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Author Topic: People say Bitcoin is a fiat currency  (Read 841 times)
dikidera
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July 28, 2011, 08:10:18 PM
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But I say... What if it was a Toyota currency?
Or a Renault currency or audi?

Is it really

?
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Transactions can optionally carry transaction fees. Whoever mines the block which ends up containing your transaction will get the fee. The Bitcoin client will sometimes force you to pay a fee when it thinks that no miner will accept your transaction otherwise.
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July 28, 2011, 08:44:22 PM
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It's my Ferrari currency soon.  Cool


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nafai
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July 29, 2011, 07:34:05 AM
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I'm pretty sure you're joking, but in case you aren't: http://en.wikipedia.org/wiki/Fiat_money

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July 29, 2011, 07:59:41 AM
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I say bitcoin is not fiat currency.  Fiat requires a government decree forcing usage of said currency by law.  Bitcoin has none of that.

Some people incorrectly refer to bitcoin as fiat currency  because nothing "backs it".   I say, it needs no backing because like gold it has intrinsic properties that give it value as money, in its purest sense.    Idiots will tell you that no, only the us dollar is money, which is a untrue.  The USD is fiat currency, while gold and silver are money.   Some other commodities have all the properties of money, but due to their "newness" are not recognized as money.  Those are palladium, platinum, and maybe, bitcoin.

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Among the major properties of a money are that it can serve as (1) a Numéraire, (2) a means of exchange, (3) a store of value, and (4) a source of liquidity. Among the lesser properties are that it should be easy to transport and identify, it should be durable, easily divisible, hard to counterfeit and easy to store. A possibly desirable property is that it is an anonymous "bearer instrument," but the price of anonymity is that it is hard to recover if it is stolen.

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