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Author Topic: Is Bitcoin money?  (Read 100890 times)
SHAWN-MIDWAYS
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March 06, 2017, 07:43:09 PM
 #101

I agree with the statement..bitcoin is a kind of money bt instead of liquid or paper cash it is in the form of computerized programs(i think so)...apart from this bitcoin cam be used  to buy stuffs..so in a way it does have equal value to money

Indeed bitcoin is money because it has a value and can be used as a medium of exchange for goods and services!
No it's not exactly a form of money but it's a digital value exchange medium which we know as cryptocurrency.
This sounds contradictory to what bitcoin is suppose to be Roll Eyes

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March 06, 2017, 07:57:04 PM
 #102

In The Netherlands court has decided it IS money. Get some!

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March 06, 2017, 08:11:32 PM
 #103

I agree with the statement..bitcoin is a kind of money bt instead of liquid or paper cash it is in the form of computerized programs(i think so)...apart from this bitcoin cam be used  to buy stuffs..so in a way it does have equal value to money

Bitcoin is money and no matter from which side to look on it's point. Yes, bitcoin has different form from that kind of money that we used to have all this time (gold/paper money), but you can use it the same way. Bitcoin is new and it has many things that makes it different from that kind of money that we used to use all this years (no inflation, decentralization). I think that makes people to afraid bitcoin somehow. But I'm sure with time bitcoin will have more and more users and it will stop to look so wired.

   
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March 06, 2017, 08:50:30 PM
 #104

In The Netherlands court has decided it IS money. Get some!

I will follow in this decision.  and of course, the creator won't fail to describe it as cryptoCurrency.  So definitely Bitcoin is money.  I won't play smarter than the creator/developer telling Bitcoin is not money  Wink. Aside from that we have seen the property of money being attached to Bitcoin and performing it well.

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March 06, 2017, 08:56:30 PM
 #105

As i know when bitcoin launched in 2009 bitcoin is no value some told that bitcoin is scam and i think only some believe in bitcoin.  So they are lucky now bitcoin is money if you got bitcoin in the year 2009 you are very rich now and you're a millionaire.

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jonnybravo0411
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March 06, 2017, 10:44:03 PM
 #106

In The Netherlands court has decided it IS money. Get some!

I will follow in this decision.  and of course, the creator won't fail to describe it as cryptoCurrency.  So definitely Bitcoin is money.  I won't play smarter than the creator/developer telling Bitcoin is not money  Wink. Aside from that we have seen the property of money being attached to Bitcoin and performing it well.
To be more precise, every user sees bitcoin what he needs. To whom this is an investment, for someone it is money, with the help of which it can buy something. I consider bitcoin as a commodity, through which I can get more real money. I do not have the capacity to save now. But I will try.

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March 06, 2017, 10:58:35 PM
 #107

As i know when bitcoin launched in 2009 bitcoin is no value some told that bitcoin is scam and i think only some believe in bitcoin.  So they are lucky now bitcoin is money if you got bitcoin in the year 2009 you are very rich now and you're a millionaire.

a lot of people who have hundreds or even millions of Bitcoin with no value at all In 2009, but they believe something that's unique and can continue to be produced will have value in future. And proved to be correct, bitcoin community managed to have its own trade market and become central exchange of all existing altcoin.

This is why bitcoin branded as a virtual currency is regarded as highly influential. Bitcoin reward will be exhausted in 2041 also gives effect people to have more demand, and will result in higher prices on a continuous basis.


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March 06, 2017, 11:09:12 PM
 #108

Yes of course bitcoin is money and anything that can be exchange to fiat cash is money, which can be use to buy on goods like food, gadgets, properties and for services like in shops of any types. Bitcoin money can be a source of fiat cash for your needs, which is also the same as earning from jobs you have on the country you are residing. It has more to do with the future of your life, you can use that for future projects in your home and also to invest a business as long you're hardworking for earning money.


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March 06, 2017, 11:27:46 PM
 #109

I've said it before, but heck, I'll say it again because I think it's very important Wink.  I simply wish that there was some useful application specifically for a "network verified" bitcoin (since a bitcoin is just a piece of data).  For example, if a PhD in Computer Science did a study and determined that a Bitcoin is the best seed value for a random number generator.  I think when a use-value for bitcoin as an input to some productive cycle (software development?) is found, it will be a huge boon for the bitcoin community and also it's extrinsic exchange value.

Of course, adding businesses and such that accept bitcoin directly helps it's exchange value as well.
Bitcoin is like money. But it is not actually like fiat becuase it doesnt have physical bitcoin . But you can use bitcoin on transaction by the use of application wallet like coin.ph in this you can make transactions such as paying bills , buying load or even convert your bitcoin. So if you are thinking bitcoin is money , also think its characteristics.



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March 06, 2017, 11:38:43 PM
 #110

I agree with the statement..bitcoin is a kind of money bt instead of liquid or paper cash it is in the form of computerized programs(i think so)...apart from this bitcoin cam be used  to buy stuffs..so in a way it does have equal value to money

Bitcoin is money and no matter from which side to look on it's point. Yes, bitcoin has different form from that kind of money that we used to have all this time (gold/paper money), but you can use it the same way. Bitcoin is new and it has many things that makes it different from that kind of money that we used to use all this years (no inflation, decentralization). I think that makes people to afraid bitcoin somehow. But I'm sure with time bitcoin will have more and more users and it will stop to look so wired.
yes that is right to say that bitcoin is money. there is no doubt about this. we can use bitcoin in all over the world just like fiat currency and specially for online shopping and business bitcoin is the best option.
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March 06, 2017, 11:55:15 PM
 #111

I agree with the statement..bitcoin is a kind of money bt instead of liquid or paper cash it is in the form of computerized programs(i think so)...apart from this bitcoin cam be used  to buy stuffs..so in a way it does have equal value to money

Bitcoin is money and no matter from which side to look on it's point. Yes, bitcoin has different form from that kind of money that we used to have all this time (gold/paper money), but you can use it the same way. Bitcoin is new and it has many things that makes it different from that kind of money that we used to use all this years (no inflation, decentralization). I think that makes people to afraid bitcoin somehow. But I'm sure with time bitcoin will have more and more users and it will stop to look so wired.
yes that is right to say that bitcoin is money. there is no doubt about this. we can use bitcoin in all over the world just like fiat currency and specially for online shopping and business bitcoin is the best option.
Also that is why we are here for bitcoin because we want to learn and earn bitcoin in order to use bitcoin to buy a service or product online or we scaling up and maybe if we are lucky to grow our bitcoin we can exchange bitcoin into high amount of value.. it is just gold or silver that has own value.. but different movement of the price.. it will be still things in the internet but if you exchange it turn into money.

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March 07, 2017, 06:23:16 AM
 #112

Yes it is, bitcoin is kind of money but it is not tangible. Bitcoin is money because it like money it has a value. Bitcoin is just like a dollar that you will convert it to other currency. For example, ( the currency in my country is peso) you have dollar(think it as bitcoin) and then you will convert it to peso because in our country some mall is not accepting dollar as payment. That's all i can share for now thank you  Smiley

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March 07, 2017, 06:25:54 AM
 #113

Satoshi could have not made such a big reserve of bitcoin. If his focus was to make big earning, he could have saved as well might have promoted through several other ways. His focus was to make a technology to make things better. So his continued effort now emerged as a currency and for various other needs. So bitcoin too gets considered as money.

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March 07, 2017, 10:15:45 AM
 #114

Bitcoin cant be counted as a money but it is an alternate means of transacting it and making use of it as substitute. People  as we are we seek for other alternatives which is more accessible to us without making a lot of effort in doing such. We should not deny the fact that we have this characteristics which are really not a good thing, such us, being lazy depending on technology and etc. But in the end it will depend on the individual to conclude if bitcoin is a money or not.


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March 07, 2017, 10:58:34 AM
 #115

  • The most common medium of exchange; functions as legal tender.
  • The official currency issued by a government or national bank.

actually you have a point, bitcoin is not a common medium of exchange but since most people are using it as a medium for it then it is already considered as money, we can never change the perception of people and how and bitcoin would appear to them although it is not officially issued by the government as an official money or currency it is already used for various transactions such as exchanging of goods whether it is digital or actual goods .

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March 07, 2017, 01:21:45 PM
 #116

Bitcoin cant be counted as a money but it is an alternate means of transacting it and making use of it as substitute. People  as we are we seek for other alternatives which is more accessible to us without making a lot of effort in doing such. We should not deny the fact that we have this characteristics which are really not a good thing, such us, being lazy depending on technology and etc. But in the end it will depend on the individual to conclude if bitcoin is a money or not.
As per definition based on the real essense to be considered as money, I think bitcoin is far from being considered as money. Our government has issued a memorandum which is coming from the central bank, bitocin was define as a payment system. Hence, it has no value when we are not using it  and since it's not fiat where it is widely accepted as legal money, bicoin will always be a system to support in helping to make a faster transaction for the humanity.

This should be the real definiton and we must simply understand that fiat money is more powerful than bitocin and it cannot surpass its popularity even in the future to come.

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March 07, 2017, 01:39:35 PM
 #117

    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?





    Yes it is a cryptocurrency, maybeb you have a doubt because you never see it grow in reality but the real thing is bitcoin is a coin that you may earn in the internet , you may withdraw that too, it will have a profit or it may be lost also. it is real money for me.anything that can be converted to other currency we can call it a money  or a currency too


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    March 07, 2017, 09:29:04 PM
     #118

      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?





      Yes it is a cryptocurrency, maybeb you have a doubt because you never see it grow in reality but the real thing is bitcoin is a coin that you may earn in the internet , you may withdraw that too, it will have a profit or it may be lost also. it is real money for me.anything that can be converted to other currency we can call it a money  or a currency too


      Yes, I agree that bitcoin fulfills the function of money. But you can not say that bitcoin is money. He has a great potential, which is not at fiat money
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      March 07, 2017, 09:58:21 PM
       #119

      As i know when bitcoin launched in 2009 bitcoin is no value some told that bitcoin is scam and i think only some believe in bitcoin.  So they are lucky now bitcoin is money if you got bitcoin in the year 2009 you are very rich now and you're a millionaire.
      that's quite some nonsense... I mean if you got some bitcoins back in 2009 it does not mean that you are a millionaire because you might have a small amount from faucets as well, also even it was alive for just one year it already had the value, just it was really small.

        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?





        Yes it is a cryptocurrency, maybeb you have a doubt because you never see it grow in reality but the real thing is bitcoin is a coin that you may earn in the internet , you may withdraw that too, it will have a profit or it may be lost also. it is real money for me.anything that can be converted to other currency we can call it a money  or a currency too


        Yes, I agree that bitcoin fulfills the function of money. But you can not say that bitcoin is money. He has a great potential, which is not at fiat money
        we definitely CAN say that bitcoin is money because with it you can buy products, you can convert it to other fiat currencies. And in the future bitcoin is only going to go bigger and bigger over time, it will become so big, that it might replace some of fiats that we have in different countries right now.

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        March 08, 2017, 01:04:58 AM
         #120

        Yes it is, bitcoin is kind of money but it is not tangible. Bitcoin is money because it like money it has a value. Bitcoin is just like a dollar that you will convert it to other currency. For example, ( the currency in my country is peso) you have dollar(think it as bitcoin) and then you will convert it to peso because in our country some mall is not accepting dollar as payment. That's all i can share for now thank you  Smiley
        I think for bitcoin own rate and can be used to purchase and can be used for tool exchange. of course it can be regarded as currency. there are actually many advantages to bitcoin besides currency



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