Post
Topic
Board Bitcoin Discussion
Re: Is Bitcoin money?
by
Daniel91
on 16/04/2017, 09:07:22 UTC
Bitcoin is not money, it's just a virtual currency that is not backed up by anything but users. In a short time he managed to develop very well, but the future is in doubt.
Currency and money is just the same the only thing difference from the traditional currency is being virtual or being digital. Bitcoin is just in the internet and there is no substitute for bitcoin physically but it works just like the traditional currency because you can use it in any transactions like buying or accepting payments.
Also, Bitcoin cannot forged as fiat money. I always thought that Bitcoin it really money,
but unlike fiat money that has form and we can grasp and hold. Unlike the Bitcoin
that exists only on the Internet but we can change as a fiat money.

It's true that bitcoin we can't get on the paper but there are more important differences between real (fiat) money and bitcoin.
Real money is regulated by the central banks in each country, by the law and financial regulation.
Bitcoin is decentralized, no government control.
In the real world, you receive real money, as payment for your work/services directly at your bank account, with your full info (name,  address etc).
You can also receive bitcoin as payment for real work/services offered directly to your bitcoin wallet but you don't need to reveal your identity.
So, in some aspects bitcoin is money but you can't report income from bitcoin to your tax office, for example.
It's not regulated yet.