their consciousness and so many can be dismissing Bitcoin as just another fraud which is waiting to pop and to just evaporate like a bubble.

Of course, we have already progressed out of this stage and right now Bitcoin is already an accepted currency and store of value by many prominent personalities and institutions.

the creation of money out of nothing sounds ridiculous but its necessary, because growth won't be obtainable, and many created valuesources would be unused, or worse, unsecure in a destructive competition.

regards

[treatWy]

Bitcoin is not money in the air. When we say money in the air, supposed, everything in bitcoin should be done as easy as we can to get whatever's necessary. Getting involved with bitcoin is a preparation for bigger picture in the future. Well, Bitcoin is out of thin air is absolutely ironically and difficult to reached due to its step by steps processes.

[KingScorpio]

Bitcoin is not money in the air. When we say money in the air, supposed, everything in bitcoin should be done as easy as we can to get whatever's necessary. Getting involved with bitcoin is a preparation for bigger picture in the future. Well, Bitcoin is out of thin air is absolutely ironically and difficult to reached due to its step by steps processes.

jes bitcoin is money out of massivly wasted computation power, money out of thin air on the other hand sounds much more comfortable compared with that.

[jeromix]

Yes probably the bitcoin team had earn like this creating money out of nowhere but mind you that the money they earned will definitely not the barometer of their success. Whatever money or how huge they earn will be nothing because what important is how one should live in this cruel world. They may have advantage but they are not excluded in having problems and challenges.

[KingScorpio]

Yes probably the bitcoin team had earn like this creating money out of nowhere but mind you that the money they earned will definitely not the barometer of their success. Whatever money or how huge they earn will be nothing because what important is how one should live in this cruel world. They may have advantage but they are not excluded in having problems and challenges.

jes well they created also a quite cruel world, i mean problem before bitcoin creation was the neverending unsecurity the banking cartels created.

but now with bitcoin and crypto the cruel world is basically the global enslavement to the cryptomedia and cryptoindexes, and the corruption that comes with them.

with crypto now, businesses become worthless, working for money becomes a questionable activity.

[Kakmakr]

Thousands of game developers are creating "Money from thin Air" for many years now. Let's take a game like World of Warcraft for instance where they have their own in-game currency and economy and where these currencies are regularly being exchanged in grey markets.

We have seen several games where virtual assets are being bought by fiat currencies and this includes virtual property and even add-ons or improvements for in-game items.

What I am trying to say is, virtual currencies and goods are the norm now, so Bitcoin is not an exception. 

[biskitop]

the initial concept of bitcoin is indeed a currency that can be used as a means of payment, but lately there have been many who use it as an investment that makes the current bitcoin market fall and difficult to rise because it is considered not to have functional value. starting from now on bitcoin must return to the initial concept as a means of payment.

[MainIbem]

Please permit me to ask this rather naive question. Did Satoshi intend bitcoin to be a currency or did he intend bitcoin to be a means of saving numerous people from the manipulations of the banking system extorting huge sums from them as transaction fees?

Whenever I see the discussion of bitcoin as money, it strikes me as if the original intent of bitcoin is being derailed. Can someone put me in the right perspective?

[pat4cryptoreal]

Actually banks are creating money that we are using right now and nobody of us know about this.

In past, Commercial banks were responsible for creating paper cash, they used to give paper cash to people who will deposit heavy metals or Jwelleries in bank.

Later on reserve banks taken out this power from commercial banks, but right now banks are creating digital money and most of us are using those digital money created out of thin air with our credit cards.

https://www.youtube.com/watch?v=oJ5Hq0NDErA

What make me confuse over people ideology about money is that they just believe what ever their Government tell them just because that is the tradition that was handed over to them. In a nutshell our fiat currency is make out of thin air as well.

[bitfocus]

nope, but the fiat you use is just "Money Out of Thin Air" and "Backed by Air".

[steampunkz]

Yup in my opinion Bitcoin has been created from nothing and people in past years didn't know either me that BTC can solve some of the financial problems in the world. And because of Satoshi and his/her team internet, blockchain plus bitcoin also became one of the most useful things that ever created.

[TheBunting]

If anyone is making money out of thin air, it is the banks. They are lending and using oney that doesn’t even physically exist to make more money for themselves. Its getting to a point now where it is on the verge of collapse. If the federal reserve raise the rates then it could cause a worldwide crash of markets. At least with Bitcoin, you know what the maximum amount is that will ever be circulating in the world. It cannot be manipulated by centralised persons or groups either.

[fenican]

Bitcoin isn't money out of thin air - most of its current value derives from the fact that it is exchangeable for fiat. Remove that fiat conversion option, and it would be worth virtually nothing. It's barely used in commerce.

[nicko122]

The concept of currency is assigning value into a system used for exchange in a economy. Ancient Greece used peppercorn as a form currency at one stage in their history.

Many nations used coins that were made of high-value metals and which really cost money and could be used even now. Also, this option is more reliable than paper money, which can be easily spoiled.

[brrzzz]

Probably when the first plastic cards appeared all the money became out of thin air, we became very dependent on electricity.

[stiffbud]

Bitcoin has just turned 9 years old...it was nine years ago that Satoshi Nakamoto shared to the world the whitepaper that would be the basis for the creation of Bitcoin and its underlying technology called the Blockchain. The ride was not really that easy because it took some time for Bitcoin to finally caught some fire which pushed the digital currency into the attention it is getting right now. People of course doubted at that time how can mere programming be able to create a digital currency that would have some value.

As of today, those people who took the risk (no matter if they might have not been serious at that time) are experiencing the surprising rainfall of value they might have never expected to happen. Lucky for them...for many of us we have to work hard to get our Bitcoin though it is really worth every penny of the hard work (or money) we put in to get hold of some Bitcoin.

There are still many people who are holding the idea that Bitcoin is essentially making money out of thin air. It is as if the idea of Bitcoin has not yet been absorbed by their consciousness and so many can be dismissing Bitcoin as just another fraud which is waiting to pop and to just evaporate like a bubble.

Of course, we have already progressed out of this stage and right now Bitcoin is already an accepted currency and store of value by many prominent personalities and institutions.

Everything you have said is absolutely right, but still the bitcoin is like the internet of 90s and there are a lot of new features that should be added to it and also the people were afraid to invest in the companies related to web back in 90s and the same is still happening, but those who came in early in bitcoin industry are now rich as you can see and the same happened with internet too, so I think this is a good enough reason for investing in bitcoin and being bullish about bitcoin price.

[Indrawan77]

Unfortunately I have to agree, crypto currencies are creating money from thin air, they got no tangible form, no regulatory body and everyone can create it, this is also the reason for the traditional investors to label crypto as the fraud investment, but its a complex situation and people will argue about this

[fenican]

Unfortunately I have to agree, crypto currencies are creating money from thin air, they got no tangible form, no regulatory body and everyone can create it, this is also the reason for the traditional investors to label crypto as the fraud investment, but its a complex situation and people will argue about this

Are you joking? Bitcoins are the most heavily regulated currency in existence because the rules are all hard coded, and can't be modified. With "regulated" fiat currency, the "regulators" can print notes in unlimited quantity, can reverse transactions, can freeze assets arbitrarily, etc...

[Eildosa]

I think we can say that bitcoin is money out of thin air. After all, its price can change very quickly and people can make a good profit. In addition, those who believed in bitcoin at the very beginning of his journey, took a chance and now have a lot of money.