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

[Baofeng]

‘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.

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[Indamuck]

Money is whatever people decides holds value.  Doesn't matter what it is, seashells, gold, beanie babies, paper.  Currency is just a faith based system.  Fiat is a complete scam but most people are too stupid to realize or lack any real fight to go against the banks.

[alisafidel58]

What a crap.

With the long history of money, money didn't start to be printed back then. Bitcoin is an asset that people hold and valuable to them. Crap with the monetary system, they are just afraid and threatened at the same time because they are losing investors from their banks.

[StephenJH]

‘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.

You can't teach old dog new tricks...
This is what they start to do when there is no meaning to fight against valuable assets that threats their old system. If bankers don't call the money something unprintable then why they produce plastic cards?

[Linkkoin]

Money is whatever people decides holds value.  Doesn't matter what it is, seashells, gold, beanie babies, paper.  Currency is just a faith based system.  Fiat is a complete scam but most people are too stupid to realize or lack any real fight to go against the banks.

Faith and reputation it is. And such events as Bretton Woods 1944 meeting.

[kryptqnick]

‘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.

That is indeed a very unfair excuse not to recognize Bitcoin Gold used to be money, yet one could not print it. And coins are technically not printed as well, so what, now only banknotes count as money? I get that the point is in being material but still. PayPal money is not material, though, right? It functions as money nevertheless. And materiality really should not matter in the contemporary world of technology and innovation. What matters in the value attributed to something, and the willingness to exchange this something for goods and services. Bitcoin meets these criteria more and more.

[LeGaulois]

Who cares, we don't need the central banks to consider whether or not Bitcoin is money. As long as both parties accept the BTC there is an exchange of value.

What I wonder is: doesn't it affect all the tax decisions that countries may have made recently. If Bitcoin is not currency, then we should no longer be taxed (or differently). I don't know if you follow my reasoning.

[HODL2090]

If Bitcoin is not currency, then we should no longer be taxed (or differently). I don't know if you follow my reasoning.

I do, if it is not considered as a monetary asset by the banks, than government should not task that owners of bitcoins. But different governments have different opinions and stands on cryptocurrency, not all tax holders and not all choose not to recognize it.

[MakeMoneyBtc]

There have been multiple attacks from banks and governments against bitcoin in the last months, especially in 2019. I think they just realized how powerful bitcoin is and they are trying to somehow make people lose trust in bitcoin by finding all kind of reasons why it cant be ussed as a currency. We dont know what plans they have but anyways i wish the good luck in their attempt to defame bitcoin

[BestSSS]

Money is whatever people decides holds value.  Doesn't matter what it is, seashells, gold, beanie babies, paper.  Currency is just a faith based system.  Fiat is a complete scam but most people are too stupid to realize or lack any real fight to go against the banks.

Alas, I do not agree with you, money is called the banknote of the Central Bank of your country and they only do what they print.
The rest of the securities are either gold or bitcoin are some assets that cost a certain amount which is expressed in money.
Bitcoin is a digital asset that can be attributed to digital money, but so far the problem is that payment with bitcoin is rarely applicable.

[KingScorpio]

‘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.

banks understand money differently, very well regulated banks are actually more correct than libertarian private ones that just enrich themselves at expense of others,

[Beerwizzard]

Bank : ‘Bitcoin Is Not Money’ Because We Cannot Print It
Bitcoin Paper Wallet : Am I a Joke To You?

Looks like they skipped economic class, they clearly forget gold, coins, etc. are money which accepted everywhere (or used to be) in whole world.
They used to bring reasonable argument, now they're not which means they realize the value of Bitcoin.

Well then, try to buy something for gold today. I'll be curious to see it Gold is not considered as money for already a pretty long time.
In modern world money are issued by bodies, that are able to provide any kind of monetary policy. In this case, BTC is not considered as money.

[ASHLIUSZ]

During the early civilization rare metals and other commodities were used as a medium of exchange. This later turned to be metal coins, and the with the existence of banks the entire system got changed. Similarly the present era is all about the technology backed creation of coins. Now paperless economy is highly preferred and cryptocurrencies fulfills the same.

[figmentofmyass]

‘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/

this article is clickbait trash. that headline is a straight up lie.

the central bank didn't say anything at all about the ability to print money. all they said was "bitcoin is not money" which is no surprise because that's the default position of virtually all legacy institutions and authorities.

joseph young (a pro-bitcoin nobody) is the one who added "because they cannot print it".

people really need to boycott these horrible clickbait sites. they have zero integrity and it's embarrassing as a bitcoiner to be associated with this sort of blatant dishonesty.

some of y'all really need to start reading full articles and absorbing them before commenting because you're making the problem worse.

[serjent05]

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. As long as I know what its value for me then to hell with their opinions. Bitcoin investors who've known its value for years are more than willing to just shrug their shoulder in this kind of remarks. They are just threaten with the future of bitcoin since bitcoin users/investors do not need these centralized banks by the way.

[n0ne]

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. As long as I know what its value for me then to hell with their opinions. Bitcoin investors who've known its value for years are more than willing to just shrug their shoulder in this kind of remarks. They are just threaten with the future of bitcoin since bitcoin users/investors do not need these centralized banks by the way.

People have different terminology to represent bitcoin. Bitcoin from the beginning never mentioned as currency. Beginning days it was just a token with some value. Slowly this has changed acquiring different forms and finally got comparison to currency. Now it is much associated with mainstream adoption. Let's wait and see what happens with the market.

[RodeoX]

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

Fixed!

[Slow death]

Why are you giving importance to this comment? bitcoin is still very young and how everything new is facing the opposition of regulators because these regulators still do not feel comfortable in using something new. but with the passing of the years something new will conquer the regulators. we have to be very patient.

Silvergate Bank Onboarded 59 New Crypto Customers in Q4 2018

with time, everyone will accept cryptos

[magneto]

the bank does praise the technology in the working behind bitcoin. The technology, being the entire crypto protocols

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 said, though, this is an absurd accusation. If anything, bitcoin is more so money than fiat currency is, because it is able to serve as a long term store of value due to the fact that the currency supply is fully decentralised and cannot be manipulated, diluted, or debased by a central entity the way fiat has essentially been depreciating for as long as it has existed.

It serves all the functions of money, just like precious metals, but in a much better and efficient way. Though, when you get banks to comment on BTC at any time there is always some possibility of conflict of interest, as bitcoin does somewhat take away the control that they have.

[teejayrichard2]

This is not the first time banks are attacking bitcoin saying things to take the minds of individuals from investing in bitcoin but then we know they do this out of fear of Bitcoin killing fiat. So much money has been made by these banks and they feel threatened with the opportunity bitcoin is offering. Well banks can keep saying things but then bitcoin will only grow stronger, whether bitcoin can be printed or not, its a means of payment we have long been waiting for and happy its finally here.