What Exactly Bitcoin Is If It Is Not Money?
A judge in the state of Florida states that bitcoin is not a money legally in the last month and dismiss the charges of money laundering against the Michell Espinoza. Miami Dade Circuit judge Teresa Mary Pooler said that the bitcoins has a very long way to finally become equivalent to money.
But the real question from here arises that what is bitcoin if it is not money?
The ideas regarding the bitcoins were first posted in 2008 in a white paper published, which describe that decentralized digital money doesn’t have any relationship with government or any other financial institution. It was created by an unknown person named as Satoshi Nakamoto. Over the years, there are lots of people who claimed to be the founder of the bitcoin such as Michael Clear, Craig Wright, and many more false flags.
BTC cannot be held in the hand, unlike other traditional currencies as it is a string of numbers. The bitcoins are created by the computers by solving the increasingly complex mathematical equations. This process is known as bitcoins mining.
One of the most intriguing aspects of the digital currency is its value. From being nothing in the early years, the bitcoin has reached to more than $1,000. However, it quickly slows down and currently; one BTC is trading at around $570. There are lots of people, who are taking bitcoin as an alternative to the gold. Still, the BTC has lots of limitations as a currency.
Spending bitcoin in the major centers such as Tokyo, London, and New York is very easy, but doing the same thing in Ireland is a challenging task. The list of businesses who will accept bitcoin in the place of traditional currencies has been revealed on its website by the Bitcoin Foundation of Ireland. Due to its inherently digital nature, many online retailers have now started to accept the digital currency.