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Title: Bitcoin isn't money and that isn't bad! Post by: BayAreaCoins on October 29, 2020, 05:59:26 AM The original article: https://freebitcoins.com/blog/bitcoin-is-not-money-that-isnt-bad-here-is-why/ (https://freebitcoins.com/blog/bitcoin-is-not-money-that-isnt-bad-here-is-why/)
The idea that Bitcoin is money sounds almost as silly as someone trying to push their “pokemon cards” as cash… No, thank you. Pokemon is really awesome for a group of people (If you want to trade with Logan Paul (https://www.polygon.com/2020/10/28/21538821/box-of-first-edition-pokemon-cards-fake-375000-dumb-money-logan-paul)), but the idea of you walking into your local Walmart with your “$200,000” pokemon fucktard set and walk out with groceries is beyond silly. Bitcoin is the same way at the moment. We love Bitcoin, but Bitcoin is NOT money. Before we launched this latest version of FreeBitcoins. I set out to prove that to myself. I live in a small Arkansas town with a handful of pawnshops that are happy to charge you 20% interest a month for your dead grandaddy’s gun *PUKE*. I called every pawn shop in town asking them if I could pawn or sell a Bitcoin for any price and guess what they all said? No! Well, fuck! How about the banks. I think you all know the answer to that. I called up my bank’s foreign currency person and got laughed at; I was told about a great deal for exchanging Candian Dollars… It would cost me $80 USD for basically any amount. I thought that was pretty sweet. I could pick up $1,000,000 CAD from my little Arkansas bank with basically a 5-minute phone call and $80 USD. Noted. (Why would I want CAD in the Middle of Arkansas? No one steals it lol, and it has value elsewhere backed by a country. It’s $160 for a round trip insurance on cash, and this cash is plastic! I feel better putting plastic in a hole. [Note: I don’t have any CAD in any holes anywhere!] Dollars are like cell phones; they are designed to break these days, and you’ll need a new one! At one point, paper money was extremely frowned upon (https://www.realclearmarkets.com/articles/2016/04/27/andrew_jackson_hated_paper_money_as_is_102137.html); Coins had value, Paper was a scam.) Well, how about the Grocery stores? I called Walmart and Kroger. The employees politely explained that they didn’t accept Bitcoin, and they had no time frame for doing so. Then I asked myself if Bitcoin is money… is now the time I start stealing bread ethically (https://classroom.synonym.com/solve-loaf-bread-feed-family-8605955.html) or what? Things I can’t do with Bitcoin: Pay rent, pay my internet, pay my electric, pay my grocery bill, pay my pizza tab, pay my fine for my speeding ticket, pay for medical marijuana anywhere in Arkansas legally, and the list goes on and on. Things I can do: Buy illegal medical marijuana [lol] on the internet from sketchy off-duty agents (https://bitcointalk.org/index.php?topic=5074543.msg48166679#msg48166679). (No fucking thank you! 😉 ) – I can also play games and buy altcoins that I think are cool. I could of course hodl, but that is horribly boring. I’m sure I can find other things to do with Bitcoin, but that seems like a Blog for a different day. I’m not trying to dis the things I can do with Bitcoin because it’s fun, but… Bitcoin is not money. Why is Bitcoin important to me then? Just because Bitcoin isn’t money where I am because we have “real money” that doesn’t mean it can’t be money and accepted locally easily in somewhere that needs something more reliable than cell phone minutes (https://lifeasahuman.com/2013/media-tech/technology/mobile-minutes-exchanged-as-currency-in-africa/#:~:text=Cell%20phones%20can%20not%20only,the%20touch%20of%20a%20button.)! That’s what I’ve always seen in Bitcoin, and that’s why we built this website… we want to do business with Africa / South Africa and any other country that needs stability in their economic markets with a side of neutrality while you get your shit together. I firmly believe that isn’t America. America and the Department of Justice need to chill the fuck out (https://www.justice.gov/ag/page/file/1326061/download). Respectfully. I’m just saying they need to focus their efforts on their own Dollars because the chance of a terrorist renting Flight Lessons (https://www.cnn.com/2001/US/09/13/flight.schools/) with Bitcoin is very unlikely compared to the subject using the local currency. America needs to focus on a strong dollar and that's our own dollars (USD). Not some imaginary “cryptocurrency” that you can’t even wipe your butt with (wiping your butt arguably may be more valuable than we think (https://www.cbs8.com/article/life/shopping/are-people-hoarding-toilet-paper-again/509-46fcff11-719f-45fe-b14a-6459404adc7a)!) When the imaginary cryptocurrencies are involved with USD, rake them in with BSA and all the other “fun” that comes with playing with money in 2020. I’m not saying to let BitMex use something that mimics USD… go bust BitMex’s ass (https://www.reuters.com/article/usa-crime-bitmex/u-s-charges-bitmex-cryptocurrency-founders-with-failing-to-prevent-money-laundering-idUSKBN26N08O#:~:text=Prosecutors%20said%20BitMEX%20ultimately%20made,Iran%20traded%20on%20its%20platform.) and go bust Tethers (https://news.bitcoin.com/tethers-stablecoin-dominance-drops-below-80-as-audit-controversy-lingers-on-on/) ass. They are essentially using USD and that should subject them to a ton of Bullshit because USD arguably has value due to these regulations. If Bitmex and others are going to get rich off that, they need to play ball, but for Websites like FreeBitcoins.com, we strongly believe Bitcoin alone is not money. Webster’s dictionary (https://www.merriam-webster.com/dictionary/money) says: something generally accepted as a medium of exchange, a measure of value, or a means of payment: such as a: officially coined or stamped metal currency newly minted money b: MONEY OF ACCOUNT c: PAPER MONEY I do not believe there is a city in the world that has Bitcoin as generally accepted yet. Perhaps a cruise ship (https://news.bitcoin.com/crypto-cruise-ship-satoshi), but I’ll believe that when I see it… (I hope the best for them!) There is absolutely a chance of Bitcoin being generally accepted in the future, but we are not there yet and I think that’s what still makes Bitcoin a good investment and probably indicates people haven’t “missed the boat yet”. I see Bitcoin at this point as Factitious Intellectual Property rather than money. Thankfully, we aren’t the only ones that see Bitcoin as not money (https://www.washingtonpost.com/news/morning-mix/wp/2016/07/26/bitcoins-not-money-judge-rules-as-she-tosses-money-laundering-charge/). Buy more Bitcoin if you think it’s going global/local because we aren’t there yet fellas. <3 🙂 Thanks for reading and now… come trade some Altcoins on XChange (https://freebitcoins.com/xchange/) for free using our Faucet (https://freebitcoins.com/faucet/) or just Swap (https://freebitcoins.com/swap/) 100 Dogecoin and start trading today! We also send free stickers with free shipping to anyone that asks. https://freebitcoins.com/stickers/ Title: Re: Bitcoin isn't money and that isn't bad! Post by: avikz on October 29, 2020, 06:43:23 AM Quote Things I can't do with Bitcoin: Pay rent, pay my internet, pay my electric, pay my grocery bill, pay my pizza tab, pay my fine for my speeding ticket, pay for medical marijuana anywhere in Arkansas legally, and the list goes on and on. Really depends on where you stay! In Arkansas, you really can't, but in Japan, you really can! You can even get your salaries in bitcoin (if you want)! So what you can't or what you can in Arkansas, doesn't really tell us what bitcoin can or can't! You may be in a wrong place! Also don't you think you are asking a lot from a kid who is just 11 years old? Let him get adult and then we talk! Bitcoin has just started maturing. We are seeing great interest coming from corporates around the world. Some have gone ahead and started keeping a minor percentage of the their cash reserve in bitcoin. The entire market is slowly maturing despite all odds it is facing from the regulatory agencies worldwide. So no one has the right to decide that bitcoin not a money by just its acceptability at grocery stores! :) Title: Re: Bitcoin isn't money and that isn't bad! Post by: Charles-Tim on October 29, 2020, 06:49:16 AM I hope this will let you know how bitcoin is truly a money, even if it has not gone mainstream. Probably you are misinterpreting fiat definition to money definition. Are all the stores you mentioned not accepting bitcoin, are they accepting gold, is gold not money. Anything the have intrinsic value and can be spent is called money, as I can sell my gold, I can also sell bitcoin.
What money is Many people do not know what money is, like I ones thought money is the first which are acceptable as a means of payment in individual countries, but this is a misconception. Money is anything that has intrinsic value and that can be spent. Good examples of money are bitcoin, other cryptocurrencies (altcoins), gold and fiats. Among them all, is a money called bitcoin, created in 2009 and has now being greatly accepted and adopted in the world due to its decentralized nature. https://i.imgur.com/cvzckPF.jpg https://www.shutterstock.com/image-photo/bitcoin-laptop-wallet-virtual-currency-gold-1043355598 Introduction Bitcoin, being the first and the most successful cryptocurrency, has being well adopted in many countries of the world which has reflected through its increasing marketcap and price that also proved it to be a well known deflationary currency. Bitcoin has been increasingly and successfully adopted and proven to not be a ponzi or regulated in any way by any centralized authority, everything about bitcoin is open source and available to the public to the extent bitcoin community are even regarded as the founder of bitcoin, Satoshi Nakamoto. Although, officially, Satoshi Nakamoto is the creator of bitcoin in 2009. What money is Many people do not know what money is, like I ones thought money is the first which are acceptable as a means of payment in individual countries, but this is a misconception. Money is anything that has intrinsic value and that can be spent. Good examples of money are bitcoin, other cryptocurrencies (altcoins), gold and fiats. Among them all, is a money called bitcoin, created in 2009 and has now being greatly accepted and adopted in the world due to its decentralized nature. Money vulnerable to theft and depreciation until the onset of bitcoin Before the onset of bitcoin, all types of money were either vulnerable to theft or depreciation, there was a time in the past when there was money but no bank, people will still think of a way to protect their money, but at the time, money were vulnerable to theft. So, later comes bank, to help individual to keep their money, fiats was adopted and was accepted by all countries of the world, and money centralized regulation evolved. Now, fiats are manipulated, the manipulations are from governments because fiats are centrally regulated and due to this, money owned by individuals are manipulated and making fiats to be a depreciative asset. Money like gold that are physical are more vulnerable to theft while fiats kept in banks are more vulnerable to governmental manipulations. All these do not make money characteristics to be completely fulfilled until the onset of bitcoin that created indirect bridge known as blockchain between fiats and cryptocurrencies. Now, people can hold bitcoin in a way to do away with theft and central (governmental) manipulations. Fiat inflation vulnerability Although, the central bodies (governments) may not be blamed at times for the reason they are manipulating the fiats, especially while devaluating it during inflation, and can be blamed when their is excess fiat creation and introduced into circulation. Fiats are manipulated/devalued for the benefit of the country but making citizens of the country to lose and make their worth depreciating. That is why fiats needs alternative, a kind of money that will be easy to spend like fiats and yet not vulnerable to governmental manipulations, bitcoin created the bridge to that part. There are many strong fiats, while some are weak and more volatile, a good example of strong fiat currency is dollar, and can be used as a good example of bitcoin-to-fiat price trend comparison. For the past decade, bitcoin hodlers have more increase of 20% in bitcoin price not actually as a result of bitcoin instrinsic price increase, but due to dollar that is not immune to devaluation and gradaully depreciating over the past years. This was taken when bitcoin was at a price slightly above $10800 in accordance to a crypto news. A decade ago bitcoin price gain Limited supply + marketcap = 80% in bitcoin price USD deprecuation = 20% (Limited supply + marketcap) + USD deprecuation = 100% butcoin price trend. https://i.imgur.com/bUIKUWL.png https://cointelegraph.com/news/fiat-inflation-has-cost-bitcoin-hodlers-20-over-the-past-decade/amp If you check some other countries like African, where fiats are more vulnerable to depreciation, these would be the worst cases. This is one of the major reasons the need for bitcoin especially. Normally, fiats are depreciating assets by design, while physical money can still be vulnerable to theft, but with expert knowledge about bitcoin, bitcoin is not vulnerable to theft, and also not vulnerable to governmental regulations. Bitcoin has limited supply of 21 million, and this makes it a deflationary currency, the more people adopt it, the more people make use of it and the more it is getting stronger, and also increasing in marketcap and price. Although, the price of bitcoin may seem decreasing at times, but later, the price will increase unlike fiats that are constantly depreciating. Centralized (governmental) bodies compromising bitcoin and crypto in general. Nowadays, governments have now being trying to make bitcoin so centralized, many people are now using bitcoin do not even know what private key or seed phrase is and depending on third party while not knowing the third party are actually third party due to how fiats are working, they thought bitcoin and other crypto works that way, therefore not even knowing about privacy. These are all wrong because bitcoin is a privacy currency, people can hold it without depending on any third party which is the best way to go while dealing with bitcoin with the current settings, some people even knowing about this but because of trading flexibility, they still keep their bitcoin and other crypto using centralized party services, which makes them not to be the owner of the coin on blockchian while the third party are not safe and secure. People do not need to keep bitcoin with third party, you can keep it yourself without anyone knowing, all you need to do it to make use of noncustodial wallets, generate your seed phrase and/or private key. Storing the seedphrase and/or the private key in a safe place that is safe from thieves and damages. If the seed phrase and/or private key is compromised, that means all your funds are lost. Some approaches towards seed phrase/private keys protection Bitcoin is digitally created, users should be digitally conscious, while privacy, security and safety should be maintained. Malicious actors are also trying their best to steal bitcoin from people having it. But, there are many approches to avoid hackers from stealing bitcoin, few of this is discussed below. 1. Avoiding custodial services There are different custodial services, although they have helped in bitcoin adoption, but still must be avoided, they make use of hot wallets to hold customers assets, while hot wallets are prone to hackers activities, and they are targeted by hackers because the custodial party keeps thousands to millions of customers assets. Most custodial services are often hacked and many have resulted to lost of users funds and never recovered. 2. Avoid using hot wallets for high savings Although, hot wallet can be good for saving low amount of bitcoin, while experienced users can still avoid hackers by avoiding malware on the device used, but for saving high amount of bitcoin, cold wallets are best, and for ease of use and for frequent transactions, hardware wallet is good as a type of cold wallet. 3. Use of Shamir's secret sharing to protect seedphrase/private key Seedphrase or any other sensitive information like private key can be protected by the use of shamir's secret sharing, in a way the the seed phrase is converted into secrets, and the secrets are divided into parts for high protection. 4. The use of multisignature wallet Multisig wallets are wallets that can be regarded as M of N wallet, in which the wallet can be generated for N users having their own private keys while M users among the N users will be able to sign transactions. This makes it difficult for hackers to penetrate, even if one private key is compromised. It can also help in a way another wallet can be created and the bitcoin in the previous wallet is sent to new wallet if any of the M or N users lost his/her private key, or if anything like malicious activity is suspected. There are still many other approaches, like having more than one wallet. But the approaches to be used should not be too tedious in a way wallet owner will not be able to recover back his/her wallet during wallet lost. Conclusion Bitcoin is money, the first successful decentralized digital currency, which was created as an alternative to centralized fiats and also altenative to money that are vulnerable to physical thefts, thereby, fulfilling what early days money can not fulfill. I have been reading about the differences between money and currencies, even I have not seen anyone referring bitcoin as money but only as currency. I read about the difference on many site. Check the quotes below: https://en.m.wikipedia.org/wiki/History_of_money Quote Money may take a physical form as in coins and notes, or may exist as a written or electronic account. It may have intrinsic value (commodity money), be legally exchangeable for something with intrinsic value (representative money), or only have nominal value (fiat money). https://www.quora.com/What-is-the-difference-between-currency-and-money Quote Gold Silver explains that the most significant difference between money and currency is that currency does not have consistent value. Currency is used as a physical representation of value that changes over time and varies from one country to the next. According to the Gold Silver website, gold and silver are the only items that have served as money and represented fixed value throughout human history. https://quickonomics.com/different-types-of-money/ Quote Commodity money is the simplest and, most likely, the oldest type of money. It builds on scarce natural resources that act as a medium of exchange, store of value, and unit of account. Commodity money is closely related to (and originates from) a barter system, where goods and services are directly exchanged for other goods and services. Commodity money facilitates this process because it acts as a generally accepted medium of exchange. The critical thing to note about commodity money is that its value is defined by the intrinsic value of the commodity itself. In other words, the commodity itself becomes money. Examples of commodity money include gold coins, beads, shells, spices, etc. https://medium.com/@goldma/currency-vs-money-did-you-know-theres-a-difference-f344aa496867 Quote The one major difference between currency and money that many are not conscious of, is the store of value. Currency is not a store of value, in fact, it can even go to zero because of extreme circumstances. It is also volatile because it has no intrinsic value. Money, on the other hand, is a store of value. Gold (which is money) has always been a consistent store of value. Even when the world financial markets become unpredictable, investors turn to gold because it is less risky and more secure. From all quoted links above, it is evident that bitcoin is actually money, I still have other links that proved this but did not included it because I want this topic to be easily readable. Gold, silver and and the likes are money which has been existing and have intrinsic value. Like I have mentioned, money can not be seen, only currencies can be seen and the intrinsic value of gold is its value in the world that is influenced by its demands and its price. What about bitcoin? I will like you opinion on this but as for me, bitcoin itself is completely money because it is also a safe haven like gold, currencies can be seen physically but what makes the currencies money is the value they possess, this makes me conclude that bitcoin is money, bitcoin have such value and a safe haven people turned during economy inflation. Money are not subjected to governmental manipulations but currencies do, the price of bitcoin is not regulated by any central body or the governments it is regulated by people that buy and sell it in the world and this makes it to have value like gold and the likes by having the same value all over the world not from country to country. So, bitcoin is money and will be referred to as money during its races to recognition. https://bitcointalk.org/index.php?topic=5284117.msg55442126#msg55442126 https://bitcointalk.org/index.php?topic=5264880.msg54879897#msg54879897 Title: Re: Bitcoin isn't money and that isn't bad! Post by: romero121 on October 29, 2020, 07:23:44 AM Quote Things I can't do with Bitcoin: Pay rent, pay my internet, pay my electric, pay my grocery bill, pay my pizza tab, pay my fine for my speeding ticket, pay for medical marijuana anywhere in Arkansas legally, and the list goes on and on. Really depends on where you stay! In Arkansas, you really can't, but in Japan, you really can! You can even get your salaries in bitcoin (if you want)! So what you can't or what you can in Arkansas, doesn't really tell us what bitcoin can or can't! You may be in a wrong place! Also don't you think you are asking a lot from a kid who is just 11 years old? Let him get adult and then we talk! As of now each and everything with bitcoin is possible. For the same if we look for the legality it won't happen in the short. But, there are people who have been using only bitcoin for each and everything. This is quite difficult, but people are making themselves so attached. Title: Re: Bitcoin isn't money and that isn't bad! Post by: Wexnident on October 29, 2020, 07:29:14 AM Well, it isn't that odd or weird for most countries to not accept payments using Bitcoin, heck I'd even say that they'd actually ask from what kind of arcade store did Bitcoin come from. Comparing it with currencies that have been around for so long seems stupid, and honestly, owning Bitcoin doesn't really mean that you need to use it heck, owners of Bitcoin themselves should know that paying with Bitcoin is only at the minority right now, so anyone aiming to use it as such should think more than twice before trying it out. I've experienced buying with BTC, though those were quite select situations, and that was like a drop from the number of payments I make for the past few months.
Title: Re: Bitcoin isn't money and that isn't bad! Post by: Ngadnanahim on October 29, 2020, 09:20:44 AM Bitcoin money changer
Title: Re: Bitcoin isn't money and that isn't bad! Post by: Jet Cash on October 29, 2020, 09:29:40 AM I think you are confusing money and currency.
Bitcoin has an intrinsic value, and it is the only crypto that is able to claim this. I have justified this in several threads here. I don't believe that Bitcoin is a currency, but it is a medium of exchange. and because of its intrinsic value, then it is money by most definitions. Title: Re: Bitcoin isn't money and that isn't bad! Post by: DarkDays on October 29, 2020, 09:39:05 AM Why wold you want money when money is all but an illusion ???
Money is worth 'something' because we agree that it has some value, and this can vary with inflation. A great example of how the value of money diminishes is the idea of 'time value of money'. On the other hand, it is best to have ASSETS. BTC is an asset not money and assets bring you money for little effort. It is assets you want to be putting aside every year and not money as saving. As unlike money which depreciates over time, assets tend to grow in value over time. Title: Re: Bitcoin isn't money and that isn't bad! Post by: Smartprofit on October 29, 2020, 01:20:01 PM Why wold you want money when money is all but an illusion ??? Money is worth 'something' because we agree that it has some value, and this can vary with inflation. A great example of how the value of money diminishes is the idea of 'time value of money'. On the other hand, it is best to have ASSETS. BTC is an asset not money and assets bring you money for little effort. It is assets you want to be putting aside every year and not money as saving. As unlike money which depreciates over time, assets tend to grow in value over time. Interesting idea☺. Bitcoin is not money. Bitcoin is digital diamonds. Diamonds are mined in mines. Bitcoins are mined by miners. Diamonds are expensive. Bitcoins are expensive too. Diamonds are luxury goods. Aristocrats wear diamond jewelry. Bitcoin has an open blockchain. This is also a status property (XXI century). Diamonds can be easily transported across the border (if there is a war or revolution in the country). Bitcoins are used for cross-border payments. Diamonds are inherited. Bitcoin too. Such an analogy☺ Title: Re: Bitcoin isn't money and that isn't bad! Post by: GeorgeJohn on October 29, 2020, 01:36:35 PM See, from my views i noticed that bitcoin is money and money is bitcoin because from the looks of transactions like the process of purchasing bitcoin, I found out that it's money people use it to purchase btc and during all the processes of transactions via bitcoin both investment and other's, bitcoin return as a means of money in larger form or in a smaller form, so therefore since btc can purchase everything money can purchased, it's obvious that btc is money.
Title: Re: Bitcoin isn't money and that isn't bad! Post by: Reosta_ on October 29, 2020, 04:41:29 PM Actually, Bitcoin is money. There are too many people who think it should have a system like fiat to call it as money. But it doesn't work like that. The meaning of money in short is "a medium of exchange". So, a currency that is a medium of exchange can be accepted as money.
Title: Re: Bitcoin isn't money and that isn't bad! Post by: Alamin1444 on October 29, 2020, 05:07:36 PM Yes Bitcoin is not money but It's more then Money now, if Bitcoin work like money then it’s worthless and we Don't wanna see it.Satoshi Nakamoto Create Bitcoin with a purpose that it Not work like money & we could hide our Identity and untraceable Transaction. So BTC never work like money if it’s then there is no mean to use it.
i Hope in future BTC per Satoshi as a Dollars, I mean per satoshi mean 1$ Equal & That Day not far way! Hope You guyes also waiting for that day. Title: Re: Bitcoin isn't money and that isn't bad! Post by: hatshepsut93 on October 29, 2020, 07:36:57 PM The idea that Bitcoin is money sounds almost as silly as someone trying to push their “pokemon cards” as cash Pokemon cards have utility - you can play with them. Bitcoin's only utility is ability to send it to other people. Bitcoin has no uses aside from being money, if we of course ignore some rare attempts to embed some data in its blockchain, or the coming smart contracts. Just because it's no a popular form of money doesn't disqualify it from being money. And people shouldn't underestimate Bitcoin's liquidity, if in 10-15 minutes you can convert your coins into fiat currency, anywhere and at any time, that's already much more useful than physical gold, which is much harder to liquidate. Title: Re: Bitcoin isn't money and that isn't bad! Post by: CarnagexD on October 29, 2020, 09:48:40 PM Quote Things I can't do with Bitcoin: Pay rent, pay my internet, pay my electric, pay my grocery bill, pay my pizza tab, pay my fine for my speeding ticket, pay for medical marijuana anywhere in Arkansas legally, and the list goes on and on. Really depends on where you stay! In Arkansas, you really can't, but in Japan, you really can! You can even get your salaries in bitcoin (if you want)! So what you can't or what you can in Arkansas, doesn't really tell us what bitcoin can or can't! You may be in a wrong place! Also don't you think you are asking a lot from a kid who is just 11 years old? Let him get adult and then we talk! Bitcoin has just started maturing. We are seeing great interest coming from corporates around the world. Some have gone ahead and started keeping a minor percentage of the their cash reserve in bitcoin. The entire market is slowly maturing despite all odds it is facing from the regulatory agencies worldwide. So no one has the right to decide that bitcoin not a money by just its acceptability at grocery stores! :) Title: Re: Bitcoin isn't money and that isn't bad! Post by: Serious475 on October 29, 2020, 10:17:48 PM The idea that Bitcoin is money sounds almost as silly as someone trying to push their “pokemon cards” as cash Pokemon cards have utility - you can play with them. Bitcoin's only utility is ability to send it to other people. Bitcoin has no uses aside from being money, if we of course ignore some rare attempts to embed some data in its blockchain, or the coming smart contracts. Just because it's no a popular form of money doesn't disqualify it from being money. And people shouldn't underestimate Bitcoin's liquidity, if in 10-15 minutes you can convert your coins into fiat currency, anywhere and at any time, that's already much more useful than physical gold, which is much harder to liquidate. Title: Re: Bitcoin isn't money and that isn't bad! Post by: mangsitin on October 29, 2020, 10:41:03 PM I think bitcoin is money, but the prospect of bitcoin is still limited, because some people can't accept bitcoin. If we compare the nature of money and Bitcoin, the following is the equation Bitcoin with money:
1. Easy to carry. 2. Can be divided into units or smaller parts (for example 100 thousand, 50 thousand, 10 thousand, etc.). 3. Can be used as a medium of exchange to buy a good or service. 4. Accepted by the wider community. 5. Can last a long time Title: Re: Bitcoin isn't money and that isn't bad! Post by: Rengga Jati on October 29, 2020, 10:47:19 PM Does the point of view of "money" only lay in its use as a means of payment that is accepted by both parties?
Here we can see the definition: Quote Money is a generally accepted, recognized, and centralized medium of exchange in an economy that is used to facilitate transactional trade for goods and services. The use of money eliminates issues from the double coincidence of wants that can occur in bartering. Economically, each government has its own money system, defined and monitored by a central authority. Cryptocurrencies represent a new form of money, with international exchange opportunities. Bitcoin is a new form of money to be used for a wider payment method globally. However, based on this condition that you experienced, we can see that there are still many differences regarding our point of view towards Bitcoin and other cryptocurrencies in general in each country. And one of the differences in this point of view lies in where we live, depending on which country. When these countries still have not legalized Bitcoin and crypto, it will be difficult to use Bitcoin as a means of payment, even if this is considered a crime. However, in a country where Bitcoin has been accepted as a manner of payment and also a digital asset, we can find it easy to spend BTC as payment, salary, and also others. And this, of course, will also depend on whose we are offering. If we offer BTC to someone who does not know about ti, it will not work. Source: https://www.investopedia.com/terms/m/money.asp Title: Re: Bitcoin isn't money and that isn't bad! Post by: stompix on October 29, 2020, 11:00:10 PM So, I open the recent topic pages, saw this one, I said in my mind wow, another one, click on it, and saw OP's name.
Pickachu face!!! (since I read something about pokemon cards down the line) Things I can’t do with Bitcoin: Pay rent, pay my internet, pay my electric, pay my grocery bill, pay my pizza tab, pay my fine for my speeding ticket, pay for medical marijuana anywhere in Arkansas legally, and the list goes on and on. Pitchfork the infidel!!!!!! Well, it isn't that odd or weird for most countries to not accept payments using Bitcoin, heck I'd even say that they'd actually ask from what kind of arcade store did Bitcoin come from. It's not about countries accepting bitcoins. There is a cafe near me that accepts bitcoins, does it means my country accepts bitcoin? No! The superstore next to the cafe is not accepting bitcoin, But at the same time it doesn't mean that the country is;t accepting bitcoins. Unless..you live in North Korea or some other country where every business is run by the state. Countries =/= private business just as a dealer selling BMW's for coins doesn't mean BMW is accepting cryptos. I think bitcoin is money, but the prospect of bitcoin is still limited, because some people can't accept bitcoin. 3. Can be used as a medium of exchange to buy a good or service. 4. Accepted by the wider community. Well, it's exactly 3 and 4 that is the problem right now and there is no sign of it matching the rise in price. Title: Re: Bitcoin isn't money and that isn't bad! Post by: seoincorporation on October 29, 2020, 11:21:25 PM Great article buddy, i have been talking a lot about this topic in the past, bitcoin is not money on a legal view of points. And that sucks because we will never be able to charge bitcoin as a payment method on our local business. We can't give a ticket for it to justify the taxes... So, if bitcoin isn't money then how can we do transactions with it? The answer is a classical exchange, you can exchange your coins for a laptop, but you can't say you are using your coins to buy the laptop. Is important to understand the legal face of bitcoin to understand how we can spend it.
Title: Re: Bitcoin isn't money and that isn't bad! Post by: maxreish on October 30, 2020, 02:04:21 AM Actually, Bitcoin is money. There are too many people who think it should have a system like fiat to call it as money. But it doesn't work like that. The meaning of money in short is "a medium of exchange". So, a currency that is a medium of exchange can be accepted as money. Perhaps a "digital money". Who said we can't spend bitcoin like money does? We definitely can. The only difference fiat money and bitcoin are facing is that fiat money has physical existence while bitcoin doesn't have. If money can be used to pay bills, pizza, etc. Bitcoin can also do the same through crypto local wallets. It was also alternative paymeny method next to fiat money. And according to Forbes (https://www.google.com/amp/s/www.forbes.com/sites/investor/2019/02/15/bitcoin-really-is-money-heres-why/amp/), Quote Apparently, money is: -A means of exchange -A store of wealth -A unit of account And bitcoin does this all characteristics, too, isn't? Title: Re: Bitcoin isn't money and that isn't bad! Post by: Darker45 on October 30, 2020, 02:23:27 AM Actually, Bitcoin is money. There are too many people who think it should have a system like fiat to call it as money. But it doesn't work like that. The meaning of money in short is "a medium of exchange". So, a currency that is a medium of exchange can be accepted as money. Perhaps a "digital money". Who said we can't spend bitcoin like money does? We definitely can. The only difference fiat money and bitcoin are facing is that fiat money has physical existence while bitcoin doesn't have. If money can be used to pay bills, pizza, etc. Bitcoin can also do the same through crypto local wallets. It was also alternative paymeny method next to fiat money. And according to Forbes (https://www.google.com/amp/s/www.forbes.com/sites/investor/2019/02/15/bitcoin-really-is-money-heres-why/amp/), Quote Apparently, money is: -A means of exchange -A store of wealth -A unit of account And bitcoin does this all characteristics, too, isn't? This has been a long debate and this could go on until god knows when. There are always two sides in this issue. But whether Bitcoin is indeed money or not in whatever way we look at it, it still has high value. For me, that's the most important point. Whether Bitcoin is or isn't money does not make it bad. Whether it is being treated as money or digital gold or digital diamond or whatever, I know very well that 1 BTC is worth more than $13,000 right now and if I can't spend it as it is I know that I can easily dispose it anytime in exchange for a spendable form of money. Title: Re: Bitcoin isn't money and that isn't bad! Post by: okyeresam on October 30, 2020, 02:29:53 AM BTC is digital while money is fiat. So BTC is money
Title: Re: Bitcoin isn't money and that isn't bad! Post by: pooya87 on October 30, 2020, 04:04:32 AM just because you can't understand something or can use it that doesn't mean bitcoin can not be used as money or instead of fiat. over the years bitcoin usage as payment has been increasing. there are currently multiple countries that have accepted it as a legal way of payment. now you can play with words all you want (currency, store of value, money, payment system,...) in the end bitcoin can be used as money.
in any case cheeky link spam advertising your website using a controversial subject! Title: Re: Bitcoin isn't money and that isn't bad! Post by: Assface16678 on October 30, 2020, 04:18:15 AM BTC is digital while money is fiat. So BTC is money Simple logic. Usage does not determine the function of something. For example, there are fruits which can be used in making wines and other stuffs. Likewise with Bitcoin, it can be used as a currency which is its main purpose because it is a digital currency in the first place. But it can be also used as means of investment due to its volatile market value. It is just that the usage of Bitcoin as a mode of payment is still limited to some countries and to most of the places, Bitcoin being used as an investment through blockchain technology is what is more convenient. This gave it an impression being more of an investment than digital currency. Title: Re: Bitcoin isn't money and that isn't bad! Post by: coolbaughandrew on October 30, 2020, 04:27:37 AM Now Bitcoin can't serve as a medium of exchange in some small towns, but there are many places where it's accepted. That proves Bitcoin has a big potential to become "real money".
Title: Re: Bitcoin isn't money and that isn't bad! Post by: Nellayar on October 30, 2020, 11:03:49 AM Now Bitcoin can't serve as a medium of exchange in some small towns, but there are many places where it's accepted. That proves Bitcoin has a big potential to become "real money". Actually, there is no way for bitcoin to become real money unless it will become fiat. It is a digital currency that can transfer wherever you are. Why it cannot serve as a medium of exchange? Wherein fact you can use bitcoin in all places, as long as you are connected in the internet. Bitcoin will become the single monetary currency in the future because its easy to use and popular that brings decentralisation and transparency to the world. Title: Re: Bitcoin isn't money and that isn't bad! Post by: plast555 on October 30, 2020, 11:46:48 PM Now Bitcoin can't serve as a medium of exchange in some small towns, but there are many places where it's accepted. That proves Bitcoin has a big potential to become "real money". But Bitcoin is still more widely used as medium of exchange than any Fiat currency out there. every country has it's specific currency and that can only be used in that specific country. US dollar is a currency which can be used as medium of exchange in some other countries but not in all. and Bitcoin is used as medium of exchange in even more countries than US dollar. you can use Bitcoin in Us and China equally without any problem. Title: Re: Bitcoin isn't money and that isn't bad! Post by: abyan@83 on October 31, 2020, 12:05:01 AM Actually, Bitcoin is money. There are too many people who think it should have a system like fiat to call it as money. But it doesn't work like that. The meaning of money in short is "a medium of exchange". So, a currency that is a medium of exchange can be accepted as money. some of them also mention bitcoin is digital gold. I think this is the most suitable title for bitcoin given its limited supply and gold-like scarcity. Title: Re: Bitcoin isn't money and that isn't bad! Post by: KennyR on October 31, 2020, 07:20:53 AM just because you can't understand something or can use it that doesn't mean bitcoin can not be used as money or instead of fiat. over the years bitcoin usage as payment has been increasing. there are currently multiple countries that have accepted it as a legal way of payment. now you can play with words all you want (currency, store of value, money, payment system,...) in the end bitcoin can be used as money. Even the traditional currency doesn't have these many access as bitcoin. Currency has been used as a paper carrying value. Bitcoin has been used as value store, as an investment asset similar to stocks and forex. Bitcoin as a means of payment has ease large scale transactions with much reduced fee. In other terms such a volume of transactions can't be handled by banks. No doubt, bitcoin is money and rest is upto the user.in any case cheeky link spam advertising your website using a controversial subject! Title: Re: Bitcoin isn't money and that isn't bad! Post by: BuNga_cute on October 31, 2020, 07:52:25 AM A debate like this will never be finished, as long as Bitcoin has not been accepted in all countries as a means of payment,
then there will be an opinion that Bitcoin is not money. But whether Bitcoin money or not I don't really mind, most importantly for me Bitcoin has value and can provide benefits. Therefore I keep collecting Bitcoin until now, although I can't spend the Bitcoin that I have, but for me Bitcoin is very good for the store of value. Title: Re: Bitcoin isn't money and that isn't bad! Post by: bitbunnny on October 31, 2020, 07:56:21 AM Maybe initial definition of Bitcoin isn't money and its role isn't to replace fiat but that still doesn't mean it can't be used as money.
Bitcoin is widely used as payment method and that is increasing all the time so we can consider Bitcoin to be a digital form of money so it's not only asset or store of value in narrow sense Title: Re: Bitcoin isn't money and that isn't bad! Post by: jrrsparkles on October 31, 2020, 08:00:18 AM Now Bitcoin can't serve as a medium of exchange in some small towns, but there are many places where it's accepted. That proves Bitcoin has a big potential to become "real money". But Bitcoin is still more widely used as medium of exchange than any Fiat currency out there. every country has it's specific currency and that can only be used in that specific country. US dollar is a currency which can be used as medium of exchange in some other countries but not in all. and Bitcoin is used as medium of exchange in even more countries than US dollar. you can use Bitcoin in Us and China equally without any problem. Title: Re: Bitcoin isn't money and that isn't bad! Post by: Smartprofit on October 31, 2020, 10:13:14 AM Maybe initial definition of Bitcoin isn't money and its role isn't to replace fiat but that still doesn't mean it can't be used as money. Bitcoin is widely used as payment method and that is increasing all the time so we can consider Bitcoin to be a digital form of money so it's not only asset or store of value in narrow sense Bitcoin is banned as a legal tender in my country. Yes, bitcoin can become money. However, this will not happen in 2021-2030. CBDC is money for the next decade. Bitcoin is a financial asset. The number of transactions on the Bitcoin network is 350,000 per day. The number of transactions is not growing due to technological limitations. So far, bitcoin is not money. However, we will see the recognition of Bitcoin as decentralized virtual money in the Future. Title: Re: Bitcoin isn't money and that isn't bad! Post by: GeorgeJohn on October 31, 2020, 11:22:58 AM Maybe initial definition of Bitcoin isn't money and its role isn't to replace fiat but that still doesn't mean it can't be used as money. Anything that can used as means of payment and means of exchanges is money, provided that when exchanges involved and will turn to money, I don't really know while we are differentiating bitcoin from money? Is it because the definition of bitcoin does not sounds the way money sounds, but both functions are similar and it can be used as a same purpose. I really agreed with you, because its very clear that bitcoin is money.Bitcoin is widely used as payment method and that is increasing all the time so we can consider Bitcoin to be a digital form of money so it's not only asset or store of value in narrow sense Title: Re: Bitcoin isn't money and that isn't bad! Post by: buwaytress on October 31, 2020, 11:27:53 AM Pretty cool insight into that part of America, and I can tell you the same where I come from, I wouldn't find a single Bitcoin buyer but there would be plenty of people willing to trade for vegetables or even maybe some old piece of machinery from my grandparents' farm. Maybe even a few takers for Pokemon cards.
That said, Bitcoin's pretty much what I earn now (freelancer) and it's what I use online majority of the time. Almost every food delivery is Bitcoin. My last two holidays were paid in Bitcoin (flights+hotels) and even what I do pay with cash, is cash from selling Bitcoin p2p. So, it's all about context =) Title: Re: Bitcoin isn't money and that isn't bad! Post by: Xinarae* on October 31, 2020, 12:08:36 PM Bitcoin isn't money, it's a currency but it's possible to convert Bitcoin into money. If the entire world supports Bitcoin then banks will replace Bitcoin during which case it'll be easier to transact in currency albeit there's no money. those that have invested in Bitcoin their wealth has suddenly increased many times. It are often traded without revealing one's identity on the opposite hand the transaction cost is extremely low. But the most important reason is that there's a thought among many who investing in Bitcoin can pay off several times over.
Title: Re: Bitcoin isn't money and that isn't bad! Post by: ttcsalam on October 31, 2020, 12:42:26 PM Bitcoin is not money though.But it can be converted into cash at any moment.So it is possible to say that cash is the opposite of money.Or digital currency.So I can say that Bitcoin is the currency that converts money into money and digital currency.
Title: Re: Bitcoin isn't money and that isn't bad! Post by: noorman0 on October 31, 2020, 01:47:07 PM Now Bitcoin can't serve as a medium of exchange in some small towns, but there are many places where it's accepted. That proves Bitcoin has a big potential to become "real money". More specifically, cities with difficult or unreachable internet access. The issue of legality is not a barrier to using bitcoin as its function except for law-abiding people. And I understand what you mean by "real money" is that people all over the world will benefit from bitcoin as a medium of exchange in the end. Title: Re: Bitcoin isn't money and that isn't bad! Post by: JuSayCo on October 31, 2020, 03:05:31 PM This two somehow confuses the minds of the people who knew less about bitcoin. But for me, bitcoin will be simply understood as a digital currency that we cannot hold from our bare hands and cannot be used in the mainstream world for a daily spending. It has a big value that can be converted into fiat anytime we want to in selected exchanges and payout centers across the globe, from then we can actually hold the fiat/physical money that comes from intangible crypto currency.
Title: Re: Bitcoin isn't money and that isn't bad! Post by: Jet Cash on October 31, 2020, 03:42:23 PM Once again - Bitcoin is not a currency, as it hasn't been adopted for general use by any government. Fiat is not money strictly speaking, as it has no intrinsic value. Bitcoin is money, as it is the only virtual medium of exchange that has an intrinsic value. Once a government stops supporting fiat, then it will no longer be a medium of exchange, as it has no intrinsic value. The old Britiish currency - the Sovereign, still remains a medium of exchange because of its gold content.
The bottom line is that Bitcoin will take you through the impending fiat currency crisis, fiat bank notes or deposits won't. Title: Re: Bitcoin isn't money and that isn't bad! Post by: ice098 on October 31, 2020, 03:45:39 PM just because you can't understand something or can use it that doesn't mean bitcoin can not be used as money or instead of fiat. over the years bitcoin usage as payment has been increasing. there are currently multiple countries that have accepted it as a legal way of payment. now you can play with words all you want (currency, store of value, money, payment system,...) in the end bitcoin can be used as money. Even the traditional currency doesn't have these many access as bitcoin. Currency has been used as a paper carrying value. Bitcoin has been used as value store, as an investment asset similar to stocks and forex. Bitcoin as a means of payment has ease large scale transactions with much reduced fee. In other terms such a volume of transactions can't be handled by banks. No doubt, bitcoin is money and rest is upto the user.in any case cheeky link spam advertising your website using a controversial subject! I believe that this insight will only for now. To be honest bitcoin were not comparable even in fiat. This may not be considered as money for now because its transaction were done via online hence people were getting used to called money in terms of fiat. Let come to think of it, the fiat of each and every country were only applicable inside of their country and if someone will going to travel to other countries she/he will definitely exchange their fiat to other countries fiat, but in bitcoin if you will going to the countries where they receive bitcoin as a payment you will never had to undergo exchange your bitcoin into fiat. Title: Re: Bitcoin isn't money and that isn't bad! Post by: error08 on October 31, 2020, 04:12:14 PM Actually, Bitcoin is money. There are too many people who think it should have a system like fiat to call it as money. But it doesn't work like that. The meaning of money in short is "a medium of exchange". So, a currency that is a medium of exchange can be accepted as money. Perhaps a "digital money". Who said we can't spend bitcoin like money does? We definitely can. The only difference fiat money and bitcoin are facing is that fiat money has physical existence while bitcoin doesn't have. If money can be used to pay bills, pizza, etc. Bitcoin can also do the same through crypto local wallets. It was also alternative paymeny method next to fiat money. And according to Forbes (https://www.google.com/amp/s/www.forbes.com/sites/investor/2019/02/15/bitcoin-really-is-money-heres-why/amp/), Quote Apparently, money is: -A means of exchange -A store of wealth -A unit of account And bitcoin does this all characteristics, too, isn't? We can argue what is the definition of money or currency. But we agreed that bitcoin can be used as a medium of exchange, then it's a money. Whatever that can be used and agreed by both parties as a medium of exchange, just like bitcoin being used as a means of payment across the world or at least by people in this forum or citizens in Japan to buy goods or pay the bills. One thing that bitcoin need is more countries stated bitcoin accepted as means of payment, bitcoin is one step further after PayPal enable users to spend bitcoin on 26Million merchants. Title: Re: Bitcoin isn't money and that isn't bad! Post by: suzanne5223 on October 31, 2020, 04:50:36 PM Some governments and institutions saying Bitcoin is not money is definitely another excuse for them to cause FUD and to chase way some newbies that are planning to join cryptocurrency scheme because anything thats is accepted as means of payment for goods and services is said to be money which Bitcoin have all the characteristics. Besides, company like Paypal wont have join crypto.
Title: Re: Bitcoin isn't money and that isn't bad! Post by: k@suy on October 31, 2020, 05:05:16 PM Some governments and institutions saying Bitcoin is not money is definitely another excuse for them to cause FUD and to chase way some newbies that are planning to join cryptocurrency scheme because anything thats is accepted as means of payment for goods and services is said to be money which Bitcoin have all the characteristics. Besides, company like Paypal wont have join crypto. Bitcoin is considered as a virtual money since it can be a mode of payment in other countries. Other countries around the globe started years ago to accept bitcoin as a means of payment most especially those countries who has a lot of bitcoin users. But in my country, bitcoin is not acceptable because only few people knows about it and most of us are not that technologically aware.Title: Re: Bitcoin isn't money and that isn't bad! Post by: BitcoinFX on November 01, 2020, 02:02:23 AM Bitcoin is money. Bitcoin is also currency.
I always assert that the most accurate definition of Bitcoin is Digital Commodity Money ... - https://en.wikipedia.org/wiki/Commodity_money "Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves (intrinsic value) as well as their value in buying goods." Bitcoin's are made from electricity, CPU time and cryptography (math). It's in the Bitcoin white paper ... "Bitcoin: A Peer-to-Peer Electronic Cash System" - https://bitcoin.org/bitcoin.pdf Excerpt (page 4) ... "... In our case, it is CPU time and electricity that is expended. ..." The first Bitcoin exchange rates were calculated in exactly this way ... Excerpt; - http://newlibertystandard.wikifoundry.com/page/2009+Exchange+Rate "During 2009 my exchange rate was calculated by dividing $1.00 by the average amount of electricity required to run a computer with high CPU for a year, 1331.5 kWh, multiplied by the the average residential cost of electricity in the United States for the previous year, $0.1136, divided by 12 months divided by the number of bitcoins generated by my computer over the past 30 days." - http://newlibertystandard.wikifoundry.com/page/Exchange+Rate Excerpt; "The exchange rate is the average of the adjusted bitcoin production per day divided by the average production costs per day. The per day averages start with the previous day and will eventually extend back 365 days, but until then, they increase by half a day each day by taking the average of two averages. Production costs consist of the price of broadband Internet and metered electricity. The adjusted bitcoin production is the following spreadsheet calculation =if(M2>N2,((B2+F2)/2)*(1/(3-((N2/M2)*2))),((B2+F2)/2)*(3-((M2/N2)*2))) where M2 is the available balance of dollars times the exchange rate of that same day, N2 is the available balance of bitcoins, B2 is the amount of bitcoins produced the previous day and F2 is the average of the adjusted bitcoin production per day." ... One definition of money and currency includes; - Medium of Exchange - A Unit of Account - Portable - Durable - Divisible - Fungible (Interchangeable) Money has one main additional property than currency; - Store of Value See: "Money vs Currency - Hidden Secrets Of Money Episode 1 - Mike Maloney" - https://youtu.be/DyV0OfU3-FU?t=259 Bitcoin does (arguably) manage to have all of the above properties. Bitcoin as Digital Cash does struggle with one factor somewhere between Portable and Durable i.e. Tangibility ... - https://en.wikipedia.org/wiki/Tangibility ... Thus, "Bitcoin: A Peer-to-Peer Electronic Cash System" or perhaps; "Bitcoin: A Peer-to-Peer Digital (Commodity) Money System" not; "Bitnote or Bitbill: A Peer-to-Peer Electronic Currency System" Semantics!?! ,,, Bitcoin as Cryptocurrency is perhaps somewhat a misnomer that we got stuck with ... - https://en.wikipedia.org/wiki/Cryptocurrency Re: Who coined the word "cryptocurrency" ... - https://bitcointalk.org/index.php?topic=5155348.msg51503403#msg51503403 ... Understanding exactly what gives Bitcoin its 'value' often seems to escape many folks. Even so called economists! Philomena Cunk Money "Moments of Wonder." - https://youtu.be/Z-YKw8w-e50 *Satire* Philomena Cunk and Barry Sh*tpeas on Money. - https://youtu.be/cd3X6AZjVOM *Satire* *NSFW* ... Hey! Future Bitcoiner's (both new NewWave and perhaps those recently cryogenically unfrozen?) ... remember what BitcoinFX told you ... "You cannot trade in diminishing intangibility" - BitcoinFX Title: Re: Bitcoin isn't money and that isn't bad! Post by: proTECH77 on November 01, 2020, 03:29:26 PM Many people still guess that bitcoin is not money because they are not see bitcoin user holding the digital money like the way they hold fiat money in the country.many country who really familiar to bitcoin, seems bitcoin as a capital which any one can use to transact.
Countries which bitcoin is well legalized see bitcoin as a currency or money which someone can use to purchase and sell what ever they want. Bitcoin is a cash because it can be use to invest and make a good profit. Title: Re: Bitcoin isn't money and that isn't bad! Post by: AakZaki on November 01, 2020, 06:45:52 PM Bitcoin is money and money is used for both legitimate and illegal purposes. The current banking system has widely surpassed bitcoin in terms of use for criminal or criminal activities.
Many think bitcoin is not money, but that's wrong. Bitcoin brings new innovations that provide many advantages. Bitcoin is designed to make a big move that will make money safer and protect against financial crimes. Title: Re: Bitcoin isn't money and that isn't bad! Post by: Casdinyard on November 01, 2020, 10:42:21 PM In my country bitcoin is also not able to make direct payments, I mean when I want to buy something offline. But if you go online, of course bitcoin can be used for shopping and now more and more sites accept bitcoin for making payments. But I prefer to use bitcoin as an investment More people prefer Bitcoin as an investment especially for those who are aware of the advantages of price volatility. Using it as a currency is really convenient but using it as means of investment is more beneficial. But that does not make it not a currency. It is believed that in countries wherein Bitcoin and other cryptos are accepted, it will be more used as a digital payment but I doubt that it would be but rather it is still more dominant on investment purposes. Profit makes it more of an investment. Putting huge amount into it is really risky but at this moment, it is quite encouraging knowing that its market value is in greenmarks for weeks already. Title: Re: Bitcoin isn't money and that isn't bad! Post by: CODE200 on November 01, 2020, 10:57:07 PM Many people still guess that bitcoin is not money because they are not see bitcoin user holding the digital money like the way they hold fiat money in the country.many country who really familiar to bitcoin, seems bitcoin as a capital which any one can use to transact. It just depends on the preference of the user whether he will use it as a currency, investment or in bad deeds. Things of such cannot be dictated. Even on countries wherein it is "legal", many people would more likely prefer using it as an asset especially at times of this that the market price is continuously increasing. Some people are even avoiding to use it as a mode of payment right now because they are looking more on holding and generating profit eventually. Countries which bitcoin is well legalized see bitcoin as a currency or money which someone can use to purchase and sell what ever they want. Bitcoin is a cash because it can be use to invest and make a good profit. Title: Re: Bitcoin isn't money and that isn't bad! Post by: Boov on November 02, 2020, 12:47:02 AM Bitcoin is money and money is used for both legitimate and illegal purposes. The current banking system has widely surpassed bitcoin in terms of use for criminal or criminal activities. Many think bitcoin is not money, but that's wrong. Bitcoin brings new innovations that provide many advantages. Bitcoin is designed to make a big move that will make money safer and protect against financial crimes. Definitely yes, Bitcoin is money even if it isn't in a legal way and yes a money be it digital currency or fiat were used by legal or illegal matters. For as we know, fiat was a currency used in the economy of one country but then there are a lot of issues of misusing of fiat usually used in drugs. Bitcoin were now already known but then a lot of people who didn't know deeply about bitcoin would still doubt it. Title: Re: Bitcoin isn't money and that isn't bad! Post by: Shasha80 on November 02, 2020, 03:18:52 AM Bitcoin is future money, which has no physical form. Because with Bitcoin we can do what paper money usually does.
But because Bitcoin has not been accepted by all countries, transactions with Bitcoin are still limited. But I believe in the future Bitcoin can be accepted by all countries in the world. And can be an alternative payment, so for me Bitcoin is money. Title: Re: Bitcoin isn't money and that isn't bad! Post by: Serious475 on November 02, 2020, 03:21:15 AM Once again - Bitcoin is not a currency, as it hasn't been adopted for general use by any government. Fiat is not money strictly speaking, as it has no intrinsic value. Bitcoin is money, as it is the only virtual medium of exchange that has an intrinsic value. Once a government stops supporting fiat, then it will no longer be a medium of exchange, as it has no intrinsic value. The old Britiish currency - the Sovereign, still remains a medium of exchange because of its gold content. Yes, bitcoin is "NOT YET" money because it is not yet adopted at all but when mass adoption occurs, it will be a money in no time and can be used as a method of payment for anything. Government will be having a lot of advantages when mass adoption occurs and the best advantage is the lessen of material waste because we don't need to create paper money and metal coins anymore. People will also having a lot of advantages like they can earn using their own money and they can transfer money to their friend wherever they are as long as they have internet connection.The bottom line is that Bitcoin will take you through the impending fiat currency crisis, fiat bank notes or deposits won't. Title: Re: Bitcoin isn't money and that isn't bad! Post by: michellee on November 02, 2020, 08:46:49 AM Bitcoin is money and money is used for both legitimate and illegal purposes. The current banking system has widely surpassed bitcoin in terms of use for criminal or criminal activities. Many think bitcoin is not money, but that's wrong. Bitcoin brings new innovations that provide many advantages. Bitcoin is designed to make a big move that will make money safer and protect against financial crimes. Definitely yes, Bitcoin is money even if it isn't in a legal way and yes a money be it digital currency or fiat were used by legal or illegal matters. For as we know, fiat was a currency used in the economy of one country but then there are a lot of issues of misusing of fiat usually used in drugs. Bitcoin were now already known but then a lot of people who didn't know deeply about bitcoin would still doubt it. Title: Re: Bitcoin isn't money and that isn't bad! Post by: 3meek on November 02, 2020, 09:08:39 AM Probably bitcoin is not money, but it has the property of money - a medium of exchange or means of payment... However, when buying ordinary things Bitcoin is not convenient at all! For example, when buying a coffee worth 1 dollar, you need to pay a commission of several times more and wait until several days for confirmation... Agree that this is uncomfortable and stupid!
Title: Re: Bitcoin isn't money and that isn't bad! Post by: bitgolden on November 02, 2020, 09:36:43 PM All these long story wasn’t necessary, would have been better if you just made it short so that it would have been an easy read. So, why are you going to a local pawnshop to give them Bitcoin? Who told you that it’s everybody that accepts Bitcoin, Do you see everyone in your town walking around with gold? If Bitcoin is not accepted there, then use it elsewhere where it’s accepted.
For me, I mainly say that it’s an asset and I just use it to store wealth and also send where it’s possible, because there are some people you will work with and they will ask for Bitcoin. Title: Re: Bitcoin isn't money and that isn't bad! Post by: BayAreaCoins on November 02, 2020, 09:44:56 PM All these long story wasn’t necessary, would have been better if you just made it short so that it would have been an easy read. So, why are you going to a local pawnshop to give them Bitcoin? Attempting to sell Bitcoin to literally anyone because "money" is GENERALLY accepted. Who told you that it’s everybody that accepts Bitcoin No one? Do you see everyone in your town walking around with gold? Gold isn't money either or do you want to cry that it is because your personal belief is obviously what the rest of us value in the world (LOL). If Bitcoin is not accepted there, then use it elsewhere where it’s accepted. The point is, bitcoin isn't generally accepted... thus it is NOT money by definition. It possibly could be in the future, but it absolutely is not now. Just because 3 VC's in SF want to make money off the drug game indirectly... does NOT make something money! :P Just because I make "BAC Coin" that has a ledger and could be used as "money"... does NOT make it MONEY unless it is generally used as such. Title: Re: Bitcoin isn't money and that isn't bad! Post by: Chris Barth on November 02, 2020, 09:51:49 PM Let's get something here. Firstly, what's money? In as much as money means hard cash in form of bank notes, iteans wealth and a lot other things too. My own definitely of money in this case is anything you can use to pay for some goods or services. Some coffee shops accept bitcoin already. Online store accept bitcoin too (all as a means of payment [MONEY]). Adding to that, it's only a matter of time as more and more parts of the world adopt and use it. How then do you not classify bitcoin as money? What more do you need to see bitcoin used for?
Title: Re: Bitcoin isn't money and that isn't bad! Post by: MCobian on November 02, 2020, 11:54:57 PM There have been many members of this forum who have explained what money is, so I will not explain it again.
I just give a point of view about Bitcoin in my eyes, which is Bitcoin is money. I found several countries that accept Bitcoin in its entirety, meaning Bitcoin can be used as a payment in several countries. So in my opinion as long as there are people who make payments with Bitcoin legally, it means Bitcoin is indeed money. Title: Re: Bitcoin isn't money and that isn't bad! Post by: Darkelf11 on November 03, 2020, 07:14:42 AM Let's get something here. Firstly, what's money? In as much as money means hard cash in form of bank notes, iteans wealth and a lot other things too. My own definitely of money in this case is anything you can use to pay for some goods or services. Some coffee shops accept bitcoin already. Online store accept bitcoin too (all as a means of payment [MONEY]). Adding to that, it's only a matter of time as more and more parts of the world adopt and use it. How then do you not classify bitcoin as money? What more do you need to see bitcoin used for? Money can be in different forms, it can be digital or physical money like what you have said. Money whether it is digital or physical, it can be used as an item used to exchange for goods and services. In our country, bitcoin as widely known cryptocurrency is being embraced by some large companies but I haven't seen any shops that accepts cryptocurrency as payment. Bitcoin is a virtual money. It may not be directly used as a payment but you can convert it into fiat currency to buy your needs. Title: Re: Bitcoin isn't money and that isn't bad! Post by: witcher_sense on November 03, 2020, 10:05:09 AM The point is, bitcoin isn't generally accepted... thus it is NOT money by definition. The point is, you don't understand what, in the definition of money, "generally accepted" means. It doesn't mean bitcoin needs to be accepted by literally everyone in the world to be considered money. If people within any economy agree that some money has value and is able to solve the problem of the double coincidence of wants, this money will be generally accepted within this economy. Bitcoin is money because it is generally accepted within bitcoin economy. All people in bitcoin community use it in their exchanges and always ready to use it as a means of payment, a store of wealth, or even as a unit of account. It is because bitcoin is money, money generally accepted by all the participants of a given economy.Gold isn't money either Gold is also money because it is a generally accepted means for transactions of final settlements between central banks.Title: Re: Bitcoin isn't money and that isn't bad! Post by: BayAreaCoins on November 03, 2020, 02:25:40 PM You just went from generally to literally... which is a huge jump lol.
I added this article to the original post: https://www.washingtonpost.com/news/morning-mix/wp/2016/07/26/bitcoins-not-money-judge-rules-as-she-tosses-money-laundering-charge/ (https://www.washingtonpost.com/news/morning-mix/wp/2016/07/26/bitcoins-not-money-judge-rules-as-she-tosses-money-laundering-charge/) |
