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Author Topic: Is Bitcoin money?  (Read 99384 times)
iced21
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July 04, 2017, 04:32:56 PM
 #1121

Since it can be used to buy items, goods, services and can be bought and sold using other currencies then it's a currency, it can be used directly to buy items unlike gold, silver and commodities and it has an intrinsic value, Even in the most rigid view, bitcoin has all the characteristic of a currency, it being online or offline holds no significance regarding that.
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July 04, 2017, 05:30:26 PM
 #1122

Since it can be used to buy items, goods, services and can be bought and sold using other currencies then it's a currency, it can be used directly to buy items unlike gold, silver and commodities and it has an intrinsic value, Even in the most rigid view, bitcoin has all the characteristic of a currency, it being online or offline holds no significance regarding that.



It is a digital form of money. we can do the same things which we do by the normal currency in our day to day life. for example we can buy, sell, exchange,transfer etc. so bitcoin can be considered as money.

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July 04, 2017, 08:15:52 PM
 #1123

It's because bitcoin is called internet money and money will go out in our market. Such as online markets, merchants and others.

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July 04, 2017, 08:52:01 PM
 #1124

No, Bitcoin is not money for me.
The definition of bitcoin for me is An exchange share, It can be considered as an investment because the price can change. A money is a liquidity that has a fixed value.
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July 04, 2017, 11:05:30 PM
 #1125

Because bitcoin can be to buy goods and transactions means we do not need ragulagi bitcoin is money Wink

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Basmic
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July 04, 2017, 11:22:26 PM
 #1126

Because bitcoin can be to buy goods and transactions means we do not need ragulagi bitcoin is money Wink
The money is used to purchase goods. Trade bitcoins is still very underdeveloped in order to be able to consider bitcoins money. It's more like the stock which are very popular. When you develop trade with bitcoin it will be a different story.

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July 04, 2017, 11:31:35 PM
 #1127

Simple answer: Yes

Detailed answer: It is basically virtual money

Yes and the detailed answer is this: Bitcoin is definitely money since it holds monetary if value if one exchanges it to fiat money. As you observed, the conversion rates from bitcoin to fiat money is considerably high and therefore, people take this as an opportunity for future investment. Since bitcoin also is decentralized, no third parties can regulate the system of it. Some people also use bitcoin as a source of extra income due to the availability of earning it through campaign signatures or other types of services.

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July 04, 2017, 11:39:13 PM
 #1128

    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?





    Maintaining bitcoin as a digital currency it is a cryptocurrency or simple as a currency so we can use it as a currency to buy in store so it is a some sort or time of money digital but i guess we cant use it because people still dont adopt the bitcoin or technology completely.

    ZeroTheGreat
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    July 05, 2017, 10:11:16 AM
     #1129

    Bitcoin is a new technology of money, cryptocurrency. It's characteristics that currency/digital token of 3rd party/asset/commodity don't have
    DoublerHunter
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    July 05, 2017, 10:21:16 AM
     #1130

    Bitcoin is a new technology of money, cryptocurrency. It's characteristics that currency/digital token of 3rd party/asset/commodity don't have
    Because of the new technology that implemented in bitcoin then it is the possible new currency for the future because a lot of people wants decentralization and they don't want to be controlled by the government so it is very suited in bitcoin and i believe that bitcoin will become one of the best currency after a few years because the countries already adopted bitcoin.

    Eternu
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    July 05, 2017, 09:53:49 PM
     #1131

    Bitcoin is a new technology of money, cryptocurrency. It's characteristics that currency/digital token of 3rd party/asset/commodity don't have
    Because of the new technology that implemented in bitcoin then it is the possible new currency for the future because a lot of people wants decentralization and they don't want to be controlled by the government so it is very suited in bitcoin and i believe that bitcoin will become one of the best currency after a few years because the countries already adopted bitcoin.
    Well could be you are right, i mean that could happen, i can see it happening. Bitcoin have potential to become best currency, but to achieve that it need some things to get pass. But i think  that first one is August scaling, or segwit call it what ever you want. But either way bitcoin will survive, and maybe one day it will be currency number one. Cheesy

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    Sinkova
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    July 06, 2017, 08:49:36 AM
     #1132

    Using currencies is money for me.Sure it is, it is a passive way of earning money,possibility of earning for everyone.

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    July 06, 2017, 08:56:08 AM
     #1133

    Yes, bitcoin is digital money. Bitcoin is developed based on the coding language to store the money, transfer the money in quick and safe way and convert into cash. Lots of benefits in business system.
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    July 06, 2017, 08:56:33 AM
     #1134

    For me, bitcoin is a new kind of electronic money. They can not be touched, but they can be earned very well and anonymously. Also bitcoin can be paid through the Internet, which makes it virtual money.

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    July 06, 2017, 04:02:03 PM
     #1135

    Because bitcoin can be to buy goods and transactions means we do not need ragulagi bitcoin is money Wink



    Bitcoin is a digital currency. It can be used to buy merchandise anonymously and international payments are easy. Transactions are made with no middle men, that mean no banks! So it can be considered as money.
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    July 07, 2017, 06:21:09 AM
     #1136

    Bitcoin is crypto currency developed based on the digital code. Yes, bitcoin is another form of money. Bitcoin is secured than securing money from the robbers. Transferring and storing bitcoins also simple than money.
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    July 08, 2017, 08:42:41 PM
     #1137

    Because bitcoin can be to buy goods and transactions means we do not need ragulagi bitcoin is money Wink



    Bitcoin is a digital currency. It can be used to buy merchandise anonymously and international payments are easy. Transactions are made with no middle men, that mean no banks! So it can be considered as money.
    Yes! You are right. Bitcoin is just digital money. It is even better than paper money in unlimited ways. It does the same job as paper money, rather better than it. Money is something that we use to buy goods, to do trading and so are the bitcoins used for. It’s undoubtedly money.


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    Gabrieelle
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    July 09, 2017, 02:41:14 AM
     #1138

    As we all know we are living in the age where everything is digitally by means of technology. Just like bitcoin which is virtually happening we can't hold it physically like the normal money that we are using but it is still a money cause we can get what we need by just simply using technology by means of payment.

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    July 09, 2017, 04:24:45 AM
     #1139

    bitcoins are just like shells or furs in ancient times - of course they are not banknotes or coins, but it's money, because they have all the functions of money
    I can consider bitcoin as a money because I can use it to buy some things like a regular money. It's a digital cash more likely convenient for anyone to use to buy things online. But it can also be use as a regular money because it can be cash out and one will receive a regular money that is equivalent to one country's currency.

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    July 09, 2017, 04:41:43 AM
     #1140

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
    I can consider calling bitcoin as a money because I can use it to buy things like I could do with a regular money. And yes it's a convenient digital form of money for everyone who is using it already.

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