Are we about to redefine money again with Bitcoin?

[abelmon66]

I think it's true that bitcoin will define the currency of the future, because I think bitcoin will be the currency of the future with the advancement of blockchain technology.

[Arne9131]

Its not redefining...The price of bitcoin is also unstable if compared to Indian rupees and the price of dollar is also slightly unstable compared to Indian rupees....As like other currency it is also a currency...But its digital currency but not digital money...Digital money are those which are stored in paytm or freecharge etc sites...But its a digital currency...Its just an evolution of technology..

Why not? We never had a decentralized currency before, and provided centralized control over currency is a considerable problem. Yes, Bitcoin is volatile, due to the monetary policy followed by the system. Rupees, Dollars have an inflationary monetary policy, debasing rupees and dollars every year. We can experiment to design a monetary policy to keep the price relatively stable.

By money, I meant tool of exchange. Cowrie shells are money, as they are used to facilitate medium of exchange. Hence bitcoin can also be defined as money.

[d0flaming0]

Its not redefining...The price of bitcoin is also unstable if compared to Indian rupees and the price of dollar is also slightly unstable compared to Indian rupees....As like other currency it is also a currency...But its digital currency but not digital money...Digital money are those which are stored in paytm or freecharge etc sites...But its a digital currency...Its just an evolution of technology..

maybe it is considered an evolution of currency but not that particularly is a different kind of currency or money because its nature is always a digital currency. indeed technology changes a lot as time goes by, and as we can see that in the application of our modern currencies.

[Renu kapoor]

This is the monetary system evolution and this time definition of money is some how different, this definition is about digital currency which can be used in various transactions but no body can deposit or withdraw it in bank. or no atm will pay it till now,rest is future any thing can develop more.

[Kakmakr]

This was a very good article indeed, I liked this phrase, "Community agreed digital barter”  

I watched an episode of "Decoded" on Netflix yesterday and they were asking questions about the Gold that was supposed to be stored in Fort Knox and most of the people that worked there or knew people that worked there, are of the opinion that Fort Know has no Gold at all. One of the previous Senators even said that if the citizens of America knew about this, then there would be a financial collapse and riots in the streets. <The Dollars value is not linked to Gold anymore, but the Gold still represent the wealth of America>

That day will come, and then Bitcoin will be used as a alternative to the Dollar and all the other Fiat currencies that will collapse as a ripple affect of the Dollars collapse.  

[koki123]

Now, people look at electronic money as a unique digital, non-reproducible, unpredictable and that is why it is a physical asset. It can be said that when the electronic money revolution is sweeping through all economies, having reliable information about this kind of investment will help you to benefit from it and not be left behind.

[Arne9131]

This was a very good article indeed, I liked this phrase, "Community agreed digital barter”  

I watched an episode of "Decoded" on Netflix yesterday and they were asking questions about the Gold that was supposed to be stored in Fort Knox and most of the people that worked there or knew people that worked there, are of the opinion that Fort Know has no Gold at all. One of the previous Senators even said that if the citizens of America knew about this, then there would be a financial collapse and riots in the streets. <The Dollars value is not linked to Gold anymore, but the Gold still represent the wealth of America>

That day will come, and then Bitcoin will be used as a alternative to the Dollar and all the other Fiat currencies that will collapse as a ripple affect of the Dollars collapse.  

Thank you for the kind words. Yes, Federal Reserve maintained the gold reserve until 1971 for every dollar in circulating supply. Now we use fiat, which is backed by the utility of paying taxes in dollars. Fiat simply means "let it be done", a king's order. We don't need fiat currencies to collapse, in order for stable cryptocurrencies to be used as "valid currencies". If we are successful to create a cryptocurrency, with less than 5% volatility, third world countries can benefit a lot. Once third world countries give recognition to such a cryptocurrency, it may enter the realm of "valid real-valued currency".

[Zeddyn]

I do not think that will happen because defining money with bitcoin will make a mess, because not everyone in the world can understand about bitcoin, and I think it's very hard to implement.

[Queen12]

I think the current definition of bitcoin is gradually changing people's perception.
Because bitcoin is a brand new thing, people need more time to understand it, and legal tender will be replaced gradually.

[tsinelas]

Good article, with bitcoin the money will be redefined because it is not an simple technology but it is revolution, it changes everything related to money.

Since the start of crypto (even though
Icve just started  a year ago) defining bitcoin in the forum is a repetitive action,  but actually It's  a good thing because bitcoin users are continuously growing newbie ls need this kind of articles.

[dsaijz03]

I tried to articulate why cryptocurrencies would be the future and redefine money again. The article talks about how and why money took the shape we have today, and how and why cryptocurrencies can also take that shape.

Please provide feedback if you have 10minutes. Clap and share if you find it interesting.

https://medium.com/@anvay.rane/are-we-about-to-redefine-money-again-4bed5344ebaa

This is a nice article to define the true value of a currency because even fiat money in ancient times is being represented by things and other valuable items to be traded by merchants. Now technology has evolve the form of money which is more relevant in our era. The fiat and crypto are two important currency that can be more useful in our daily life.

[Arne9131]

Yes if bitcoin replace fiat currencies many problems will be solve major is cost of printing Money can save and transportation charges also no need to carry physical money because of bitcoin adaption peoples can carry millions of digital money in single wallet so bitcoin can change financial system of banking and this will be a biggest revolution for Economic world.

We have to remember that everyone in the world does not have the privileges as we do. The digital money would not be able to penetrate countries, without good digital access.

[Assface16678]

Its not redefining...The price of bitcoin is also unstable if compared to Indian rupees and the price of dollar is also slightly unstable compared to Indian rupees....As like other currency it is also a currency...But its digital currency but not digital money...Digital money are those which are stored in paytm or freecharge etc sites...But its a digital currency...Its just an evolution of technology..

It is really true. Human now a days continuously seek for change or somewhat we can say is that people wanted to have improvement in every technology we have. We improved things as it maybe, we make things impossible being possible. One way of proving it is the existence of bitcoin, with bitcoin it can help our lives easier than before. Money can specify as bitcoin that will happen soon.

[oanhphong]

Cash and gold are "simple" objects. The fact that they do not pay interest rates makes them even simpler. In particular, there is no need to spend time investigating the reliability of a dividend paid for by "non-profitable" assets - people can immediately agree that the dividend is zero. This information seems to have a high demand in terms of timing of financial instability (when no one knows for sure what others know about the securities they are selling). Of course, this situation is somewhat complicated when it includes the partners (intermediaries), but this is true for all assets.

[win365]

I agree with the second post reply here, bitcoin is changing everything including our mindsets that we have. You are obtaining a new global view and value about a money, that you have never had before.

[Miklight88]

I think both money and crypto are two different things but will work together for the betterment of both , I don't see crypto taking money space and also money taking crypto space but both will work together , crypto still need fiat to run because I don't think money can be eradicate for crypto .

[Kokondao]

I do not think that will happen because I see that bitcoin is very difficult let alone replace the paper money, because the bitcoin prices are never stable and also not all regions can reach the internet network.

[Al-e_x]

I think we need innovation, everyone is saturated with the currency we use today. even the money we use now cannot give us happiness. the country's economy can not change poverty.

therefore we need currency innovation, and bitcoin comes with bringing positive values, changing lives for the better.

[BronstadID]

Good article, with bitcoin the money will be redefined because it is not an simple technology but it is revolution, it changes everything related to money.

Absolutely. Just wanted to emphasize the meaning of the entire system, i.e. blockchain, because this isn't just electronic representation of a dollar or other currency. This is a totally new phenomenon most people even haven't figured out yet.

[Nonie]

good article I might agree it because I think in the future all will use technology because it's easier and simple people no longer use money for payment but it's easier with coins because it's safer and simple to use