{"id":11187,"date":"2020-06-21T04:28:20","date_gmt":"2020-06-21T04:28:20","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=11187"},"modified":"2020-06-21T04:28:23","modified_gmt":"2020-06-21T04:28:23","slug":"news-commentary-1092-bitcoin-is-money-but-2","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=11187","title":{"rendered":"News Commentary #1,092 – Bitcoin is Money, But.."},"content":{"rendered":"

<\/p>\n\n\n<\/p>\n

Not a New Type of Money?<\/strong><\/p>\n

\n\n\n\n<\/p>\n

Here\u2019s another interesting crypto market update, that recently appeared in Bitcoinexchangeguide site.\u00a0 Perhaps the stream of thoughts outlined below will also be interesting and useful to you, even if you do not agree with it …\u00a0 Enjoy reading it:\n\n\n

<\/p>\n\n\n

\n
\n

\u201cBitcoin Is Not a New Type of Money,\u201d says the Federal Reserve Bank of New York in its latest paper, where it talks about bitcoin instead of being a new type of exchange mechanism that can support the transfer of monies and other things.<\/p>\n

Bitcoin is a new type of money, is actually a \u201cmisconception,\u201d argues the authors Michael Lee, an economist in the Bank\u2019s Research and Statistics Group and Antoine Martin, a senior vice president of the Group. They said,<\/p>\n

\u201cBitcoin may be money, but it is not a new type of money.<\/em>\u201d<\/p>\n

There are three types of money; fiat money, asset-backed money, and claim-backed money. Fiat money \u2014 the currency is \u201cintrinsically worthless objects that have value based on the belief that they will be accepted in exchange for valued goods and services,\u201d states the paper.<\/p>\n

As such, Bitcoin is just another fiat money, unlike central bank-issued currencies (CBDC) that are different from pure fiat money due to its legal tender status, the authors said.<\/p>\n

Asset-backed monies like gold coins derive their value from the assets backing the money while claim-backed monies derive their worth from the promise of some institution to exchange the money for something of value.<\/p>\n

Just like money, there are three types of exchange mechanisms, including physical transfer, such as currency or notes, and electronic transfer with a trusted third party that represents the vast majority of electron payments today, like the Fedwire Funds Service.<\/p>\n

The third type is electronic transfers without a trusted third party where the validation of transactions is decentralized, as is the case for Bitcoin.<\/p>\n

\"Classifying
Source: New York Fed- Classifying Bitcoin<\/figcaption><\/figure>\n

According to the paper, Bitcoin is not backed by anything. It further discusses post-Bitcoin era stablecoins which are tied to assets and tokens from ICOs for which issuers offer rights, though not legally binding, to a product or service in the future.<\/p>\n

Overall, bitcoin and other cryptocurrencies are not a new type of money as other categories of fiat money has existed for a very long time. It was the \u2018electronics without third party\u2019 that did not exist before 2009, it said.<\/p>\n

\u201cThe real innovation of cryptocurrencies is that they offer a radically new exchange mechanism,\u201d that can support the transfer of different kinds of monies.<\/p>\n

While bitcoin moves fiat money, stablecoins move assets, and future services or products like CryptoKitties are moved by ICO tokens.<\/p>\n<\/blockquote>\n<\/div><\/div>\n\n\n

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Not a New Type of Money? Here\u2019s another interesting crypto market update, that recently appeared in Bitcoinexchangeguide site.\u00a0 Perhaps the stream of thoughts outlined below will also be interesting and useful to you, even if … News Commentary #1,092 – Bitcoin is Money, But..<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":10984,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[4288,4287,4286,3544,4228,4292,4293,3611,4291],"class_list":["post-11187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-bitcoin-crypto-asset","tag-bitcoin-gold","tag-bitcoin-money","tag-bitcoin-news","tag-btc-coin","tag-btc-predictions","tag-crypto-assets","tag-crypto-news","tag-financial-market-news","exalt-entry"],"yoast_head":"\nNews Commentary #1,092 - Bitcoin is Money, But.. - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=11187\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #1,092 - Bitcoin is Money, But.. - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Not a New Type of Money? Here\u2019s another interesting crypto market update, that recently appeared in Bitcoinexchangeguide site.\u00a0 Perhaps the stream of thoughts outlined below will also be interesting and useful to you, even if … News Commentary #1,092 – Bitcoin is Money, But..Read more\" \/>\n<meta property=\"og:url\" content=\"https:\/\/emilynews.com\/blog\/?p=11187\" \/>\n<meta property=\"og:site_name\" content=\"EmilyNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-21T04:28:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-21T04:28:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/05\/bitcoins.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"240\" \/>\n\t<meta property=\"og:image:height\" content=\"160\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Emilynews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/05\/bitcoins.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emilynews\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=11187\",\"url\":\"https:\/\/emilynews.com\/blog\/?p=11187\",\"name\":\"News Commentary #1,092 - Bitcoin is Money, But.. - EmilyNews\",\"isPartOf\":{\"@id\":\"https:\/\/emilynews.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=11187#primaryimage\"},\"image\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=11187#primaryimage\"},\"thumbnailUrl\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/05\/bitcoins.jpg\",\"datePublished\":\"2020-06-21T04:28:20+00:00\",\"dateModified\":\"2020-06-21T04:28:23+00:00\",\"author\":{\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33\"},\"breadcrumb\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=11187#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/emilynews.com\/blog\/?p=11187\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=11187#primaryimage\",\"url\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/05\/bitcoins.jpg\",\"contentUrl\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/05\/bitcoins.jpg\",\"width\":240,\"height\":160},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=11187#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/emilynews.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News Commentary #1,092 – Bitcoin is Money, But..\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/emilynews.com\/blog\/#website\",\"url\":\"https:\/\/emilynews.com\/blog\/\",\"name\":\"EmilyNews\",\"description\":\"EmilyNews Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/emilynews.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33\",\"name\":\"Emilynews\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g\",\"caption\":\"Emilynews\"},\"url\":\"https:\/\/emilynews.com\/blog\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"News Commentary #1,092 - Bitcoin is Money, But.. - EmilyNews","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/emilynews.com\/blog\/?p=11187","og_locale":"en_US","og_type":"article","og_title":"News Commentary #1,092 - Bitcoin is Money, But.. - EmilyNews","og_description":"Not a New Type of Money? 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