Why are bitcoins worth so much money

However, it can also be exchanged for conventional currencies, such as the US dollar, Euro, Yen and Yuan.As they do so, it will be important for policymakers to reexamine their statutory definitions of money and currency—to see whether they are being used in a way that makes sense.The only limitation of Bitcoin is that it is limited to those places that accept it as currency.But to answer that question, one needs to first consider how money is defined.It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.From banking laws to anti-money-laundering laws and tax regulations—whether these laws apply to the use of Bitcoin depends on how Bitcoin is classified.

Read the guide for more reasons on why you should use Bitcoin.

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When you link that with the small amount of Bitcoins, you get a large value.

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For the first time ever, anyone can send or receive any amount of money with anyone.The same amount of money chasing more goods means money will be worth.

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With these attributes, all that is required for a form of money to hold value is trust and adoption.Computers that participate are rewarded with freshly created bitcoins worth thousands.If lawmakers intend for certain rules to apply only to legal tender—that is, government-issued money—then perhaps statutes should be clear on this point.

Shavers also contends that his transactions were all Bitcoin transactions and that no money ever exchanged hands.The main thing about bitcoin is that there are so few of them and they are very hard to generate.Why the Bitcoin Price Chart Is Showing So Much Strength Today.Putting a lot of money into Bitcoin runs counter to that advice. So why am.At present there is no consensus as to what we should call Bitcoin or how it should be defined for purposes of applying legal rules.

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Central Banks hold loans, gold, other valuable paper debt instruments and foreign money in order to issues their currency as money.This can understandably slow adoption as it seems to be too much trouble for what it is worth.

Is a valuable asset (gold, silver, debt, another currency) being held by the currency issuer to give the currency value.Bitcoin is worth a shit ton more than any fiat currency could ever be, both as its use as a currency and by its value as a concept.

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So Bitcoin is fiat money. But the mechanism by which it is worth something is that the fiat currency is.

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If there is a large demand for Bircoins, the value will go up.

Quote. Bitcoin is one of the most important inventions in all of human history.

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This definition of electronic money, the court ruled, is limited to Euros issued by the European Central Bank (ECB).The court reportedly cited statements made by the Dutch Minister of Finance when ruling that Bitcoin does not meet the definition of electronic money.Ultimately, the judge concluded that none of the definitions of common money under the Dutch Civil Code apply to Bitcoin.Find out how blockchain technology works and why it is so crucial for.

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Currency, by contrast, appears to have a link to a particular country.Billionaire Michael Novogratz said has 10 percent of his money invested in bitcoin and ether.

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Nerds like to stroke each other and pretend a byte of data has any real value and other nerds go along with it.I have watched a lot of friends make and lose money on Bitcoin, so I have a strong point of. this is 1% of your net worth.Do I have to bang my head against a brick wall to get the money.Had Bitcoin been deemed money, the transaction would have been considered a foreign exchange contract, and thus the buyer might have been entitled to exchange rate loss.

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Bitcoins really boomed in November when they reached into the thousands.So—does Bitcoin qualify as money or. to pay back the original value of the 1,760 Bitcoins that were not delivered (worth.

5 Reasons Why Bitcoin Value Must Increase In Future

The Bitcoin Foundation notes that Bitcoin is an innovative payment network and a new kind of money.