{"id":466182,"date":"2021-06-24T17:45:05","date_gmt":"2021-06-24T17:45:05","guid":{"rendered":"https:\/\/uniquehot.com\/?p=466182"},"modified":"2024-06-11T07:43:21","modified_gmt":"2024-06-11T07:43:21","slug":"crypto-bitcoin-isnt-money","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-bitcoin-isnt-money\/","title":{"rendered":"Crypto Isn\u2019t Money, Annual Economic Report On Bitcoin"},"content":{"rendered":"<p class=\"p1\">A recent <a href=\"https:\/\/www.bis.org\/publ\/arpdf\/ar2021e3.htm\" rel=\"nofollow\">report<\/a> from the Annual Economic Report came with several insults on Bitcoin. According to the report, crypto is not money but a speculative asset. One which carries no real value. It highlighted that Bitcoin and other cryptocurrencies have very few redeeming qualities when it comes to the public good.<\/p>\n<p class=\"p1\">\u201cBy now, it is clear that cryptocurrencies are speculative assets rather than money. And in many cases are used to facilitate money laundering, ransomware attacks, and other financial crime.\u201d A topic that has been debated since bitcoin came into the mainstream. Many people saying that it is just a tool used by criminals and it is not a real currency.<\/p>\n<h2 class=\"p1\">Bitcoin As A Currency<\/h2>\n<p class=\"p1\">Recently, El Salvador has become the first country to make bitcoin a <a href=\"https:\/\/owiebest.medium.com\/bitcoin-el-salvador-to-make-bitcoin-a-legal-tender-alongside-usd-88bf8129e556?source=your_stories_page-------------------------------------\" rel=\"nofollow\">legal tender<\/a>. People in the country can now buy, sell, and pay for services using bitcoin. Amid this have been rising debates about the viability of bitcoin as a currency. So far, El Salvador has seemed to have success with it. Pairing it as a second legal tender alongside the U.S. dollar used in the country.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-to-49k\/\">Here\u2019s The Level Bitcoin Bulls Must Reclaim For Setup To $49K<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">There are many reasons behind the discussions of bitcoin as a currency. The high fees are a pain point for a lot of people that want to use it to pay for things. With regards to small transactions, these fees can add up fast. And sometimes the fees might end up costing more than the actual amount being paid.<\/p>\n<p class=\"p1\">Since a currency should be easy, simple, and fast to use, bitcoin simply does not meet these criteria.<\/p>\n<p class=\"p1\">For example, without an internet connection, there is no trusted way to carry out bitcoin transactions. Currently, about 47% of the world does not have access to the internet. That\u2019s over 3 billion people who are cut off entirely from being able to use bitcoin, or cryptocurrencies in general.<\/p>\n<p class=\"p1\">There have been opinions of the use of <a href=\"https:\/\/en.bitcoin.it\/wiki\/Paper_wallet#:~:text=A%20paper%20wallet%20is%20the,and%20should%20not%20be%20used.\" rel=\"nofollow\">paper wallets<\/a> just being given to other people. But this would be a method based entirely on trust as there would be no way to ascertain if there are enough coins in the paper wallet. Or if there are any coins at all.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/9r7WZrRL\/\" alt=\"crypto total market cap chart from TradingView.com\" width=\"1327\" height=\"705\"><\/p>\n<pre style=\"text-align: center\">Crypto total market cap down 50% | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/UG2tjOD6\/\" rel=\"nofollow\">Crypto Total Market Cap on TradingView.com<\/a><\/pre>\n<p class=\"p1\">The volatility of bitcoin is another point that often comes up in the discussions of using it as a currency. Due to the wildly fluctuating prices, the value of bitcoins paid for goods or services might go down by the time the receiver has time to convert the coins into fiat. Thereby constituting a loss for the receiver.<\/p>\n<p class=\"p1\">Fears of the coin being used for illegal purposes like money laundering or purchasing illegal items also top the list. As bitcoin transactions can be anonymous because names are not associated with wallets.<\/p>\n<h2 class=\"p1\">CBDCs Are Good Digital Money<\/h2>\n<p class=\"p1\">According to the report, the foundation of any monetary system is trust in the currency. This is why CBDCs are good. Central banks help to provide the ultimate unit of account. And CBDCs provides trust that is \u201cgrounded on confidence in the central bank itself.\u201d<\/p>\n<p class=\"p1\">This is something that bitcoin does not possess. A backing from any governmental body or agency.<\/p>\n<p class=\"p1\">But this is also the appeal to a lot of investors. They want a currency that is not controlled by anyone. Hence a currency that cannot be manipulated by the governments for their own agenda.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-mining-council\/\">Bitcoin Mining Council: We Need To Tackle Negative Media Narratives<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">The report further went on to state that the central banks help to provide units of accounts in the monetary system. This helps to show how the currency is being used and moved around in the system.<\/p>\n<p class=\"p1\">Central banks also help to protect the finality of payments. They ensure that the payments systems are running smoothly. And lastly, they help to oversee the payments system\u2019s integrity.<\/p>\n<p class=\"p1\">CBDCs are quickly becoming more popular in the space. Countries like <a href=\"https:\/\/bitcoinist.com\/after-bitcoin-u-turn-nigeria-plans-to-launch-central-bank-currency-this-year\/\" rel=\"nofollow\">Nigeria<\/a> have said that they plan to issue their own central bank digital currencies that will be the equivalents of the national currencies.<\/p>\n<pre style=\"text-align: center\">Featured image from DataDriveInvestor, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>A recent report from the Annual Economic Report came with several insults on Bitcoin. According to the report, crypto is not money but a speculative asset. One which carries no real value. It highlighted that Bitcoin and other cryptocurrencies have very few redeeming qualities when it comes to the public good. \u201cBy now, it is clear that cryptocurrencies are speculative assets rather than money. And in many cases are used to facilitate money laundering, ransomware attacks, and other financial crime.\u201d A topic that has been debated since bitcoin came into the mainstream. Many people saying that it is just a tool used by criminals and it is not a real currency. Bitcoin As A Currency Recently, El Salvador has become the first country to make bitcoin a legal tender. People in the country can now buy, sell, and pay for services using bitcoin. Amid this have been rising debates about the viability of bitcoin as a currency. So far, El Salvador has seemed to have success with it. Pairing it as a second legal tender alongside the U.S. dollar used in the country. Related Reading |\u00a0Here\u2019s The Level Bitcoin Bulls Must Reclaim For Setup To $49K There are many reasons behind the discussions of bitcoin as a currency. The high fees are a pain point for a lot of people that want to use it to pay for things. With regards to small transactions, these fees can add up fast. And sometimes the fees might end up costing more than the actual amount being paid. Since a currency should be easy, simple, and fast to use, bitcoin simply does not meet these criteria. For example, without an internet connection, there is no trusted way to carry out bitcoin transactions. Currently, about 47% of the world does not have access to the internet. That\u2019s over 3 billion people who are cut off entirely from being able to use bitcoin, or cryptocurrencies in general. There have been opinions of the use of paper wallets just being given to other people. But this would be a method based entirely on trust as there would be no way to ascertain if there are enough coins in the paper wallet. Or if there are any coins at all. Crypto total market cap down 50% | Source: Crypto Total Market Cap on TradingView.com The volatility of bitcoin is another point that often comes up in the discussions of using it as a currency. Due to the wildly fluctuating prices, the value of bitcoins paid for goods or services might go down by the time the receiver has time to convert the coins into fiat. Thereby constituting a loss for the receiver. Fears of the coin being used for illegal purposes like money laundering or purchasing illegal items also top the list. As bitcoin transactions can be anonymous because names are not associated with wallets. CBDCs Are Good Digital Money According to the report, the foundation of any monetary system is trust in the currency. This is why CBDCs are good. Central banks help to provide the ultimate unit of account. And CBDCs provides trust that is \u201cgrounded on confidence in the central bank itself.\u201d This is something that bitcoin does not possess. A backing from any governmental body or agency. But this is also the appeal to a lot of investors. They want a currency that is not controlled by anyone. Hence a currency that cannot be manipulated by the governments for their own agenda. Related Reading |\u00a0Bitcoin Mining Council: We Need To Tackle Negative Media Narratives The report further went on to state that the central banks help to provide units of accounts in the monetary system. This helps to show how the currency is being used and moved around in the system. Central banks also help to protect the finality of payments. They ensure that the payments systems are running smoothly. And lastly, they help to oversee the payments system\u2019s integrity. CBDCs are quickly becoming more popular in the space. Countries like Nigeria have said that they plan to issue their own central bank digital currencies that will be the equivalents of the national currencies. Featured image from DataDriveInvestor, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":466183,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[83759,428,1119,1144,78790,6664,79520],"class_list":["post-466182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-annual-economic-forum","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbtcusd"],"acf":[],"yoast_head":"\n<title>Crypto Isn\u2019t Money, Annual Economic Report On Bitcoin<\/title>\n<meta name=\"description\" content=\"A recent report from the Annual Economic Report came with several insults on Bitcoin. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Isn\u2019t Money, Annual Economic Report On Bitcoin","url":"http:\/\/uniquehot.com\/news\/crypto-bitcoin-isnt-money\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/crypto-bitcoin-isnt-money\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/bitcoin-isnt-money.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/bitcoin-isnt-money.jpeg?fit=1200%2C800"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["annual economic forum","bitcoin","btc","btcusd","btcusdt","crypto","xbtcusd"],"dateCreated":"2021-06-24T17:45:05Z","datePublished":"2021-06-24T17:45:05Z","dateModified":"2024-06-11T07:43:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Isn\\u2019t Money, Annual Economic Report On Bitcoin\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-bitcoin-isnt-money\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-bitcoin-isnt-money\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/bitcoin-isnt-money.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/bitcoin-isnt-money.jpeg?fit=1200%2C800\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"annual economic forum\",\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbtcusd\"],\"dateCreated\":\"2021-06-24T17:45:05Z\",\"datePublished\":\"2021-06-24T17:45:05Z\",\"dateModified\":\"2024-06-11T07:43:21Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/bitcoin-isnt-money.jpeg?fit=1200%2C800","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/466182"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=466182"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/466182\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/466183"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=466182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=466182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=466182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}