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

[Carrelmae10]

..people treated Bitcoin differently..yeah its true that Bitcoin cannot be print because it is a digital currency, a form of electronic cash that is used for online transaction and can be converted into a fiat money..nowadays,,there are lots of attacks on Bitcoins,,people spreading rumors about the negative side of Bitcoin,but we all know that Bitcoin has a great value compared to the reigning fiat money ($) that is used in the circulation of universe economy.If we do believe in the power of Bitcoin and not used it in a negative way,probably Bitcoin will be the number 1 cryptocurrency in the universe and many would adopt and acknowledge the use of it..

[1715024067]

1715024067

[1715024067]

1715024067

[1715024067]

1715024067

[lovesybitz]

Yes it is true Bitcoin was not a real money because it didn't created by any bank, but it can be convert into fiat currency. It may not be a real one but once you convert it into fiat money of course We can use it immediately to pay in any form of traditional business.

[Netnox]

I am OK with it. Because for me Bitcoin is more like an asset (similar to gold or silver), which is protected against inflation. And the advantage with Bitcoin is that it can be used as a currency as well, just like gold bullion coins.

[mrdeposit]

Our economy should be in this situation because of these banks. I do not understand what a thought is. I wonder how paper money will reach the speed of the developing world. They are making meaningless conversations without understanding what crypto is.

[kvipcn]

Money is any entity that can be accepted as a means for exchange of goods and services. Printed notes and coins are just a form money can be represented with but not the true appearance of it. Bitcoin is also a form of money because people accept it in exchange for goods and services.

[juragane]

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.

to be able to change the bank's decision about bitcoin is very difficult. because the bank has been integrated with all banks throughout the country and has not recognized bitcoin as a currency. requires official recognition from all parties who have authority over currencies to be able to recognize bitcoin as a currency and can be printed like fiat currencies.

[Coin-Desk]

Yes, Bitcoin is not money because we can not print it. That's right But Bitcoin is a virtual currency. But bank Bitcoin is reluctant to accept the Bitcoin. Because no bank can control Bitcoin. So the bank does not count Bitcoin as money. But I think Bitcoin has a lot of potentials to become a currency. Bitcoin is a little typical currency. Bitcoin's acceptance eligibility is increasing day by day. So I think the bank does not accept Bitcoin as money, but many of us accept Bitcoin as money.

Thank you

[Vaskiy]

Money is any entity that can be accepted as a means for exchange of goods and services. Printed notes and coins are just a form money can be represented with but not the true appearance of it. Bitcoin is also a form of money because people accept it in exchange for goods and services.

Earlier this happened and people were accepted an entity as exchange because it had a physical state. With cryptocurrency people weren't able to understand the market and the reality of bitcoin. Just for the reason of unable to print it can't be considered valueless. From my understanding people will realize the need of bitcoin and technology, but it takes little time.

[ballerin and giroud]

That is banks versions, but for me money is not always can be print as long as it has a value. I haven't saw any definitions from some economic expert who said money is paper or other form that can be look clearly and can be hold in real. But many people says money is a tool that have a value and can be exchanged for various items, and other people agree that the tool is valuable.

[kyucryp]

I strongly disagree. bitcoin is a digital currency just like cash that we can use to buy goods or services just different forms and ways to transact. now, cash has been digitalized, such as the use of e-bangking so that we can use cash to transact online without having to have a physical form. so, bitcoin and cash are legitimate or official money that we can use to transact but how to use it differently.
 

[minersday]

Anyone who will describe Bitcoin as not being money is just ignorant and also  a dumb person. 'According to (http://www.businessdictionary.com/definition/money.html)' , money is described or defined as anything of value that serves as a generally accepted medium of financial exchange, legal tender for repayment of debt, standard of value,  unit of accounting measure, and  means to save or store purchasing power. This perfectly explains that money can be in so many forms so far as its accepted as a means to exchange for goods and services. Bitcoin is just an advanced form of money.

[joinfree]

Oh yeah that's actually funny to hear you know, that the fact that we cannot print bitcoin so we cannot regard it as a currency. Are we not using all these electronic payment systems such as Visa, Master Card etc? This is the more reason why the world should rally behind the legalization of bitcoin to be accepted as a medium of payment because most governmental organizations are really cheating people when the make transactions through Central Banks. Cryptocurrencies especially bitcoin is what makes transactions very fast, safe and also comes with very little cost of transaction compared to fiat currency transactions.

[okala]

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.

I have said it before it make no sense at all for bank to say because they can not print bitcoin that make it not to be a currency, what is the definition of a currency to them because to most others a currency is any thing that can be use as a medium of payments and for exchange of goods and services and bitcoin perform this roles.

[CoinCollect]

This is a very questionable argument, I think. But bitcoin, unlike Fiat money, cannot be faked, and if you pay with bitcoin, then the second party will know for sure that it is not a fake.

[proTECH77]

This is a very questionable argument, I think. But bitcoin, unlike Fiat money, cannot be faked, and if you pay with bitcoin, then the second party will know for sure that it is not a fake.

Correct, that's the point because Bitcoin cannot be fake like fiat currency. Bitcoin not be printed make it better than the fiat which can be easily fake into printed papers with fake identities and most of these fake fiat currencies are difficult to identify. Bitcoin has a unique identity which cannot be fake into any type.

[Ipwich]

That's a stupid definition of money from bankers.
Just because it cannot be printed, it cannot be considered money, BTC has more value than the paper money, and with it's limited supply
it's better since it will not inflate as long it's use by the people.

Basic definition of money is it is a Medium of Exchange. (https://www.investopedia.com/insights/what-is-money/)

[0t3p0t]

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.

Correct. Banks printed a lot of money for the rich people only and poor people become poorer. Fiat does not favor people living in the lower status in the society. Money can be printed but it is a centralized one so it won't last as people prefer a decentralized one that will potentially give them financial freedom in the future. Cryptocurrencies has value so we can use it like what fiat can do but more than that crypto is more convenient than fiat.

[zgrdyg]

I think it is very shallow point of view.

Most of the money transfer is becoming without paper. Even some countries i heard that thinking about stopping cash transfer. Everything is through banks.

[Syakbrown]

‘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.

now ''they'' say that bitcoin is not money because it cannot be printed because they have not put themselves ''them'' here and do not have their own coins but instead when '' they are ready to join here, then you will see that they will say the opposite. this is just a matter of not yet benefiting.

[Bowly88]

What a foolish argument! Does they even know that before paper money, people use everything that they think has value as a money? That it is only because of invention of paper money the reason why we are using it? Change is inevitable, they can't just accept that they are loosing their value because we now have a digital form of money that is why they hate it. They must accept the fact the now is the time for cryptocurrency. With their reasoning, so they are saying that online gaming on a reliable gaming site is just a child play when it is obviously wrong because me myself have earned there while easing my boredom? What a foolish argument it is.