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Author Topic: Is Bitcoin money?  (Read 101022 times)
Hotrod_88
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August 15, 2017, 11:13:46 PM
 #1201

    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 absolutely it is a money, for me it is the future's money or should I say currency. Butcoin can easily converted into money, or we can pay using it on some stores accepting it. So if you can do such thing using it, you can buy things services etc. It can be considered as a money. And besides just exchange it into a real money and it will instantly became a money, so for me bitcoins s are money

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    d1ceplayer
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    August 17, 2017, 05:24:58 AM
     #1202

    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
    Bitcoin is not money, and I’ve always said that. Now here is someone that supports that Bitcoin is not money. I know some of you now are like “then what is it?” yes, its is not money, so it’s one of the best tech stock that’s worth investing into.

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    August 17, 2017, 06:34:10 AM
     #1203

    Well it was born to be money! So, it's gonna be money for sure.!

    Yeah bitcoin is money, because you can pill bills through bitcoin, you can load your sim, you can cash out money in remittance, of course bitcoin is money. Money in technology that can be a real money in real life.

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    August 17, 2017, 06:56:43 AM
     #1204

    Well it was born to be money! So, it's gonna be money for sure.!

    Yeah bitcoin is money, because you can pill bills through bitcoin, you can load your sim, you can cash out money in remittance, of course bitcoin is money. Money in technology that can be a real money in real life.


    Definitely. Even i do not touch it physically but for me it is still money . Many people consider bitcoin as a form of money,tresure it because it helps a lot. We pay bills online, pay for purchases via credit card and receive direct deposits to our bank accounts all digitally. These transactions are all encrypted using the same coding techniques as Bitcoin.


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    August 17, 2017, 06:57:43 AM
     #1205

    Virtual money. BTC
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    August 17, 2017, 09:47:17 AM
     #1206

    have to agree on this.  bitcoin is money. future money.  Wink
    Yeah, it could possibly the future money because it is very advanced and there is a lot of people that using and planning to invest in bitcoin so in the next year we can see store or even malls that will start to accept bitcoin also because they needed to do that so they can adjust and attract new customers from the community of bitcoin.

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    August 17, 2017, 09:53:07 AM
     #1207

    Bitcoin is a new kind of money, or it will be even more correct to say this is the kind of investment with which you can make purchases or pay bills. This is the future of electronic currencies.

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    August 17, 2017, 10:03:53 AM
     #1208

    This is a pretty interesting article on the topic http://www.huffingtonpost.com/max-keiser/is-bitcoin-money_b_2849031.html

    "According to Aristotle, for something to be considered money, is has to fulfill four characteristics:

    1) It must be durable. It can’t fade, corrode.

    2) It must be portable. It has to be ‘dense’ so that you can take it with you when you travel to the market.

    3) It must be divisible or, ‘fungible.’ This means that if you break it up into smaller pieces each smaller piece when you add them up will equal the value of the original piece.

    4) It must have intrinsic value. This means it must have value whether or not it’s used as money per se".

    According to all of the above, Bitcoin is indeed money. But I have a gut feeling that there is still more to it than that. Money should be acknowledged on a governmental level too, Btc doesn't fulfill this
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    August 17, 2017, 05:21:59 PM
     #1209

    Why make it so complicated? It’s money for some, it’s currency for others, and it’s something else for the rest. Let’s try not to overthink it so much. Bitcoin is what we make of it. If you use Bitcoin as money, then its money. If it’s something you see as an asset, then it’s an asset. If it’s just something with no intrinsic value but with exchange value then it’s just something with no intrinsic value but with exchange value. Bitcoin has grown bigger and has expanded and is now being used by different with different purposes. Bitcoin is what we make of it.



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    August 19, 2017, 01:03:33 AM
     #1210

    Why make it so complicated? It’s money for some, it’s currency for others, and it’s something else for the rest. Let’s try not to overthink it so much. Bitcoin is what we make of it. If you use Bitcoin as money, then its money. If it’s something you see as an asset, then it’s an asset. If it’s just something with no intrinsic value but with exchange value then it’s just something with no intrinsic value but with exchange value. Bitcoin has grown bigger and has expanded and is now being used by different with different purposes. Bitcoin is what we make of it.

    I agree with you. Why do we need to spend so much time to think what bitcoin is and how it can be money. Instead of that, we can make bitcoin even greater than money. It depends on how we think bitcoin is and what purposes you use bitcoin for. For me, bitcoin is not just a kind of money but also a place to invest your money and the future of our technology Wink

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    August 19, 2017, 01:11:13 AM
     #1211

    Yup i think bitcoin is money or simply means sideline or work?  becuase bitcoin will give us a opportunity to have a money to buy any stuff or to pay the bills . but im a newbie so idont get any money from bitcoin but for now im just earn a bitcoin for my future . Smiley

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    August 19, 2017, 02:27:39 AM
     #1212

    Money is basically the network effect of trust that makes something the medium of exchange. If you have bitcoins now, you are confident that you can buy something useful with bitcoins in the future. This makes bitcoin money. You can buy a wide range of goods and services with bitcoin currently. It is not yet a widely used currency but it still fits the definition of money.
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    August 19, 2017, 02:49:40 AM
     #1213

    Yes Bitcoin is money for me.Bitcoin is a online money.Bitcoin is very useful for me.There are many online shop accept Bitcoin for payment.If you invest bitcoin you can get more interest.Bitcoin is a very good way for earning.Bitcoin is very important for me.

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    August 19, 2017, 02:53:57 AM
     #1214

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

    yes. I thought so. Because they have the same transaction system. And this bitcoin difference is faster and transparent because it uses blcokchain technology.


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    Sniper150
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    August 19, 2017, 03:01:03 AM
     #1215

    Yes, bitcoin is money, it is another type of cryptocurrency that we could also exchange in a real money or fiat. Bitcoin is something like gold, it could also be mine. Bitcoin is decentralized currency unlike fiat we couldn't hold it by our hand. Bitcoin is money because I've already earn bitcoin here int this forum by joining in signature campaign, then I would rather trade this bitcoin or wait for a while.

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    OrangeII
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    August 19, 2017, 03:02:13 AM
     #1216

    Yes Bitcoin is money for me.Bitcoin is a online money.Bitcoin is very useful for me.There are many online shop accept Bitcoin for payment.If you invest bitcoin you can get more interest.Bitcoin is a very good way for earning.Bitcoin is very important for me.
    Not just for you, but we all also think that bitcoin is very important. Even more so that bitcoin has a high price. Well, for me bitcoin can mean money, but it can not, because it's like a trading tool, or an investment when viewed from its ever-volatile price.



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    ethereumhunter
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    August 19, 2017, 11:54:24 AM
     #1217

    bitcoin is not yet become money in real life but if the government make regulations about bitcoin, then bitcoin can be new currency. bitcoin for now is for online money which we can use to buy something in internet. but there any offline store that is accepting bitcoin as payment but its not too many and only in a few places in all over the world.

    Proton2233
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    August 19, 2017, 12:03:48 PM
     #1218

    bitcoin is not yet become money in real life but if the government make regulations about bitcoin, then bitcoin can be new currency. bitcoin for now is for online money which we can use to buy something in internet. but there any offline store that is accepting bitcoin as payment but its not too many and only in a few places in all over the world.
    It seems to me that it is still too early to call bitcoin money. He is still only in its infancy. People kept their coins, and therefore, offers of sale of goods with bitcoins too few. The main turnover of bitcoins is on the currency markets. Maybe someday trade performance will equal, with these revolutions?
    maokoto
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    August 19, 2017, 12:05:47 PM
     #1219

    Well, at the very least, if it isn't money you can easily convert them to money. They are a very liquid asset. But it is true that not many regular people would accept them as a payment.

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    August 19, 2017, 12:45:00 PM
     #1220

    I think so, thats the reason why i joined on the bitcoin forum sooner i can catch the moon using bitcoin. Just kidding.
    as i understand on it bitcoin is a source of income that bring yourself in a good way. Just trust and be wise if you earned bitcoin

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