Is Bitcoin a fundamental change in the nature of money ?
86 sats \ 10 comments \ @0xbitcoiner 12 Nov 2023 bitcoin

Is Bitcoin a fundamental change in the nature of money ?

Bitcoin is a decentralized digital currency, which means it is not controlled by any government or financial institution. This is a fundamental change from the traditional nature of money, which has typically been controlled by governments or central banks.
The decentralization of Bitcoin has several important implications:
  • Censorship resistance and manipulation: Bitcoin is more resistant to censorship and manipulation by governments or financial institutions. This is because Bitcoin is not subject to government regulations or capital controls.
  • Transparency and auditability: Bitcoin is more transparent and auditable than traditional money. This is because Bitcoin is based on a public ledger called blockchain. The blockchain records all Bitcoin transactions, making it more difficult to conceal illegal activities.
  • Democratization of access to money: Bitcoin has the potential to democratize access to money. This is because Bitcoin does not require a bank account or any other type of traditional financial infrastructure.
If Bitcoin is adopted on a large scale, this could lead to a fundamental change in the nature of money. Bitcoin could make money more accessible, more secure, and more democratic.

How Bitcoin could represent a fundamental change in the nature of money

  • Bitcoin can facilitate international trade: Bitcoin is a global currency, which means it can be used to make financial transactions anywhere in the world. This could facilitate international trade, making it faster, cheaper, and more efficient.
  • Bitcoin can reduce corruption: Bitcoin is more transparent and auditable than traditional money, which could make corruption and bribery more difficult.
  • Bitcoin can promote financial inclusion: Bitcoin can help people who do not have access to traditional financial services, such as people who live in developing countries or who do not have a bank account.
It is important to note that the impact of Bitcoin on the nature of money is still uncertain. However, Bitcoin has the potential to revolutionize the way money is created, used, and controlled.

What could Bitcoin represent for a fundamental change in the nature of money? Share your thoughts in the comments below.

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10 sats \ 9 replies \ @DarthCoin 12 Nov 2023
Bitcoin could make money .... more democratic.
Can you explain what does this means? What the hell are "democratic money" ?
Bitcoin can reduce corruption: Bitcoin is more transparent and auditable than traditional money, which could make corruption and bribery more difficult.
This is kind of counter productive. If you cannot bribe somebody with bitcoin, then bitcoin is not money, is worthless, failed.
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10 sats \ 8 replies \ @0xbitcoiner OP 12 Nov 2023
Can you explain what does this means? What the hell are "democratic money" ?
More democratic in the sense that everyone with a mobile phone and internet access can use it without the need for bank accounts or other traditional financial services. It is written in the article.
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10 sats \ 7 replies \ @DarthCoin 12 Nov 2023
Why is "democratic" if I have a phone and internet? What is the meaning of the word "democratic" in this sentence?
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0 sats \ 6 replies \ @0xbitcoiner OP 12 Nov 2023
It's a figure of speech. If you want to know more, you'll have to ask Clístenes.
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5 sats \ 0 replies \ @Zepasta 12 Nov 2023
You should be aware that the words "government" and "democracy" (or anything related) tend to provoke a strong reaction from Darth. It's like they activate his dark side! 😅
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0 sats \ 4 replies \ @DarthCoin 12 Nov 2023
You are using too much the word "democracy/democratize" when it should not be there. Democracy have nothing to do with Bitcoin. Democracy is a shitcoin.
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10 sats \ 3 replies \ @Zepasta 12 Nov 2023 freebie
Granting equal rights, opportunities, and participation to all individuals, regardless of their social status, background, or beliefs. That's what they mean with "Democratization of access to money"
Bitcoin is neutral.
Everyone can use. Everyone is equal.
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5 sats \ 0 replies \ @Zepasta 12 Nov 2023
Democracy and democratization are not necessarly the same thing. In fact @0xbitcoiner didn't mention the word "democracy".
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0 sats \ 1 reply \ @DarthCoin 12 Nov 2023
Democratization means mob ruling, a group deciding for others, it doesn't mean equal rights. You better say "open access to money". But yeah, this word was inserted so deep into people's mind that now in their brain democracy = freedom = rights etc when in fact is not.
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0 sats \ 0 replies \ @Zepasta 12 Nov 2023 freebie
means mob ruling, a group deciding for others, it doesn't mean equal rights.
I understand and agree with you. It is true that our modern "democracy" results in the tyranny of the majority.
However, the definition of "democratization", as I mentioned earlier, still holds true, even if it may not fully realized in our present form of democracy.