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<p>[QUOTE=&quot;ErolGarip, post: 2849571, member: 88736&quot;]What about &quot;bitcoin&quot;?... </p><p><br /></p><p>I&#039;ve not dealt with the bitcoin, upto now, so, I don&#039;t know much about it. </p><p>However, anyone can see its basic, it is a &quot;soft&quot; money if it is called &quot;money&quot;. </p><p><br /></p><p>What is &quot;money&quot;? It is an item with a local universality and it has </p><p>1) a &quot;mathematics&quot; (counting/numbers/etc) and </p><p>2) a &quot;function&quot; (exchange/labor/trade/etc). </p><p>3) a &quot;physical&quot; form, at least, of its &quot;unit&quot;. </p><p><br /></p><p>At this moment, (2), i.e. &quot;function&quot; of bitcoin is not clear enough yet as it has not been a widely local thing yet. So, it is a &quot;primitive&quot; version of future money if there will be such a money in the future. </p><p><br /></p><p>However, even at this moment, (1), i.e. &quot;mathematics&quot; of bitcoin is higly advanced, so advanced that it can also be considered as &quot;over-engineered&quot; and again, there is still a missing thing in the basic math of this money. For example, &quot;unit&quot; of bitcoin is not clear. It is said that its unit is BTC, so, this must be the smallest so that any and all amount of bitcoins should be able to be counted in terms of BTC using countable numbers, i.e. integer numbers. But, it is not so. For example, these are some bitcoins: </p><p><br /></p><p>..., </p><p>kBTC (kilo BTC=1000BTC), </p><p>hBTC (hecto BTC=100BTC), </p><p>daBTC (deca BTC=10BTC), </p><p>BTC (BTC = 1BTC, this is called &quot;coin&quot;), </p><p>dBTC (deci BTC=0,1BTC), </p><p>cBTC (centi BTC=0,01BTC), </p><p>mBTC (milli BTC=0,001BTC),</p><p>...,</p><p>etc.</p><p><br /></p><p>Where is the &quot;unit&quot;? It is said that &quot;BTC&quot;, 1 bitcoin, is called as &quot;unit&quot;. </p><p>It may be called so mathematically, but, this way, this &quot;money&quot; can not have a &quot;physical&quot; form because this bitcoin money has an &quot;open&quot; end, can be microBTC, nanoBTC, etc etc. </p><p><br /></p><p>To explain this with an example. Lets say I&#039;d like to change 1cent coin in my pocket which I worked hard to earn to BTC. I just looked at current rate of BTC in USD and it is around 1BTC=4000USD. So, how much is my 1UScent in BTC? </p><p>1cent = 0,0000025BTC. (that&#039;s 2,5microBTC).</p><p>Notice that this is not an integer number, so, &quot;2,5&quot; can not be quantity of &quot;unit&quot;. So, we need to find a smaller one, for ex, nanoBTC. Then, 2,5microBTC will be equal to 2500nanoBTC... Then, it is Ok. If we stop here, then, we can call &quot;nanoBTC&quot; as &quot;unit&quot; of bitcoin money and then, that unit can have physical form and the others such as microBTC, milliBTC,..,BTC,..decaBTC, etc too may have physical forms if necessary, though I don&#039;t think they will be necessary. The only necessity of physical form of money is its &quot;unit&quot;, eg, in this example, &quot;1nanoBTC&quot; as &quot;unit&quot; of bitcoin should have physical form, physical coin.</p><p><br /></p><p>Why is &quot;integer number&quot; necessary? Because it is related to the &quot;physics&quot;. To have a physical form/coin of money, the &quot;unit&quot; of money (bitcoin in this case) has to have a physical form first. Other than &quot;the unit&quot;, others such as kBTC etc can stay as &quot;soft&quot; money, i.e. as numbers only, as already being done in/by bitcoin. </p><p><br /></p><p>So, until the &quot;unit&quot; of bitcoin is determined/fixed, bitcoin is not counted as money, yet. </p><p>Condition (3) is not satisfied. </p><p><br /></p><p>(however, that &quot;unit&quot; condition has not been &quot;really&quot; satisfied/handled properly yet for centuries in the already available moneys, either. And, this is also being questioned here in this thread.)[/QUOTE]</p><p><br /></p>

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