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Author Topic: Is Bitcoin money?  (Read 99652 times)
funbarrel
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March 07, 2017, 09:58:21 PM
 #121

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
     #122

    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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    March 08, 2017, 01:31:19 AM
     #123

    In my point of view Bitcoin is can be consider as money already, base on my experience now all my expenses honestly speaking was came all into bitcoin, even my savings, and I also used as mode of payments in terms of my billings every month. And we had also here several merchants who accepted bitcoin as payment whether restaurant, coffee shop, convenient store outlet, and travel tour online and shopping online too. Smiley


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    March 08, 2017, 01:35:35 AM
     #124

    In my point of view Bitcoin is can be consider as money already,
    Simple opinion, If you still can sell your bitcoin to get some dollar and does it not give a bright point if bitcoin it's not like money? But your opinion to explain it is too long for me.

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    pecson134
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    March 08, 2017, 02:17:34 AM
     #125

    In my point of view Bitcoin is can be consider as money already, base on my experience now all my expenses honestly speaking was came all into bitcoin, even my savings, and I also used as mode of payments in terms of my billings every month. And we had also here several merchants who accepted bitcoin as payment whether restaurant, coffee shop, convenient store outlet, and travel tour online and shopping online too. Smiley

    I strongly agree with your point though it is not the one you can hold physically it still can be considered as money since it can now be used to deal with payments. Maybe it is time to update the meaning of money which includes bitcoins as one.

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    March 08, 2017, 02:37:28 AM
     #126

    Yes bitcoin is digital store of money .when you sell you r bitcoins you can buy whatever u want with the fiat and nowadays bitcoin atms have been started and in the future bitcoins will be used as a currency.

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    March 08, 2017, 02:42:34 AM
     #127

    In my point of view Bitcoin is can be consider as money already, base on my experience now all my expenses honestly speaking was came all into bitcoin, even my savings, and I also used as mode of payments in terms of my billings every month. And we had also here several merchants who accepted bitcoin as payment whether restaurant, coffee shop, convenient store outlet, and travel tour online and shopping online too. Smiley

    That is what we want and that is what we need.
    Merchants opening businesses that accepts bitcoin as payment.
    With that, maybe our countries government can somehow see that it can be used like a real money for the convenience of the people.
    Making it legal would do really good for bitcoin and lucky for us we adapted first.
    But first the problem with the slow transactions should be fixed.

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    March 08, 2017, 02:46:13 AM
     #128

    Yes Bitcoin is money, we use it to trade to something that we need.
    It is a digital money, that is what we called cryptoCURRENCY, we trade using this bitcoin.
    And we can easy how easy life is when we have it and legalize by the government. Support is what we now beed from them so we can have it all with no worries.

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    March 08, 2017, 03:08:36 AM
     #129

    For me Bitcoin is more than money, it is something innovative, it is the future..
    Money is the root of all evil, Bitcoin is the beginning of the good..
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    March 08, 2017, 09:35:00 AM
     #130

    For me Bitcoin is more than money, it is something innovative, it is the future..
    Money is the root of all evil, Bitcoin is the beginning of the good..
    yes that is a fact that bitcoin is more than currency. bitcoin can be use as currency in some places even in off line shops, specially in such area  where the users of bitcoin are more.

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    March 08, 2017, 09:49:29 AM
     #131

    For me Bitcoin is more than money, it is something innovative, it is the future..
    Money is the root of all evil, Bitcoin is the beginning of the good..

    You should read: evil is the root of all money (google it).
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    March 08, 2017, 10:39:48 AM
     #132

    Bitcoin may not be like a real cash or money where we can use it to buy something we eat in the public. But Bitcoin has a characteristic of a real money that cane b use as as payment online and can be used as money transfer in different remittance outlet also shopping online which real money can't do.



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    thisappointed
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    March 08, 2017, 11:03:46 AM
     #133

      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?






      Bitcoin is money, a virtual money, or can be also a paper money if we are going to convert it into fiat, we could also use bitcoin in buying stuffs in stores that accepts bitcoin or only accepts bitcoin, mostly online shop, because most of the stores in the real world don't accept yet bitcoin as a payment processor.


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      OrangeII
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      March 08, 2017, 02:03:16 PM
       #134

      Yes bitcoin is digital store of money .when you sell you r bitcoins you can buy whatever u want with the fiat and nowadays bitcoin atms have been started and in the future bitcoins will be used as a currency.
      Well, this time, bitcoin has indeed been recognized by the people that bitcoin is money on the internet. You can also use it for anything. shortcomings only in its recognition. not everyone is familiar with bitcoin, so using bitcoin in the real world it is still very difficult.



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      szpalata
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      March 08, 2017, 02:03:59 PM
       #135

      Bitcoin is more than money; that's the difference between it and other fiats. Bitcoin is money and the blockchain is a payment processor and Bitcoin in another way can be considered as a commodity. It's versatile and possesses all the characteristics of fiat money.



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      noormcs5
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      March 08, 2017, 04:05:55 PM
       #136

      In my point of view Bitcoin is can be consider as money already, base on my experience now all my expenses honestly speaking was came all into bitcoin, even my savings, and I also used as mode of payments in terms of my billings every month. And we had also here several merchants who accepted bitcoin as payment whether restaurant, coffee shop, convenient store outlet, and travel tour online and shopping online too. Smiley

      Oh yah, bitcoin is money and base from your experience it is so good to see on how you access and use bitcoin in your country it sounds so legalize.
      I hope that one day in our country too bitcoin can be used everywhere freely.

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      March 08, 2017, 05:03:07 PM
       #137


      Money (even gold) relies on some sort of centralised court or protection agency that enforces property rights. Without these institutions money would be worthless.  



      This statement is a description of fiat money (which derives its value entirely from the government), rather than gold. Many societies in the past used gold as a medium of exchange when there was no government enforcing contracts or protecting the rights of the participants in the transaction.
      Bitcoin derives its value from a real free market, but does it really have intrinsic value, like gold does? Gold has value for its use as a material; It can be used in manufacturing in various industries.
      There's also the argument of whether Bitcoin is money or a commodity. Bitcoin is a form of money and a commodity, in the way that gold is; Many centuries ago, gold was money. People bought anmd sold thing using gold. Bitcoin can be used both as a medium of exchange and to store value.

      Vaccinus
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      March 08, 2017, 05:12:22 PM
       #138

      Bitcoin is more than money; that's the difference between it and other fiats. Bitcoin is money and the blockchain is a payment processor and Bitcoin in another way can be considered as a commodity. It's versatile and possesses all the characteristics of fiat money.

      i agree, but not only that bitcoin is also a store of value, like gold, and a tool for speculation, always like gold, gold and bitcoin are very similar, they both share the same property, but bitcoin is more easy to use as a currency

      cramcram21
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      March 08, 2017, 05:15:51 PM
       #139

      Well for my own opinion bitcoin is a money or I like to consider it as one,
      Since I can use it as payment I mean we consider gold as money why wont we consider this crypto currency as a money

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      audaciousbeing
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      March 08, 2017, 05:16:13 PM
       #140

      To me, bitcoin is money so far its being agreed between the buyer and the seller. Even going down memory lane before the formation of government where approval is needed for anything to be regarded as money, each community is at liberty to determine what is right for them as a form of currency, in some places they accept camel, some other places they accept cowries so in that same vein if people in the crypto world accepts it as their currency then its money.

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