Bitcoin Is Not a New Type of Money | Crypto Craft

  • Bitcoin Is Not a New Type of Money

    From libertystreeteconomics.newyorkfed.org

    Bitcoin, and more generally, cryptocurrencies, are often described as a new type of money. In this post, we argue that this is a misconception. Bitcoin may be money, but it is not a new type of money. To see what is truly new about Bitcoin, it is useful to make a distinction between “money,” the asset that is being exchanged, and the “exchange mechanism,” that is, the method or process through which the asset is transferred. Doing so reveals that monies with properties similar to Bitcoin have existed for centuries. However, the ability to make electronic exchanges without a trusted party—a defining ... (full story)

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Not-KPMG
Jun 18, 2020 5:48pm
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Quoting trumps
So Bitcoin, is in the same category as other fiat money that doesn't have any legal tender status whatsoever, such as.... enguin:
You're smart as dungbeetle bubba.

Go get Argentina or Zimbabwe or Turkish.... 😲 money.


Leeeeeegal Teeeeender Staaaatus
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trumps
Jun 18, 2020 2:58pm
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So Bitcoin, is in the same category as other fiat money that doesn't have any legal tender status whatsoever, such as Yap stones and Ithaca hours

Sounds about right.

The Barista punch card has more secured backing than bitcoin
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trumps
Jun 19, 2020 1:38am — Edited
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Quoting Not-KPMG
{quote} You're smart as dungbeetle bubba. Go get Argentina or Zimbabwe or Turkish.... money. Leeeeeegal Teeeeender Staaaatus
Point being of course, bitcoin can be (and is in some countries), banned. There is no guarantee behind bitcoin 🐧 because it is simply digital fiat, whose acceptance can be refused by anyone at anytime 😊
Cherry Picking out a few poorly managed currencies from countries who don't have the global clout to maintain faith in their currency is a convenient approach to this discussion, but is a lame approach to trying to make a point
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Not-KPMG
Jun 18, 2020 1:57pm
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Idiots.

Bitcoin is new

Bitcoin is money
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Not-KPMG
Jun 18, 2020 5:49pm
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I dunno
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Tonychann
Jun 23, 2020 5:33am
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Bitcoin is just a digital currency and is a decentralized peer to peer payment network with no intermediaries. There is no guarantee that bitcoin will keep on growing in future.
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DawnBlondie
Jun 25, 2020 5:04am
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Bitcoin is not a new type of money but rather a new form of exchange mechanism that will help you to support various forms of money and assets.
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