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Author Topic: Is Bitcoin money?  (Read 101286 times)
bebejhen
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August 19, 2017, 01:00:10 PM
 #1221

As of now, I don't think if I have enough knowledge about bitcoin but in my own opinion I think that bitcoin is not consider as money yet but it can turn into a money. It looks like it's a thing like gold or whatever some things that you need to sell before it becomes money.

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August 19, 2017, 01:02:30 PM
 #1222

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.

The fact that people accept them as a payment, we can say that it is also considered as a money by most of the people. But the thing about this Digital currency is that only a few stores accept them. Even there is a lot of bitcoin users, still there small population of stores that accepts them because they are so volatile.

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August 19, 2017, 01:12:26 PM
 #1223

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?
I agree. But we need to know that bitcoin can be converted into fiat money that everyone can receive it   Grin .
I do not agree that bitcoin is money but the bitcoin can work like money.

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August 19, 2017, 01:16:24 PM
 #1224

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.

The fact that people accept them as a payment, we can say that it is also considered as a money by most of the people. But the thing about this Digital currency is that only a few stores accept them. Even there is a lot of bitcoin users, still there small population of stores that accepts them because they are so volatile.

The reason why that some stores don't accept or use bitcoin as a payment is that they don't considered it as a money they think that it is to difficult to convert unlike as a money that they receive that they will already have it so just my idea I will accept money to although I have some knowledge here in bitcoin.

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JoMarrah Iarim Dan
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August 19, 2017, 01:29:28 PM
 #1225

    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?







    Is bitcoin money?
    Yes! For me bitcoin is money and this is how I define bitcoin in my life. I believe that it is how the people see and treat bitcoin. Every person does not have the same meaning for every thing. I respect what you have said that bitcoin is not money. Very well said and I honestly say that you have a point. But it dont make me change my mind the way I see and treat bitcoin.
    I can say that bitcoin is money because by now it is where my income came from. Through bitcoin I can buy things for my everyday needs (bitcoin converted to my currency). Not only that, I can also save through it. Even the time passes, I think I will not see bitcoin in different way.

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    August 19, 2017, 01:50:46 PM
     #1226

    Really bitcoin not money but he is best than money u can change it to gold or money or buy any thing you need anything in the world can u buy with it so i think bitcoin best than money  Embarrassed

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    August 19, 2017, 01:51:23 PM
     #1227

    I think that with bitcoin we need new ''definition'' of money.
    In traditional way, bitcoin is not money because there is no country or bank behind btc.
    Still, you can buy many staff with bitcoin, not only online but also offline and it's easy to withdraw bitcoin.
    According to the official statement from central bank in my country, bitcoin isn't money or financial asset.
    I think that soon they will have to accept new reality and change their opinion.


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    August 19, 2017, 01:53:49 PM
     #1228

    Ithink bitcoin is not money but you can convert it into a real money just you need is earn a lot of bitcoin . then you can cash out if you earn a lot of bitcoins. but for many people theyre doing is invest or trading to get high profit.

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    August 19, 2017, 01:56:03 PM
     #1229

    I think Bitcoin is a system of money. at present, Bitcoin is using in many purposes like as payment method, saving and investment purposes, shopping purposes and so on. so it can be said that Bitcoin is a money. because Bitcoin works as a function of money. Basically, Bitcoin is a virtual currency. but when it works as like as money then there is no barrier to call it as a money.
    honestly speaking, Bitcoin is more than a money or currency for me. because it is the most profitable system at now.

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    August 19, 2017, 02:27:08 PM
     #1230

      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?







      Well, I understand your point of view but don't agree. Money is a term that can be used in several contexts and is hard to define. However, currencies are something that is easier to talk about, and they are accepted as being money. Are bitcoin a currency or an asset?

      I would argue that bitcoin has all the features as a currency and therefore is money. This site goes into details on what money, currency, and bitcon is: https://cryptorunner.com/what-is-bitcoin/ There you see the distinct features of a currency which are:

      "1. It should act as a means of payment. The fact that Bitcoin serves as a means of payment is proven because you can transfer Bitcoins between digital wallets in just a few minutes around the world. For example, it may take several days or not work at all to transfer money between different countries with regular currencies.

      2. It should act as a counting unit. Unlike common currencies that only can be divided into cents (0.01) at most, Bitcoin can be divided into what is called satoshi, which is currently one hundredth of a million (0.00000001). The Bitcoin protocol can also be updated in the future for an even smaller breakdown.

      3. It should preserve the value. As we have said, central banks can manipulate their fiat currency by changing the amount and thus also the value. This doesn’t work with Bitcoin as the supply is limited with a certain amount of Bitcoins (21 million) that will be created until 2140."

      I think that most people would agree that bitcoin is a currency and therefore also money. The only valid argument against that is that bitcoin doesn't act as a means of payment everywhere. However, all fiat currencies neither work as a payment everywhere on earth. In most cases, you have to convert your currency to the local "money".

      If someone has another valid argument against bitcoin being money, please share it!
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      August 19, 2017, 02:28:42 PM
       #1231

      Bitcoin is one of the biggest invention in the century, it is more than money, it can be used to transfer and store from one person to another person. The transactions can be done anywhere in the world without any hinderence.Like fiat currencies this cryptocurrency is used as medium of exechange.

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      August 19, 2017, 02:38:08 PM
       #1232

      I think that with bitcoin we need new ''definition'' of money.
      In traditional way, bitcoin is not money because there is no country or bank behind btc.
      Still, you can buy many staff with bitcoin, not only online but also offline and it's easy to withdraw bitcoin.
      According to the official statement from central bank in my country, bitcoin isn't money or financial asset.
      I think that soon they will have to accept new reality and change their opinion.


      It doesn't having any banking network or an government behind it is the one that makes it to be a successful asset that grows in value. If it's  in tie up with banks it could have not reached such a high level. As mentioned countries haven't described it as an currency or financial asset rather than few exceptions who are growing good through technology.

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      August 19, 2017, 07:09:35 PM
       #1233

      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...
      I do not think this is accurate, bitcoin is all what money should be in the first place, gold is great but to pay big amounts of money like what governments do it is very cumbersome, then fiat appeared and it brought some disadvantages especially inflation, then electronic money appeared but it had the same problems as fiat, then bitcoin appeared and it does everything the previous incarnations of money did only better.

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      August 20, 2017, 08:13:54 AM
       #1234

      According to my research, yes because every currency is used as money. Bitcoin is a digital currency and also a pure commodity that not only acts but in real world is used also as payment. In my opinion, everything that is used as payment is money.
      Some do say that bitcoin is just an asset, maybe for some reason, bitcoin is not a currency because it lacks some characteristics to be accepted as a currency but I think that it is not needed in order to use it as a real currency.

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      August 20, 2017, 09:28:20 AM
       #1235

      According to my research, yes because every currency is used as money. Bitcoin is a digital currency and also a pure commodity that not only acts but in real world is used also as payment. In my opinion, everything that is used as payment is money.
      Some do say that bitcoin is just an asset, maybe for some reason, bitcoin is not a currency because it lacks some characteristics to be accepted as a currency but I think that it is not needed in order to use it as a real currency.

      Depending on their own understanding because bitcoin can indeed achieve these two functions, though not yet legal in all countries, bitcoin is a virtual currency with tremendous trading volume, this can not be underestimated because a country like japan has legalized it, many countries will do the same thing and determine the right rules.

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      August 20, 2017, 10:03:27 AM
       #1236

      I think Bitcoin is money because it can be used as a means of payment.
      Bitcoin also has properties similar to gold because the price is often up and down.
      Bitcoin is only in the form of a digital currency.
      In my country bitcoin is not yet a legitimate currency.

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      August 20, 2017, 10:36:32 AM
       #1237

      He kept insisting that "if there is no guarantee, it's worthless".
      Have you tried showing him that they are already worth around 0,06USD each ?
      Actually, try to explain what value is... gold itself has no "guarantee"... nobody can really guarantee people will keep valuing gold.



      Got anymore of those 0.06 cent coins I can buy off you caveden?

      😋
      Arteezy.rtx
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      August 20, 2017, 10:40:29 AM
       #1238

      What can money do and what bitcoin can not do? I think bitcoin is now more as a transaction tool, many people have also used it. So yes bitcoin is like money to me.

      Ctn
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      August 20, 2017, 11:55:32 AM
       #1239


      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.



      There could be changes to the way we are making transactions. Bitcoin or blockchain for the instance was made for the sae thing, "making transaction more secure and simpler" than the traditional one. They are very simple and sober if you look from the perspective of volume, time etc. No banking system in the world can compete this method of transaction. The decentralised nature also gives us freedom to choose the any amount of transaction per day!


      People will accept it when it becomes handy to operate. I agree that for now we have to go through title hassle like internet, wallets and three minimum confirmations but it is worth that and there will be monology with this technique real soon.






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      sarmrakib
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      August 20, 2017, 12:13:15 PM
       #1240

      Bitcoin is a real money. If we thank about money its something just use to pay someone. You can hold money u will not get any benefit but bitcoin is something which can change your future by holding.Bitcoin has proved already what his value is! so bitcoin is real money....

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