What’s the nature of currency?

[(o)(o)ilikeboobs(o)(o)]

Currency is a unit of labor and commodity value. It is recognized by the community and has the value of being converted into goods and labor. The current printing of money is an abuse because the government prints it continuously. So money inflation over time and becomes more. That benefits the rich, the poor are brutally exploited as soon as the money is in their wallets.
Bitcoin creates and fulfills community expectations with its security, scarcity, and speed of transactions. Bitcoin is truly the future of money.

[breathlessz]

Currency is a unit of labor and commodity value. It is recognized by the community and has the value of being converted into goods and labor. The current printing of money is an abuse because the government prints it continuously. So money inflation over time and becomes more. That benefits the rich, the poor are brutally exploited as soon as the money is in their wallets.
Bitcoin creates and fulfills community expectations with its security, scarcity, and speed of transactions. Bitcoin is truly the future of money.

basically currency to make it easier to value an item, and this is on the basis of control from the government, but the problem is that printing money that is carried out continuously will reduce the value of the money, so that inflation cannot be avoided. indeed this is more advantageous to the rich because they can control the vital objects that

[Alisha-k]

unlike fiat currency with a stable price bitcoin fluctuates and is regarded as an unstable asset using an unstable asset as a literal currency just like fiat will bring up issues of unsatisfied transactions leaving some in profit and others in losses. it would be more preferred if bitcoin is considered more as a store of value more of an investment option just like gold. referring to it instead as a digital asset will make more sense other than a legal tender not minding its decentralized.

[franky1]

I beg to disagree that the nature or essence of currency is consensus, at least not until Bitcoin came. It may be so in a small and primitive community but it cannot be in an advanced and large society.

The fiat currency is made up of a lot of policies, decisions, changes, impositions, etc which are not out of consensus. Of course it could be argued that it is hard to gather the opinions and ideas of everybody and that the very reason why there is a government is that it would act and decide on behalf of the larger population.

However, this is not really the case about fiat. The decisions of the few persons who decide about the direction of the currency are not really reflective of the people's voices and sentiment. So everything is merely imposed on the citizenry whether they like or not.

a medium of exchange can be anything. .. giving vodka to a friend for helping you mend a car.
a currency is more broader. within a community or nation.

a fiat currency is a government currency set by policy and law

as for the value. its not just a community consensus.
EG a rich person values currency differently than a poor person based on value and values.

but the underlying bottomline value normally has some bases on how much it cost to obtain and how much effort cost to pass on.

you can spot differences in values. in fiat.
take the policy law value.. minimum wage. where government in america thought $7.50 was worth 1 hours labour.
but the nation of america think $15 is worth an hour.

as for bitcoin.
in chaina/iceland. they feel thats ~$25k is worth 1 btc. however in germany. its more like $50k
this is why you see different area's have different values(philosophy) china will always mine cheap and value is less and always profit. so always mine. so when price is $45k they see it as OVER VALUE
where as germany cant afford to mine it so will see that when the price right now is below $50k will see btc as great value to buy.

[SmokerFace]

I beg to disagree that the nature or essence of currency is consensus, at least not until Bitcoin came. It may be so in a small and primitive community but it cannot be in an advanced and large society.

The fiat currency is made up of a lot of policies, decisions, changes, impositions, etc which are not out of consensus. Of course it could be argued that it is hard to gather the opinions and ideas of everybody and that the very reason why there is a government is that it would act and decide on behalf of the larger population.

However, this is not really the case about fiat. The decisions of the few persons who decide about the direction of the currency are not really reflective of the people's voices and sentiment. So everything is merely imposed on the citizenry whether they like or not.

Why the fuck would you beg someone for accepting your idea, if they aren't getting what you said then leave them rather than begging them.
People like you are a disgrace to humanity who would prefer begging.

To op - Currency represents the value of a country in the world economy.

[slaman29]

Bitcoin operation is indeed not very easy for novices. They are fundamentally different from the original bank payment operation methods, especially the most basic security measures such as the preservation of private keys. Quite a lot of novices eventually lost their bitcoins due to improperly kept private keys. This is a huge lesson for each of us. Bitcointalk has done a great job in the basic popularization of Bitcoin.

Yeah, that was my point. I know it's getting easier and easier, but I honestly have to admit it wasn't straightforward at first, and it's almost guaranteed you'll make a mistake in your first few attempts at using Bitcoin, and I consider myself a little bit more educated than average and still I've made mistakes (wrong fee, wrong coin, wrong change address etc. Like you said, the most basic step, private keys, is even missing from most newbies.

Bitcoin still has to find a way somehow to be even friendlier to use.

[RainbowKun]

Bitcoin operation is indeed not very easy for novices. They are fundamentally different from the original bank payment operation methods, especially the most basic security measures such as the preservation of private keys. Quite a lot of novices eventually lost their bitcoins due to improperly kept private keys. This is a huge lesson for each of us. Bitcointalk has done a great job in the basic popularization of Bitcoin.

Yeah, that was my point. I know it's getting easier and easier, but I honestly have to admit it wasn't straightforward at first, and it's almost guaranteed you'll make a mistake in your first few attempts at using Bitcoin, and I consider myself a little bit more educated than average and still I've made mistakes (wrong fee, wrong coin, wrong change address etc. Like you said, the most basic step, private keys, is even missing from most newbies.

Bitcoin still has to find a way somehow to be even friendlier to use.

Yes, it is really complicated for novices to operate. This is a completely new monetary system that is completely different from the existing financial system. Need to use and adapt to brand new software. In the future, when I start my Rainbow City project, an important module is Bitcoin education. I will create the simplest learning course suitable for novices on the basis of the existing bitcointalk. This process may be very boring, but I think it is very valuable. Thanks again to every old member of the forum who selflessly helped newcomers.

[Kelvinid]

snipped~

Yeah, that was my point. I know it's getting easier and easier, but I honestly have to admit it wasn't straightforward at first, and it's almost guaranteed you'll make a mistake in your first few attempts at using Bitcoin, and I consider myself a little bit more educated than average and still I've made mistakes (wrong fee, wrong coin, wrong change address etc. Like you said, the most basic step, private keys, is even missing from most newbies.

Bitcoin still has to find a way somehow to be even friendlier to use.

Yes, it is really complicated for novices to operate. This is a completely new monetary system that is completely different from the existing financial system. Need to use and adapt to brand new software. In the future, when I start my Rainbow City project, an important module is Bitcoin education. I will create the simplest learning course suitable for novices on the basis of the existing bitcointalk. This process may be very boring, but I think it is very valuable. Thanks again to every old member of the forum who selflessly helped newcomers.

It wasn't boring for those who are willing and eager to learn for something that was a more helpful and valuable asset in the crypto space. As it was simplified and teaches the nature of Bitcoin, the more it becomes interesting. I know for sure that the plan will succeed, it certainly gains major support from the community like this it helps not only to spread awareness and knowledge to the people around but also it diversify the negative thinking that most people have lived for many years in doubts.

[junmisakiro]

Bitcoin, in many occasions, is deemed as a currency, which I believe will inevitably become a super-sovereign currency and world currency supporting the entire human civilization. So, what is the nature of currency? Why can Bitcoin become a currency?

One of the properties of bitcoin that is very likely to be a currency for the future, because bitcoin can not be counterfeited like fiat currency basically, if a currency can be counterfeited then the supply will increase which can cause a decrease in price, just like bitcoin, bitcoin runs in technology blockchain and blockchain systems are certainly hack-resistant as every transaction has to be verified by the miners.

[Robinson66]

I beg to disagree that the nature or essence of currency is consensus, at least not until Bitcoin came. It may be so in a small and primitive community but it cannot be in an advanced and large society.

The fiat currency is made up of a lot of policies, decisions, changes, impositions, etc which are not out of consensus. Of course it could be argued that it is hard to gather the opinions and ideas of everybody and that the very reason why there is a government is that it would act and decide on behalf of the larger population.

However, this is not really the case about fiat. The decisions of the few persons who decide about the direction of the currency are not really reflective of the people's voices and sentiment. So everything is merely imposed on the citizenry whether they like or not.

The essence of money is value it.
The currency is considered to be the main exercise of three functions: value scale, exchange medium, value storage. Now people think that the core of the currency is trust. Since trust, it slowly formed a consensus.

[RainbowKun]

The nature of currency is collaboration with the strongest.  Currency does not favor the weak. Currency can be given to the weak but still bound to be controlled by the strongest.
Currency cannot be combined with anarchy. Currency cannot be immediately given to the poor.
Thee nature of currency is cohesive with other forces.  The nature of currency is cohesive with each other, and cannot be adhesively binding on the poor.

How do we define the weak and the poor? In fact, in my opinion, people who are really poor are people who are poor in thinking. Everyone’s wealth is tied to everyone’s own cognitive level. The more a person loves to learn and always improves his thinking, the higher his level of cognition, the more wealth he can obtain. On the contrary, if a person does not like to think and learns actively, it is very difficult for him to obtain huge wealth. The same principle applies to Bitcoin. Only those who have a deep understanding of Bitcoin can obtain huge wealth through Bitcoin. People who don't understand the nature of Bitcoin will only oppose and complain about Bitcoin.

[slaman29]

Bitcoin still has to find a way somehow to be even friendlier to use.

Yes, it is really complicated for novices to operate. This is a completely new monetary system that is completely different from the existing financial system. Need to use and adapt to brand new software. In the future, when I start my Rainbow City project, an important module is Bitcoin education. I will create the simplest learning course suitable for novices on the basis of the existing bitcointalk. This process may be very boring, but I think it is very valuable. Thanks again to every old member of the forum who selflessly helped newcomers.

And Bitcoin education that focuses less on the technology and more on the application. Just like now, if you go to get an Internet education for adults or older people, it doesn't even talk about html or www or http anymore it just talks about how to use it, and how to stay safe, etc.

Bitcoin education needs to follow this style. Act like it's doing mass adoption, not like it's still a nerd's den for tech:)

[Kimonoe]

I beg to disagree that the nature or essence of currency is consensus, at least not until Bitcoin came. It may be so in a small and primitive community but it cannot be in an advanced and large society.

The fiat currency is made up of a lot of policies, decisions, changes, impositions, etc which are not out of consensus. Of course it could be argued that it is hard to gather the opinions and ideas of everybody and that the very reason why there is a government is that it would act and decide on behalf of the larger population.

However, this is not really the case about fiat. The decisions of the few persons who decide about the direction of the currency are not really reflective of the people's voices and sentiment. So everything is merely imposed on the citizenry whether they like or not.

The essence of money is value it.
The currency is considered to be the main exercise of three functions: value scale, exchange medium, value storage. Now people think that the core of the currency is trust. Since trust, it slowly formed a consensus.

I will just add basically the point of the currency is that it is acceptable to everyone, so we can use it flexibly. on the other hand, there must be approval from the government so that all people must be able to comply.

[Tim-BTC]

Currency must be a symbol of the credit system. It can become a symbol of the credit system. It can be derived from its own use value and physical properties (such as cigarettes and gold), or it may be derived from artificial regulations (such as paper money).

Currency is essentially a social mechanism constructed by humans, which provides a solution to the problem of lack of trust. This mechanism includes at least three factors: money of account, transferable credit, tokens and bookkeeping system

[Zilon]

Over the years the fiat currency experienced lots of drawbacks and the primary setback is the issue of trust and security of database. And the blockchain industry with the innovation of bitcoin has helped in tackling this issue. The consensus found in fiat currency has been altered severally to suit the personal interest of it's major stakeholders but the interesting thing is bitcoin can't be altered due to it's highly level of how it operates anonymously.

This consensus alogrithim which the blockchain technology shares will some day call for global adoption although some countries has it as a legal tender while some are still fighting against it but I'm sure at the later end it will be globally accepted

[RainbowKun]

Over the years the fiat currency experienced lots of drawbacks and the primary setback is the issue of trust and security of database. And the blockchain industry with the innovation of bitcoin has helped in tackling this issue. The consensus found in fiat currency has been altered severally to suit the personal interest of it's major stakeholders but the interesting thing is bitcoin can't be altered due to it's highly level of how it operates anonymously.

This consensus alogrithim which the blockchain technology shares will some day call for global adoption although some countries has it as a legal tender while some are still fighting against it but I'm sure at the later end it will be globally accepted

Yes, in my opinion, the current consensus on Bitcoin is getting stronger and stronger, and there is no force that can stop the development of Bitcoin. This is the power of technology and mathematics, allowing mankind to re-establish a fairer, free, and equal world currency system based on technology.

[Xinarae*]

From the beginning the circulation of fiat currency was high but with the advent of cryptocurrencies the demand for fiat has been declining because everyone thinks crypto is more profitable than fiat. Crypto and other currencies have become popular for bitcoin cryptocurrency is a type of digital asset which according to the modern monetary policy of cryptocurrency for asset transactions devaluation means the depreciation of a country's currency against a country's currency in a fixed exchange rate manner. However with the change of time and financial system, the type and nature of devaluation is changing.

[xSkylarx]

I beg to disagree that the nature or essence of currency is consensus, at least not until Bitcoin came. It may be so in a small and primitive community but it cannot be in an advanced and large society.

The fiat currency is made up of a lot of policies, decisions, changes, impositions, etc which are not out of consensus. Of course it could be argued that it is hard to gather the opinions and ideas of everybody and that the very reason why there is a government is that it would act and decide on behalf of the larger population.

However, this is not really the case about fiat. The decisions of the few persons who decide about the direction of the currency are not really reflective of the people's voices and sentiment. So everything is merely imposed on the citizenry whether they like or not.

The essence of money is value it.
The currency is considered to be the main exercise of three functions: value scale, exchange medium, value storage. Now people think that the core of the currency is trust. Since trust, it slowly formed a consensus.

I will just add basically the point of the currency is that it is acceptable to everyone, so we can use it flexibly. on the other hand, there must be approval from the government so that all people must be able to comply.

Because the currency is the most widely used by the people and is only accepted now, some stores, like gold, will not accept it because the value is so high and they can't change it, whereas before the barter system, you could barter things. Wherever you go, the currency is very flexible, and any country can simply change it to their own currency.

[wahyu wida]

I beg to disagree that the nature or essence of currency is consensus, at least not until Bitcoin came. It may be so in a small and primitive community but it cannot be in an advanced and large society.

The fiat currency is made up of a lot of policies, decisions, changes, impositions, etc which are not out of consensus. Of course it could be argued that it is hard to gather the opinions and ideas of everybody and that the very reason why there is a government is that it would act and decide on behalf of the larger population.

However, this is not really the case about fiat. The decisions of the few persons who decide about the direction of the currency are not really reflective of the people's voices and sentiment. So everything is merely imposed on the citizenry whether they like or not.

The essence of money is value it.
The currency is considered to be the main exercise of three functions: value scale, exchange medium, value storage. Now people think that the core of the currency is trust. Since trust, it slowly formed a consensus.

I will just add basically the point of the currency is that it is acceptable to everyone, so we can use it flexibly. on the other hand, there must be approval from the government so that all people must be able to comply.

Because the currency is the most widely used by the people and is only accepted now, some stores, like gold, will not accept it because the value is so high and they can't change it, whereas before the barter system, you could barter things. Wherever you go, the currency is very flexible, and any country can simply change it to their own currency.

Originally, currency was a means of payment that made it easier for someone to make transactions. with the recognition of currencies in each country, it does not make it difficult to transact in certain countries. Currently, fiat currency is still relevant for payment instruments, but I'm sure that slowly crypto will find a place as well, just like the barter system which is slowly being replaced with money.

[iv4n]

Looks like a perfect place to drop this here:

"Nowadays people know the price of everything, and the value of nothing." - Oscar Wilde

The nature of currency is to be a medium of exchange. Simple as that! To not ask who is selling a house for 50 cows, you sell 50 cows to people who want cows and then you go and buy a house for that money!
Sadly, fiat currencies got corrupted over time! Now we have a real mess, caused by governments and banks (as the biggest fraudsters) and their actions in the past! I think this system can't be fixed, it can be just replaced! We need some form of currency (medium of exchange) that can be easily transferred across the world, available to all, transparent, trustworthy, etc... and that looks like I talk about crypto, right?