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Author Topic: is bitcoin is a private currency  (Read 285 times)
conslticowebdeveloperss
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August 21, 2018, 08:58:54 AM
 #1

I think bitcoin is a world currency not a private currency and because he does not hold by the government and does not have tax.. and i am agreed for this currency. so all people are wrong tell us bitcoin is a private currency.
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August 21, 2018, 09:58:25 AM
 #2

As per Wikipedia, the definition of a private currency is as below,

"Private currency is a currency issued by a private entity, be it an individual, a commercial business or a nonprofit enterprise. It is often contrasted with fiat currency issued by governments or central banks. In many countries, the issuance of private paper currencies is severely restricted by law."

So as per the legal definition, bitcoin doesn't qualify to be a private currency. Bitcoin or any other crypto currency is mainly a new kind of currency whose legal definition is still not framed correctly. Definitely these are not private currencies by the definition. Private ICOs are more closely related to private currencies by definition where the tokens are issued and controlled by a certain company using a private blockchain.

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HeRetiK
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August 21, 2018, 01:14:12 PM
 #3

As per Wikipedia, the definition of a private currency is as below,

"Private currency is a currency issued by a private entity, be it an individual, a commercial business or a nonprofit enterprise. It is often contrasted with fiat currency issued by governments or central banks. In many countries, the issuance of private paper currencies is severely restricted by law."

So as per the legal definition, bitcoin doesn't qualify to be a private currency. Bitcoin or any other crypto currency is mainly a new kind of currency whose legal definition is still not framed correctly. Definitely these are not private currencies by the definition. Private ICOs are more closely related to private currencies by definition where the tokens are issued and controlled by a certain company using a private blockchain.

Interestingly your Wikipedia quote doesn't seem to be up-to-date anymore Wink

The page currently reads (according to the revision history since July 7, 2018; emphasis mine):

A private currency is a currency issued by a private entity, be it an individual, a commercial business, a nonprofit or decentralized common enterprise.

Wikipedia's definition aside, whether something legally classifies as a private currency or not completely depends on what your local laws say, period. Whether you agree with the definition or not is for the most part irrelevant (unless you have, say, government ties). If you want to change the language surrounding cryptocurrencies, that's a different topic altogether.

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August 22, 2018, 12:52:54 AM
 #4

if the private currency means that the money is only used in one region / country, it will not spread in all regions / countries, so we can say the point is that bitcoin is common because in all regions / countries many people use it.

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August 22, 2018, 03:58:35 AM
 #5

Private currencies are units of value issued by private organization, such as a corporation or nonprofit enterprise. A private currency is typically issued by a private firm or group, to act as an alternative to a national or fiat currency, which would otherwise be the standard unit of value in a country.
Definition as per investopedia.
I think as per this definition Bitcoin is a private currency.
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August 22, 2018, 06:09:24 AM
 #6

Given definition by HeRetiK, it means that bitcoin is a private currency as it was defined as "decentralized" and what cryptocurrencies are? they are decentralized currency though some aren't.

Regardless of what this thread really wants to deliver, IMO its not a big case if you believe if its a private currency or not.

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August 22, 2018, 09:10:56 AM
 #7

Given definition by HeRetiK, it means that bitcoin is a private currency as it was defined as "decentralized" and what cryptocurrencies are? they are decentralized currency though some aren't. [...]

Centralized currencies are covered by the definition quoted as well:

A private currency is a currency issued by a private entity, be it an individual, a commercial business, a nonprofit or decentralized common enterprise.

I'm pretty sure centrally issued currencies such as Ripple have always fitted the definition of private currency to begin with.

Still, don't get too hung up on what Wikipedia says a private currency is.

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August 22, 2018, 11:04:17 AM
 #8

It might be helpful to understand the definition of private you want to use... private as opposed to state-backed currency (this is the economic sense of the word, private enterprise vs public enterprise, or private employment vs public employment)? Which is what the wikipedia seems to imply, in which case Bitcoin is private currency.

It doesn't really fit the context though, as there really isn't a more public currency than Bitcoin. As HeRetik says, don't get hung up. What matters is where you live/transact/pay taxes. Jurisdictions have different definitions.

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August 22, 2018, 01:36:42 PM
 #9

Private ICOs are more closely related to private currencies by definition where the tokens are issued and controlled by a certain company using a private blockchain.

I think if we consider the operation of these icos especially those that have a private blockchain, we can agree that they could be known as private coin because they are actually controlled and monitored.

they are decentralized currency though some aren't.

Decentralized is the major factor and term that totally distinguishes bitcoin. It means it lacks control by a body, group, institution, government etc.

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August 22, 2018, 04:35:47 PM
 #10

I think bitcoin is a world currency not a private currency and because he does not hold by the government and does not have tax.. and i am agreed for this currency. so all people are wrong tell us bitcoin is a private currency.
Currently, bitcoin is still a private currency. I say that because Bitcoin has not been enforced legally by the authorized institution. Many people in other countries also don't know bitcoin. One time, bitcoin can become a world currency but not for now

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August 22, 2018, 07:53:31 PM
 #11

According to the DEA it is not anymore. When they found out how to track transactions using the blockchain of BTC, the cryptocurrency cannot be classified as a anonymity based coin anymore and it is pretty evident by the decrease of criminal activity being done by way of BTC transactions. But before when the government has literally no idea on how to track the illegal activities, BTC was the number one most used way on how to launder money, and how to evade taxes, but when the law enforcement catch up we now know this illegal activities with BTC are now numbered.

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August 22, 2018, 10:51:59 PM
 #12

I think bitcoin is a world currency not a private currency and because he does not hold by the government and does not have tax.. and i am agreed for this currency. so all people are wrong tell us bitcoin is a private currency.

Bitcoin is not owned by one particular person or entity. Nobody has absolute control over its supply or issuance, the way that fiat currencies are run.

Thus, if you are talking about whether bitcoin is a privately issued currency, then no, I don't think that in legal terms it constitutes as that. Unless a crypto is actually centralized and its blockchain is controlled by some company or person, then they are all not "private".

If you are referring to the fact that bitcoin addresses are private and anonymous, then yes, they are. However, all transactions are public. I do think that you're most likely referring to private as in "private property", or in a legal sense, though.

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August 23, 2018, 02:04:23 PM
 #13

I think bitcoin is a world currency not a private currency and because he does not hold by the government and does not have tax.. and i am agreed for this currency. so all people are wrong tell us bitcoin is a private currency.

I think it's right that bitcoin is not a private currency, if anyone says that bitcoin as a personal currency is a big mistake, because bitcoin is used in all countries in the world.
there are some countries that can accept and use bitcoin for payment, but there are also countries that have not received it or even rejected it for reasons.

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August 23, 2018, 03:59:14 PM
 #14

I think bitcoin is a world currency not a private currency and because he does not hold by the government and does not have tax.. and i am agreed for this currency. so all people are wrong tell us bitcoin is a private currency.
Bitcoin, of course, can not be called a private currency. Apparently, the one who decided to call it that way, had in mind that bitcoin is most used by private individuals, and not by the state or its structures. However, this name will be incorrect, because in this case it is understood that bitcoin was created by a private person and belongs to an individual. Most likely, it should be called a people's currency. This will indicate that bitcoin belongs to people, and not to the government and it was created by the people, since its creator Satoshi Nakamoto has not been established and has not yet stated his right to his invention.

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August 23, 2018, 07:12:16 PM
 #15

it seems so, but unfortunately the course is controlled
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August 23, 2018, 07:24:48 PM
 #16

Who told you that bitcoin is private currency? I've never seen anything like that. Noone actually own bitcoin, even Satoshi, yes he owns a lot of coins, but he putted the biggest part of coins into a free shipping to make the life of people like us a little bit better and wealthier.

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August 23, 2018, 07:53:54 PM
 #17

I think bitcoin is a world currency not a private currency and because he does not hold by the government and does not have tax.. and i am agreed for this currency. so all people are wrong tell us bitcoin is a private currency.
For the word "world currency" then its not applicable yet not all people do have such possession of bitcoin and when we do talk about generally with currency then it is just good on digital and its not being regulated or being controlled or owned by anyone. The only private thing here is that you can have those coins without even knowing your true identity and you can really have that full control of your own funds.


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August 23, 2018, 09:38:07 PM
 #18

It's an interesting question. I don't think the commonly used definition of "private currency" really contemplates the idea of "issuance by computer protocol", which is how BTC is issued:
Quote
A private currency is a currency issued by a private entity, be it an individual, a commercial business, a nonprofit or decentralized common enterprise. It is often contrasted with fiat currency issued by governments or central banks.

The Bitcoin protocol doesn't seem to fit under the umbrellas of "entity" or "enterprise." But BTC still seems much closer to private currency than the other end of the spectrum (sovereign/fiat currency). In fact, the above Wikipedia page mentions Bitcoin and cryptocurrencies.

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August 24, 2018, 12:46:30 PM
 #19

I know that this is not private because everyone can invest in this coin, and the bitcoin can enter the whole country. so I can not say it's a private currencies.

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August 25, 2018, 04:32:17 PM
 #20

Bitcoin is the currency for all and it can be used privately by anyone,but not completely private or anonymous because the bitcoin wallets and address can be traced easily through the blockchain explorer so if I know your wallet ID or the one if the address you have used I can get most of the details about your bitcoin holdings.

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