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Bitcoin Vs Goldcoin

Bitcoin … putting money?

If you don’t know what Bitcoin is, do a little research on the internet, and you’ll find lots … but the short story is that Bitcoin was created as a medium of exchange without a central bank or bank of issue being involved. Moreover, Bitcoin transactions are supposed to be private, it is anonymous. The most interesting thing is that Bitcoin has no real world existence; They exist only in computer software, as a kind of virtual reality.

The general idea is that bitcoins are ‘mined’ … interesting word here … solves an increasingly difficult mathematical formula – the more bitcoin is ‘mined’ the harder it is; Interesting again- on a computer. Once created, the new bitcoin is placed in an electronic ‘wallet’. Then it is possible to trade Bitcoin for real goods or Fiat currency … and vice versa. Furthermore, since Bitcoins have no central issuer, they are all highly distributed, thus preventing them from being ‘managed’ by the authorities.

Naturally, proponents of Bitcoin, who have benefited from the rise of Bitcoin, have insisted that “for sure, Bitcoin is money” … and not just “it’s the best money of all time, the money of the future”, etc … Proponents of her case have been working to make the actual transcript of this statement available online. So the question is, does Bitcoin qualify as money … Don’t think of it as the money of the future, or the best money of all time.

To find out, let’s take a look at the features that define money and see if Bitcoin is eligible. The three essential features of money are;

1) a stable reserve of money value; The most essential feature, such as the function of numbers without quality stability, or the unit of value measurement fails.

2) Money is number, unit of calculation.

3) A means of exchanging money … but other things can also fulfill this function such as direct exchange, ‘net out’ of the exchanged product. Also ‘trade goods’ (cheats) that temporarily retain value; And finally mutual debt exchange; That is to determine the value of the promise in exchange for the bill or IU.

Compared to Fiat, Bitcoin does not do a very bad job as a medium of exchange. Fiat is only accepted in the geographic domain of its issuer. The dollar is not good in Europe and so on. Bitcoin is accepted internationally. On the other hand, very few retailers currently accept payments in Bitcoin. Until acceptance increases geometrically, Fiat wins … albeit at exchange rates between countries.

The first condition is very difficult; Money must be a stable store of value … Now Bitcoin has gone from a ‘price’ of $ 3.00 to $ 1,000 in just a few years. It’s far from being a ‘price stable store’; You can get it! In fact, such gains are a perfect example of a speculative boom … such as the Dutch Tulip Bulb, or the Junior Mining Company, or Nortel Stock.

Of course, Fiat fails here too; The US dollar, the ‘major’ Fiat, for example, has lost more than 95% of its value in decades … Neither Fiat nor Bitcoin qualifies for the most important measure of money; Ability to save value and preserve value through time. Real money, that is, gold, has shown its ability to hold value for ages, not just for centuries. Neither Fiat nor Bitcoin has this important capability … both fail in terms of money.

Finally, we come to the second feature; That being the majority. Now that’s really interesting, and we can see why both Bitcoin and Fiat fail as money, looking closely at the question of ‘numbers’. Numeraire refers to the use of money not only to save value, but also to measure or compare prices in a sense. In the Austrian economy, it is virtually impossible to measure value; After all, value exists only in human consciousness … and how can anything in consciousness actually be measured? Nevertheless, through the principle of Mengerian Market Action, which is the interaction between bids and offers, market prices can be set … if only for a moment … and this market value is expressed in terms of numbers, the most marketable good, money.

So how do we set the standard for Fiat …? Through the concept of ‘purchasing power’ … that is, the price of Fiat is determined by what it can be traded for … a so-called ‘product basket’. But it clearly implies that Fiat has no value of its own, but that the price flows from the price of the goods and services for which it can be traded. Causation flows from the ‘purchased’ product to the Fiat number. After all, what’s the difference between a one dollar bill and a hundred dollar bill, except for the number printed on it … and the purchasing power of the number?

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How do beginners buy bitcoins?
What is best way to buy Bitcoin?
Can I buy one Bitcoin?
Is Bitcoin a good investment?
Who owns the most Bitcoin?
What is the minimum amount to invest in Bitcoin?
How much Bitcoin can 100 dollars buy?
Is it worth buying 100 dollars of Bitcoin?
Is Bitcoin worth investing in 2022?
Can you cash out Bitcoin?
How much will I get if I invest 1000 in Bitcoin?
How does Bitcoin make money?
Will Bitcoin crash again?
Is it right time to buy Bitcoin?
What will Bitcoin be worth in 2030?
What happens if you invest 100 in Bitcoin?
Will Bitcoin ever go away?
How many Bitcoins are sold per day?
What is the cheapest way to buy Bitcoin?
How much does a Bitcoin cost?
Which cryptocurrency is best?

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