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Author Topic: Is Bitcoin money?  (Read 100515 times)
douglock
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June 14, 2017, 02:25:13 PM
 #1061

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.

For me it is the future's money, it will be our new form of currency in the business world. I can call it a money because I can exchange my bitcoins into a real money in the bank. And I'm using it as my another source of income.
Well, bitcoin is not just money. Bitcoin is way too good to be just a simple money. Bitcoin is a future technology which will make the world better. Even if bitcoin can not as strong as it used to be, people will still remember bitcoin as a new revolution in the 21st century

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June 14, 2017, 02:38:02 PM
 #1062

Yes bitcoin is both money as well as commodity.It differs in the way we use it.When we buy any products with bitcoins,it acts as money.When we buy bitcoins and hold it as an inve.stment,it acts as a commodity.In earlier stages,bitcoin was used more as money and now due to its high value,it is mostly used as commodity.
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June 14, 2017, 02:39:15 PM
 #1063

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.

Well its yes that bitcoin is money. Bitcoin is digital money in online that you use in different transaction like in paying bill, transfer of money and many more. I guess the bitcoin is the future money that you can use in your daily life. Also you can convert the bitcoin into real money so think that bitcoin is money.

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June 14, 2017, 02:51:18 PM
 #1064

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.

I totally agree that that all digital currency is money anything that can be bought by the use of digital currency is transaction of money. The only difference of this is that your digital currency has no physical character that you can hold in your hands and give to the store to buy goods. You can only transfer or to pay via online but its worth it you cannot be hijack buy bad people because its not on your wallet. cheers  Grin

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June 14, 2017, 07:57:26 PM
 #1065

Yes. Bitcoin is a money.
We all know that bitcoin is convertible to a fiat so there's no need to argu whether bitcoin is money or not. Bitcoin is valuable than any other currency making it more significant than money. We can have atleast convert bitcoin into fiat so that we could buy everything we wanted to have.
Bitcoin is a kind of money in fact it's more valuable than money but it is a kind of money not really money it is a kind of savage in this people save their income in the shape of Bitcoins so we can say that it is an income and as it price  are going to its so it for future storage and there is a lot of people saved their money in huge amount in bitcoin because they believe in bitcoin that price will be more rise and their money will be double value in the future.

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stergium
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June 14, 2017, 08:41:17 PM
 #1066

Yes. Bitcoin is a money.
We all know that bitcoin is convertible to a fiat so there's no need to argu whether bitcoin is money or not. Bitcoin is valuable than any other currency making it more significant than money. We can have atleast convert bitcoin into fiat so that we could buy everything we wanted to have.
Bitcoin is a kind of money in fact it's more valuable than money but it is a kind of money not really money it is a kind of savage in this people save their income in the shape of Bitcoins so we can say that it is an income and as it price  are going to its so it for future storage and there is a lot of people saved their money in huge amount in bitcoin because they believe in bitcoin that price will be more rise and their money will be double value in the future.
yes bitcoin is money and there is no doubt about it. we currently use bitcoin for online purposes and very soon we will also be able to use it even in our local shops. i am hopeful that it will be more easy to use bitcoin instead of fiat currency. currently in some places like Brazil they have already started accepting bitcoin even in their local shops, hope this trend will increase and very soon we will also become able to use bitcoin in our local shops.
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June 14, 2017, 08:46:52 PM
 #1067

It varies between users. Difference is found in the way they consider it as well the way it's been spend. Most of the users here consider it an investment asset for good profit whereas a little consider it an money similar to the fiat for our regular needs.

It's current not admited as money in many countries yet. But surly bitcoin is money. Today with bitcoin you can buy whatever, directly or with cashing it out at first. Did you hear about Japan? Their hotels, avialines, exchangers and ect. I think many other countries will follow this example and bitcoin will be counted as money everywhere.
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June 14, 2017, 09:28:26 PM
 #1068

It varies between users. Difference is found in the way they consider it as well the way it's been spend. Most of the users here consider it an investment asset for good profit whereas a little consider it an money similar to the fiat for our regular needs.

It's current not admited as money in many countries yet. But surly bitcoin is money. Today with bitcoin you can buy whatever, directly or with cashing it out at first. Did you hear about Japan? Their hotels, avialines, exchangers and ect. I think many other countries will follow this example and bitcoin will be counted as money everywhere.

Yes, for Japanese, bitcoin can be considered as money since they can use it to buy/sell things directly. But for other people from another countries like me, bitcoin isn't money. I have to convert it first to my local currency to be able to use it to buy things.

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June 14, 2017, 09:41:47 PM
 #1069

It should be treated as money but due to volatility nobody wants to risk all payment with BTC.

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June 14, 2017, 09:43:41 PM
 #1070

Bitcoin is not money, however is represents money's worth which is depicted wholly based upon what someone is willing to pay for it.
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June 14, 2017, 09:45:00 PM
 #1071

Yes bitcoin is money but very risky for the investments. Bitcoin is gambling Smiley

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June 14, 2017, 11:53:12 PM
 #1072

Yes bitcoin is both money as well as commodity.It differs in the way we use it.When we buy any products with bitcoins,it acts as money.When we buy bitcoins and hold it as an inve.stment,it acts as a commodity.In earlier stages,bitcoin was used more as money and now due to its high value,it is mostly used as commodity.
Yes it is. Bitcoin is money, it has a high value, and it is good for an investment too. We can buy foods with bitcoin and we can provide or daily nees with. Bitcoin is money for everyone and it can helps the life of everyone too.


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June 15, 2017, 12:37:12 AM
 #1073

Bitcoin is serves as money because its easy to exchange in fiaf. Convertible to our fiat currency, also we can buy goods and services online. Bitcoin can be use thru payment system so it is treated as money already.


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Afnan_faizah
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June 15, 2017, 12:45:56 AM
 #1074

It should be treated as money but due to volatility nobody wants to risk all payment with BTC.
The volatility of bitcoin will be reduced by huge mass adoption, bitcoin is getting more popular in asia because it such as innovation of money form and good investment. The volatility of bitcoin was attracts the attention of the trader.

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June 15, 2017, 01:36:20 AM
 #1075

It should be treated as money but due to volatility nobody wants to risk all payment with BTC.
The volatility of bitcoin will be reduced by huge mass adoption, bitcoin is getting more popular in asia because it such as innovation of money form and good investment. The volatility of bitcoin was attracts the attention of the trader.
Not in asia only but all over the world, anyone who can access the internet will have an idea bout bitcoin
and the moment they will understand it they will eventually adopt. We are looking for more or massive adoption
as that is the only way to see a value appreciation.

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June 15, 2017, 03:38:32 AM
 #1076

If bitcoin is used to buy and sell goods of course bitcoin can be said to be money, but in fact bitcoin serve as an investment instrument to get rich, very few people use bitcoin to sell and buy goods, most bitcoin only in exchangers for trading and gambling Of course
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June 15, 2017, 05:07:30 AM
 #1077

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...
Bitcoin is money , i can pay my bills my tuition fee and everything thru bitcoin. And it can also provide my needs. I consider it a money because it has a value and my country currently accepted it as a cryptocurrency. Im lucky with bitcoin.

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June 15, 2017, 05:15:00 AM
 #1078

Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
Although bitcoin is not considered to be the currency of any country. But we can trade, pay, exchange bitcoin. That is also the form of currency.

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Ahmat faisol
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June 15, 2017, 05:33:45 AM
 #1079

I consider BITCOIN is the virtual currency has more in common with paypal than with with dollars or with gold.
I will not call it money until it is widely accepted in my country as payment of goods and services.

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June 15, 2017, 06:36:01 AM
 #1080

That would be based on your definition of money, mine is everything that can be used directly to buy goods and services and since gold, for example, can't be used then I don't consider it a currency but a commodity.
But BTC can easily be used directly to buy a wide variety of items and hence a currency, not a global one, since you can't use it everywhere but it still has a market accepting it directly.
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