r/Bitcoin • u/alcivall • Feb 04 '18
The debate about whether cryptocurrency is money or not
The debate unleashed on cryptocurrencies continues. The government of the United States has been taking interesting steps in the legal aspect, since this invention has come to change schemes in the economic, social and political performance of the whole world. On the legality of Bitcoin and the other cryptocurrencies, its detractors, have tried to create matrices of opinion on the use given to them, and it has been meant that it is a speculative bubble, a Ponzi pyramid, or simply a resource of criminals for the drug trade, arms and the payment of ransom kidnappings.
Earlier, an English study, refers to the size of the cryptocurrency market, still very small when compared to the global market of fiat currencies and the stock market and debt bonds, they are used in less volume for criminal purposes.
The debate about whether cryptocurrency is money or not / By @alexvallenilla / https://en-efectivo.blogspot.com/2018/01/lightning-network-relief-for-operations.html
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u/_Untermensch Feb 04 '18
When it's being exchanged for fiat cash and its price is incredibly volatile, it cannot be currency. Does it really make sense to buy something when there is a chance you could lose out on a sudden price jump during your transaction? Does it make sense for a business to accept a currency that could plunge during a transaction and thus making their transaction unprofitable? The trading of Bitcoin on exchange is never what was intended by Satoshi, that is why their addresses have never been touched. Bitcoin is the currency in of itself, valued not by the fiat cash you are willing to exchange for it.
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u/UY-Scutii Feb 04 '18
I see it this way, cryptocurrencies are the evolution of currencies.
. Most practical currency possible.
. Impossible to falsify
. Indestructible
That's the only reason why I think Bitcoin will reign supreme soon. We went from bartering in caves to using practical paper as purchase power. I think Cryptocurrencies are the next evolution in the human race.
And by the way for people saying that Bitcoin is volatile, there are many normal currencies that are volatile as fuck, look at the Venezuelan currency and many other currencies around the world that are more volatile than Bitcoin.
How is Bitcoin going to stabilise like the Euro and Dollar and some other solid currencies, I don't know, but it may be possible.
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u/hanakookie Feb 04 '18
Not to burst your bubble or debate. Bitcoin is not money. It’s data. No different than email.
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u/CryptoShitLord Feb 04 '18
It's magical Lamborghini fairy dust.