Bitcoin is something radically new. Nothing like Bitcoin has been possible until now. I would go so far as to consider it sui generis; "in its own class". This makes it important to understand what Bitcoin actually is before we try to describe it to others. We're getting a good handle on the code, and of course on Bitcoin's function and utility, but what words should we use to describe Bitcoin itself? There has been some debate in other threads [mostly my doing] over how it is like/not like money, cash, dollars, etc. I'd like to start this thread by focusing on the term "money", and play Devil's avocate by asking for your best arguments that Bitcoin IS money. My legal dictionary states "In usual and ordinary acceptation it [money] means gold, silver, or paper money, used as circulating medium of exchange, and does not embrace notes, bonds, evidences of debt, or other personal or real estate." [cites omitted] Wikipedia says "Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment." [cited omitted] Webster's Online Dictionary defines money as: - 1. The most common medium of exchange; functions as legal tender; "we tried to collect the money he owed us".
- 2. Wealth reckoned in terms of money; "all his money is in real estate".
- 3. The official currency issued by a government or national bank; "he changed his money into francs".
- 4. A piece of metal, as gold, silver, copper, etc., coined, or stamped, and issued by the sovereign authority as a medium of exchange in financial transactions between citizens and with government; also, any number of such pieces; coin.
- 5. Any written or stamped promise, certificate, or order, as a government note, a bank note, a certificate of deposit, etc., which is payable in standard coined money and is lawfully current in lieu of it; in a comprehensive sense, any currency usually and lawfully employed in buying and selling.
- 6. In general, wealth; property; as, he has much money in land, or in stocks; to make, or lose, money.
[links omitted] [/list] I maintain that per these definitions, Bitcoin cannot possibly be described as "money". And further, I think that those who do describe Bitcoin as "money" are doing this community a disservice. But that is just my point of view. Are there any that can convincingly argue otherwise, that Bitcoin IS money? Bitcoin is not money, it would be more "an exchange object" for money (dollar, real, euro, peso and etc). Basically bitcoin is a currency, but a currency. My point of view, please ask me. Bitcoin is money, you already said that it is a currency and a currency is money and can be used as an exchange object or to spend it on anything that you want using bitcoin or any cryptocurrency that you have. There is already online shops that accept bitcoin and you cannot tell that bitcoin is not money because if bitcoin is not money then there will be no people using it as a payment. |
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There is already a lot of things that have been changed ever since. A lot of people now are using bitcoin and a lot of volumes of both money and users are coming to bitcoin everyday so there is no surprising moment for bitcoin if the transaction confirmations takes a lot of time because the network is getting more crowded and that is causing so much traffic to the network.
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The ransomware made a lot of impact to the bitcoin because i think it is one of the cause why bitcoin price goes down a little bit in this past few days in the market. I read an article yesterday and the ransomware already collected 6 bitcoin in just one account and how much more for the other bitcoin address.
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think Bitcoin will be more successful this year. This year, in small and developing countries, Bitcoin will become more popular.
As you say, at present, bitcoin is rising very fast. However, it is causing problems for traders. The value is so high that they shrink from big plans. There is no problem for traders if the price will rise very fast because all of the traders of bitcoin and most of the traders now are already used for the price volatility of bitcoin and they can earn bitcoins or money with it even there is a pump or dump. There is no problem they can always make profits no matter what is the price. The only problem is for the new investors because they will buy bitcoin for a high price and get a smaller amounts than in the few past months of price. |
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I have a question for you. How to make governments accept bitcoin and not see it as a threat? So that one could use bitcoin in daily use, such as paying taxes or grocery shopping. What is there, other than anonymity, thats making governments fear bitcoin and cryptocurrencies?
I do think that for now it is still unachievable thats because there are still many things that the government think they don't just prioritize something like bitcoin for now. Due to all the problems, issues, and more thing to develop the government is not still interested on cryptocurrency but sooner or later bitcoin will be known by the government and they will make it as a payment option. As the price of the bitcoin is increasing and when they see they can earn from them they will get interest on them and start advertising bitcoin. Government is all about money the other flow of bitcoin is that right now the bitcoin price is still not constant but as soon as it will I pretty sure they will do accept it in no time.  Their all about money, when they see how government of Japan corresponds on it and gather taxes on it they'll for sure make a way to prioritize implementing bitcoin ,no matter how busy they are. I agree with you, i also think that they are just waiting for the other governments like in the Japan if they can get good benefits from bitcoin and if they does then they will be in a rush mode for accepting and fixing the laws for bitcoin so they will not be left behind by the hype of accepting bitcoin as a secondary currency in their country. |
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My experiences in bitcoin when I started it was really great,
I watch some video to learn how to use the online wallet and it turns out to be great,
I earn some in Faucet and tried to invest it in a HYIP and earn some satoshi I earn a decent amount of money through it.
You are lucky because you earn a few bitcoins in faucet as well as in high yield investment programs because back in the day when i was keep investing into hyips i will always end up losing money and getting scam time to time so i just give up and start trading which is the main source of my bitcoins as of now. |
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Then who would be the rich man do it? Its very expensive to advertise on tv and im pretty sure that it will cost a lot on the people who are willing to do so.
And since theirs nobody would volunter for that i think the best thing for bitcoin is to get some exposure on those business extablishment,online shops or any sectors that accepting it to include whenever they do some t.v advertisement.
But this though of promoting on national television would be impossible if certain individual will only do the job.
It will not cost that much if a good person will decide to do it because if they will pay in bitcoin then i'm sure that it will cost just a few amounts of bitcoin and at the same time it is a good idea to pay in bitcoins because it will promote the use of bitcoins to the advertisement company and if they will become happy with it then they charge us less. |
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I am just curious. Many of us believe that Bitcoin is the future currency but we also know that there is a limit on what we can mine. My question is, let's say we are already in the future, the Bitcoin is currently the universal curreny then we had mined all of the remaining Bitcoin, what will happen next?
At that point miners will need to cover their cost with only the fees they charge for every transaction, at that point bitcoin will have become very valuable so I think by that time some whales would have gotten out of bitcoin and this will allow for more bitcoin to be distributed among the general public. I don't think that those whales are going to get out of bitcoin, that's why they are called whales. They are influential and with their power to manipulate the market of bitcoin why there's a need to get out of it if they are benefiting on this type of industry. Maybe they will retire if they had plenty of savings already but the future of bitcoin is really bright. I think Batang is absolutely right, as long as they have the power to move the market there will be no reason for them to pull out, unless they are finally content with the money they've made and retire. At least that's what I would do if I was were a whale ....but then again I'm a newbie  Come to think of it, for example you are a whale on this market and you are getting good money on it with every movement. So do you think you are going to stop with this type of trade or career? You will not even need to find your day job or real job for it because once a whale is always a whale, then it can take up an assurance for the rest of your life. I also think that there's no need for the whales to earn a lot since their already whales they just enjoy their life or give some in charity unless they were not satisfied in their money yet that they keep on investing and risking it. Whales are always hungry because they have a very huge tummy. The whales is one of the most aggressive traders or investors in the market and most of the time they are the winner of this kind of game so i don't think they will lose that opportunity because once you are a whale then you can easily get rich fast or get richer in just a short period of time. |
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never sell Btc until it's 3000$
Yes that is one of my price target for the high price of bitcoin and i think if the price reaches at least 3000 USD a lot of people will sell mostly those people who bought their bitcoins from 1000 USD or below. If i were you, i will sell some of my bitcoins if the price reaches 3000 USD to get ROI and i will keep the rest for another price target. |
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I purchased by first coins in May 2014. Back then, I purchased BTC0.1 at the rate of $600 per coin, on top of 5% commission from Localbitcoins. That was the only time I purchased coins. The rest of my holding came from freelancing and sig campaigns.
Wow that is good that you are still keep holding bitcoin for long term and you don't spend that 0.1 and you are just accumulating bitcoin for a long run which is the best to do right now. I also buy some bitcoins with that price but i sold them for 900 USD which is very regretful for me but i will buy back if the price will reach at least 1400 USD. |
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Altcoins. They are a good source of making a great number of bitcoin. But still you will need to make a capital to buy one of those blooming coins. I have been through the altcoins section and found out some of them are really a good choice to invest. They are really active when it comes to advertising their lovely coins and many of them really give out a lot of money just for making their coin popular. That means they are willing to risk anything. You might want to look at that section if you have time. I agree with you. Altcoins is one of the best source of bitcoin now a days because their price is constantly moving up and most of the times they dump hard and recover very fast and that is a very good opportunity to earn money within a short period of time thru scalp trading which most of the traders i know recommended the best. |
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Right now i am still hold bitcoin for long time, although it is just a little amount of bitcoin,
but it will be increasing if i have got the profit, couples my bitcoin were withdrawal to fiat money
and the other bitcoin is still in my cold wallet, i will sell on the price about $3000/BTC
Wow that is a great target and i think you are holding a good amount of bitcoin and if bitcoin will reach at least 3000 USD/bitcoin then you can sell some of your bitcoins and not all because there is still possibility for bitcoin to get a higher price in the future so patience is a must and just take your capital from your investment and keep the rest for another long term. |
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I don't lose faith in bitcoin because i believe that the price will keep moving up even we are experiencing some price fall as of now but i think it doesn't matter after a few years because the price there will be very high and the people will become winners are the people who believe in bitcoin and still hold bitcoin for at least a few years.
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many people predict that soon there will be a dump. it makes people think to sell bitcoin they have, and maybe some people will think that bitcoin will be considered dead again. but, I feel it will not happen, because the current price of bitcoin really become stable.
We cannot blame them since they have a bad experience with the bubble of bitcoins price last 2013. What happened was bitcoins price reached 1000 dollars but suddenly it fell down tremendously causing many to loss huge profits and deal a big loss and big blow to their pockets. But this time around the price increase is not a bubble but a real value of bitcoin and not manipulated. For so many times they predicted bitcoin to be dead, yet were still using it and were all able to get the benefits bitcoin have offers so whether we believe it to get dumped it surely stand still no matter what. Those people who are always saying that bitcoin is dead are just people that want to make the price of bitcoin to dump so they can get bitcoins for a cheaper price and after that it is normal if they will promote bitcoin because that is how they will earn money. |
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I think the real use of bitcoin is to become an additional currency to our current fiat currencies that are available in the market. Bitcoin is one of the best tool for the people who want to have investment and also money to be used online without having a problems for the taxes because bitcoin is tax free so we don't need to spend or get reduce from our money there.
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I had the difficulty of understanding bitcoin and as a matrr of fact there are still things that are not clear for me when it comes to bitcoin. But explaining it to a teenager or a child is a different thing, if you will explain this to a child you can say that bitcoin is a new kind of currency and other information that are basic.
for me also is difficult to explain but I have better idea. I just introduce bitcoin to children by showing them a video. There's a lot of video showing on how bitcoin works and how to used it like youtube media is the best technology to teach children. Yes i think it will be easy to explain it if you just let them watch videos regarding bitcoin, then if they have questions or curious about something answer it. my 8 year old daughter also ask what im doing because she saw my btc wallet and she dont understand, i told her that its a digital currency that can be use to buy items online just like fiat. she didnt ask further questions i think she would understand it slowly. Video representation would be a great idea since kids now love online gaming and video games, it may hard to understand at first but soon they'll know it since children's now were exposed in internet. Kids will be kids and they will just love video games and other fun stuff rather than listening to you on how bitcoin works and how to earn it because kids doesn't have that much interest in getting money for their young age and they just want to have fun while teenagers will be partially suited for learning bitcoin and that is where we should put our attention on explaining to teenagers. |
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i think name is not a big reason. it is all about the value of bitcoin that how high its price. if there is another coin whose price will high than people follow that coin .
Yes it is not about the name of the coin that attracts people to invest because it is all about the features and the price and if the have that high price then it will attract a lot of attention from other people in the crypto world plus if its have a great features then people will surely follow that coin and buy some of that coin for investment. |
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Bitcoin is good for investment because bitcoin price is stable. In future bitcoin price will be higher. Bitcoin investment is good source of large amount earn in future.
Because of the high market cap of bitcoin it became stable and it's very promising. Bitcoin is going to be a good investment not just now but always. Considering that there are a lot of people that are using it and big money has been invested to this great crypto, the future is secured with bitcoin so invest to it right now. if were able to save the first time we earned bitcoin, or save about a year ago then definitely your decision is so great, now that bitcoin value is increasing were sure be proud that were able to invest in bitcoin for it will always be a good way to earn since its value is rapidly increasing, it may fall a bit but it will goes up more. Totally agree , bitcoin is good investment because the pruce everyday or veryweek is increasing. I think the price of bitcoin is not stable because if you see the pricr today and yesterday its very different. But If you buy bitcoin and hold for few months or maybe years for sure your money grow and you will be thankful to bitcoin. Hold our bitcoin guyz dont panic dont sell it just hold. More bitcoin more money . Dont waste time . But remember you invest only what can afford to loss because even the bitcoin is very high price they have possible they will become dead but I hope did not. Yes that is right, bitcoin is the best because of the price volatility and we can take advantage that and be a scalp trader or long term trader which is best because we can earn a lot of money by just holding and buying bitcoins like now that there is a price dump happening in bitcoin and we can buy to that price and hold it for a few months. |
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Will have no effect on the value of bitcoin, shatosi are very clever in hiding all this time so he will not find it.
Bitcoin can move forward to the present and has a value that increases from the previous year, it was all done by the developers and users of the bitcoin.
shatosi currently acts only as the creator of the bitcoin.
I think there will be a huge effect to the value of bitcoin if satoshi nakamoto will reveal himself as the real creator of bitcoin like showing his real face and real name then people who are doubting bitcoin will be more confident to invest their money and feel safe because there will be a transparent information for bitcoin. |
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There is a lot of risk in bitcoin investment because you cannot tell what will be the price tomorrow and the market is cannot be predict unless you are a rich person so you can dictate the that you want but if you don't have any large amount of money then you will have a high risk in doing investment in bitcoin.
that's makes sense that in bitcoin world there is no guarantee the price will always increasing day by day and also there is no steady movement in bitcoin but the risk is worth just like the profit too but only for those who had buy and sell at the right time As quoted there is nothing assured with bitcoin as it's a system that doesn't have a central authority. So if something goes wrong it's gone forever, you cannot go and claim that you lost so and so. Though it's not sure it always increase gradually, but till now I haven't seen people who lost big by this fluctuations. You're right that there's no guaranteed assurance but I think those that were a little patient with Bitcoin investment can now reap good dividends if they decide to sell so it's just a matter of having a positive attitude towards it and keeping yourself updated with Bitcoin news in order to predict the future correctlyin order to know when to hold and when to sell.. Yes there is no assurance but there is still a chance for us to predict the possible move of the charts in the next few days by being updated to the news or updates of the team or from the developer of the coin which is very helpful for a trader to make its own decision because of the informations that are available in almost everywhere. |
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