How do you reconcile this within the Bitcoin economy? Do people with Bitcoin savings owe a 'debt' to some other party?
Or can such savings be viewed as loan with zero interest and no maturity? Which is the definition of money.
Good questions, there are still something I have not figured it out very clearly, but money sure is a very special product
In bitcoin economy, money is generated out of something (electricity, hardware investment and time), so it is not a debt
But in modern monetary system, money issuer created the money out of nothing, so its actually a debt, its credibility is backed by central banks and governments, through countries productivity. Everyone else is chasing the money, this created all kinds of economy activities. But if people chase money instead of real products, then the deflation will kick in