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It's a new technology, I don't think comparing it to collectible is totally accurate. As a collectible, it can choose to print more of itself if needed, all it
by didibus 6y ago
It's a new technology, I don't think comparing it to collectible is totally accurate.
As a collectible, it can choose to print more of itself if needed, all it takes is a majority to agree to it by altering its protocol (which could also result in a fork).
As a collectible, it can also trade itself digitally, but cannot be copied.
As a collectible, it keep tracks of all transactions between parties (even though the parties are anonymous).
So I mean, it is what it is. It has resemblance with gold, with fiat currencies, and with collectibles, but it's also none of those.
And similarly, different cryptocurrencies and blockchain based technologies have similarities with one another, and yet important differences.
I think the question that matters more is: could it be used as money?
The article says it needs to be usable to pay a central governments taxes, that's just a matter of policy, so it seems like it could.
It also says it has to capture dept, well that's an interesting difference here, some other crypto could work as such, but Bitcoin has a fixed limit right now. I don't know if money needs to capture dept, that's what it does now, it didn't always.
And so I think I won't agree with this articles definition of money, I recommend people read wikipedias take instead: https://en.m.wikipedia.org/wiki/Money#Functions https://en.m.wikipedia.org/wiki/Money#Functions
> Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context
Maybe you don't consider Bitcoin generally accepted quite yet, but it could be, and I think that could make it money if we wanted too. And that's because it has all the functions needed to do so: it can store value, it has a unit of relative measure, and it provides a medium for its exchange.
Which leads us to the most important question: Why would we use it as money over the alternatives?