Can bitcoin become the currency in civil law
was first proposed by Nakamoto in 2009. According to Nakamoto's ideas, open source software was designed and released, and P2P network was built on it. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system. The decentralized nature and algorithm of P2P can ensure that it is impossible to artificially manipulate the value of bitcoin through mass proction. The design based on cryptography can make bitcoin only be transferred or paid by the real owner. This also ensures the anonymity of money ownership and circulation transactions. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it has a strong scarcity. The monetary system used to have no more than 10.5 million in four years, after which the total number will be permanently limited to 21 million
compared with fiat money, bitcoin does not have a centralized issuer, but is generated by the calculation of network nodes. Anyone can participate in the manufacture of bitcoin, and it can circulate all over the world. It can be bought and sold on any computer connected to the Internet. No matter where they are, anyone can dig, buy, sell or collect bitcoin, And in the transaction process, foreigners can not identify the user's identity information
bitcoin is a kind of network virtual currency with limited quantity, but it can be used to cash out: it can be converted into the currency of most countries. You can use bitcoin to buy some virtual items, such as clothes, hats, equipment, etc. in online games. As long as someone accepts it, you can also use bitcoin to buy real-life items.
According to analysts at Goldman Sachs, bitcoin can become a legal and widespread form of currency, but it is mainly possible in theory
Analysts believe that the reality is that cryptocurrency still has a very high threshold in most places. First, the government cannot track who is buying or selling bitcoin. And as we all know, the price of cryptocurrency is very vulnerable to large fluctuations. This volatility is very rare in legal tender, so bitcoin is not suitable to be a reserve currencyThe number of bitcoin is too small to circulate on a large scale in society. Moreover, its existence is not guaranteed by the national credit, but based on the trust between bitcoin players, so the credit of this "currency" is relatively low
moreover, the number of bitcoin is small, and it is too concentrated in the hands of several big players, resulting in its price is very unstable. This is basically not money. Because as a general currency, an important prerequisite is price stability, otherwise the economic order will collapse
bitcoin has no value base; The price fluctuates sharply; There are three basic reasons why bitcoin can't become the world currency e to the lack of support from monetary authorities
can bitcoin become a real currency? http://www.financialnews.com.cn/yw/pl/201401/t20140107_ 47595. HTML
since the birth of the first bitcoin seven years ago, bitcoin has been developing rapidly and caused a lot of controversy. The discussion focuses on how to define bitcoin, whether it can become a currency and even become an international currency in the future
in 2013, bitcoin was very popular in China, not only the price soared, but also was evaluated as "a big challenge to the current monetary system" by some analysts. In early December 2013, the people's Bank of China, together with five ministries and commissions, issued the notice on preventing bitcoin risks, pointing out that bitcoin is a specific virtual commodity, not a real currency. Then, bitcoin prices fell
at the beginning of the new year, on January 4, the National Bank of Malaysia announced on its website that it would not recognize bitcoin as a legal currency, and urged the public to be vigilant against its risks. In fact, since the second half of 2013, South Korea, Thailand, Indonesia, Norway and other countries have successively made their stand against bitcoin trading activities, and they do not recognize bitcoin as a currency in the market
At the same time, it is reported that in January this year, the world's first bitcoin atmrobocoin entered the Hong Kong and Taiwan markets. Companies also plan to launch bitcoin ATMs in more parts of Europe, Canada and the United Stateson the one hand, the relevant regulatory authorities have "made their stand clear"; on the other hand, the global layout of bitcoin has been advancing rapidly. How to determine the nature of bitcoin and its future development momentum have once again attracted the attention of all parties
Sheng Songcheng, director general of the survey and Statistics Department of the people's Bank of China, published an article entitled "virtual currency is not money in essence -- take bitcoin as an example" in his own name, emphasizing that virtual currency represented by bitcoin is not money in essence and it is difficult to become money
he believes that bitcoin lacks national credit support and is difficult to perform the function of commodity exchange medium as the base currency. Modern credit currency (paper money) represents national credit, and actually represents the proction and transaction of commodities in the whole society. As long as the national machine works normally, the coercive force of national laws can give the public trust in the standard currency. Bitcoin has no value itself, no national credit support, and no guarantee of the whole society's commodity proction and trade, so it does not have the value basis of money. In addition, bitcoin has no legal compensation and compulsion, and its circulation range is limited and unstable. Bitcoin has strong substitutability, so it is difficult to be a general equivalent
Secondly, the number and scale of bitcoin have set an upper limit, which is difficult to meet the needs of modern economic development. He believes that there is a contradiction between the limited quantity of bitcoin and the expanding social proction and commodity circulation. If bitcoin becomes the standard currency, it will inevitably lead to deflation and inhibit economic development. The limitation of quantity also makes bitcoin's function as a means of circulation and payment greatly reced, which makes it easier to become a speculative object rather than a medium of exchange Thirdly, bitcoin lacks a central regulation mechanism, which is not compatible with the modern credit currency system. Sheng Songcheng believes that bitcoin does not have a centralized issuer, so it is easy to be over hyped, resulting in excessive price fluctuations, and can not become a pricing currency and circulation means, so it needs to be converted into bitcoin to pay; Bitcoin is also not controlled by the monetary authorities, so it is difficult to play the role of economic adjustment meansat the end of the article, Sheng Songcheng also made it clear that money is inseparable from economic operation and economic development, and is not a pure proct of technology. As long as there is no fundamental change in the form of modern economic and social organizations, the monetary system based on national credit will exist, and bitcoin and other virtual currencies will not become the standard currency of a country, and thus not the real currency, "but the Utopia of technology supremacy and absolute liberalism"
As for the prosperity and significance of bitcoin, Sheng Songcheng explained, "the emergence of bitcoin reflects people's worries about inflation under the condition of credit currency in a sense. Central banks should strengthen liquidity management, reasonably regulate money supply, keep prices basically stable, and promote stable economic and social development. "ring the writing period, our reporter contacted Sheng Songcheng again on issues related to bitcoin. He stressed again in the interview: "bitcoin is not the real currency, the real currency can only be the standard currency."
Sheng Songcheng said, "from the perspective of the history of monetary theory, bitcoin is not new. Its essence is the privatization of currency issuance or the non nationalization of currency. Hayek, a famous Austrian economist and Nobel laureate, put forward a proposal many years ago, and Friedman, a famous American economist, also made a similar proposal. However, their opinions are only a theoretical analysis tool, which is difficult to operate in real economic life, and the modern economy is increasingly inseparable from the country's macro-control. This financial crisis and its response is a good proof. Money is one of the main means of national macro-control and the basis of modern state and government. How can it be privatized? So I use the word "Utopia."“ In my opinion, technology can not replace the national attribute. Any digital currency can only be the realization form of standard currency. Therefore, electronic money will develop, and virtual money is utopia. " Sheng Songcheng said, "as long as there is a modern state, virtual currency will not be a currency. Many people ignore the national and social attributes behind money and think that money is just a natural entity. "as for the future development prospects of bitcoin, a commercial bank analyst interviewed said: "bitcoin trading, as a commodity trading behavior on the Internet, ordinary people have the freedom to participate in it at their own risk, and there is still a lot of room for development in this aspect. At present, in view of the fact that bitcoin has not had any impact on the monetary policy of central banks, and from the perspective of issuing technology, it seems to have enlightenment, so many central banks hold a wait-and-see attitude towards it. "
but as for whether bitcoin can play the role of currency in the future, or even international currency, the analyst said that it is "not optimistic". He said, "even if some countries want to use bitcoin as the world settlement currency, but it is in private hands, and the price fluctuates violently, can it become an international currency? Moreover, the important premise for it to become an international currency is that the authorities of all countries recognize its monetary nature, which itself is a difficult problem. "
Sheng Songcheng also said, "bitcoin does not have a value base; The price fluctuates sharply; There are three basic reasons why bitcoin can't become a world currency without the support of national monetary authorities. "Bitcoin is a kind of P2P digital currency
reasons for blocking:
1. Vulnerability of trading platform. The bitcoin network is robust, but the bitcoin trading platform is fragile. Trading platform is usually a website, which will be attacked by hackers or shut down by competent authorities
The transaction confirmation time is long. When bitcoin wallet is first installed, it will consume a lot of time to download historical transaction data blocks. While bitcoin transaction, in order to confirm the accuracy of data, it will take some time to interact with P2P network, and the transaction will be completed only after the whole network is confirmed The price fluctuates greatly. Due to the intervention of a large number of speculators, the price of bitcoin for cash fluctuates like a roller coaster. Making bitcoin more suitable for speculation rather than anonymous trading4. The public did not understand the principle, and the traditional financial practitioners resisted. Active netizens understand the principle of P2P network and know that bitcoin has no legal person to manipulate and control. But the public doesn't understand, and many people can't even tell the difference between bitcoin and q-coin“ "No issuer" is the advantage of bitcoin, but in the view of traditional financial practitioners, "no issuer" currency is worthless
extended materials:
the concept of bitcoin was first proposed by Nakamoto in 2009. According to Nakamoto's idea, the open source software was designed and released, and the P2P network on it was constructed. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system
unlike most currencies, bitcoin does not rely on specific currency institutions. It is generated by a large number of calculations based on specific algorithms. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses the design of cryptography to ensure the security of all aspects of currency circulation
the decentralized feature and algorithm of P2P can ensure that it is impossible to artificially control the value of bitcoin by mass manufacturing. The design based on cryptography can make bitcoin only be transferred or paid by the real owner
This also ensures the anonymity of money ownership and circulation transactions. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it has a strong scarcity. The monetary system used to have no more than 10.5 million in four years, after which the total number will be permanently limited to 21 millionbitcoin can be cashed and converted into the currency of most countries. Users can use bitcoin to buy some virtual items, such as clothes, hats and equipment in online games. As long as someone accepts it, they can also use bitcoin to buy real-life items
on February 26, 2014, Joe Manchin, a Democratic senator from West Virginia, issued an open letter to a number of regulatory authorities of the US federal government, hoping that the relevant authorities would pay attention to the status quo of bitcoin's encouraging illegal activities and disrupting the financial order, and demanded that actions be taken as soon as possible to completely ban the electronic currency
from 12:00 noon on January 24, 2017, China's three major bitcoin platforms officially began to collect transaction fees
according to the regulations on the administration of RMB, the proction and sale of token tickets are prohibited. Because there is no clear judicial interpretation of the definition of token ticket, if bitcoin is included in the "token ticket", the legal prospect of bitcoin in China will face uncertainty< On June 4, 2009, the notice of the Ministry of culture and the Ministry of Commerce on strengthening the management of virtual currency in online games (Wen Shi Fa [2009] No. 20) stated that the scope of application of virtual currency in online games was defined for the first time, and a distinction was made between the current virtual currency in online games and the virtual props in games; At the same time, the notice said that the "notice" stipulates that enterprises engaged in related services must be approved before they can operate
in China, some Taobao stores have begun to accept the use of bitcoin, and the number of businesses will graally increase
in October 2013, the first bitcoin quarterly, one bit, was released
on October 15, 2013, the network accelerator service of the network announced its support for bitcoin
on October 26, 2013, btcmini reported that GBL was hacked
on October 31, 2013, Lei Teng, a famous Internet lawyer, proposed the event of "filing a case to investigate the closure of GBL bitcoin trading platform as soon as possible", analyzed the "value function" and "use function" of bitcoin, and bitcoin should be governed by relevant laws.
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In economics, the functions of money are divided into five categories: circulation means, value measure, payment means, storage means and world money. I will mainly analyze whether bitcoin has the property of full circulation by combining these five aspects
we all know about bitcoin, even if we haven't touched it. In 2017, bitcoin became popular again. The last time I vaguely remember it was 2013. In the second half of 2013, bitcoin rose from US $100 to the highest of more than 1100, more than 10 times. Such a rise killed all markets and attracted countless people to start panning for gold and become miners
briefly describe bitcoin. Bitcoin is a kind of "electronic currency", which is composed of a series of complex codes generated by a computer. New bitcoin is manufactured through preset programs. With the increase of the total amount of bitcoin, the speed of new coin manufacturing slows down. There is a strict constraint on bitcoin, that is, the maximum amount of bitcoin is only 21 million. Due to the 21 million restrictions, bitcoin has been used to fight against inflation. Since the 2008 financial crisis, central banks around the world have implemented extremely loose monetary policies in order to stimulate the economy. Throughout the next 5000 years, there has been no interest rate lower than those in recent years
In recent years, more and more countries, institutions and indivials have begun to accept this emerging currency. At the end of June 2013, after the German parliament decided that bitcoin would be tax-free if it was held for more than one year, bitcoin was recognized as the "unit of account" by the German Ministry of finance, which means that bitcoin has been regarded as legal currency in Germany and can be used to pay taxes and engage in trade activities. In August 2013, judge Amos mazant of Texas District Court ruled in a case of bitcoin virtual hedge fund that bitcoin is a kind of currency and should be included in the scope of financial regulations. In China, the regulations on the administration of RMB prohibit the proction and sale of token tickets. Because there is no clear judicial interpretation of the definition of token ticket, if bitcoin is included in the "token ticket", the legal prospect of bitcoin in China is facing uncertainty, and there is still a long way to go for domestic acceptance of bitcointhe convenience and secrecy of circulation make bitcoin the best tool for money laundering, and many illegal transactions also begin to use bitcoin, which has become a major obstacle for bitcoin to become a full circulation currency
the two aspects of value scale and storage means are the hard wounds of bitcoin
first of all, the storage means, the attribute of bitcoin e-currency is that it can only exist in the computer hard disk and must rely on the Internet. The first problem is the Internet security. During this period, bitcoin blackmail virus broke out. A few years ago, someone mistakenly lost a hard disk and 7500 bitcoins, worth 50 million yuan at that time. For various reasons, people have to worry about whether bitcoin can have a safe storage property. Compared with the absolutely safe legal tender in the bank, bitcoin has great insecurity. In many cases, the storage method of bitcoin is far worse than that of gold. In extreme cases, only gold is the real currency
finally, there is the value scale. Bitcoin basically does not have the attribute of value scale. Bitcoin's main characteristic is limited supply, which determines that it can only be a non mainstream currency in the end. This characteristic is similar to gold. The gold standard is eventually abandoned by the whole world. The currency with limited supply can not keep up with the development of proctivity, and can only bring about deflation, which will seriously hinder economic development and eventually become a non mainstream variety. Moreover, the value of bitcoin itself is very unstable, and it is very easy to rise and fall sharply. In the macro economy, if a country's currency often rises and falls sharply, the unstable value of bitcoin can not be favored by people. As of today, the price of a bitcoin is 1800usd, and the market value of the whole market is 21 million bitcoins, which is 37.8 billion US dollars. A market with less than 40 billion US dollars is very easy to be manipulated by big funds. You can't even spend a little of 40 billion US dollars in the global foreign exchange market. The daily trading volume of the foreign exchange market is about 5 trillion US dollars. The small trading volume makes bitcoin a speculative thing. The CFTC defines bitcoin as a commodity rather than a currency. In recent years, most of the trading volume of bitcoin was created by Chinese people. It is generally acknowledged that Chinese people are fond of gambling. In addition, e to the domestic macro-economic reasons, they have been in the high-risk and low-income market environment, and capital control has led to a large amount of liquidity, so one by one, they are in a hot fire. So the current property of bitcoin is a trading target that can be used for speculation and money laundering
Kissinger once said: whoever controls the right to issue currency controls the worldI can't help but wonder: will global central banks be allowed to be challenged with such a core right as the right to issue money? In particular, the U.S. dollar is the core interest of the United States. All that the United States has done in its grand strategy is to keep the U.S. dollar as a global hegemonic currency. Throughout history, no one who challenges the U.S. dollar will come to a good end. Bitcoin's safety at present only shows that global central banks have not paid attention to it at all. They may have known that bitcoin can't be a currency for a long time. If Saudi Arabia announces that crude oil will be settled in bitcoin one day, when bitcoin is dried up by the United States and there is no resie left, it is OK for miners to speculate, but if they want to challenge the mainstream currency, it is the time of death
Bitcoin may be an attempt or experiment in human society, but I don't think it will become a currency, let alone a speculative commoditythe last warm tip: bitcoin trading has high risk and high return, so do not rush into this market