Bitcoin is creating money out of thin air

[lunaalthea]

It is actually funny how they think bitcoin or cryptocurrency in general is considered scam just because it is not backed by any government and no intermediary. When the reason why money existed is for people to establish a value and convenient for people to exchange goods and services. We the market, the people, create value out of thin air. We create our own demand, but sadly because of politics, big corporations or capitalism in general, we have become puppets of the economy. And now that crypto is born, people tell its scam because it gives people financial freedom?? That is hilarious and down straight ill information

[marjil]

It's not exactly out of thin air as it has to be mined which requires huge computing power and electricity but it has no physical form, which may be what he meant.

[owlman]

It is actually funny how they think bitcoin or cryptocurrency in general is considered scam just because it is not backed by any government and no intermediary. When the reason why money existed is for people to establish a value and convenient for people to exchange goods and services. We the market, the people, create value out of thin air. We create our own demand, but sadly because of politics, big corporations or capitalism in general, we have become puppets of the economy. And now that crypto is born, people tell its scam because it gives people financial freedom?? That is hilarious and down straight ill information

It really is! I also hold this opinion. This information is provided not just for that, but with further self-profit or with fear of increasing popularity and all the advantages of crypto currency.

[aeternus]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

That is exactly what fiat does right? The biggest difference is that the rate at which bitcoin is creating new money is slowing down, and it will eventually reach zero and no new coins are ever going to be created, but this is not the case with fiat, fiat generation is only going up as time goes on we only need to have a look at the US dollar supply to understand that.

I think that the chairman is a little bit biased by telling that bitcoin is a scam. The growth of bitcoins is also depending on the supply and demand in the market and the value will only grow if there's a lot of people who are investing and makes the supply decrease.

A little bit biased seems like an understatement, he claims bitcoin is a scam despite the fact fiat does the same and it is way worst since they keep printing more of it without any limit in sight, if the US said they were putting a limit to the amount of dollars they are ever going to print even if that ceiling was very high that will automatically make it more valuable and that is exactly the concept of bitcoin but he cannot understand that because he is paid to not understand it.

[w5pn73]

Actually, bitcoin is the reward miners get for solving a block, fiat is just press a button and print..so sad 

[GolemTrader]

Almost everyone who says this is just looking for attention and ends up retracting their statement later- I am sure this case will not be any different.

[Aziel29]

I cant 100% say that it is created out of thin air but i have watched something that depicts where the btc money itself  was created in japan and the limited of coins is what makes it expensive, there are only limited amount that the amount of every cryptocurrencies are very small compared to the total population of the world, it doesnt have a definite value and that makes it valuable when the supply is very few and yet the demand is very high.

[CNJP15171821]

wrong statement. Bitcoin is a digital currency and many of us using it.

[princesspoppy]

Bitcoin is not made from thin air as well as the money invested in it. Bitcoin has value because it is widely accepted and people or market increases its value by investing money in bitcoin. It is not a scam just like what they say, rather as an investment ( which is more implemented than being a currency) where people invest money to it that make its price grow the way it is today.

[salterious]

Technically hes not wrong because one minutes its not there, and the next it is. What they conveniently left out though is the process of which Bitcoins get created costs thousands and thousands of dollars meaning that currency is actually worth the electricity spent on it. Whereas the US dollar is backed by nothing, yet they have the audacity to ask "what is Bitcoin backed by"? Ridiculous

[SaShiRaJaVu]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

I am not sure he understood bitcoin and how it evolved,people are investing money into it and so is the reason it has a valuation,if someone is ignorant even if he is a retired RBI chairman,if he does not know anything,he has to make sure he learns about it and then make a comment rather than going with the flow to create a sensational news.

[LudiAAA1]

No, Bitcoin is generating money out of a “proof of work” math algorithm. See these math ... A lot of other answers have covered very well what happens during B

[First77]

Bitcoin is not made from thin air as well as the money invested in it. Bitcoin has value because it is widely accepted and people or market increases its value by investing money in bitcoin. It is not a scam just like what they say, rather as an investment ( which is more implemented than being a currency) where people invest money to it that make its price grow the way it is today.

Even a HYIP gets $50,000,0000. Those 10% after 10 days

[joebrook]

No, Bitcoin is generating money out of a “proof of work” math algorithm. See these math ... A lot of other answers have covered very well what happens during B

People are using their computing power to do those work and just because they can't be seen by the eye doesn't mean that money is being created out of thin air.

[Derizo]

Unfortunately there are people who think so and don't want to accept cryptocurrency as something valuble. Right now it's a new century, of technology and it's clear there are people who aren't keeping up with the progress.

[BADecker]

Actually, Bitcoin is money created out of thick air. Fiat is created out of thin air. Why? Because there are loads of people involved in the creation of the programming necessary for Bitcoin. But fiat increases are dictated by a relatively small number of people in the Federal Reserve Bank.

[andreevaviktoriy77]

This is a digital currency that can be withdrawn as well as with bank cards withdrawing money, after withdrawal they are already material and then you can already touch them to feel that they are not from the air but real.

[First77]

Unfortunately there are people who think so and don't want to accept cryptocurrency as something valuble. Right now it's a new century, of technology and it's clear there are people who aren't keeping up with the progress.

If Bitcoin is to be used as currency/payments then 1 Bitcoin = $100 is the right price. Not any more..

Bitcoin has become a hub for criminals and this could supply money for war. $50 billion can do wonders with weapons and guns

[chikading2016]

Yes, every seconds that passed by the bitcoin creats money for you so all investment that you made in their company and management will be worthy and paid-off in future.
Bitcoin helps every individual in the whole world to earn income in easy way.

Yes, you are right. Bitcoin create money in just a glance if we do the right way and right decision making in investing. Earn income more than what we think it doubled, doubled or more. It is a futuristic way to help every body's financial problem.

[mx667]

This is a digital currency that can be withdrawn as well as with bank cards withdrawing money, after withdrawal they are already material and then you can already touch them to feel that they are not from the air but real.

Maybe that is right. I am thinking the same way too. At that time I am not quite sure about what is Bitcoin and what is the purpose when I first knew Bitcoin. But I do not worry anymore and do not care anymore because all I think about is the profit I can get from Bitcoin. I am always wondering and questioning about the Bitcoin system. Who create Bitcoin, how create the Bitcoin and what is the purpose of the maker. I begin questioning a lot of questions like that when I first knew Bitcoin. But now I think I do not care anymore at least until I get rich.