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Author Topic: Is Bitcoin money?  (Read 99785 times)
tn211
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June 12, 2017, 07:56:20 AM
 #1041

I actually want to know, is it really a money..?
as a beginner member of this platform, i have to make it understand clearly, so far I know, Bitcoin is a virtual currency and it's getting spread out all over the world, I want to learn more about this issue...
Yes it is really money. Just search what is the meaning of money. And my own understanding to it is that it is something that you can use for purchasing goods and services. And we are using bitcoin for doing it so and not just only it because we can also use it as an investment.

The moment you can use it to buy goods or services it can be considered as real money. The fact that you convert it to fiat or vice versa makes it a widely accepted type of currency. So yeah Bitcoin is real money.

And it's gaining popularity.
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June 12, 2017, 08:09:47 AM
 #1042

    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?





    Well, I think bitcoin money because some people use it in any kind of transaction like paying bills, shopping online and many more.Bitcoin has value in the market so I think its money.Bitcoin is electronic and digital money in online market. Some bitcoin users use it in their business so I agree that bitcoin is money.
    arcanayou
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    June 12, 2017, 08:30:57 AM
     #1043

    I think bitcoin is not money, although there are some online stores and some merchants that use and receive bitcoin as a means of payment, but only a small portion, not much. Even some countries do not allow bitcoin and prohibit it. I consider bitcoin as an investment instrument not as money
    Rajamuda
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    June 12, 2017, 09:48:22 AM
     #1044

    yeah it's money, but need processing to making it the money Grin It depends on us to manage it, goodly or badly. By playing it, save it, investing it. that's all i know:) so it's certainly bitcoin is money too. We can enjoy it after we cashing out it

    InsiderOfCrypto
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    June 12, 2017, 10:15:40 AM
     #1045

    To me personally, it's the precious asset class in which I have faith. So I would rather purchase more BTC than spending it on stuff that I do not need.
    corroze
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    June 12, 2017, 10:20:16 AM
     #1046

    To me personally, it's the precious asset class in which I have faith. So I would rather purchase more BTC than spending it on stuff that I do not need.


    I agree with you, and it seems like a good idea to be more frugal in choosing to store bitcoin than to exchange it with fiat money just to buy some items that do not have a vital function for our daily needs.

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    Eternu
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    June 12, 2017, 10:21:09 AM
     #1047

    Now when i think about it i think you are right. Personally i never considered if bitcoin is like money and could be called that, but now when i think more carefully about it i think i would not say it is money. Bitcoin is more like possessing something that is worth some amount of money to other people. Directly bitcoin is not money, but indirectly it is, like most things in our life. Most things have its value in money, so there for it is not money but it could be turned in to money.

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    shimbark123
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    June 12, 2017, 11:13:15 AM
     #1048

    Well it is a cryptocurrency and by the word itself, "currency" when we say currency it says money. So basically bitcoin is a currency or money or whatever you call it. But bitcoin a little bit different by the real money in the real world because the traditional way on paying on something is with the use of money that can work offline but bitcoin does work but you need an internet connection to see your bitcoins and use it on paying bills or whatever you pay.

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    June 12, 2017, 11:19:21 AM
     #1049

    I see people bringing in the definition of "money" forgetting that definitions are really outdated when it comes to something which still has to grow to become a standard. One day maybe those definition of money will be updated and beside this part of the definition:

     "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. "

    We will see "gold, silver, copper, bitcoin"
    jurly
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    June 12, 2017, 11:20:09 AM
     #1050

    I strongly say yes! as long as you use to buy things ,goods and gadget  . you can use it on exchanges. btc is a newly revolution of money. as you see it has market exchanger trading similar to currency. word "bitcoin currency" is also a proof.
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    June 12, 2017, 11:24:29 AM
     #1051

    I strongly say yes! as long as you use to buy things ,goods and gadget  . you can use it on exchanges. btc is a newly revolution of money. as you see it has market exchanger trading similar to currency. word "bitcoin currency" is also a proof.

    I agree, it's just a new virtual money with the help of which you can make purchases and earn money.

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    June 12, 2017, 11:57:23 AM
     #1052

    No, i don't believe Bitcoin is money because money is a universal accepted commodity which can be exchanged with anything available out there, but Bitcoin is not universally accepted so it can't be regarded as money. But, it can be regarded as an asset as Bitcoin is something which has great value and can provide good returns.

    Humanxlemming
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    June 12, 2017, 12:08:42 PM
     #1053

    No, i don't believe Bitcoin is money because money is a universal accepted commodity which can be exchanged with anything available out there, but Bitcoin is not universally accepted so it can't be regarded as money. But, it can be regarded as an asset as Bitcoin is something which has great value and can provide good returns.
    Well we can say bitcoin as money after we convert it into fiat. Like bitcoin conveet it into your USD (your country fiat). Well in me it's PESO (PHP). Anyways all i can say is bitcoin is trully a money not just a mobey as a future because bitcoin is the one help me a lot
    batang_bitcoin
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    June 12, 2017, 03:07:27 PM
     #1054

    I actually want to know, is it really a money..?
    as a beginner member of this platform, i have to make it understand clearly, so far I know, Bitcoin is a virtual currency and it's getting spread out all over the world, I want to learn more about this issue...
    Yes it is really money. Just search what is the meaning of money. And my own understanding to it is that it is something that you can use for purchasing goods and services. And we are using bitcoin for doing it so and not just only it because we can also use it as an investment.

    The moment you can use it to buy goods or services it can be considered as real money. The fact that you convert it to fiat or vice versa makes it a widely accepted type of currency. So yeah Bitcoin is real money.

    And it's gaining popularity.

    Yes it is gaining popularity and the more people are keep on using it that is going to make the price of bitcoin higher. And it's very popular that many people now are using bitcoin for shopping online so it's truly money. Even you want to convert it to fiat so the same thing you have been using it for the best choice.

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    June 12, 2017, 03:11:39 PM
     #1055

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.

    I agree with you. Since it is a means of transaction, then it is money. It is different from FIAT currency anyway.

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    June 12, 2017, 03:15:45 PM
     #1056

    Depends who you ask.
    If I go to my local tax office, and try to report income from bitcoin, I will receive answer that it's impossible to do such thing.
    Bitcoin is not recognized as legal currency in my country.
    So, from legal viewpoint, bitcoin is not money.
    From my own viewpoint, bitcoin is money because I can buy staff on Internet, trade bitcoin, sell, earn profit etc.

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    June 12, 2017, 03:42:54 PM
     #1057

    According to my admittedly bitcoin is a digital money is now much sought after by people from some countries because of the high value of the bitcoin moment, and using bitcoin is also sufficient for the daily needs of me and my family
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    June 12, 2017, 03:48:24 PM
     #1058

    I believe that the statement: "bitcoin is new kind of money" passes the duck test.

    Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.

    If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.

    Yes bitcoin is not just a money itself but I also do believe that bitcoin is a way better form of money. Because it has value so literally it is a money it can be used in transaction also. But it makes transaction easy and reliable because transaction is can be made with the internet. Meaning to say that its development also changing fast like technology making it as a way better money.

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    June 12, 2017, 03:50:54 PM
     #1059

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.

    I agree with you. Since it is a means of transaction, then it is money. It is different from FIAT currency anyway.
    Same here.Bitcoin is  money because we can purchase stuffs online paid by bitcoin.In real world,although bitcoin is not yet legalized,but considering its essence makes it a real money.It can make a man's rich like a fiat currency.It can even change the way you live your life.

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    June 13, 2017, 08:34:20 AM
     #1060

    Bitcoin is not a conventional form of money, it is a basic virtual money, you can use it as like as money, but not every country haven't approved it as a legal currency. in recent months many countries have started talking about it in order to allow as a legal currency...



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