{"headers":{"Content-Type":"application\/x-www-form-urlencoded"},"body":"source_lang=&target_lang=PT-PT&tag_handling=xml&split_sentences=1&preserve_formatting=1&text=Is+Bitcoin+money%3F&text=Part+six+of+Bitcoin+Basics%3A+The+phenomenon+explained+in+plain+language.&text=%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EIn+part+5+of+the+bitcoin+basics+series+we+looked+at+%3Ca+href%3D%22https%3A%2F%2Fwww.coininsider.com%2Fpt-pt%2Fo-bitcoin-e-legal%2F%22%3Ethe+legalities+of+bitcoin%3C%2Fa%3E.+In+this+article+we+will+look+at+whether+bitcoin+can+be+considered+as+money.%3C%2Fspan%3E%0A%0A%3Chr+%2F%3E%0A%0AAs+we%E2%80%99ve+explored+previously%2C+Bitcoin+is+a+peer+to+peer+cryptocurrency+that%2C+thanks+to+its+fundamental+properties%2C+is+the+next+step+in+the+evolution+of+money.%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EBitcoin+is+designed+to+operate+as+a+scarce+digital+commodity.+Similarly+to+how+gold+and+silver+were+used+centuries+ago%2C+Bitcoin+is+designed+to+satisfy+the+major+qualities+of+money.%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EChiefly%2C+there+are+five+properties+that+Bitcoin+needs+to+possess+to+operate+as+money.+These+are%3A%3C%2Fspan%3E%0A%0A%3Cb%3EDurability%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E+%28it+doesn%E2%80%99t+degrade+over+time%29%2C+%3C%2Fspan%3E%0A%0A%3Cb%3ETransportability+%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E%28it+can+be+easily+transported+from+location+to+another%29%3C%2Fspan%3E%0A%0A%3Cb%3EFungibility+%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E%28where+every+unit+is+equivalent+to+every+other%29%2C+%3C%2Fspan%3E%0A%0A%3Cb%3EDivisibility%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E+%28where+it+can+be+broken+down+into+smaller+units%29%2C+%3C%2Fspan%3E%0A%0A%3Cb%3EAcceptability%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E+%28where+it+can+be+exchanged+for+goods+and+services%29%2C+%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3Eand+%3C%2Fspan%3E%3Cb%3EScarcity%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E+%28in+that+it+has+a+limited+supply+and+is+difficult+to+fake%29.%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EIn+the+modern+world%2C+neither+Bitcoin%2C+the+US+Dollar%2C+or+the+British+Pound+inherently+have+any+value.+This+value+is+truly+determined+by+the+willingness+of+a+trader+to+accept+either+currency+as+tender+in+a+transaction.%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EThus%2C+we+can+surmise+that+currencies+need+to+have+what+is+called+%3C%2Fspan%3E%3Cb%3Eutility%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E.+This+amounts+to+three+key+use+cases%2C+which+we+can+determine+as%3A%3C%2Fspan%3E%0A%3Ch4%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EStore+of+Value%3C%2Fspan%3E%3C%2Fh4%3E%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EAny+currency+needs+to+be+able+to+hold+its+value+over+a+long+period+of+time.+Gold+is+deemed+to+be+valuable+thanks+to+its+scarcity.+In+the+past%2C+paper+money+was+weighted+against+stores+of+precious+metals+such+as+gold+or+silver.+Though+this+is+no+longer+the+case%2C+we+still+term+the+price+of+gold+on+the+market+as+a+measure+called+%E2%80%98The+Gold+Standard%E2%80%99.%3C%2Fspan%3E%0A%3Ch4%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EUnit+of+Account%3C%2Fspan%3E%3C%2Fh4%3E%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EA+%E2%80%98Unit+of+Account%E2%80%99+is+a+universal+unit+through+which+we+price+goods+in+a+market.+For+example%2C+the+US+Dollar+makes+use+of+both+whole+units+%28Dollars%29+and+decimal+values+%28Cents%29.+%3C%2Fspan%3E%0A%3Ch4%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EMechanism+of+Exchange%3C%2Fspan%3E%3C%2Fh4%3E%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3ELastly%2C+any+currency+needs+to+be+accepted+as+a+way+to+transfer+value+from+one+party+to+another.+For+example%2C+most+business+organizations+today+might+transact+in+their+national+currency+or+in+the+US+Dollar.%3C%2Fspan%3E%0A%3Ch3%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EWhat+makes+Bitcoin+real+money%3F%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EBitcoin+satisfies+all+of+the+major+properties+and+utilities+necessary+for+it+to+operate+as+a+currency%2C+though+the+relative+novelty+of+digital+currencies+when+pitted+against+fiat+currencies+or+precious+metals+poses+some+interesting+challenges.%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EBitcoin%E2%80%99s+%3C%2Fspan%3E%3Cb%3Edurability%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E+remains+the+subject+of+proof%3B+the+cryptocurrency+has+managed+to+survive+for+ten+years+since+its+debut+in+Satoshi+Nakamoto%E2%80%99s+white+paper+and+the+mining+of+the+genesis+block+and+has%2C+at+the+time+of+writing%2C+managed+to+outlive+countless+speculations+that+argued+that+it+would+be+short+lived+or+a+%E2%80%98bubble.%E2%80%99%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EHowever%2C+gold+still+sets+the+standard+of+durability+throughout+human+history+and+remains+the+most+recognised+form+of+a+universally+applicable+currency.+Similarly%2C+the+US+Dollar+as+solidified+in+the+past+one+hundred+years+to+arguably+become+the+most+recognized+fiat+currency.%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EFundamentally%2C+Bitcoin+is+%3C%2Fspan%3E%3Cb%3Etransportable%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E+in+the+sense+that+it+can+be+easily+sent+from+one+place+to+another+over+the+internet+with+far+greater+ease+than+either+gold%2C+fiat+currencies%2C+or+even+paper+money.%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EBitcoin+is+only+limited+by+access+to+the+internet%2C+which+-+while+many+nations+and+territories+around+the+world+may+be+precluded+from+at+present+-+represents+the+first+time+humankind+has+been+able+to+establish+a+payments+network+that+is+not+intrinsically+rooted+in+the+control+of+one+nation+or+pits+national+currencies+against+one+another.+%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EGold+and+paper+money+are+restrictive+in+the+sense+that+it+can+be+immensely+difficult+to+transport+materials+around+the+world%2C+while+digital+fiat+currencies+are+often+locked+in+complex+agreements+between+banks+and+governments+that+see+long+transaction+times+or+hefty+transaction+fees+when+transitioning+from+one+form+of+currency+to+another.%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E%3Ca+href%3D%22https%3A%2F%2Fwww.coininsider.com%2Fpt-pt%2Fbitcoin-rush%2F%22%3EBitcoin%3C%2Fa%3E+is+similarly+designed+to+%3C%2Fspan%3E%3Cb%3Efungible%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E%2C+as+any+bitcoin+can+be+exchanged+for+another+as+with+US+dollars.+There+is+nothing+special+about+either+one+bitcoin+or+a+specific+dollar+note.+%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EHowever%2C+this+property+is+under+threat+given+the+emergence+of+sophisticated+analysis+software+that+can+trace+the+history+of+any+specific+bitcoin+on+the+blockchain.+In+theory%2C+this+makes+it+possible+for+people+to+refuse+the+accept+a+coin+that+may+have+been+used+for+illegal+activities+in+the+past.+%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EThere+are+a+number+of+projects+that+aim+to+fix+these+concerns+by+increasing+the+privacy+of+bitcoin+transactions.+If+transactions+are+private%2C+it+is+not+possible+to+trace+the+history+of+a+specific+coin+-+which%2C+in+turn%2C+solves+concerns+around+fungibility.%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EBitcoin+can+be+divided+down+to+infinite+values+-+with+the+lowest+value+%28%3C%2Fspan%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E0.00000001+%E0%B8%BF%29+called+a+Satoshi+-+and+offers+greater+%3C%2Fspan%3E%3Cb%3Edivisibility%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E+than+either+gold+or+fiat+currencies+such+as+the+dollar.+Typically%2C+gold+is+difficult+to+divide+into+smaller+units+thanks+to+the+process+of+re-coining+%28creating+smaller+units%29+or+smelting+%28combining+smaller+units+into+larger+units%29+which+is+labour+intensive.+Similarly%2C+the+US+Dollar+can+only+be+divided+into+values+of+100+cents.%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3ELastly%2C+Bitcoin+is+inherently+%3C%2Fspan%3E%3Cb%3Escarce%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E+thanks+to+the+fact+that+there+will+only+ever+be+21+million+Bitcoins+in+circulation+-+the+price+of+gold+is+elastic+in+the+sense+that+deeper+gold+mines+become+more+profitable+as+the+rarity+and+price+of+gold+increases%2C+while+there+is+an+estimated+%3C%2Fspan%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E%2410.5+trillion+Dollars+in+circulation+today.%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EThanks+to+these+properties%2C+Bitcoin+enjoys+utility+through+the+fact+that+it+can+operate+as+a+form+of+%E2%80%98digital+gold%E2%80%99+%28or+%3C%2Fspan%3E%3Cb%3Estore+of+value%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E%29+due+to+its+scarcity%2C+operate+as+a+%3C%2Fspan%3E%3Cb%3Eunit+of+account%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E+where+Bitcoin%2C+in+%3Ca+href%3D%22https%3A%2F%2Fwww.coininsider.com%2Fpt-pt%2Fbitcoin-code%2F%22%3EBTC+value%3C%2Fa%3E%2C+can+be+used+to+appraise+goods%2C+and+lastly+it+can+be+easily+used+as+a+%3C%2Fspan%3E%3Cb%3Emechanism+of+exchange%3C%2Fb%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3E+to+easily+facilitate+transactions+over+the+internet.%3C%2Fspan%3E%0A%3Ch3%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EWho+accepts+Bitcoin%3F%3C%2Fspan%3E%3C%2Fh3%3E%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EArguably%2C+the+greatest+challenge+Bitcoin+has+yet+to+overcome+is+establishing+acceptability.+While+many+merchants+or+service+providers+around+the+world+might+accept+payment+in+their+national+currency+or+international+currencies+such+as+the+Dollar%2C+Bitcoin+remains+an+emerging+currency+and%2C+as+yet%2C+is+not+widely+accepted+as+tender.%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EHowever%2C+that+hasn%E2%80%99t+stopped+many+enterprising+service+providers+or+merchants+from+accepting+Bitcoin+as+payment.+%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EA+popular+story+saw+one+hungry+customer+pay+1000+BTC+for+two+pizzas+in+early+2011%2C+and+in+the+years+since+numerous+services%2C+merchants%2C+and+even+payment+gateways+have+accepted+Bitcoin+as+tender.+Notable+adopters+range+all+the+way+from+Microsoft%2C+Virgin+Galactic%2C+PayPal%2C+and+even+Zynga.%3C%2Fspan%3E%0A%0A%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EAs+Bitcoin+appreciates+in+value%2C+we+will+likely+see+the+digital+currency+adopted+as+tender+more+frequently+in+the+months+and+years+ahead.%3C%2Fspan%3E%0A%0A%3Ci%3E%3Cspan+style%3D%22font-weight%3A+400%3B%22%3EIn+part+seven+of+our+Bitcoin+Basics+series%2C+we%E2%80%99ll+be+unpacking+%3Ca+href%3D%22https%3A%2F%2Fwww.coininsider.com%2Fmuch-bitcoin-worth%2F%22%3Ehow+much+a+Bitcoin+is+worth%3C%2Fa%3E%2C+and+how+it+accrues+value.%3C%2Fspan%3E%3C%2Fi%3E","timeout":15}