‘Bitcoin Is Not Money’ Because We Cannot Print It – Banks

[Artemis3]

‘Bitcoin Is Not Money’ Because We Cannot Print It – Banks

And yet another other attack, but seriously flaw argument coming from banks. But that's fine, hearing this kind of arguments make me think that they are really threaten by crypto and afraid that one day all of them will become obsolete, or least majority of people will go to crypto, specially bitcoin.

Actually, its an excellent argument in favor of Bitcoin. Of course you can't print it, that's the whole point... Inflation is no more.
Now we are challenging that school of economy that states inflation is needed, or fractional reserve banking, or debt, to grow an economy...

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[shesheboy]

Well, I don't care how they call it. Actually not everyone call it a currency some calls it an asset or a valuable asset.

Its normal to call bicoin an asset because it can be used as an asset use aside from a currency but calling it not a money seems inapropriate . for now bitcoin remains online because its new but we never know soon if someone will print bitcoin on a paper like money .

So much money has been made by these banks and they feel threatened with the opportunity bitcoin is offering.

Given that they already made alot of money then why they are still threatend about the existence of bitcoin ?  Thats a greedy move they are showing right there but banks can only do nothing about these bitcoin and cryptos because they cant just shut it down based on their own liking .

[Zadicar]

And yet another other attack, but seriously flaw argument coming from banks. But that's fine, hearing this kind of arguments make me think that they are really threaten by crypto and afraid that one day all of them will become obsolete, or least majority of people will go to crypto, specially bitcoin.

Normal line for those banks out there but not all of them do share the same view since there are a few who do have positive views about crypto existence.
Lets talk about the negative ones, im not surprised that they will say such thing and they have been saying these after all these year but it doesnt matter
because crypto would still remain no matter what.

[Oceat]

It's funny how they think it is, so does gold, silver, and livestock too before? Everyone can make simple money on how they want to implement it to the people. Paper money is just being used because it is just too light to carry compared to the previous money that people used to. Banks exist just because of this paper money and if there is no paper money how could they do exist?

[posi]

The banks are definitely scared of Bitcoin because the last time i checked money is anything which is use as a medium of exchange in the sense that we all agree to accept it in making transactions and we both know that Bitcoin posed such attribute so it not been printed doesn't hinder it from been a money.

[suzanne5223]

I'm not shock or surprise the banks make this statement because the banks don't like the real concept behind Bitcoin creation which why the Chinese government is not fully supporting Bitcoin because they believed bitcoin will make their banks services and national currency to become obsolete. But, it will be better if they could listen to IMF Boss advice.

[1Referee]

Paper money is just being used because it is just too light to carry compared to the previous money that people used to. Banks exist just because of this paper money and if there is no paper money how could they do exist?

It's not about physical paper money being light and easy to carry with you wherever you go. It's about the ability that banks have to create digital value out of nothing whenever a client for example asks for a loan. All it requires the bank to create whatever amount of money is to change a few metrics within their database.

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Meh, the article itself is lame and the site it's listed on too. I get it that you want people to click on your items, but this goes a bit too far.

[Aikidoka]

It's funny how they think it is, so does gold, silver, and livestock too before? Everyone can make simple money on how they want to implement it to the people. Paper money is just being used because it is just too light to carry compared to the previous money that people used to. Banks exist just because of this paper money and if there is no paper money how could they do exist?

Exactly, so that's why they said that bitcoin is not a money! They afraid that bitcoin will gain a high potential in the future and the fiat money will be useless, but I know that there is a big community which support bitcoin and cryptocurrencies, sooner or later bitcoin will have a high value in the market and banks should adapt that.

[malikusama]

Gold and coins were considered and traded as money in old ages and still gold is considered as money because it holds value, so these justifications by banking authorities are useless.
The paper currency or digital currency both are money because they hold value.

[pixie85]

Central banks are trying to put bitcoin in their definition of money and it doesn't work and will never work.
Their definition of money is stuck in the 20th century. We shouldn't worry about it and move on and the definitions will have to be changed in time. When people were travelling on horses and shooting bows there were many laws that later changed or became forgotten when they didn't do those things anymore.

[Carollzinha]

I deny such statements. They might not be printable but you can still transform and convert them into some card information.
Last year there was a something about this topic. A unique chip containing Bitcoin's addresses from a specific individual which contained all his btc information. He could even use it in some machines for exchanges.
If they could adopt that and make a single card just like credit and debit card you could still use them into banks.

[Gaff]

Central banks are trying to put bitcoin in their definition of money and it doesn't work and will never work.
Their definition of money is stuck in the 20th century. We shouldn't worry about it and move on and the definitions will have to be changed in time. When people were travelling on horses and shooting bows there were many laws that later changed or became forgotten when they didn't do those things anymore.

It's more than money even other people thought it didn't work. This has been proven for years and it sustained a strong foundation despite of fud and fake news circulating, which competition tried to pull btc down. Bitcoin is a form of digital money and not in a physical form, which you can use it though web network. It can only be appreciated through modern gadgets like phones and computers, you can use this asset using this technology gadgets.

[paul00]

Central banks are trying to put bitcoin in their definition of money and it doesn't work and will never work.
Their definition of money is stuck in the 20th century. We shouldn't worry about it and move on and the definitions will have to be changed in time. When people were travelling on horses and shooting bows there were many laws that later changed or became forgotten when they didn't do those things anymore.

It's more than money even other people thought it didn't work. This has been proven for years and it sustained a strong foundation despite of fud and fake news circulating, which competition tried to pull btc down. Bitcoin is a form of digital money and not in a physical form, which you can use it though web network. It can only be appreciated through modern gadgets like phones and computers, you can use this asset using this technology gadgets.

I agree to it for me bitcoin is an digital asset which is why bitcoin is created to use it in web and transact virtually. I don't think central banks are against with bitcoin they do not just want to lose money since bitcoin has a flaws because the value of it goes up and down they want a stable price of it like the money currency it don't up high or down like bitcoin. The stability of their investment are what they wanted.

[peonminer]

But you can print BTC. It's already been done many times over. Have a look in the collectibles subforum

[dothebeats]

The definition of 'money' from a bank's point of view is very limited, and therefore expect some statements like this wherein banks reiterate their limited control of bitcoin and due to that, they cannot consider itas 'money'. Long before banks existed, people have been using different of forms of money that is not being controlled by a central authority, and had worked for millenia. Say what the bankers want to say, but in the end, people will choose what form of money are they going to use.

But you can print BTC. It's already been done many times over. Have a look in the collectibles subforum

Great point. A Casascius coin would be nice.

[maglowie]

Money is the banknotes printed by the Central Bank of every country and use in paying bills, buying things, wealth and sometimes the basis of status in life. Whereas, Bitcoin is a cryptocurrency which exist only in the internet BUT,  it can be utilized in all of the things  money can be used and besides, cyptocurrency is much easier, convenient and less hassle to use.  The wide scoop and advantages  that Bitcoin can be utilized is the reason that banks will become redundant in the future.  This is the reason why,  in my opinion, they issue this kind of statement.  To discouraged people to use Bitcoin so that banks will not be dissolved.

[pooya87]

these things are always considered a very good sign in my opinion because they are the undeniable proof of how bitcoin has been growing stronger as a currency and that has been scaring the banks and their tyranny of power.

It seems like that a lot of institutions are now comfortable with the idea of integrating blockchain tech into their operations, but they are still quite negative overall about BTC as a currency.

that is simply because these "institutions" want to make more money and they think they can do a better job if they create their own centralized token instead of going with what already exists. and that mentality is  there because of how big some of the useless tokens have gotten in the past.

[Kakmakr]

People decide what "money" is, not Banks. We have seen several examples of that in 3rd world countries : In Zimbabwe, people preferred to receive candy for change, instead of the 1000's of worthless paper that was printed by their corrupt government.

In Venezuela, people are turning to Bitcoin to protect the value of their wealth, because hyperinflation and fiat currencies are failing them in their country at the moment.

Banks forget their place in the whole scheme of things. Bitcoin will become the people's money. 

[Zero1One0]

Fiat is a currency, it is not money.
Money has all the attributes of currency + A STORE OF VALUE.

Fiat/currency is never a store of value as it DEVALUATES over time due to inflation as banks and governments continue printing it.
The $1 that you have 10 years ago is not the same value now, probably lost more than 50% of it's value.

In the olden times, only gold, silver and other precious metals or precious stones are considered money.
AND it still is today.
We still consider gold, silver and other precious metals or precious stones that were mined some 4,000 years ago to be valuable.

The US dollar was previously backed by gold and silver (gold or silver certificate paper dollars).
If you go to a US bank and claim the gold using that fiat/paper currency, they will give you that $ value in gold or silver.
The US$ is no longer backed by anything...Same as with all other fiat/currencies. And you can't go to a bank now and claim that fiat value in its equivalent gold or silver.

Bitcoin is considered THE digital gold as it continued appreciating since its creation 10 years ago.
And governments and banks could not inflate it since it has a finite supply.
It had never gone down its original trading price of less than $1 (when it hit more than $100 per btc).

I guess bankers and governments don't even know the difference between currency vs money.

 

[LimLims]

Yeah Bitcoin cannot be termed as money. Therefore it is termed as Crypto currency or Digital currency lmao.
But if you still want to use the Bitcoin as a physical coin, then you can download a paper wallet and can experience almost holding the Bitcoins as physical currency.
In my opinion Digital currency is more safe and secure than Physical Currency.
There is no limit to hold the Digital currency, whereas there are some rules to hold the Physical Currency.
Therefore i liked Bitcoin as it is and also respect the opinions by bank stated by you.