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Author Topic: Is bitcoin a "private" currency?  (Read 2281 times)
grondilu
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February 25, 2011, 06:24:27 AM
 #1


I think it is wrong to call bitcoin a "private" currency.

On the contrary, imo bitcoin is much more of a public currency that any national currency is.
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February 25, 2011, 07:22:15 AM
 #2


I think it is wrong to call bitcoin a "private" currency.

On the contrary, imo bitcoin is much more of a public currency that any national currency is.


Some people mean public to be government. In that sense it is obviously not.

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February 25, 2011, 07:30:29 AM
 #3

Some people mean public to be government.

Annoying. Most government things are not public. And many non-government things are not private.
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February 25, 2011, 08:08:04 AM
 #4

Some people mean public to be government.

Annoying. 


Agreed.

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March 21, 2018, 06:34:14 PM
 #5

on the contrary, I believe that bitcoin can be called a private currency because it is not controlled by the state
MiningBattalion
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March 21, 2018, 06:41:58 PM
 #6

Bitcoin is not a private currency. The investors in bitcoin now was most of the public. At first the knowledge about bitcoin was hidden and seems private currency. But unfortunately, now all the public start to inverse in bitcoin, it's better to call as a public currency.
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March 21, 2018, 07:29:16 PM
 #7


If large groups of miners will be merged into giant corporations, then they will have some control over bitcoin, but even then, bitkoyn private will not.
I believe that it is by nature a heritage of the people and thus does not have any role of nationality and religion.
Bitcoin moves to the top of his glory on the trust of a large number of people.
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March 21, 2018, 07:51:38 PM
 #8

it depends from the point of view

if we see bitcoin like an asset it is not a private asset

if we see like a cryptocurrency it is an hybrid but definitively is not private

and also is very difficult to describe bitcoin and cryptocurrencies from a standard or offcial or legal point of view because it is something completely different from everything we know in all the economies of the planet

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March 21, 2018, 07:57:37 PM
 #9

bitcoin may not be popular, if more than 50% of all bitcoins are in the same hands, or more than 50% of all capacity for mining. this is inherent in the algorithm itself, so everything is relative. In order not to lose power, everyone should keep at least 1-2 bitcoins in the long term . It's simple math, but you can't be afraid of the corrections that we've gone through and that we're going through. They are intended to deprive such an opportunity to make bitcoin decentralized
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March 21, 2018, 08:30:27 PM
 #10

I do not know whether the currency is private. But i hear in some people bitcoin is probably private currency because he does not hold by the government and does not have tax...
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March 21, 2018, 08:40:25 PM
 #11

There is some country allowed bitcoin for his country but most of the country not grunted it.So it is clear that that country allowed bitcoin for this country it is a government currency and beside that country not allowed bitcoin but people use it personally there its called private currency.There are many country in the last few month banned bitcoin for his country.
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March 21, 2018, 08:46:03 PM
 #12

When you say public you mean the government but if I may understand the public that you mean is bitcoin wide rang of covering and how bitcoin can be transact across borders and with out any third party involvement. Bitcoin is going to be the world universal currency.

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March 21, 2018, 09:01:04 PM
 #13


I think it is wrong to call bitcoin a "private" currency.

On the contrary, imo bitcoin is much more of a public currency that any national currency is.


Bitcoin is private when it stands still in our wallets without any movements but when the first exchange or transfer happens that anonymity is slowly fading away. Government is even more involved in the tracking of the Bitcoin transaction than before and blockchain transfer data is available to all. In contrary to Monero Bitcoin is actually not that private.

Even if the government cannot control it and it is decentralized Bitcoin is more and more known and with this said its anonymity is actually deceiving. It can be traceable on the blockchain and someone with enough of the knowledge can easily track the final output of the desired transaction.

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March 21, 2018, 09:20:07 PM
 #14

It's available to anyone anywhere, so in that way it's public. On the other hand, whatever is provided by the government free of charge is considered to be public. So a public education is a state-funded education, while a private one is the one you have to pay for. BTC isn't free, you have to pay or work for it, so it may be seen as private, although initially it was offered almost for free (or literally for free via giveaways and faucets). It's actually not that easy to come to a consensus here.

 
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SixOfFive
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March 21, 2018, 10:09:57 PM
Last edit: March 23, 2018, 10:45:15 PM by SixOfFive
 #15

As BTC is not controlled by any particular co. or institution so we can't say it is central/private currency. In my opinion, it is people currency which is not controlled by any particular institution/person. Its price is determined from the demand and supply mechanism.
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March 21, 2018, 10:35:54 PM
 #16


I think it is wrong to call bitcoin a "private" currency.

On the contrary, imo bitcoin is much more of a public currency that any national currency is.

I understand the confusion, but that is why we need to avoid those terms bitcoin is a cryptocurrency and it is a decentralized coin not emitted or backed by any government that uses cryptography, trying to apply labels like private or public will only create confusion and a debate about what that means, this is why I do not remember anyone referring to bitcoin as a public or private currency.

 
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March 21, 2018, 10:37:30 PM
 #17

This topic is from 2011

Just saying.....
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March 21, 2018, 10:46:33 PM
 #18

One of the features of bitcoin is its decentralization. I can say that bitcoin is a private currency because it does not hold by central authority. It is a private currency because it controls by anyone. But right now, I think bitcoin turns to become centralized wherein there is now a regulation in the users of bitcoin, so I think it will soon becomes a public currency.

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March 21, 2018, 10:59:11 PM
 #19

If I think bitcoin is the world currency, which does not look at a country with the same currency value, and can also be used in every country without any difference.

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March 21, 2018, 11:18:42 PM
 #20

Bitcoin can also be said to be a private currency, but bitcoin is better if it becomes the world's currency for the future, because of good value and can also be made transactions worldwide without differentiating the country.
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