Everyone today is so anxious about money. To begin with, what is money? Money is any kind of matter that possessed the following properties (1) durability, (2) divisibility, (3) transportability, (4) Scarcity, and (5) noncounterfeitability.
Is Bitcoin money? Let’s investigate the properties of money.
- Durability – Newly created Bitcoin will be based on previous blocks, the longer the blocks from the current location of the Bitcoin, the durable it is. And all transactions happen in ecosystem were published in public ledger.
- Divisibility – Traditional paper money has a limitation to be divided into certain value. In contrast with the Bitcoin perspective, since it is mathematically based platform money, you can divide the value of Bitcoin depending on the current CPU processing power, that means, oneself can even own 0.000001 Bitcoin. That amazing!
- Transportability – Bitcoin can -transfer from Antartica to North Carolina in a blink of an eye! That’s true! since Bitcoin is an electronic data. In contrast paper money takes months to transfer on the said location.
- Scarcity – A fixed amount of coins were already planned in ecosystem by the Bitcoin creator. That means, once all the coins were created. No more coins will be generated.
- Noncounterfeitability – Hashing and verification were implemented across bitcoin network. A node in the network are all over the world. To be able to manipulate the blocks of bitcoin, a miner need the 51% of the power. Now, watching over the number of miner that pop out every second. Even facebook data center cannot do that!
Now we understand that Bitcoin is money. We decided to accept it as a form of payment.
If you need help creating your wallet. Contact us and we will happy to assist you.