What is money?

[Minor Miner]

Don't try to confuse people about what money is. Money can't change from what we know it to be as a medium of exchange for goods and services.

Refused to have it and see whether you can be able to trade any single thing with it, even Bitcoin and gold you think of, you need money to buy them. You won't get them for free as their increase and decrease depends on how we transact with them with our money.

I believe that the OP and others who are speaking negatively about fiat are still quietly using it every day. They can not stop using it and would not even survive without it.

Yes, we should not make thing unnecessarily complicated. If we already know fiat has issues, all we need to do is not keep it for too long or too much, and simply use it for its intended purpose. There is no need to overcomplicate thing, because ultimately, we can not stop depending on it.

[Mhizlove]

Don't try to confuse people about what money is. Money can't change from what we know it to be as a medium of exchange for goods and services.

Refused to have it and see whether you can be able to trade any single thing with it, even Bitcoin and gold you think of, you need money to buy them. You won't get them for free as their increase and decrease depends on how we transact with them with our money.

What a good point because at the end of the day money we know is a tool that is being accepted by everyone to exchange valve, and what gives it the power is the acceptance. Even when bitcoin and gold is being talked by people is because you can still concert it back to money or use it to trade for something else that people value. So the name don't matter, what matters is the trust and how it's being used. So you see if people don't accept it as a means of exchange then it won't really function as money for daily life

[cxtreenal]

Don't try to confuse people about what money is. Money can't change from what we know it to be as a medium of exchange for goods and services.

Refused to have it and see whether you can be able to trade any single thing with it, even Bitcoin and gold you think of, you need money to buy them. You won't get them for free as their increase and decrease depends on how we transact with them with our money.

I believe that the OP and others who are speaking negatively about fiat are still quietly using it every day. They can not stop using it and would not even survive without it.

Yes, we should not make thing unnecessarily complicated. If we already know fiat has issues, all we need to do is not keep it for too long or too much, and simply use it for its intended purpose. There is no need to overcomplicate thing, because ultimately, we can not stop depending on it.

I think the way the op has evaluated fiat is not entirely wrong. In the past, people used gold coins or silver coins as a means of exchange for goods, services or money. The value of those metal coins still valuable and will be the main element of a stronger monetary system in the future. What value do the fiats that we see in different names in each country have if the government of that country does not write down the value of a piece of paper? The US is the world's strongest economy and strongest military power, so the dollar is still strong and the dollar is universally used for global inter trade transactions. But that too is written on paper.


The central bank of a country prints paper money (Fiat currencies) as the intrinsic value of the valuable assets they have in reserve, such as gold, silver and the total wealth of that country. If we consider it in that sense then as the op said Fiat currencies is not actually money, it is debt, there is logic in it.

[alastantiger]

What a good point because at the end of the day money we know is a tool that is being accepted by everyone to exchange valve, and what gives it the power is the acceptance. Even when bitcoin and gold is being talked by people is because you can still concert it back to money or use it to trade for something else that people value. So the name don't matter, what matters is the trust and how it's being used. So you see if people don't accept it as a means of exchange then it won't really function as money for daily life

What makes money money is the ability for one or two people to accept it as a means of transaction, what makes money to become internationally recognised is when the government accept it as a means of transacting between two nations or more. Money can be anything it does not matter what it represent but as far one person can send it and another person receives it then it is acceptable as money.

There are many histories stories of things that have been used as money before, that when we hear about them it is very doubtable to believe but for you to understand how trade works then you will know that money can be anything. Gold is being considered as money the same way crude oil is being considered as money and then there's fiat that's being used by countries that can be printed without it being monitored.

[Dr.Bitcoin_Strange]

Those teachings will enlighten someone, makes the person understand some certain things which they never did, but it won't change the fact that fait will cease to be fiat, the value has already been pinned to it by the government that introduced it and it has been there since 11th century till now, in the market, this fait currency serves as the widely used means of exchange but that doesn't mean neither does it stop other values asset from being used as a means of exchange by some people. Money serves as a medium of exchange, Bitcoin is still money, gold and others can as well still be treated as money.

[Jaweria parveen]

We should not be too obsessed with money because when it rains on us, we change the circumstances of our life and it takes a long time to improve our circumstances again. We should only use it to live our lives so that we can easily earn money in our life. If we look at trade, we can grow in some difficulties and if we use any other mineral, then for that too we have to take profit by considering patience and time. We have to work hard for money, due to which we will be able to improve our conditions, but some people have very bad lives and they are not able to improve their own conditions even with more money. I use money to some extent because it is important in my life but it is not so important that I forget my relationships and live my life in such luxury that my future conditions change. I keep my life neutral at every moment because when I spend more money, my habit will destroy it.

[freedomgo]

Fiat currencies are not money. They are actually debt.

Anything that has value and that can be spent easily are called money, that makes fiat to also be part of the money, but it is not natural, it is artificially made by the government.

Bitcoin, gold and many other assets that can also be spend are money, but they are better than fiat that are created by the government and their prices are determined by the government. Money like bitcoin and gold are not like that. There prices are determined by buying and selling.

But what I do not like is that the government have let it be like fiat is the money but which is not true.

Anything that can be used as a medium of exchange, a unit of account, or a store of value is considered money. And that makes fiat as a form of money since its being used as a medium of exchange globally.

Fiat currency is now considered the modern money, its backed up by the government trust rather than physical commodities. So whether we like it or not, we can't change the fact that everyone is using it for their convenience, but one thing is sure, its the government that benefits it the most to fulfill their personal gains and interests.

[m2017]

Most people will say that the dollar is money, but the dollar is not real money. The dollar is a fiat currency, and fiat currencies are not real money.

So what is real money? Shells? Round pieces of gold metal? A digital code in a program?

And if people agree that Coca-Cola caps are money, then what?

When you start studying Bitcoin, it inevitably leads you to the Austrian School of Economics and to authors such as Carl Menger, Friedrich Hayek, and Murray Rothbard.And then you actually start to understand what money is.Money is not something the state imposed, nor is it something people simply agreed on. Money is chosen by the market.The market chooses the commodity that has the best monetary properties scarcity, durability, divisibility, portability, recognizability, and the ability to preserve value over time.

What is the "market"? Please show me.

Here's a hint: people who come to an agreement are the "market".

Fiat currencies, like the dollar, are not real money. They are actually a scam.

A scam that the entire world believes in (and exploits). No matter where you fly to, these scam-money are readily accepted.

For thousands of years, the market chose gold as money. But then money changers and usurers appeared. They started offering services to store people’s money in vaults. In return, when someone deposited their money, they would issue a paper receipt.Those receipts, known as banknotes, eventually became a medium of exchange because people did not want to go to the bank every time to withdraw their gold. Instead, they started using the receipts in trade as a medium of exchange.The usurers realized that almost nobody was coming back to withdraw the gold, so they started issuing banknotes as debt. That system has survived until today and has been going on for almost 400 years.The usurers gained the power to create money out of nothing. And whoever has the power to create money has the power to influence and control the media, politicians, education, and many other parts of society.They managed to remove the free market from money and impose their paper receipts as the only accepted medium of exchange. That is why they are called fiat currencies . because “fiat” in Latin means “let it be done” or “by decree.”

Thank you for your historical tour.

Fiat currencies are not money. They are actually debt.

Thanks to this debt, the world economy developed rapidly for centuries.

During the times when money was limited (due to the scarcity of gold), the economy remained at the same level for centuries.

Gold is money. Bitcoin is even better money than gold.Bitcoin is not like gold. It does not need usurers or money changers to store it for you.You do not need banks.

Go and buy a burger with this money at the nearest store and then we'll talk about what money is.

Austrian School of Economics makes sense.

but your statements don't make much sense.

[passwordnow]

And once you understand money through that lens, it becomes clear why Bitcoin has the potential to replace all Fiat currencies.

That is possible and it's up to the governments if they're going to allow that to happen. We're all keen and optimistic in seeing that happen. But we have to stick to the fact that it's the government that rules all of the policies and they make it. Even if Bitcoin is real money, they have no control with that and they'll still choose fiat because they print it, they collect it and they own it. That's why we might have to wait longer before seeing actual changes such as bitcoin replacing fiat in some countries.

[BALIK]

And once you understand money through that lens, it becomes clear why Bitcoin has the potential to replace all Fiat currencies.

That is possible and it's up to the governments if they're going to allow that to happen. We're all keen and optimistic in seeing that happen. But we have to stick to the fact that it's the government that rules all of the policies and they make it. Even if Bitcoin is real money, they have no control with that and they'll still choose fiat because they print it, they collect it and they own it. That's why we might have to wait longer before seeing actual changes such as bitcoin replacing fiat in some countries.

In my opinion, that will never happen. The government will never allow bitcoin, or any currency not created and controlled by them to replace their fiat.

Even if Bitcoin were the only real money. We need to understand that the use of decentralized currencies would not bring as many benefit to the economy as we might think. It will do more harm than good to the economy. Therefore, do not expect it to happen, and it also has no chance of happening.

Bitcoin was created as an alternative, not a replacement.

[YellowSwap]

Even if you OP don't believe that dollar isn't money, hire someone to work for you and tell them that dollar isn't real money so they should go on with their lives and see their reactions.

What are you living on? I bet you paid for your internet data using Fiat, what about your groceries? Same, so who are you telling that fiat isn't money? If you can use anything to get another goods that's form of money.

Anything you can use to exchange some goods is money, there is no other better way to explain it than how I just did.

[Mozi.Hayek]

I'd call "money" the thing that most, or many, will accept in return for goods and services. Also, I disagree to some extent with the notion that US Government fiat is essentially debt. No, in reality, it's "force". A note that represents value because the force of government says it does. It is essentially backed by the might of the US Government and its various agencies of violence, which, in a world ruled by coercion and violence, has quite a bit of value.

[Royal Cap]

We should not be too obsessed with money because when it rains on us, we change the circumstances of our life and it takes a long time to improve our circumstances again. We should only use it to live our lives so that we can easily earn money in our life. If we look at trade, we can grow in some difficulties and if we use any other mineral, then for that too we have to take profit by considering patience and time. We have to work hard for money, due to which we will be able to improve our conditions, but some people have very bad lives and they are not able to improve their own conditions even with more money. I use money to some extent because it is important in my life but it is not so important that I forget my relationships and live my life in such luxury that my future conditions change. I keep my life neutral at every moment because when I spend more money, my habit will destroy it.

Actually, money itself is not a bad thing, rather it is a tool. You can make life easier with it, but if you use it incorrectly, you can also increase the pressure on yourself. So instead of saying "money obsession", I will say that our relationship with money is the real issue. So I think that both money and life are necessary, one cannot be maintained without the other. Without money, the struggle increases, and if you only run after money, peace decreases. So the real skill is to maintain balance, so that money works for us, not us for money.

[passwordnow]

And once you understand money through that lens, it becomes clear why Bitcoin has the potential to replace all Fiat currencies.

That is possible and it's up to the governments if they're going to allow that to happen. We're all keen and optimistic in seeing that happen. But we have to stick to the fact that it's the government that rules all of the policies and they make it. Even if Bitcoin is real money, they have no control with that and they'll still choose fiat because they print it, they collect it and they own it. That's why we might have to wait longer before seeing actual changes such as bitcoin replacing fiat in some countries.

In my opinion, that will never happen. The government will never allow bitcoin, or any currency not created and controlled by them to replace their fiat.

Even if Bitcoin were the only real money. We need to understand that the use of decentralized currencies would not bring as many benefit to the economy as we might think. It will do more harm than good to the economy. Therefore, do not expect it to happen, and it also has no chance of happening.

Bitcoin was created as an alternative, not a replacement.

They will not allow that unless the leader or the president has been open and their minds have been cleared and optimistic to what Bitcoin can offer to their country. We've seen it happen but looking at most countries to do that and make bitcoin as their legal tender has a very low chance. But let's look at that chance, for as long as there is a chance even it's the tiniest that it can ever be. We've seen it happen and so, others might change their minds and will use bitcoin as an alternative currency and apply it as a legal tender.

[DiMarxist]

Op you are only theorizing with your knowledge of the so called school of economy, that is ment for academic purposes and does not translate to the ordinary citizens. You can't tell the ordinary citizens that the dollar or any other currency is no money at all. Any that has been agreed as a means of payment generally in a society such as Fiat money which is paper has value. As  it has legal binding so in theory you may be right, but it only ends in the class room not in the streets.

[Nightwatchmare]

Money as the name implies is defined as the valuable item, use in paying for goods and services and debt repayment. It is also a valuable paper that every human is working and struggling so hard to get. Money serves primarily as a medium of exchange, a unit of account and a store of value.

Money has so many functions, such as;

* it provides a common base in setting prices and measuring economy value.
* It enables savings to be stored and used for future purposes.
* It allows settlement of dept over time.
We have a lot of them but, that is all I can mention.

In conclusion, money is important that people do anything to get it.

[Abdulzuruku01]

People all over the world are being fooled by fiat money. Where people used to use gold as currency when they thought it was valuable, now people use man-made paper as money. And the whole world is becoming slaves to this fiat money. And whenever people start dreaming of getting out of this bondage and running their economic activities independently through bitcoin, the government has been spreading rumors against bitcoin. I still think that if someone wants financial freedom in the future, they should hold bitcoin or gold.
[/quote[

At first a lot of people or countries were have having negative thoughts about Bitcoin but today Bitcoin has now become a legitimate investment that helps a lot of people in the globe. People who have knowledge about Bitcoin and hold it for a long time living a good life far much better than people people who have their assets in fiat. Civil servants depend upon their salaries, which makes their lives unbearable because, once they've issues that beyond their monthly income, it becomes problems to them.
But people who are into Bitcoin or gold, they’re earning and can withdraw anytime the problem arise. With the advanced knowledge of bitcoin and gold, the level of unemployment has reduced to the extent that some  individuals are not willing to work as civil servants anymore.

[Questat]

Don't try to confuse people about what money is. Money can't change from what we know it to be as a medium of exchange for goods and services.

Refused to have it and see whether you can be able to trade any single thing with it, even Bitcoin and gold you think of, you need money to buy them. You won't get them for free as their increase and decrease depends on how we transact with them with our money.

I believe that the OP and others who are speaking negatively about fiat are still quietly using it every day. They can not stop using it and would not even survive without it.

Yes, we should not make thing unnecessarily complicated. If we already know fiat has issues, all we need to do is not keep it for too long or too much, and simply use it for its intended purpose. There is no need to overcomplicate thing, because ultimately, we can not stop depending on it.

That's right. If you worry because of its depreciating value, then use that money to invest where the value consistently appreciates. Fiat currency is still the most in demand form of money, without it we can never sustain our daily needs for survival. However, if we can acquire huge amount of fiat, and accumulate wealth from bitcoin and other assets, that would be a life-changer.

Fiat currency, no matter how we look at it, will always be the most utilized form of money these days. We can't argue with that, as none of us lives life without spending fiat or money.

[Russlenat]

They’ll sounding like Bitcoin is way more better than gold, and would replace it sound. Forgetting the cons and just been focused on the pros.
Firstly, the volatility of Bitcoin wouldn’t make bitcoin replace gold in years to come, Bitcoin technology may be topnotch, but that doesn’t make it qualify to replace gold.
And as you said, we obviously need those fiat to spend, because we can’t be taking gold around for daily transactions, and we can’t as well trade daily with Bitcoin because of the volatility.

It is not really that they forgot, it is more like they are deliberately ignoring it.

As a Bitcoin investor, but I do not want to deny that Bitcoin will never surpass gold in market capitalization or replace it. That will never happen because they are not the same. They both have different applications and use cases.

Another truth we need to accept is that whether fiat is money or not, we will continue to depend on and use it. Fiat will remain the main unit of account of the economy.

Fiat turns out money because its the only accepted medium of exchange by the government.  Gold and bitcoin can be considered money, but they are not as convenient as fiat especially in dealing with bills and daily expenses.

However, personally I think whatever that has a value, physical or digital is considered money. But the most utilized money these days is fiat, because not only the government approves it, but its also the only means to acquire gold, bitcoin and other profitable assets in the market.

[Fortify]

Most people will say that the dollar is money, but the dollar is not real money. The dollar is a fiat currency, and fiat currencies are not real money.

Fiat currencies are not money. They are actually debt.

Gold is money. Bitcoin is even better money than gold.Bitcoin is not like gold. It does not need usurers or money changers to store it for you.You do not need banks.

Austrian School of Economics makes sense. And once you understand money through that lens, it becomes clear why Bitcoin has the potential to replace all Fiat currencies.

Nice story. Meanwhile the rest of the world revolves around using this money that is not money, while bitcoin has very limited purposes currently. Most people who are converting fiat currency into bitcoin are holding it as a commodity, not expecting to spend it on every day transactions but treating it like a bar of gold they hold in a safe. Bitcoin will always have that role, alongside being helpful in transferring large sums across borders while avoiding sometimes expensive bank fees. Other crypto coins are starting to provide a more useful role because they scale much better and are less limited in their circulation.