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Author Topic: Is Bitcoin money?  (Read 101240 times)
rayneh
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August 09, 2017, 10:25:50 PM
 #1181

Bitcoin is like money out of money. Of course, this is money. But not such as in the ordinary sense. Rather, they can be compared to stocks.


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August 09, 2017, 10:36:38 PM
 #1182

Bitcoin is like money out of money. Of course, this is money. But not such as in the ordinary sense. Rather, they can be compared to stocks.
Uniquely that Bitcoin is the currency of an indefinite Circle of people. This community of people is rather limited and therefore it can not be said that the crypto currency will be very much spread. First of all for today, I myself look and Bitcoin as a commodity, to the city of which I can earn real money.

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August 09, 2017, 10:43:31 PM
 #1183

Yes bitcoin is money, it is the best of cryptocurrencies has to offer, knowing.ypu can exchange bitcoin in your country's money and still will give you more bitcoin is definitely the money, that everyone wants to havd it is also a valuable asset for the owner.

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August 09, 2017, 10:50:42 PM
 #1184

initialy bitcoin was created just to simplify things, to make it eaiser for us to use moeny but in a crypted way,but as time went on bitcoin became more like an investment just like gold, it has a high value people save it until some day they run of paitience or money.
Yes, definitely agree to this! bitcoin now is a medium of exchange from one entity to another. It is another evolved currency because of technology. Just this simple analogy, if bitcoin is not money, I therefore can't use it as payment. I therefore can't earn out of it. And I therefore can't use it. Money can buy things and so is bitcoin.

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August 09, 2017, 11:16:14 PM
 #1185

    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?





    I also think so. Many people misundertood bitcoin as money. But it has only direct use on online transaction and before you can consume that offline, you still have to convert it to a certain currency available then it is good to go. According to the sited definition, it is a common medium of exchange. But since it is not accessible anyone, so it lacks this characteristics. Another definition sited above that it is a currency issued by the government As far as i know, bitcoin is not legalized in other countries, make it also lacks this characteristics

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    djkyno
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    August 10, 2017, 12:03:19 AM
     #1186

    For me Bitcoin is money and there is no difference between Bitcoin and any other currency or fiat, simply because I can use my bitcoins to sell and buy my needed goods and services online, and it can be converted to cash easily. So it is real money.

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    August 10, 2017, 01:17:16 AM
     #1187

    For me Bitcoin is money and there is no difference between Bitcoin and any other currency or fiat, simply because I can use my bitcoins to sell and buy my needed goods and services online, and it can be converted to cash easily. So it is real money.
    I think bitcoin is in the process to make it easier for people who want to make a purchase in any form and bitcoin has proven it in some countries only in countries that have not been able to use bitcoin for shopping. some say simple bitcoin we need not have to use real money Again besides making a good future process turned out if I think using bitcoin can make us more comfortable in buying anything without having to issue banknotes whose risk is also very calculated for us all..

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    harimauagam
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    August 10, 2017, 05:35:25 AM
     #1188

    If I think bitcoin is very good, but more money because money has been used all over the country and has long been used, that's my opinion. Smiley

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    August 10, 2017, 05:44:51 AM
     #1189

    It may also be some other things. People call it an asset, a treasure, etc. Bitcoin may be all those things at the same time.

    But it is still a money for me, a sound money. I mean, I can use it to buy a pizza, pay my electric and water and internet bills. I can use it to book airplane flights, hotels, and some other reservations. That is enough for me to consider bitcoin money.


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    August 10, 2017, 05:51:31 AM
     #1190

    For me bitcoin is money because I use it as money. I buy different stuff with it and I have it on my bitcoin debit card so there is no any difference except that is virtual and not physical. But many other people don't see bitcoin that way, for them is an investment, asset even some type of goods. Everyone sees it in different way but what matters is that we all have use of it.

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    August 10, 2017, 05:54:45 AM
     #1191

    It may also be some other things. People call it an asset, a treasure, etc. Bitcoin may be all those things at the same time.

    But it is still a money for me, a sound money. I mean, I can use it to buy a pizza, pay my electric and water and internet bills. I can use it to book airplane flights, hotels, and some other reservations. That is enough for me to consider bitcoin money.

    im agree with you. bitcoin have it valued as money can buy and sell. what i like the most about bitcoin is we own it. not controlling by any country. it our future money perhaps.
    im hope my country more looking about this bitcoin in the future as it get more values then gold now. im jealous to see other country more aware about this bitcoin then my country. not much awareness about this very potential future money aka bitcoin. so yes bitcoin is a money. the most expensives money in the world currently.
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    August 10, 2017, 05:56:17 AM
     #1192

    From our history we know that anything could be called money even shells or just rocks. If people believe that it is money, if they used it between each other to get some things than it is money. A lot of people use Bitcoin around the world like money and more over some countries accept it like currency. So I think Bitcoin is money
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    August 10, 2017, 06:30:36 AM
     #1193

    From our history we know that anything could be called money even shells or just rocks. If people believe that it is money, if they used it between each other to get some things than it is money. A lot of people use Bitcoin around the world like money and more over some countries accept it like currency. So I think Bitcoin is money
    you are right. If human considers something as money, they are money. Bitcoin is being used in many trade between people and people and because of that fact, I believe that bitcoin is used as money and it is a true kind of money. In the future, it will be a new era to the digital money, such as bitcoin

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    August 15, 2017, 07:43:11 PM
     #1194

    Yes. Bitcoin is consider as money. By the exchanging of money, you can buying  and selling so many things. similarly, exchanging of the bitcoins, you also can buying and selling many things. The only different is, money is using in offline and bitcoin  is Using  for online things.But i think people all over the world, will used bitcoin to their practical life someday.

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    August 15, 2017, 08:16:42 PM
     #1195

      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?





      You have some really good points, but since its creator considered bitcoin money and that is the function it performs it does not matter how revolutionary bitcoin is, bitcoin is money even if a definition that you can find in an economic textbook does not apply completely to bitcoin.

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      August 15, 2017, 08:16:52 PM
       #1196

      It became all clear, the Russian billionaire Herman Sterligov bought bitcoins before the opening of his store for their sale, that's the course and grew, and it is further unlikely
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      August 15, 2017, 08:47:42 PM
       #1197

      It became all clear, the Russian billionaire Herman Sterligov bought bitcoins before the opening of his store for their sale, that's the course and grew, and it is further unlikely

      Day by day, we hear new positive things for bitcoin adoption. Some millionaires and billionaires are buying bitcoin or at least there is a rumor of this. Even the rumor will make bitcoin more valuable for the society. Bitcoin will be better than money...

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      August 15, 2017, 10:45:17 PM
       #1198

      It became all clear, the Russian billionaire Herman Sterligov bought bitcoins before the opening of his store for their sale, that's the course and grew, and it is further unlikely

      Day by day, we hear new positive things for bitcoin adoption. Some millionaires and billionaires are buying bitcoin or at least there is a rumor of this. Even the rumor will make bitcoin more valuable for the society. Bitcoin will be better than money...
      They are because they want to be more successful and ride with the success of bitcoin, it's a big market now
      and people have realize that this new technology will worth a big amount in the future to come.
      Price surge is happening and that is because of the aggressive buying of people with big capital to invest in bitcoin.

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      Tubig
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      August 15, 2017, 10:55:57 PM
       #1199

      It is simply, Bitcoin is a digital representation of money. Bitcoin has an equivalent value in our physical money, a dollar, a peso, euro or what ever currency. So don't fool your self that bitcoin isn't money, it is also a currency, and if you say it's a currency, it is money.

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      joganuts
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      Any store can buy, sell, and accept Crypto


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      August 15, 2017, 11:05:58 PM
       #1200

      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.

      If you are going to find a better option or the best alternative currency in transaction the nest thing to consider to used is of course the crypto-currencies which is a part of the technology. And the best form of crypto-currency is no other than the Bitcoin. So I agree to the point that is is just not a money itself but a better or the best form of money which can make transaction fast easy and reliable.

      ________Any Store Can Buy, Sell and Accept Cryptocurrency________
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