Bitcoin isn't Currency, it's Money
Most people don't even realize that money and currency are not the same thing. Although, people tend to see the similarities between each other, most of the times, they completely forget its differences. Currency was invented to replace Gold as an independent, natural medium of exchange and it has been maintained by governments. Currency has no limited supply and governments have been using this key feature to take value out from thin air. On the other hand, money came before currency. By definition, currency is inflationary and tends to lose value. The difference between currency and....
Related News
Speaking at the Wired Money 2015 event, bitcoin expert and author Andreas M Antonopoulos said that "Bitcoin is the Internet of Money and currency is just the first act." Antonopoulos said that most people don't have the correct understanding of money, emphasizing that there is a fine distinction between money and currency. "Bitcoin is not a currency," he said. It is a "network-centric model for recording ownership and trust". It is the "internet of money and currency is just the first act". Bitcoin Can Solve Identity Theft Problem. While most of the cryptocurrency experts dwell on the....
As national fiat currencies slowly, but surely, fall by the wayside, or get outright replaced by digital currencies, its time to review the advantages of using Bitcoin as money going forward. Currency and money are not the same things, they just have many of the same properties. The textbook definition in your dictionary may even give credence to money being "stamped by public authority". That's interesting, given the fact that before there were governments creating paper currency people did exchange beads for feathers, or milk for eggs. There was barter, as currency, and Gold was real....
Australia chooses not to treat bitcoin as currency. Australia's Tax Office has spoken, and it has declared that it will not treat Bitcoin as money or as foreign currency. It has instead opted to treat Bitcoin transactions as barter transactions, in a move that would have far reaching implications on Bitcoin use down under. Australia's Approach to Definition of a Currency. Definition of a currency or money in Australia falls under the Currency Act. To summarize, the Australian Currency Act permits transactions relating to money in Australia only to be undertaken using Australian currency or....
Xapo CEO and founder Wences Casares explains the history of money in a Big Think video about Bitcoin. His explanation of the history of money is below. “Bitcoin is a new digital currency that is perhaps the best form of money that we have ever seen. It’s important because most of us don’t understand money very well and perhaps the concept that is harder for us to understand is that money is and has always been a ledger. …the best way to understand money is to understand the history of money.
The Texas Department of Banking on Thursday released a supervisory memorandum on the topic of virtual currencies, chief of which include bitcoin. The five-page document serves to outline the Texas Department of Banking's policies toward virtual currency and express the Department's interpretation of the Texas Money Services Act with reference to virtual currency. The memo makes note of the following (condensed for the sake of brevity):"Exchange of cryptocurrency for sovereign currency between two parties is not money transmission." "Exchange of one cryptocurrency for another cryptocurrency....