What is bitcoin? - CNNMoney - Business News

Bitcoin - The Currency of the Internet

A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
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Discussion about Bitcoin as the currency, not investment

In this subreddit there should be discussions around Bitcon as currency, not as investment. Hopefully it will be heavily moderated, and there will be discussion by pro and against Bitcoin people. And there could be rule: Your post should have at least 20 words in it.
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Theory of Bitcoin

Theory of Bitcoin is a mildly navel-gazing space for inquiring into what makes Bitcoin work as a currency, why it's a better currency than the others, and what we in a community can do to help make it better.
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Bitcoin as currency - By Mickael Mosse - Blockchain and Cryptocurrency Expert

Bitcoin as currency - By Mickael Mosse - Blockchain and Cryptocurrency Expert
A lot has changed since the appearance of Bitcoin in 2009. Although it was possible to create, or mine, new Bitcoins and these were available for people to own, it didn’t have any intrinsic value as a “coin”. Bitcoin was created to challenge or, at least, present a completely new option to manage money.
It was created to present a scenario in which intermediaries and one-sided control were not necessary, explains Mickael Mosse. So if a fiat currency is issued by a central bank, meaning as part of a national government which also uses tools like monetary policy as a way to regulate the value of its currency, Bitcoin would be on the other side of the spectrum with no need for banks or a big institution to be issued but being control by everyone in the network thanks to blockchain technology.

Mickael Mosse
According to Mickael Mosse, since the moment that bitcoin acquired value, it has been constantly evolving and, by 2017, the University of Cambridge estimated that 2.9 to 5.8 million users had a crypto wallet with bitcoins. By the first quarter of 2019, that figure jumped to around 34.6 million.
But the question remains: how much can bitcoin function as a currency?
First of all, it’s important to differentiate currency from money. In practical terms, money is an item generally accepted as payment for products and services. It can be exchanged because it has a measurable value known by their users and that’s what makes it useful as a form of payment. A currency is a representation of money and is widely used a medium of exchange among other currencies and its value is relative to the money it represents. Although, in the past, currencies were pegged to the possession of precious metals or other stronger currencies by a government, today currencies don’t need to be backed by assets like gold and they have value because they are widely accepted and trusted as a means of payment related to the behavior of its issuers, meaning governments and the strength of their economies, says Mickael Mosse.
Mickael Mosse
Bitcoin started to resemble a currency only that virtual because it acquired value and, for this reason, it started to be used as a storage of value. Also, its value is appreciated or depreciated by the forces of demand and supply of coins to people. And anyone not familiarized with blockchain technology would think that Bitcoin can be created by anyone but Bitcoin cannot be created out of thin air and requires to follow a protocol and certain capabilities to be able to be mined.
These are the very same reasons why Bitcoin doesn’t fulfill the feature of a currency: being widely accepted and used as a means of payment or exchange. Currently, Bitcoin belongs to a niche, even though its use and ownership has had big leaps in these last years. Precisely, being able to understand the technology behind it is one of the main entrance barriers for most of the people. However, it’s estimated that, with the increased rate of understanding and adoption of new technology that the youngest generations have shown, Bitcoin can become more and more a mean of exchange the same way as a currency. Moreover, people and companies are creating apps and even DAOs organizations created with the same principles than crypto and using blockchain technology, it will be less and less necessary for people to actually understand what actually happens for Bitcoin to be mined.
Finally, Bitcoin as money, meaning as a normal means of payment for products and services in our daily lives, it is still a long way until it is normally accepted without exchanging it for fiat money. But with the availability of crypto exchanges, you not only are able to exchange it for widespread currencies like US dollars or Euros, but you can also trade it for altcoins -other cryptocurrencies- and there’s an increasing interest to do just that. People are seeing, and creating, the value of adopting Bitcoin and crypto. There is a market for that. According to Mickael Mosse, some countries are starting to allow cryptocurrencies and regulating their ownership, thus, making them a legal asset. Although it still exist many sceptics, companies like travel agent, TravelbyBit, has expressed their thoughts in favor of it: “Bitcoin has succeeded as money,” (https://twitter.com/TravelbyBit/status/1229672462268239872)
In conclusion, if we are strict defining Bitcoin as money or currency according to economic theory, the cryptocurrency still doesn’t meet the criteria to be considered one. However, in a practical sense, people are already using it to exchange it for other cryptocurrencies and currencies and some companies accept it as payment for their products and services. It remains to everyone’s consideration to treat it as money or currency or simply a theoretical test in the adoption of a purely digital economy.
submitted by Accurate-Gap-8536 to u/Accurate-Gap-8536 [link] [comments]

Israeli politicians want to recognize Bitcoin as currency, not asset

Israeli politicians want to recognize Bitcoin as currency, not asset submitted by akshayks1995 to Crypto_Currency_News [link] [comments]

Israeli politicians want to recognize Bitcoin as currency, not asset

According to a local news report, four members from the Yisrael Beiteinu political party in Israel have submitted a new bill that proposes to recognize Bitcoin (BTC) as a digital currency instead of an asset, at Knesset, the legislative branch of the Israeli government. The reason for this amendment to BTC’s current regulation stemmed from […]
submitted by FuzzyOneAdmin to fuzzyone [link] [comments]

Israeli politicians want to recognize Bitcoin as currency, not asset

Israeli politicians want to recognize Bitcoin as currency, not asset submitted by cryptoallbot to cryptoall [link] [comments]

Israeli Lawmakers Want Bitcoin as Currency, Not Asset (current BTC/USD price is $10,629.34)

Latest Bitcoin News:
Israeli Lawmakers Want Bitcoin as Currency, Not Asset
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
submitted by coinsaladcom to CoinSalad [link] [comments]

Bitcoin (right now) is highly stable. Investors are bored, however, don't you think it's a good thing for Bitcoin as currency?

Bitcoin (right now) is highly stable. Investors are bored, however, don't you think it's a good thing for Bitcoin as currency? submitted by Avolink to Bitcoin [link] [comments]

French Court Recognizes Bitcoin as Currency

French Court Recognizes Bitcoin as Currency submitted by asso to Bitcoin [link] [comments]

Where can I use bitcoin as currency?

If I wanted to use bitcoin to buy things where is best to do so? Like actual reputable websites? And how does it work given bitcoin is constantly changing in value in relation to fiat?
I'm excited to start buying bitcoin and my goal is to hold 1 btc but I just wanted to know if theres actual use for it beyond holding my own wealth privately (not that I have much wealth 😂).
submitted by coinsntings to BitcoinBeginners [link] [comments]

Why don't we have stocks exchanges with bitcoin as currency yet?

Imagine if NASDAQ have their stock prices listed as bitcoin and gradually the whole society would be using it.

If u didn't understood my question here is a practical example:
An exchange listing Facebook stock for 0.00344234 btc.
Dividends on BTC too. brokerage fee on BTC too.

I know this isn't this simple. But I think we should think ways to be less exposed to governmental inefficiency like taxes on dividends.

But I think that for better efficiency would be necessary these company to start working with BTC too.
submitted by cesarvspr to Bitcoin [link] [comments]

French Court Classifies Bitcoin as Currency

French Court Classifies Bitcoin as Currency submitted by Altcoin-Magazine to Crypto_Currency_News [link] [comments]

French Court Classifies Bitcoin as Currency

French Court Classifies Bitcoin as Currency submitted by Altcoin-Magazine to CryptoCurrencies [link] [comments]

French Court Recognizes Bitcoin as Currency

French Court Recognizes Bitcoin as Currency submitted by scgco to GGCrypto [link] [comments]

French Commerce Court Classifies Bitcoin as Currency in Recent Trial

French Commerce Court Classifies Bitcoin as Currency in Recent Trial submitted by n4bb to CoinPath [link] [comments]

French Court Classifies Bitcoin as Currency

French Court Classifies Bitcoin as Currency submitted by cryptoallbot to cryptoall [link] [comments]

French Court Classifies Bitcoin as Currency

French Court Classifies Bitcoin as Currency submitted by Altcoin-Magazine to CryptoCurrencyTrading [link] [comments]

Facebook’s libra head: I don’t see bitcoin as currency, it’s digital gold

Facebook’s libra head: I don’t see bitcoin as currency, it’s digital gold submitted by bitsteiner to Bitcoin [link] [comments]

I Just got charged fee for using my credit card. More reasons we need Bitcoin as currency

Earlier today I went to get a haircut. When making the payment, the barber told me that if I’m paying with my credit card then there is a $1 fee. I was surprised and asked him that’s the fee is for? That’s when he told me that the financial vendors are charging him too much behind every transaction to use the credit card machine and to cut down the fees he’s forced to charge the customers too. I know we might still be far down the road for bitcoin adoption but having being able to pay directly 1-1 without any need for intermediate will lay us off with these financial institutions being middle man and charging to use our own money
Just my 2 cents.
submitted by xteinator to Bitcoin [link] [comments]

Facebook’s libra head: I don’t see bitcoin as currency, it’s digital gold

Facebook’s libra head: I don’t see bitcoin as currency, it’s digital gold submitted by sexyama to crypto_currency [link] [comments]

Japan Legalized Bitcoin As Currency

Japan Legalized Bitcoin As Currency submitted by DifficultDuty to CryptoMarkets [link] [comments]

Excel Notes Bitcoin as Currency

Excel Notes Bitcoin as Currency
Microsoft sees Bitcoin as a currency in Microsoft Excel.
Not sure how new this is, but cool to see it taking hold in new places.
https://preview.redd.it/t4jv3be8ns031.png?width=528&format=png&auto=webp&s=035d0d087998e60e28ecd31995de689a5a101e96
submitted by bcnorth78 to Bitcoin [link] [comments]

Tax law makes it impossible to use bitcoin as currency to buy things in the US...

In the US, these are considered taxable events:
crypto to fiat / crypto to crypto / crypto to pay for a good/service /
How can people use bitcoin as a currency if every time you try to buy something with it, you are creating a taxable event?? Taxes get extremely messy if you have done any kind of crypto to crypto trading... i cant imagine doing taxes if you bought a couple of items with bitcoin
Is something being done about this or am I missing something?
Thank you
submitted by throwawaygeneral8899 to Bitcoin [link] [comments]

Is there an option to add Bitcoin as currency using Airtable?

submitted by mbenchi to Bitcoin [link] [comments]

BITCOIN  THE FUTURE CURRENCY Bitcoin Q&A: Bitcoin as Everyday Currency - YouTube BITCOIN CURRENCY - YouTube 6 Problems/Issues With Bitcoin as a Currency Bitcoin beats gold as an alternative currency - YouTube

Bitcoin’s Core Value Is to Be Rationed, Says the Acting US Comptroller of the Currency Author: Jordan Lyanchev Last Updated Oct 21, 2020 @ 21:06. Decentralized networks could be the future if global regulators find a suitable framework to enhance their operations, believes US OCC’s Brian Brooks. During his appearance on DC Fintech Week 2020, the Acting Comptroller of the Currency Brian ... Proposed Bitcoin Purchase Limit. Meanwhile, the Bank of Russia has proposed limiting the amount of cryptocurrency that unqualified investors can buy each year to 600,000 rubles ($7,734). Bitcoin springt erneut deutlich nach oben - erreicht höchsten Stand seit 16 Monaten Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to ... Bitcoin’s original inventor is known under a pseudonym, Satoshi Nakamoto. As of 2020, the true identity of the person — or organization — that is behind the alias remains unknown. On October 31, 2008, Nakamoto published Bitcoin’s whitepaper, which described in detail how a peer-to-peer, online currency could be implemented.

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BITCOIN THE FUTURE CURRENCY

EARN ON CRYPTO TODAY: http://top-deal.pro/cryptoenter?a=ndc Bitcoin may continue to rise as it surpasses gold as an alternative currency, writes Business Ins... The digital currency Bitcoin has taken the world by storm in the past year, delivering massive returns for investors in recent weeks. However, there are some major problems with the cryptocurrency ... Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to ... With bitcoin hitting all time highs recently and everyone talking about price, I figured it would be beneficial to take a step back and look at some of the downsides to bitcoin as a currency. How will Bitcoin's infrastructure scale to an everyday currency? When will a business model of small retail transactions make economic sense for cryptocurren...

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