Fiat Currencies and Bitcoins: Are They the Same Thing?

Posted by ivanpw under Finance
From http://www.wealthnoob.com 3719 days ago
Made Hot by: thelastword on March 3, 2014 11:08 pm

Bitcoin and Fiat Currency are really no different - except for one BIG, massive difference. What is it and how it makes a difference.

Who Voted for this Story

Top BizSugar Users

This week's most active BizSugar users. Join Them!

Comments

Written by bloggerpalooza
3712 days ago

I feel like the Bitcoin craze is going to explode soon. I feel like Bitcoin is just a fad or something. I'd honestly rather invest my money on businesses rather than on Bitcoin. I see it like a ponzi scam that's just waiting to well, be found out!

- 1 +

Written by ivanpw
3711 days ago

IMO, the whole currency system is one, huge Ponzi scheme. I personally would invest on business (I love startups!), but with 90% failure rate, I'd diversify to precious metals, too.

- 0 +

Written by lyceum
3712 days ago

Business could be a good investment, but also a risky one. The best things is to save one part in real money, i.e., silver and gold.

- 0 +

Written by lyceum
3712 days ago

Ivan: It is time for real money instead of fiat currencies and electronic coins...

- 1 +

Written by lyceum
3715 days ago

Ivan: Thanks! Please keep me posted! :)

- 1 +

Written by lyceum
3717 days ago

Ivan: Great! In gold I trust! Talking about trust, I will send you a message about the contest going on Bizsugar. Please spread the good word to your friends in the US! :)

- 1 +

Written by ivanpw
3716 days ago

Sure, Martin!

- 0 +

Written by lyceum
3718 days ago

Ivan: We don't know who really started Bitcoin. Did you hear about the technical glitch recently?

I am also sticking to gold and silver. I want to talk more about the precious metals industry with you at some point. I will add your new site to my link page on Objective Argentum.

- 1 +

Written by ivanpw
3717 days ago

Martin,

Yes! I mentioned it in the Wealth Noob post :)

Linking to Wealth Noob: Many thanks! Will do so, too, soon - let's get the words out :)

- 0 +

Written by lyceum
3719 days ago

Ivan: I agree with your post and it is important to discuss the implications of cryptocurrencies in the future. We need an objective standard, e.g., gold or silver as a back-up for the financial transactions that are going around.

Here is an excerpt from my post, Fed Up with the Fed after 100 Years:

Do you think that BitCoin could be the solution to the fiat currency that we have today? I don’t see it as an alternative due to the fact that it has no real backing of an objective standard like gold or silver, but you could say that it is a declaration of no confidence in the federal reserve system.

How many places could you use Bitcoin in your area? In Gothenburg you could buy coffee, hot dog and taxi ride…

http://objectiveargentum.tumblr.com/post/71131444622/fed-up-with-the-fed-after-100-years

- 1 +

Written by ivanpw
3718 days ago

Martin,

Bitcoin has just started in my area. I'm still have my doubts with Bitcoin. True that it's "untouched" by the Gov't, but in essence, Bitcoin is "governed" by the founders, which is, well, pretty similar - please correct me if I'm wrong.

I'll just stick to gold or silver, thank you very much ;)

- 0 +