What are the characteristics of money?
There are six key characteristics of money, and those are:
Durability
Money is relatively durable, and though it can be easily destroyed if that’s your intention, bills and coins tend to remain in circulation for several decades. What’s more, they can be easily replaced when they do become worn.
Portability
No matter how you choose to carry your money — whether you stuff it inside a wallet or leave it in the bank and use a debit card to spend it — it’s easily transportable. You can take your money with you wherever you go.
Uniformity
Every U.S. citizen recognizes a $1 because all of them are the same size and shape and feature a similar design. The same can be said for every other denomination of U.S. currency. This gives money uniformity and ensures there’s no confusion between buyer and seller.
Divisibility
Traditional currencies can be broken down into different denominations. If you’re in the U.K., for instance, a £50 note can be split into two £20 notes and one £10 note; five £10 notes or ten £5 notes. This obviously makes transacting much easier — and helps with portability.
Acceptability
One of the most important characteristics of money is that it is accepted everywhere and by everyone. No matter what you want to buy, it’s money you’ll need in most cases. And if you’re selling, you typically expect money in return. There are exceptions to this, of course — like when you swap certain goods for other goods — but that’s not common practice.
Scarcity
Finally, money is in limited supply or scarce. Although new notes and coins are minted into circulation all the time, there are tight controls over how much can be in use at any one time. Governments and central banks don’t just print as much as they like. This ensures money maintains its value and goes some way toward keeping inflation under control.
What are the characteristics of Bitcoin?
In the same way Bitcoin shares many of the same functions as money, it also shares many of the same characteristics. It is durable, portable, uniform, divisible, and in limited supply. The only thing Bitcoin falls behind on at the moment is acceptability. While adoption has grown significantly over the years, Bitcoin still isn’t widely accepted like money is.
Again, however, Bitcoin has some characteristics that money does not have, including decentralization, transparency, and immutability. Bitcoin is also resistant to some of the changes money is sometimes susceptible to, such as revisions to its design or the discontinuation of a certain denomination.
What are the advantages of Bitcoin over money?
As you may have already picked up on by now, there are certain things that make Bitcoin superior to traditional cash. It is not only impossible to counterfeit, but its decentralized nature makes it more secure and more affordable. If you send money to a friend in another country, for instance, it will be cheaper and significantly faster to do it in Bitcoin.
Decentralization also makes Bitcoin totally transparent. Anyone can see a Bitcoin transaction on the blockchain — and even find out how much Bitcoin certain wallets are holding. However, it is not possible to see the identity of the people involved in those transactions or the owners of those wallets, which makes Bitcoin more anonymous than money.
Bitcoin is also absolutely finite in that it is impossible to replace or replicate BTC, and more difficult to lose (assuming you’re careful with it). Furthermore, Bitcoin is global in a way that no other currency has ever been before. It is available in every country, operates the same way in every country, and has the same value in every country.
What are the advantages of money over Bitcoin?
Money’s biggest advantage over Bitcoin is, of course, its acceptability. No matter what you’re buying or where you’re buying it, money will be accepted. Sadly, the same cannot be said for Bitcoin just yet. Although adoption is growing and Bitcoin is accepted by some of the world’s biggest merchants, it is nowhere near as ubiquitous as traditional fiat currencies. (Other recently developed tech like LoopRing has already adopted fiat on and off ramps however which in large part solves this problem.)
I'm using bitcoin as ONE example. The advantages of blockchain tech are MASSIVE.
This book was written by high ranking military officer that the government sent MIT to study this very topic. It's a very interesting read. The strategic advantages of using cryptocurrency and decentralizing the creation of money and separating it from government is massive.
You can probably find free PDF versions of this book or potentially check it out digitally from your local library.
Soon powerful people in the US government will come out and say Bitcoin is a threat to national security.
And this book will be used to crush that narrative.
What are the characteristics of money? There are six key characteristics of money, and those are:
Durability Money is relatively durable, and though it can be easily destroyed if that’s your intention, bills and coins tend to remain in circulation for several decades. What’s more, they can be easily replaced when they do become worn.
Portability No matter how you choose to carry your money — whether you stuff it inside a wallet or leave it in the bank and use a debit card to spend it — it’s easily transportable. You can take your money with you wherever you go.
Uniformity Every U.S. citizen recognizes a $1 because all of them are the same size and shape and feature a similar design. The same can be said for every other denomination of U.S. currency. This gives money uniformity and ensures there’s no confusion between buyer and seller.
Divisibility Traditional currencies can be broken down into different denominations. If you’re in the U.K., for instance, a £50 note can be split into two £20 notes and one £10 note; five £10 notes or ten £5 notes. This obviously makes transacting much easier — and helps with portability.
Acceptability One of the most important characteristics of money is that it is accepted everywhere and by everyone. No matter what you want to buy, it’s money you’ll need in most cases. And if you’re selling, you typically expect money in return. There are exceptions to this, of course — like when you swap certain goods for other goods — but that’s not common practice.
Scarcity Finally, money is in limited supply or scarce. Although new notes and coins are minted into circulation all the time, there are tight controls over how much can be in use at any one time. Governments and central banks don’t just print as much as they like. This ensures money maintains its value and goes some way toward keeping inflation under control.
What are the characteristics of Bitcoin? In the same way Bitcoin shares many of the same functions as money, it also shares many of the same characteristics. It is durable, portable, uniform, divisible, and in limited supply. The only thing Bitcoin falls behind on at the moment is acceptability. While adoption has grown significantly over the years, Bitcoin still isn’t widely accepted like money is.
Again, however, Bitcoin has some characteristics that money does not have, including decentralization, transparency, and immutability. Bitcoin is also resistant to some of the changes money is sometimes susceptible to, such as revisions to its design or the discontinuation of a certain denomination.
What are the advantages of Bitcoin over money? As you may have already picked up on by now, there are certain things that make Bitcoin superior to traditional cash. It is not only impossible to counterfeit, but its decentralized nature makes it more secure and more affordable. If you send money to a friend in another country, for instance, it will be cheaper and significantly faster to do it in Bitcoin.
Decentralization also makes Bitcoin totally transparent. Anyone can see a Bitcoin transaction on the blockchain — and even find out how much Bitcoin certain wallets are holding. However, it is not possible to see the identity of the people involved in those transactions or the owners of those wallets, which makes Bitcoin more anonymous than money.
Bitcoin is also absolutely finite in that it is impossible to replace or replicate BTC, and more difficult to lose (assuming you’re careful with it). Furthermore, Bitcoin is global in a way that no other currency has ever been before. It is available in every country, operates the same way in every country, and has the same value in every country.
What are the advantages of money over Bitcoin? Money’s biggest advantage over Bitcoin is, of course, its acceptability. No matter what you’re buying or where you’re buying it, money will be accepted. Sadly, the same cannot be said for Bitcoin just yet. Although adoption is growing and Bitcoin is accepted by some of the world’s biggest merchants, it is nowhere near as ubiquitous as traditional fiat currencies. (Other recently developed tech like LoopRing has already adopted fiat on and off ramps however which in large part solves this problem.)
I'm using bitcoin as ONE example. The advantages of blockchain tech are MASSIVE.
Helpful post that is constructive. Thanks!
https://amzn.to/3Jdu3A4
This book was written by high ranking military officer that the government sent MIT to study this very topic. It's a very interesting read. The strategic advantages of using cryptocurrency and decentralizing the creation of money and separating it from government is massive.
You can probably find free PDF versions of this book or potentially check it out digitally from your local library.
Soon powerful people in the US government will come out and say Bitcoin is a threat to national security.
And this book will be used to crush that narrative.