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

[slocker]

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.

That is true. Many countries already have this co call cashless flow of paying everything, some have reduce usage of paper money to minimum. If crypto isnt the future then it will major step of creating something for all to be used instead of money. Technology behind this can be used in various things not just for money transfer. You can even store huge amount of data.

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[mornabo]

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.

Funny if only because it is not printable then it cannot be called money, while they themselves have a type of money that is not printable
or digital but still has value. I think the bank's concern is not only due to fluctuations but also the anonymity of bitcoin

[plvbob0070]

It's not surprising that they're attacking bitcoin once again. As what I can see, they somehow view bitcoin as a threat. They can see it also, the advancement bitcoin has and how it can be used in the future.
Let's go back to the past. Before, they don't use money but rather gold (and other things that has a value that can be used for trade-offs), yet they're not printable.  Although bitcoin is not printable, it has a great value and its use can also be used same as the money.

[KennyR]

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.

[maxreish]

They feel threaten that is why the attack was on. But despite of that, even if btc wasn't a paper money because it wasn't printed out, we still use it to pay bills and pay some merchandise. We use it as a 'digital money' and that makes it as a money, too.

[radjie]

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.

Funny if only because it is not printable then it cannot be called money, while they themselves have a type of money that is not printable
or digital but still has value. I think the bank's concern is not only due to fluctuations but also the anonymity of bitcoin

basically bitcoin is indeed not money and cannot be printed, bitcoin is only a digital asset that has valuable value so that its function is the same as the existing currency because it can be done for various transactions. The main purpose of Bitcoin was created by Shatosi Nakamoto just to facilitate transactions that can be done by people who use it

[Ucy]

Of course, "we"  cannot print Bitcoin" is why Bitcoin was made in the first, And why printing Bitcoin/cryptocurrency is automated, transparent and  fixed. Printing currencies whenever we want to sounds like abuse. A crafty government could illegally print as much money they want without even causing inflation. In fact most governments could be doing this already. This is why Bitcoin is great

[Babyrica0226]

‘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 are definitely wrong that Bitcoin is not money. Because here in my country We had one bank here who is bitcoin/cryptocurrency accepted.
Through this, if that is true the bitcoin is not money, why the hell this bank is accepting it if it is not a currency anyway(Bitcoin). In short, Bitcoin is connected into fiat currency according to my understand about it.

[Artemis3]

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.

They will be forced to adapt or be left behind. Those with the older thinking will oppose resistance, until everybody is using Bitcoin regardless of what they say anyway.

Its like that Gandhi quote:

First they ignore you, then they laugh at you, then they fight you, then you win.

[alina345]

Sounds like the end of a centralized bank.

If cryptocurrency ushers in a new era of decentralized currency which is backed by the trust of its user then it will totally disrupt the concept of money as we know it. Banks will no longer hold the advantage of being able to print more money or using credit in fancy ways.

[Teawhalee]

Printing ability should not be a criteria to regard bitcoin as money. Everyday things are advancing and developing in terms of innovations and technology to make life more easier. We won’t remain in the past if we want to move forward and this is what the banks needs to realize. The don’t need to keep hating on bitcoin it will only make it get better. There are many forms of money acceptable and not printed like PayPal, neteller ,  skrill, perfect money , and the likes which no one is hating on but only Bitcoin is experiencing this because of its potential.

[sandra_x]

European union declaration that bitcoin is not a monetary asset does not diminish the value or importance of bitcoin, some countries even within the EU already see bitcoin as a legal tender. That aside,bitcoin does not really need the approval of a centralized entity as it is designed differently.

[mohammedmattar]

‘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 consider BTC  a competitor
The philosophy of the blockchain to dispense with the third party
So I do not see the banks ruling on BTC would be neutral
They are trying to maintain the fabulous profits they achieve.

[tunapa]

Not all money can be printed. So that’s not enough to disqualify bitcoin not to be money. All this is not enough to pull down Bitcoin if that’s what they are trying to do. So many other forms of money which are regarded for but the war is only coming to bitcoin: banks should prepare for the worst. They will soon leave.

[FlightyPouch]

They feel threaten that is why the attack was on. But despite of that, even if btc wasn't a paper money because it wasn't printed out, we still use it to pay bills and pay some merchandise. We use it as a 'digital money' and that makes it as a money, too.

Doesn't mean that we can use it to pay bills, it is a money, it don't work like that. It is true that we can use them to pay some things but if you are talking about it through exchange, then you are not directly paying Bitcoin but selling your Bitcoin to pay your bills, that is how they do it. We can pay using Bitcoin because they have the value and a value more expensive than the fiats we use today.

[zhengqi]

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.

[Malsetid]

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.

[CryptoBry]

I actually agree with this assessment. Bitcoin is not money that is if we use the same definition existing for the fiat money circulated all over the world...and in this case I am sure they can be using that definition. Bitcoin is a different category but at the same time it has many attributes that the usal money has because it can be used as a medium of exchanging value from one person to another or to another business. Banks certainly have their own perception of what money is so I guess let's leave them at that and let them have the right to show whatever power they might have over the financial system existing as of today...because time is coming when they can be required to adopt or just perish.

[lyks15]

This statement from the bank is full of fear and anxiety. Because they are afraid that tine will come that bitcoin can replace our natural money and when it's happen they will be affected or worst banking industry will die. For me competiton between cryptocurrency and bank is not good. A great idea is bank and crypto will start to collaborate but I hope bank will open their mind.

[kingpin4321]

Money is of different form bitcoin is not a legal tender but that does not mean bitcoin is not money. Bitcoin at the moment can be used to purchase some things online and with what's happening now and the rate at which the world is going digital bitcoin stands to be our hope