Quote from: Ojengonggu on May 21, 2019, 09:40:18 PM

Quote from: Anders-CM on May 21, 2019, 08:36:18 PM

The question is what constitutes money? A dollar bill is nothing but a piece of fabric backed by the "full faith and credit of the United States Government". Unlike US dollars Bitcoin is not running on a fractional reserve. You know what you get, and it has an intrinsic value given to it by its users.

Best comparison I can give is gold. It has no real value, but it's a scarcity with real life application, so we grant it a specific value. In my opinion, Bitcoin is superior to gold, given it's so easy to move, divide and trade. So perhaps we should call Bitcoins digital gold.

ha ha ha ... you mean bitcoin can't be money as fiat and tends to be more like a valuable asset whose price can change and can't be controlled by the government as gold. I think I agree with you because bitcoin is different from the amount and prices can be controlled while bitcoin is not like that

Well, it's a paradox that we call dollars money. It's only considered "money" because it's backed by the United States Government (and the same goes with other currencies). Bitcoin is not backed by any institution, nor is it really a commodity the way gold is. Bitcoins hinge on real life applications, and its role as a mother coin. I see a bright future for bitcoins, given ETF's are approved (which they certainly will be down the road) and people start using it at a greater scale.

Anders-CM

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