Why not compare Bitcoin with money?

[CarreFenderc]

Objectively, the money is just a sheet of paper, why? The paper is recognized by the state government to ensure that, so what is the guarantee? that is gold. Which country more and more gold, wealth assets are terrible, that currency is priced compared to other currencies. To understand more about currency you can see the book "War Money" nhé!

Bitcoin is generally accepted by the community and is priced against USD or gold so it's worth it.

In short, every value is converted into gold. But gold has some major disadvantages so new alternatives are available such as money and now Bitcoin.

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[mom_dad]

I think one of the most widely publicized benefits of Bitcoin is that governments, banks and other financial intermediaries have no way to interrupt user transactions or place freezes on Bitcoin accounts. The system is purely peer-to-peer; users experience a greater degree of freedom than with national currencies. The goverment can't control it. Bitcoin does not have inflation so it does not stimulate economic growth

[alia]

BTC is a peer-to-peer network and is thus backed by peer-to-peer trust. Take a look at what happened in India recently (the demonetization of 500 and 1000 rupee notes). One night the Prime Minister came on live television and said "all your money is now worthless", and like magic, it was. Millions upon millions of dollars in value evaporated simply because of one man's words. Where is your gold?

When it comes to bitcoin, no one man has such power. Fuck, Trump could go on live TV and say "bitcoin sucks" and we'd probably see a 10% drop and swift rebound. When you give power to the people - entirely, without someone to act as a central authority or deity, that is when you have a true miracle. Bitcoin is that miracle, and fiat's got nothing on it.

[Fantastic33]

Money is different from bitcoin. Money is recognized by banks and accepted by government. It also contributes to economic growth because money is widely and legally used on any transactions in and out of the country. While on the other hand, bitcoin is a digital currency. Its not recognized by banks as currency but is used as payment for goods and services. Compared with money, bitcoin is decentralized. It allows transactions via peer to peer. Transactions with bitcoin are fast and easy. Whats also great about it is that its price continious to rise with time and is expected to grow more on the coming years. Thats why more are using it now. Even some governments already banned the use of bitcoin, people will still use it because of the advantages that ONLY bitcoin can offer.

[blocklancer8]

The science that i read, bitcoin is a virtual currency that is widely used for investment while the money is used for everyday purposes there are also stored.

[Red-Apple]

you can not compare bitcoin with money because they have very little in common.
centralization
bitcoin is decentralized while money is centralized.
that also means bitcoin is backed by the people using it and as long as people (peers) are there bitcoin will have value. but money is backed by the government mostly and when the government messes up, value of money drops.

supply and cap
there is a cap for bitcoin (21 million) and there will never be anything more than that. and it has an accounted for circulating supply.
while there is no cap for money. government will print as much as they want, whenever they want. nobody knows how much money is in circulation!

anonymity
bitcoin is not anonymous, every transaction is stored in the public ledger (blockchain) and is open for everyone to see.
money transactions can be 100% anonymous if you use cash!

[Veks_King]

If the USD collapsed tomorrow, your notes would NOT be replaced with an equivalent amount of gold.

[melch100]

Why not compare Bitcoin with money? Because money have an exact or fixed value while bitcoin have unfix value because of its unstable price.

[soma50]

Bitcoin is the world's largest digital currency. You can not see it. You can see and touch money and do it. Money is now being processed online. Money in the future will also be digital currency. No doubt. But bitcoin can not move forward.

[dzhan]

Bitcoin is indeed money, it is real currency used by so many people online to sell and buy goods and services, or for trading as well. The problem it is not yet supported worldwide and it is not yet known by the majority of people around the world. Also governments and banks still fighting BTC and supporting only fiat currencies.

[Bobby park]

When it comes to bitcoin, no one man has such power. Fuck, Trump could go on live TV and say "bitcoin sucks" and we'd probably see a 10% drop and swift rebound. When you give power to the people - entirely, without someone to act as a central authority or deity, that is when you have a true miracle. Bitcoin is that miracle, and fiat's got nothing on it.

Definitely! Bitcoin is decentralized and no person can ssy that it will not be used tomorrow. No person can dictate that its value becomes useless. Until bitcoin is used as exchange and medium of exchange it has value! It cannot be compared in money because even they both usage and system of payment. They are different in process of transaction and value! Bitcoin is the future of fiat!

[Realtoreel]

its not easy to trace, its a worldwide currency , everybody who believes in can buy some without any controll of the dagobert ducks of our times .

 

[alia]

When it comes to bitcoin, no one man has such power. Fuck, Trump could go on live TV and say "bitcoin sucks" and we'd probably see a 10% drop and swift rebound. When you give power to the people - entirely, without someone to act as a central authority or deity, that is when you have a true miracle. Bitcoin is that miracle, and fiat's got nothing on it.

Definitely! Bitcoin is decentralized and no person can ssy that it will not be used tomorrow. No person can dictate that its value becomes useless. Until bitcoin is used as exchange and medium of exchange it has value! It cannot be compared in money because even they both usage and system of payment. They are different in process of transaction and value! Bitcoin is the future of fiat!

Very true. A couple of unmentioned points:

- 92% of all "fiat" transactions happen online, and thus they are not real transfers of money - they are simply transfers within internal ledgers, usually banks/PayPal. The only "real" transfer of fiat is when someone gives you cash in your hand, and that too can be stopped by note marking or demonetization.

- The USD is NO LONGER BACKED BY GOLD and is instead backed by the "full faith and credit" of the US Federal Reserve - which means, if the USD suddenly collapses, you don't get jack shit. Bitcoin is backed by the full faith and credit of millions of people across the world, and most importantly, cannot be affected by a single entity. Now you tell me which one is more valuable?

[Maksik198188]

I believe that bitcoin is money, only in the electronic version, may soon throw away real money?!

[BitChief]

When it comes to bitcoin, no one man has such power. Fuck, Trump could go on live TV and say "bitcoin sucks" and we'd probably see a 10% drop and swift rebound. When you give power to the people - entirely, without someone to act as a central authority or deity, that is when you have a true miracle. Bitcoin is that miracle, and fiat's got nothing on it.

Definitely! Bitcoin is decentralized and no person can ssy that it will not be used tomorrow. No person can dictate that its value becomes useless. Until bitcoin is used as exchange and medium of exchange it has value! It cannot be compared in money because even they both usage and system of payment. They are different in process of transaction and value! Bitcoin is the future of fiat!

Very true. A couple of unmentioned points:

- 92% of all "fiat" transactions happen online, and thus they are not real transfers of money - they are simply transfers within internal ledgers, usually banks/PayPal. The only "real" transfer of fiat is when someone gives you cash in your hand, and that too can be stopped by note marking or demonetization.

- The USD is NO LONGER BACKED BY GOLD and is instead backed by the "full faith and credit" of the US Federal Reserve - which means, if the USD suddenly collapses, you don't get jack shit. Bitcoin is backed by the full faith and credit of millions of people across the world, and most importantly, cannot be affected by a single entity. Now you tell me which one is more valuable?

Bitcoin is far more comparable to gold then the USD. It isn't really just money, it is a store of value which is virtually instantly transportable making it far more useful than gold

[Cinemo]

Objectively, the money is just a sheet of paper, why? The paper is recognized by the state government to ensure that, so what is the guarantee? that is gold. Which country more and more gold, wealth assets are terrible, that currency is priced compared to other currencies. To understand more about currency you can see the book "War Money" nhé!

Bitcoin is generally accepted by the community and is priced against USD or gold so it's worth it.

In short, every value is converted into gold. But gold has some major disadvantages so new alternatives are available such as money and now Bitcoin.

Bitcoin is not compare with money is simply because money is a paper that you can hold and it has exact mount of value while in bitcoin hs no fix amount and you cannot hold it in your hand.you can only see it in your virtual wallet.

[TheySeeMeHodlingTheyHatin]

USD is NOT backed by gold

[SanjeewaCrypto]

But I think Bit Coin is more closer to gold not to the USD. Because, you can not create gold and it is limited to the amount you get from mining. But on the other hand, USD can be printed even if the inflation increases.

[Md Saad]

Because of the decentralization system, Money is a currency of centralized platform but Bitcoin doesn't require this type of mechanism so that these two shouldn't compare each other.
I think there is another reason for not comparing Bitcoin with Money is availability, Bitcoin is totally dependent on the internet system so that Bitcoin is valueless without the Internet.

[Dexion]

I love your analysis, it's an innovation of life, first people make gold as a valuable item, then money, and then today become bitcoin. This innovation come because the more difficult the problem of life, so the more valuable things come as a solution. you have trouble living?, now bitcoin come as a solution.