Bitcoin is magic internet money

[BlockchainWizard]

As a Blockchain Wizard, I'm convinced: Bitcoin is magic internet money.

Bitcoin might be not really money – but it's internet money. And it's not just internet money, it's magic internet money. We can attribute a lot of characteristics to Bitcoin but we really need to realize at some point, how magical Bitcoin is as an internet money.

Bitcoin has a magical history, where it’s even unknown, who developed it. It's already very magical because probably, we will never know, who Satoshi Nakamoto really is. But for sure, he was a really good coder, who inventecd Bitcoin.

And Bitcoin doesn't really exist, it's just code and we can "see" it in our wallet, we can't touch it like real cash, because it's only 0 or 1 (or hashs).
But still, we can own it, when we own our private key, where we can access it in Bitcoin's Blockchain, what's really magical and we can even send it to someone else in a completely different country to a different address, what’s even more magical.

A Blockchain is a very magical invention because such a product is still very new and unknown for many people.

Bitcoin is magic internet money because it can't be faked as well and Bitcoin follows defined rules. For example, Bitcoin's limited supply of 21 millions of BTC and how all Bitcoins are mined during several cycles until 2140, still more than 100 years away, when all Bitcoins will be mined.
So, Bitcoin is not only magic internet money, it’s also scarce internet money.

What's even better: everyone can join us.

[1714516056]

1714516056

[un_rank]

Bitcoin might be not really money

Bitcoin is really money. It is more real than cash that is backed by nothing and can simply be printed out of thin air.

I understand the reference to magic internet money, but I feel it gives a vagueness to Bitcoin when everything is verifiable and transparent and can be easily understood by everyone who tries to.
Cash on the other hand is what has all the mysteriousness about it.

Bitcoin is real internet money.

- Jay -

[robelneo]

Bitcoin might be not really money

Bitcoin is really money. It is more real than cash that is backed by nothing and can simply be printed out of thin air.

I understand the reference to magic internet money, but I feel it gives a vagueness to Bitcoin when everything is verifiable and transparent and can be easily understood by everyone who tries to.
Cash on the other hand is what has all the mysteriousness about it.

Bitcoin is real internet money.

- Jay -

I also don't want to connect the word magic to Bitcoin, checking for various meanings of magic, it connotes something supernatural or mysterious, Bitcoin is not like that, it is transparent, and the result does not come from thin air, Bitcoin is very real and it impacted the present generation, and adopted by various industry.
It's real internet money I have used it to pay my bills, buy my groceries, and pay my loans it's more real than cash, I have often encountered fake cash

            

[bananaunana]

I agree to your post, Bitcoin IS magic internet money.

Bitcoin's origin is very unknown and very mysterious. Compared to cash, Bitcoin is very unreal, we can't see it, because it is not an object, like cash.
Cash is accepted everywhere while Bitcoin is only a very small internet place
Bitcoin has much space to grow because it is still early for Bitcoin. For example, Amazon still hasn't accepted Bitcoin.

Bitcoin IS magic internet money.
Bitcoin is like dark universe existence objects.

But being digital has also many disadvantages, like hacks, where we can hear from every day.
Or if we send it to a wrong address or we have lost our private key. Cash is more easey.

But your comparison is a very good comparison, of course

            

It is a great way to describe Bitcoin. Many adjectives are suited.

[albert0bsd]

I agree, there is no magic in bitcoin. If you understand it well (A lot of technical and coding stuff) there is no magic, maybe the correct word may be “mindblowing”, I mean it is difficult to believe how it works but there is no magic on it.

People usually refers to the word "magic" when then don't understand how something works, some users quote this

Any sufficiently advanced technology is indistinguishable from magic.

[YOSHIE]

As a Blockchain Wizard, I'm convinced: Bitcoin is magic internet money.

For me Bitcoin is not a type that can be said to be magical, Bitcoin in my opinion is not something surprising, strange, etc., Bitcoin is a type of cryptocurrency that I know is used cryptographically, even though it has no physical properties, but it can be stored and accessed transparently, the notes are encrypted just like you store notes online.

Or in today's language it is digital or can be said in the form of valuable assets which are provided in exchange by rail for cash or goods, even though they have to be distributed via a public blockchain network as is done currently, for me it is not magical, maybe if you say Bitcoin is anonymous and mysterious it might make sense, just like the title given by many people to its creator Satoshi Nakamoto.

[mk4]

Bitcoin is money, depending on the person using it. It could be money, a store of value, some gambling token, or whatever the person wants to use it for. That's the point — no one should tell you what you can or can't use it for.

And Bitcoin doesn't really exist, it's just code and we can "see" it in our wallet, we can't touch it like real cash, because it's only 0 or 1 (or hashs).

So is your money in your banks — only a small minority is actually backed by physical bank notes.

[bbigtart]

Bitcoin is based on people's belief that Bitcoin has value. I believe bitcoin was consciously built based on people's feelings. When Bitcoin first started, no one was pushing it!... it was only then, when people started believing and believing in bitcoin, that bitcoin started to rise. Instill hope in the future of society, wealth, happiness, freedom etc. Bitcoin is indeed magic internet money.

There is another interesting thing about Bitcoin being magic internet money, collecting bitcoin is to ensure that you have power and freedom in transactions. Bitcoin is People's money, if one day we face a dictator who freezes all access to the fiat we have, then we will still have Bitcoin for transactions. we can buy using bitcoin. Dictator rulers can close all access to Fiat, but cannot prevent them from transacting with bitcoin.

[Upgrade00]

Bitcoin is based on people's belief that Bitcoin has value. I believe bitcoin was consciously built based on people's feelings.

Bitcoin is not based off people's belief, people believe in it cause it has intrinsic value.
It was also not designed based off "feelings", I have no idea what that even means.

When Bitcoin first started, no one was pushing it!... it was only then, when people started believing and believing in bitcoin, that bitcoin started to rise.

Just like any new innovation, there were early adopters who beleived in Bitcoin even when it did not have a market value and there are those that joined the train when it was getting speed, that's how inventions work

[SatoPrincess]

And Bitcoin doesn't really exist, it's just code and we can "see" it in our wallet, we can't touch it like real cash, because it's only 0 or 1 (or hashs).
 

The same can be said of the money you put in the bank, when you transfer your funds  from one bank to the other, the banks are not actually exchanging cash, they are only imputing figures. It’s ironic that a blockchain wizard such as yourself would say this. Bitcoin does exist as a function of money, it’s a the only digital form of money that’s truly decentralized.

[BlackBoss_]

The Internet of Money Series with three volumes so far. It's the collection of Andreas Antonopoulos talks about Bitcoin over many years.

Bitcoin for beginners series. From the introduction to Bitcoin video, you can explore more about it with more videos in the playlist of Andreas.

Some books can be downloaded, [RESOURCES] Free bitcoin/blockchain/finance eBook.

The bullish case for Bitcoin is so insightful.

[cryptoaddictchie]

Well for some thats their belief but for me its act as a true money when it can easily be converted into real money and assets.

Most people think its a scam but that changes when they see how it works in the real world. Most prefer it as investment and a plausible commodity but sure thing many here considered that since its value have increases and decreases over time.

[Darker45]

For a number of decades, all attempts to develop a digital currency has failed. Satoshi learned from all of them and finally developed a perfectly working version. Well, that's indeed a little magical.

Of all the desirable traits of a hard and sound money, no single fiat currency has met them. Bitcoin came and offered durability, divisibility, scarcity, transparency, fungibility, being a store of value, and other characteristics of an ideal money. That seems magical as well.

But Bitcoin is real money. It isn't magic. Its creation follows a strict protocol. It isn't like how fiat is created, magically out of thin air representing nothing whatsoever.

[Publictalk792]

Bitcoin is indeed magical internet money. The fact that it's intangible and exists only in code makes it all the more special. Its transparency limited supply and divisibility make it a good option for many people around the world.  I believe that Bitcoin is more than real money. We can change it into real money anytime. And it's popularity is showing that it will be a dominant currency in the entire world.

[Fiatless]

When I saw the word magical, I thought it op wants to relate Bitcoin to some kind of mystical practice that is backed by some spiritual power that we see in moves. But I assume that @BlockchainWizard called Bitcoin a magical internet money because it couldn't be touched but it could be transferred and used as a means of exchange. This is not magical anymore because even fiat can be transferred through the same means even through the blockchain in the form of CBDC.

There is another interesting thing about Bitcoin being magic internet money, collecting bitcoin is to ensure that you have power and freedom in transactions. Bitcoin is People's money, if one day we face a dictator who freezes all access to the fiat we have, then we will still have Bitcoin for transactions. we can buy using bitcoin. Dictator rulers can close all access to Fiat, but cannot prevent them from transacting with bitcoin.

This is what makes it more magical, it is invincible  . It would be better to use words like innovative or exceptional than magical. Bitcoin is an extraordinary money that can serve as a solution to the many pitfalls of the traditional banking system.

[YUriy1991]

When I saw the word magical, I thought it op wants to relate Bitcoin to some kind of mystical practice that is backed by some spiritual power that we see in moves. But I assume that @BlockchainWizard called Bitcoin a magical internet money because it couldn't be touched but it could be transferred and used as a means of exchange. This is not magical anymore because even fiat can be transferred through the same means even through the blockchain in the form of CBDC.

There is another interesting thing about Bitcoin being magic internet money, collecting bitcoin is to ensure that you have power and freedom in transactions. Bitcoin is People's money, if one day we face a dictator who freezes all access to the fiat we have, then we will still have Bitcoin for transactions. we can buy using bitcoin. Dictator rulers can close all access to Fiat, but cannot prevent them from transacting with bitcoin.

This is what makes it more magical, it is invincible  . It would be better to use words like innovative or exceptional than magical. Bitcoin is an extraordinary money that can serve as a solution to the many pitfalls of the traditional banking system.

BTC Very innovative as you mean. Well, when will banks be happy, when the Federal Reserve decides to raise interest rates so that Depository Institutions have to keep reserves in the form of cash or deposits in Federal Reserve Banks, but Ironically, Bitcoin has the unique ability to eliminate this need and until now it may not have existed a central entity that controls Bitcoin, including monetary policy and interest rates.

This is another reason why many people see Bitcoin as an alternative and also a payment system, a global payment system so the need for banks will be reduced but despite this, banks also have another role in the global financial system.

[michellee]

There is no magic in Bitcoin without doing something. You must buy Bitcoin, search for free satoshi from the faucet, or work for Bitcoin. Without all of that, you can't have Bitcoin. But Bitcoin is money that exists on the internet and can also be used as a means of payment offline. But it depends on each country.

But we should not use the word magic for Bitcoin because we are afraid that people will think that by having Bitcoin, they can get rich quickly in an instant. But if people buy Bitcoin and keep it for a few years, they can make a profit from investing in Bitcoin.

But unfortunately, until now, there are still many people who don't know much about Bitcoin and don't want to start investing in Bitcoin. So those of us who already know Bitcoin must increase the amount of Bitcoin we have. This is so that when Bitcoin becomes a means of payment for all countries, we will already have Bitcoin and be ready with everything.

[Tuturtinular]

I don't think bitcoin is something magical that was created magically and just happened. I read a little about the long history before bitcoin was born and discovered a new conception of a decentralized financial system as the antithesis of centralized fiat money.

Bitcoin initially had a cheap price and over time it became more expensive. It didn't just happen, many things happened to bitcoin, many rejections and bans on bitcoin, all of these were obstacles that bitcoin faced until bitcoin finally became as popular as it is now. Bitcoin is both a currency and an asset, it is loved for the concept of freedom it brings. We can own bitcoins individually and no one can freeze our bitcoins as long as we keep them in our own wallets, not on an exchange.

Bitcoin is a breakthrough, an idea, and freedom. Bitcoin was born with hard work and challenges, so Bitcoin runs normally and there is no magic except the great concept that exists in Bitcoin

[Zigabel]

Association magic with Bitcoin sounds like it's something that can't be properly deciphered and has some mysterious element meanwhile on the contrary Bitcoin is a very understandable and clear financial asset, which anybody who dedicates their rime to understanding it will definitely understand it properly and see no mystery in it because it's transparent without any form of vaugenesss.

In as much as I understand your concept it's also important you put things in a more clear and original form to avoid any case of ambiguity from people who are been introduced to such concept for the first time so they don't get a narrative not intended. Bitcoin may not appear to be physical, but it's pool of value is unending, it's virtuality is no barrier to its store of value and can even be further explored to a more innovative store of value. Bitcoin is so valuable that associating it with such description as given by the OP sounds like it's a mere virtual mystery, contrarily it's beyond that, Bitcoin is real business and everything about Bitcoin is now real than ever before.

[Winterfrost]

Bitcoin is the internet of money of all things. The swift transaction that can be performed on the blockchain, high security level without a security guard and price change at any specific time interval makes it invincible and more magical. What interest me the most is the trust and belief people have for such a digital money that you cant feel or touch, its really amazing.

Although the feeling that Bitcoin is magical gives the belief that it will always going to make people rich which is not true at all times. Bitcoin can get as high and as well as very low. What should be considered is the fact that, when the knowledge of it is applied either by investing and the idea of holding it for some decade can give hope of a better future if you do not sell when the price gives you a little profit or panic sell when the price drops because it is volatile.