Is Bitcoin money or something to exchange for money?
Well..the IRS calls it 'property' I think, and taxes it as such. For me Bitcoin is something thats worth money..not money itself. Don't most of us hope to 'cash out' our Bitcoin at some point? 'What is BTC worth today' we think to ourselves..right?
Image courtesy of google
Usefull post
Thanks @bado1994! :)
Interesting thought.
I've actually made a gradual shift over time.
I don't hope to "cash out" anymore. At one point I figured I would come back to fiat. Now my goal is to stay in some type of digital currency. If Bitcoin changes or a new coin takes over, I will need to move with the flow.
This is a scary thought though because it puts me at huge risk if the whole market collapses. I think crypto as a whole is anti-fragile so I'm betting on some form pulling through.
Maybe some of both is best? Thanks on the comment happymoneyman! :)
Hi @scalerman, that graphic tells a whole lot more than a thousand words! Government is wanting control of Bitcoin but unless they can dupe 51% of the miners to hand over control that's not going to happen. So second option is to dupe the voting public via the MSM and big corporations (thinking you Jamie, and the GMS vampire squid) to give their money to govt. and corporate controlled blockchains instead of Bitcoin et al...in the name of protecting the kids and fighting terrorism! Grrrrrr...at least I am fairly sure in the long run they will fail, I mean even Rome fell:-)
Thanks on the comment @presentminded. Im not so sure they will fail..at least on blockchain based currency :(
Im expecting a gov issued USAcoin one of these days
Hi again @scalerman, I have to agree with you, there will be govt. controlled currency blockchains...question is how much they displace/co-opt the alt-currencies. I think decentralization is here to stay but so many people are sheeple they will not stray from the government pen.
Hey @presentminded
Not sure these crypo's are all that anonymous. A blockchain is a permanent ledger right? They could trace every owner of every bitcoin if they wanted I think? We might be creating our own doom :(