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

[senin]

The current banknotes are advanced notes issued by us to the bank for payment. Over time, cash acquired such a form. The claim that money is not that which cannot be printed on paper is absurd. Gold or precious stones are also not printed on paper, but ounces of gold or carats in diamonds have their own measure of value and function as a means of payment. I do not even think that such statements will be seriously considered in the financial market.

[posi]

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.

Although, we have some countries which their Senior banker supported Bitcoin but they are few in number with t his you're wrong when you said you don't think the Central Banks are against Bitcoin because if they are not they ought to work with the Bitcoin community and fix the flaws involve in crypto. Mind you, the up and down trend of Bitcoin is not flaws but the concept which Bitcoin was built on. However, no currency can ever be stable because fiat money also loose value either, while Bitcoin usually come back strong, why do they have complaint?

[pawanjain]

‘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.

Well in that case all the amount that we are holding in our bank is not money either because it's just the numbers that we see on the screen.
The only money we have is the cash because it's printed. I wonder how such big companies can me such shit statements. There are so many examples and arguments that we can put up against this statement.
The European bank should have made an effort in finding a reasonable statement to classify bitcoin as 'not money'.

[Akagum]

So going by the statement, they mean to say that money can be defined as paper we can feel .
So like when I make transactions using my banking mobile app to transfer funds to a client.
The funds transferred is not considered money by the statement.
It's laughable.

[eagle10]

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

Attacking bitcoin just make it more stronger. They can't bring bitcoin down because people support and love it. The easiness and usefulness of cryptocurrency to their lives makes it more valuable to them than embracing fiat and currency of the banking system.

[The Cryptovator]

It's true that bitcoin isn't printable, but it doesn't mean it has no value. Bitcoin is a crypto-currency asset. Diamond isn't printable but banks aren't accepting them for collateral? Same about bitcoin, it has value due to lot of people's invested on it. Bitcoin isn't printable money but it is the value of money. My opinion is if all banks accept bitcoin then there will not much volatility. Actually banks are worrying about bitcoin volatility. I don't see any other point why banks are not ready to accept it.

[anodyne]

For me, even banks still didn't recognize the different crypto currencies we have as a money, I really don't mind as long as I can use all of my crypto currencies as a medium for payment methods. I am glad to have my crypto currencies and make my life much better and let me have convenience.

[bering]

Indeed bitcoin is not money because we can't print it but bitcoin also can be used as transactions tools and it is eventually will valuable such as money and i think although banks threats bitcoin with this statements but it won't stop development of bitcoin and in the future digital money such as bitcoin will be mass adopted with possible recognize as digital money too

[annango]

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.

Definitely right!! I just wonder why Banks give us a statement like that, but anyway it seems so stupid and absurb opinion. Our modern life is more likely to a tech-society, especially cashless society is an example. Nowerdays more and more country tend to use E-wallets to make a payment to many things. The banks also encourage people to use online account service to pay for something in need like electric fee, water fee and something like that. So to say briefly what they had criticized on bitcoin is such a vast gap between the words and the deeds they have done.

[Jating]

Can they make a good excuses next time? Seems to me this is just a rehearse and have heard this kind of lame excuses before.

A good example is precious metals, they used to be a medium before, but since we can't print it, can we can call them money as well? The argument is really flawed, why do they just admit that they are just afraid of this so called digital money?

[Darker45]

Oh, man. This is one of the shallowest arguments against Bitcoin. We are now at the digital age. I think they are well aware of this. We do not need hard objects anymore. We are getting paperless not just in terms of communication and data but also in terms of money. They themselves are doing this with their credit and debit cards. We already have the likes of Paypal. Even when we buy or trade Gold and Silver we are not actually holding the real thing with our very hands and pass it to the hands of another physically. We are doing them in a virtual way.

[avikz]

‘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.

LOL!! I didn't think Banks can make such laughable statement on one of the most important innovation of this decade! But it is very true that Banks are really shaking about the increasing prominence of crypto space. It directly threatens their business because they can see their hold on the economy is loosening. Sometimes back I had received the below email from my bank about bitcoin and cryptos. You can see how negatively they are portraying the cryptos through this propaganda mailer.



The frequency of such propaganda attacks will increase in near future! The more Banks will fear bitcoin, the more they will try to send out such information to their customers to create a negative mindset about bitcoin among the mass.

[dat.ho12492]

Indeed bitcoin is not money because we can't print it but bitcoin also can be used as transactions tools and it is eventually will valuable such as money and i think although banks threats bitcoin with this statements but it won't stop development of bitcoin and in the future digital money such as bitcoin will be mass adopted with possible recognize as digital money too

Of course, bitcoin is not a currency but the value of bitcoin seems to be an asset that we can convert into cash, the use of bitcoin as currency is not too surprising even if we cannot print it, as long as the seller accepts, using bitcoin for trading is possible. But for banks, they often do not accept this because with the administration from the government, Bitcoin is something not in their currency list and allowed, and I'm not too concerned about their acceptance when I always think bitcoin is a place to invest, use as currency is just a secondary feature

[qwertyup23]

Money is everything that has value, they not necessarily have to be printed. Banks again come up with excuses not to accept cryptocurrencies

The long history of money started with the barter system where people traded goods or services to others. The problem with the system is that it lacked something universal in value. Slowly, the barter system was changed and people used precious metals and stones as coins in exchanging goods. Until then when banks were created, the fiat (or paper money) has been the universal exchange rate per country.

Like what you said, the value of money depends upon each person if they perceive something as valuable. It does not need to be paper or to be printed by banks but as long as people view something as valuable then it is considered as money.

[pat4cryptoreal]

If European Central Bank insist that every form of money most be in a printable form, then we are going back to the stone age. As technology is evolving the Fintech section suppose to be evolving too.

[Bonsaiav]

Like what you said, the value of money depends upon each person if they perceive something as valuable. It does not need to be paper or to be printed by banks but as long as people view something as valuable then it is considered as money.

What you say, actually reminded us of the old stories that happened in the Netherlands namely about the viral stories of tulip mania hundreds of years ago. At that time, many rich and influential people talked about investing in tulips, plus media that always portrays new rich people after investing in tulips. And my question is "can tulips be printed?"

[xWolfx]

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.

In few words, physical currency is outdated and virtual currency is better and for that reason is the future.

That is precisely what Elon Musk said not too long ago and it holds a huge truth inside that statement. This is precisely the beginning of something interesting. I wouldn't cry even one second if physical currency disappeared worldwide today.

This is something that should definitely happen in the future from my point of view.

[Dingdongjl]

Most of the bank are really desperate to destroy bitcoin because it is a threat to them that makes them idiot and didnt even know now what is the meaning of money.

Money is a medium of exchange in the sense that we all agree to accept it in making transactions.

source: google.com

[tegarp90]

‘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.

Yeah but everything will be digitalized in the future, and people will leave printed / physical money because it's much more simple and safe.
And also, many bitcoins banks are popping out

[ethereumhunter]

‘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.

Yeah but everything will be digitalized in the future, and people will leave printed / physical money because it's much more simple and safe.
And also, many bitcoins banks are popping out

Besides that, the raw materials for the paper will extinct, and we cannot use paper to print the money. With the growth of the technology, it will change the using the paper for the money, and it will transform into digital payment as we look right now. Many apps offerings the new service that we only need to send the money to the apps that can be used to pay something.

In the future, this process will be more simple especially if we use cryptocurrency, so we don't have to carry paper money to everywhere, and if we want to buy something, we could use the barcode and scan to see the price.