For those that keep saying Bitcoin and Crypto are not money, I have a question to ask, what actually makes money money? because what gives money value has to do with these things acceptability, portability, divisibility, durability, and lastly limited supply, but to me what makes money valuable the most is acceptability, win all know that fiat money that is considered to be the real money is just paper and if all the people in a country don't accept that currency as money it is just paper in your hands and bank accounts, take for example you travel from your country to another country, your own country's currency is useless there until you convert it to that country's currency before you will be able to use it and for it to have value, a Canadian can not come to spend Canadian Dollar is America without converting it first to United States Dollar. That is why acceptance is the most important aspect of what makes money valuable
Acceptability Is What Makes Money Valuable
So whatever a society accepts or that serves these functions, one as a store of value, as a standard of deferred payment, as a unit of account, and lastly as a medium of exchange is considered to be money in that society. Now crypto can serve as all of that which I have listed above and some people still think crypto is not real money, crypto even has more advantages to surpass in areas that Fiat currencies is lacks, which is universal acceptance because one Bitcoin is one Bitcoin anywhere you go and crypto is also boardless, permissionless, and decentralized with gives power back to the people.
If Crypto Is Not Real Money Why Are Big Companies Accepting It As A Form Of Payment For Their Goods And Services.
So many huge companies are involved in crypto in one way or the other, either they hold it on their balance sheets like Tesla and Microstrategy or they accept it as a form of payment for both companies and stores, I will mention a few of them because they a lot, we have KFC, AMC (the American-based renowned movie theatre chain), Microsoft, Amazon but not directly, Burger King, AT&T, Wikipedia, Travala, Shopify.com, Naughty America, The Libertarian Party, State Republican Party, Dish Network e.t.c
Balenciaga will be joining Gucci to accept major cryptocurrencies as an official form of payment for their goods and services, Balenciaga will accept crypto in the United States first, then later other regions of the world will follow. Balenciaga said that its plan for crypto is a long-term one. which shows that they see crypto as real money, Stripe also partnered with bitcoin payment platform OpenNode to allow Stripe’s 3 million plus online merchants customers to immediately convert their incoming payments to bitcoin via the OpenNode application. The new feature will launch alongside with the Stripe Application Marketplace in a few weeks. Another company that accepts crypto as real money.
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Steam once accepted Bitcoin (BTC), but nowadays it does not accept it.
Source: Steam Co-founder Reveals Why Bitcoin removed as Payment Method on Steam?.
By the definition crypto has been accepted by many people already. There is no doubts that it's money any longer. However, individual perspective still have roles to play in this topic.
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Yeah very true
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it becomes much more real once you actually use it in the fiat world :)
https://peakd.com/hive-167922/@tobetada/manual-how-to-convert-hive-into-food
Definitely buddy, the feel gets more real, when you do.
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Why do I feel like I inspired this post?🤔🤔
Because few hours ago, I was lamenting about the instability of crypto.🤣🤣
It could be, who knows 😂, crypto is fun in all.
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Lol..I don't exactly see the fun. It's the crypto suspense for me🤧
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You will get use to it in time.
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Well, let's see how it goes.
.
Yes buddy
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One of the big problems with crypto is that it is treated like it is a high risk security rather than actual currencies. The differences between the cryptocurrencies are disregarded and the only factor the vast majority care about is price appreciation against USD.
We need less crypto investors and more crypto builders, acceptors, and customers. Use it as money, it's money.
So true, person only focus on the volatile aspect of crypto
Also very true
We really need to use it more.
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You can withdraw it at a Bitcoin ATM. It because real fiat money !
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That is also very true, crypto critics just like to downplay the value of crypto.
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the biggest problem with money is counterfeiting and double spending. Trust is the main attribute money must provide which is bitcoins biggest mission. Some call adoption rate id call trust. If people dont trust it, its done which is why bitcoin will shine because it is as trust worthy as encryption. Its kinda like mathematics, you cant break it like you cant break the universe.
Once people stop trusting fiat it becomes just an ordinary paper in our hands which it is actually, the only thing that made it valuable is acceptance and trust also like you have said.
And Bitcoin can not be counterfeited, duplicated, or printed extra because it has a limited value supply of 21 million and not even one Bitcoin extra.
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I reckon the best evidence that crypto is real money/has value is that countries are taxing you on it. How do you tax something that has no value ;)
Governments like to openly reject crypto as an asset to appease the screaming masses, and then try to make money on the sly....
You are very correct on this, I don't know how it skipped my mind when I was making my post.
Because you can not say something is not real money and want to regulate and put tax on it.
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Why can't they accept taxes in crypto? They're taxing it, why force us to convert it over? It does not occupy a special place between securities and currencies, it's a currency.
Historically, governments accepted currencies from all over for taxation and used other countries' currencies as part of their currency pools.
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