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

[Best Dreams]

If such an asset can be paid for a product or service, it can be considered a means of payment. Of course bitcoin cant be printed, but that does not make it any bad. Although it is digital, it is still a currency.

Right. Even digital fiat is gaining a lot of users every day. The term "money" Is subjective. And people may not see is at money but they can still opt to use it  to make transactions, just like how we do online shopping and other online services. Fine don't call it money but we use it anyway.

It is not money but it is more than money for me people use it to buy goods and they use it to have travelling, in short we are free for using crypto currency same as we use money, bitcoin is safe for transaction ad online purchasing, it has no physical presence as fiat has but for me it is an advantage which allows us to keep yourself safe from robbing.

[creeps]

Banks have been experiencing massive loss in its revenue with the existence of more cryptocurrencies. Banks are the one that oppose cryptocurrencies through the governments indirectly. Now they don't have any valid reason and to make people understand it in a simple way banks have taken this in hands mentioning bitcoin is not money as it can't be printed.

The threat is getting bigger for sure and they’ve just said this none-sense statements thinking thay people is not wiser enough to understand this one. They are really trying to destroy bitcoin but of course they will not succeed on that. Fiat money can print anytime, that’s the biggest scam for sure and banks can’t stop bitcoin from growing.

[taufik0911]

Banks have been experiencing massive loss in its revenue with the existence of more cryptocurrencies. Banks are the one that oppose cryptocurrencies through the governments indirectly. Now they don't have any valid reason and to make people understand it in a simple way banks have taken this in hands mentioning bitcoin is not money as it can't be printed.

The threat is getting bigger for sure and they’ve just said this none-sense statements thinking thay people is not wiser enough to understand this one. They are really trying to destroy bitcoin but of course they will not succeed on that. Fiat money can print anytime, that’s the biggest scam for sure and banks can’t stop bitcoin from growing.

because they were unable to stop the development of bitcoin they made their own blockchains as an alternative
what is clear is that bitcoin is not a currency and I do not agree with the name of cryptocurrency, I prefer the term digital asset
bitcoin is like gold and silver

[hatsuneczelmiku]

Even other people still doesn't consider the crypto currencies as money, I am still a proud Bitcoin crypto currency user, the keeps using it to provide sone of my financial needs. Honestly, a lots of things have been happened in my life through te help of Bitcoin, as well as change it for the better. And for that, even the other people doesn't recognize it as the medium of payment for now, in the future, I can see it on us.

[ice18]

The statement is totally contradicting to bitcoin to have a value and to become a money but even this banks cannot control how will bitcoin will change how money will work in the future we are in digital age now everything is transforming into it even you cannot print and cannot touched it physically but you can use it very effective and secured it will have a value the users are the one who gives value on bitcoin unlike government controlled fiats. 

[Pattart]

If such an asset can be paid for a product or service, it can be considered a means of payment. Of course bitcoin cant be printed, but that does not make it any bad. Although it is digital, it is still a currency.

Right. Even digital fiat is gaining a lot of users every day. The term "money" Is subjective. And people may not see is at money but they can still opt to use it  to make transactions, just like how we do online shopping and other online services. Fine don't call it money but we use it anyway.

do you think money is always in the form of cash and printed? of course, the meaning of money is many of things not only in the form of physical, but some that are in the form of digital and now that is what many people are interested in, a new breakthrough in technological developments in the field of currency

[TheCoinGrabber]

Prisoners use ramen to buy stuff in jail, I guess that don't qualify it as money.

First thing people learn in economics is that money is a store of value and a means of exchange. Anything that fulfills these that the majority accepts is the standard (cowrie, cacao, stone monoliths, etc) IS money. Bitcoins fulfill these and more.

[goaldigger]

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

“Bitcoin is not money”, the European Central Bank published a statement regarding bitcoin as not being a monetary asset. These words from the bank are immensely harsh for the crypto community. The crypto analyst and investor, Joseph Young suggests that the bank has released the statement as per the crypto assets being unprintable. Though this is an absurd manner to qualify a monetary asset as ‘money’, the bank does praise the technology in the working behind bitcoin. The technology, being the entire crypto protocols, most specifically, decentralization is breakthrough and can make up for some decent projects in the future.

https://blockpublisher.com/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.

It doesnt mean that if money cannot be print then its not considered as money. If banks are against digital currency, then why do they offer services likes credit cards or debit cards and even online transfers?. This doesnt require physical money or fiat but they do it.

[izanagi narukami]

For me, crypto still crypto, gold still gold, money still money.
People have their right to choose crypto as fiat but remember that crypto basically is an asset that act like fiat.

Personally I won't make crypto as fiat because it still risky until now !

[cryptjh]

This "Bitcoin Is Not Money’ Because We Cannot Print It" nonsense statement, from the  European Central Bank, should be read with the question ask to there #AskECB service.


Out of the blue, the European Central Bank started massive money printing of EURO a few weeks ago, just a few months after they closed down the last printing spree.

Then someone asks them " Where did you get the money for the QE?" and the European Central Bank then just replied  "As a central bank, we can create money to buy assets"

https://twitter.com/ecb/status/1105494215381913601

[bitbunnny]

This makes no sense at all because money is not all about banknotes and physical form. Reasons are much deeper than that. Nevertheless, the attitude of banks and governments towards cryptocurrencies will change and it is changing already. So the concept of money is changing also digitalization is rapidly developing so the state of mind should also.

[conected]

If such an asset can be paid for a product or service, it can be considered a means of payment. Of course bitcoin cant be printed, but that does not make it any bad. Although it is digital, it is still a currency.

Right. Even digital fiat is gaining a lot of users every day. The term "money" Is subjective. And people may not see is at money but they can still opt to use it  to make transactions, just like how we do online shopping and other online services. Fine don't call it money but we use it anyway.

do you think money is always in the form of cash and printed? of course, the meaning of money is many of things not only in the form of physical, but some that are in the form of digital and now that is what many people are interested in, a new breakthrough in technological developments in the field of currency

- Exactly, with a society that is developing and modernizing over time, money will not only exist in physical form, it will exist in electronic form, although it cannot be printed but people still understand the value and can still use it for buying and selling. So bitcoin may not be defined as a formal currency but its use as currency is still possible but I believe everyone will be less interested in this feature because the special thing that is not there, the speciality of bitcoin is the strong fluctuation and sudden price increase, that helps many people get profit with accumulating and holding it

[robelneo]

I doubt if all the banks have this perception, they are so ignorant if all of them thinks that Bitcoin is not money, I have used Bitcoin so many times to buy stuff online and paid my bills and grocery using Bitcoin, let them perish for their ignorance in the future no banks will say that because Bitcoin will have a massive adoption.

[shield132]

I have never read such a silly statement, at least recently. To explain title: Bitcoin isn't money because we don't have control on it, we can't print as much as we won't, we can't inflate it and make money and make you work for covering inflation which will be caused by us.
That's the great thing they don't have enough control on it, money is something that is unique and has ability to be exchanged in things, so bitcoin has this ability, you can buy anything with bitcoin, there are a lot of people/services which accept bitcoin and if it's not considered as money for them, then why the hell do they try to set regulations on it?

[mornabo]

This makes no sense at all because money is not all about banknotes and physical form. Reasons are much deeper than that. Nevertheless, the attitude of banks and governments towards cryptocurrencies will change and it is changing already. So the concept of money is changing also digitalization is rapidly developing so the state of mind should also.

Agree, this is not about form you know. even gold has been a currency for thousands of years, but we can't printed it. this is not a matter of form, but as long as it has value we can use it as a medium of exchange or currency. and the barter system teaches us

[bilal_jan321]

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

“Bitcoin is not money”, the European Central Bank published a statement regarding bitcoin as not being a monetary asset. These words from the bank are immensely harsh for the crypto community. The crypto analyst and investor, Joseph Young suggests that the bank has released the statement as per the crypto assets being unprintable. Though this is an absurd manner to qualify a monetary asset as ‘money’, the bank does praise the technology in the working behind bitcoin. The technology, being the entire crypto protocols, most specifically, decentralization is breakthrough and can make up for some decent projects in the future.

https://blockpublisher.com/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.

Such statements are not new when it comes to BTC vs Banks. Almost all centralized financial institutes have the same views about BTC and other cryptocurrencies. The reason is very clear, BTC is there to break their monopolies.

[pundit]

Money doesn't mean something printable, I do not know on which ground such statements are released by known banks. If something printable only can be considered as money then govt. should stop stock market, we purchase shares against money which are not printable but it holds some value for us. We take stocks as our assets. Why can't Bitcoin be considered as an asset? Actually most of the banks are afraid of blockchain technology and its acceptance by common people, cryptos are real threat for banking business, so its not surprising to get such statements from any bank.

[Capt00]

Money doesn't mean something printable, I do not know on which ground such statements are released by known banks. If something printable only can be considered as money then govt. should stop stock market, we purchase shares against money which are not printable but it holds some value for us. We take stocks as our assets. Why can't Bitcoin be considered as an asset? Actually most of the banks are afraid of blockchain technology and its acceptance by common people, cryptos are real threat for banking business, so its not surprising to get such statements from any bank.

Very interesting point of view, of course, government and banks were really afraid to blockchain technology because they know that someday if blockchain and crypto will become their big competitor when it comes to financial interest. People choose crypto to save their asset instead in the bank. I think this is the reason why the bank throws that word into cryptocurrency.

[awawo]

An that is the real cause of inflation in the system brought about by the central bank because they create money out of tin air when ever they need money. But the case is different with bitcoin because bitcoin is a decentralized currency that can not be print from nothing you have to hold it to be able to use it.

[proTECH77]

As a digital currency, one woudn't be surprised to see Central Bank altering such word from it jurisdiction. They should have remembered that, Gold was not printed on papers, still yet its called money among others, so, they coming out to speak against Bitcoin shows their fears of Bitcoin existence. They had done all their possible best to pull down(destroy Bitcoin) the said Bitcoin grow stronger and stronger, and  their efforts rendered futile.