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    Author Topic: ‘Bitcoin Is Not Money’ Because We Cannot Print It – Banks  (Read 1116 times)

    • qmclak
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    May 02, 2019, 02:44:15 AM
     #121
    Lol, how can we print digital coins. From the start we know about bitcoin that we cannot print it.But atleast we can convert bitcoin to fiat.
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  • TimeBits
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    May 02, 2019, 02:55:29 AM
     #122
    Quote from: Baofeng on March 20, 2019, 04:36:07 PM
    ‘Bitcoin Is Not Money’ Because We Cannot Print It – Banks

    Quote
    “Bitcoin is not money”, the European Central Bank published a statement regarding bitcoin as not being a monetary asset. These words from the bank are immensely harsh for the crypto community. The crypto analyst and investor, Joseph Young suggests that the bank has released the statement as per the crypto assets being unprintable. Though this is an absurd manner to qualify a monetary asset as ‘money’, the bank does praise the technology in the working behind bitcoin. The technology, being the entire crypto protocols, most specifically, decentralization is breakthrough and can make up for some decent projects in the future.

    https://blockpublisher.com/bitcoin-is-not-money-because-we-cannot-print-it-banks/

    And yet another other attack, but seriously flaw argument coming from banks. But that's fine, hearing this kind of arguments make me think that they are really threaten by crypto and afraid that one day all of them will become obsolete, or least majority of people will go to crypto, specially bitcoin.

    I mean you can physically print bitcoins if you wanted onto paper, it would just be the QR code on a piece of paper with the amount of the bitcoin the QR code holds and represents. Why waste the plastic (like the cdn dollar) or paper... we live in the digital age digital gangsters keep it digital. I mean it would help in the future if the main power grid went out or something.

    like this

  • jakezyrus
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    May 02, 2019, 03:04:06 AM
     #123
    Quote from: TimeBits on May 02, 2019, 02:55:29 AM
    you can physically print bitcoins if you wanted onto paper, it would just be the QR code on a piece of paper with the amount of the bitcoin the QR code holds and represents. By why waste the plastic (like the cdn dollar) or paper... we live in the digital age digital gangsters keep it digital. I mean it would help in the future if the main power grid went out or something.

    You can print it by yourself but banks cannot because it isnt approved by governments  that bitcoin should be printed and to be used just like a normal paper money  but you still got a point when you say that we are now in digital world . everything now works in digital and the best part is that we can save our trees and we can save the environment when we arent printing a paper money  .

    In case of blackout  . there are still generator that can power our gadget using a fuel

  • Dudeperfect
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    May 02, 2019, 04:58:32 AM
     #124
    Definitely, this argument is not going to work because of the fundamental definition of money emerges from the value to the users irrespective of creation or supreme authority managing the whole financial ecosystem. Yes, the institutions like bank have the power to manipulate the flow of traditional money but again their power is limited to to the extent of currency issued by the government of that respective country. Therefore I don't see this as a concrete argument.

  • TheKeyLongThumbI
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    May 02, 2019, 05:02:14 AM
     #125
    That was the funniest statement that I came upon. So how do they look at their digital payments apps that uses smartphones to transact on banks? It's just numbers and not also printed. We are on the digital era but the bank industry still don't recognize it and I feel thatwho made this statement must 60 and above years of age.

  • AjithBtc
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    May 02, 2019, 05:16:42 AM
     #126
    As it isn't backed by any of the financial institutions or legalized authority it isn't a currency as USD. But, with its multiple usage it has gained importance as currency as well. As it has got value it is used for exchange of things as well in reward for services rendered. In such a regard bitcoin has been getting used same as currency though it has some deviations in the features of a centralized currency.
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