Investigating Bitcoin: A Unit of Account – Series 4 5
Bitcoin analysis part 2: can it ever become a unit of account?
@hodlonaut He is using HTTP to instruct someone somebody to move the Bitcoin unit of account to the payment channel… https://t.co/hlpz89nyVS - Crypto Dynamic Info - Whales's
Posted at: February 16, 2019 at 10:01PM By: @hodlonaut He is using HTTP to instruct someone somebody to move the Bitcoin unit of account to the payment channel… https://t.co/hlpz89nyVS Automate your Trading via Crypto Bot : http://bit.ly/2GynF9t Join Telegram Channel for FREE Crypto Bot: Crypto Signal
Bitcoins are secure, unforgeable, stable, predictable digital units of measure and units of account that exist on the money protocol layer of the internet, which anyone can interact with. (x-post from /r/Bitcoin)
If Bitcoin Cash plans to be the commerce friendly version of Bitcoin we need a different unit of account than a Bitcoin.
With a Bitcoin now valued at more than $600, it's a very cumbersome unit to buy a coffee. Nobody would want to pay 0.0005 Bitcoin for a purchase. It sounds ridiculous. I'd like to revive the move to bits with Bitcoin Cash. Not only would it help improve adoption as it helps reduce the illusion that bitcoin is "too expensive", but it would make the number scheme more consistent with traditional money where price is presented to the left of the decimal (5,000 bits) rather than to the right (0.0005 bits). Furthermore, it allows room for future adoption as bitcoin scales. A move to millibitcoins sounds attractive, but if bitcoin continues to increase in price it too could become obsolete. If we want to allow for smaller payments on Bitcoin Cash we need a unit of account that can allow for that, bits.
Because I am a large exchanger of bitcoins my bank account was frozen and I am being investigated by the german financial crimes unit for money laundering
Using a throwaway obviously to protect my identity. Some background: I am currently living in germany, but from another country. I purchased my bitcoins while living in this other country over a year ago. I now want to purchase a home with some of the bitcoins I purchased and because I used localbitcoins a few times (and was scammed and had a SEPA transactions reversed and one other forged apparently) I came up on the financial crime units list. So when I started having large amounts hitting my bank account from both mtgox and bitstamp, 2 more flags apparently were raised and 2 policemen came to my home and asked me to come to to the station to discuss my activity... as well as my freezing my bank account (with the money I need to pay for the house). So, a few days ago I went into the station to discuss with them how I invested, what the charges were about (from localbitcoins) and I had to show them when and how much I invested in bitcoins originally and how many I currently own. I am now hoping that my bank account will be unfrozen in the next few days as according the police, everything went pretty well but it still up to the judge to make a decision on my case. So, if you are living in germany and using bitcoins- please take note. You must always be conscious of how you are using your coins and what level of transparency you require given the amounts you are using. I personally will never use SEPA transfers again and will only do localbitcoin transactions in person.
@citlayik @acinq_co So you are using Bitcoin strictly as a unit of account for purchasing power exposure? Not to sa… https://t.co/LBkn10xXsc - Crypto Dynamic Info - Whales's
Posted at: February 17, 2019 at 09:30PM By: @citlayik @acinq_co So you are using Bitcoin strictly as a unit of account for purchasing power exposure? Not to sa… https://t.co/LBkn10xXsc Automate your Trading via Crypto Bot : http://bit.ly/2GynF9t Join Telegram Channel for FREE Crypto Bot: Crypto Signal
Decimal metric units. The BTC unit was chosen to represent a value of 10 8 so as to give sub-unit precision rather than large whole numbers. Mirroring the standard Le Système International d'Unités, this allows for divisions of 1/10th (deci-bitcoins, dBTC), 1/100th (centi-bitcoins, cBTC), 1/1 000th (milli-bitcoins, mBTC), and 1/1 000 000 (micro-bitcoins, μBTC). The objection that Bitcoin is not a good unit of account actually hides a circular argument that invalidates it. Bitcoin’s utility as a unit of account depends on what you already believe about Bitcoin. If you are skeptical of Bitcoin, then it makes no sense to use Bitcoin as a unit of account. Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. Thus, Bitcoin is the kind of money that works in an unstable world, which is the only kind that we know of, and it is a good store of value, unit of account, and medium of exchange, to the extent that these terms make sense amid great uncertainty. The Internal Revenue Service (IRS) describes virtual currency as “a digital representation of value that functions as a medium of exchange, a unit of account, and / or a store of value.”
Bitcoin Benefits Explained! ...and how Venezuelans use it to Survive Socialism
In this video we explore Bitcoin's properties as a unit of account. #economics #money #bitcoin #learning "Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of ... The congressman notes that the US derives its power because the dollar is the unit of account and so all trade must clear through the NY Fed. But bitcoin threatens this source of power. In this series, Max is explaining in a short video format one concept about Bitcoin, Austrian Economics, or Anarchist Philosophy. The topics are wide ranging... Payments are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led ...