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Author Topic: Is Bitcoin money?  (Read 110598 times)
jossiel
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August 24, 2017, 05:38:56 PM
 #1281

Bitcoin is a virtual currency. i think, when it is accepted more widely as payment for goods and services. then,we should call bitcoin  as money.

Therefore since it is a virtual currency, bitcoin is money.

And it is not just a money, there's a lot of use for bitcoin. Trading , investment, asset or name it that I didn't mentioned.

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August 24, 2017, 05:43:54 PM
 #1282

Bitcoin is a virtual currency. i think, when it is accepted more widely as payment for goods and services. then,we should call bitcoin  as money.
To bitcoin was a full-fledged currency, you need a lot of time. Conditions in order to be able to freely buy and sell goods with bitcoin you need people to trust this currency. How can you trust a currency with so many forks and not a steady rate?
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August 24, 2017, 07:26:15 PM
 #1283

It is an exchange instrument, therefore it is also money.
well bitcoin has both the properties the money and the currency both according to me if you take the functions of the bitcoin then it not going to be said as money but if we look at the worth and the use of the bitcoin then bitcoin is money for me and if we look at the present value of the bitcoin and the multi properties of the bitcoin it is being use as a payment and as transaction money we can do all the things with bitcoin that we do with money.

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August 24, 2017, 07:58:07 PM
 #1284

For me bitcoin is money making money. Alot ways it possible to have bitcoins, starting from a faucet uses spare time or can also be obtained by being a participant signcamp or bounty. And payments from that, can we use to seek additional balance from trade.


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August 24, 2017, 08:23:14 PM
 #1285

Well in my opinion looking on how money is defined as any commodity that can be used as mode of payment in order to avail goods, services and as payment of debts bitcoin can be called money since it can be used on latter purposes stated. As of now, use of bitcoins in financial activities are only limited and not all peopleor institution is accepting bitcoins like money then I could say it still a reason not to call bitcoins money unless it is already acceted by all.

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August 24, 2017, 09:37:03 PM
 #1286

Bitcoin is a virtual currency. i think, when it is accepted more widely as payment for goods and services. then,we should call bitcoin  as money.

Therefore since it is a virtual currency, bitcoin is money.

And it is not just a money, there's a lot of use for bitcoin. Trading , investment, asset or name it that I didn't mentioned.

But perhaps this is the main reason why bitcoin can not be defined according to the original concept of money. Money can only be used to acquire goods or services through a currency to which the community assigns a value equivalent to that of the good. But bitcoin is much more than that, and even its possibilities are widened more when we understand bitcoin as a byproduct of the blockchain, a situation that adds more complexity to the definition of bitcoin in financial terms. Perhaps it is something so novel in the history of humanity that there is not yet a suitable term that defines it perfectly ... well, maybe there is only one word that can define this: Bitcoin.


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August 24, 2017, 11:12:01 PM
 #1287

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.
That is exactly what money is, in the past the first currencies were asset currencies, then people used those that performed the job better, gold and silver, if bitcoin can be very easily traded for fiat and you can even buy some stuff with it then that means that bitcoin is money and not an asset.

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August 24, 2017, 11:23:47 PM
 #1288

It is an exchange instrument, therefore it is also money.
well bitcoin has both the properties the money and the currency both according to me if you take the functions of the bitcoin then it not going to be said as money but if we look at the worth and the use of the bitcoin then bitcoin is money for me and if we look at the present value of the bitcoin and the multi properties of the bitcoin it is being use as a payment and as transaction money we can do all the things with bitcoin that we do with money.

The questions here gathered more insights which entirely defined it as money for purchasing basic goods. But of I were to give an idea about that, bitcoin was not juat a money; I can considered it as property that we should be taking care of and hold for a longer span of time so we sell it in the future. One example of thar is the land properties and house property, so bitcoin is somewhat like that as property.


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August 25, 2017, 12:15:29 AM
 #1289

Bitcoin is money if you paying with it, it can be an investment if you trede with it and if you want to give you ''dividend'', it can be a store of value if you want, etc... Everyone interprets it differently what Bitcoin is.

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August 25, 2017, 12:18:24 AM
 #1290

Bitcoin is money if you paying with it, it can be an investment if you trede with it and if you want to give you ''dividend'', it can be a store of value if you want, etc... Everyone interprets it differently what Bitcoin is.

I agree because almost everyone thinks bitcoin is a treasure trove of high value Wink

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August 25, 2017, 12:31:41 AM
 #1291

Bitcoin is better than money. Its a way for us to take control of our money without any government or third party involvement.

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August 25, 2017, 12:32:12 AM
 #1292

It is a mashign by which a man can make some money

soon....
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August 25, 2017, 01:47:27 AM
 #1293

It is better thn money.it also can be a investment.it is also a treasure trove of value.actually it is everything and it depends on you how you want to use them.

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August 25, 2017, 03:01:46 AM
 #1294

Now, this thread should be locked up. The topic has been over flogged. Of course we all now know the answer the OP sought as far back as 2010 during the era of steading Bitcoin. Fast forward to 2017, we now know that Bitcoin is money! Simple and short. Please, lock up this thread to prevent spamming! It should be dead.

Enough...


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August 25, 2017, 03:41:55 AM
 #1295

    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?





    Different people with different perceptions all over the world. For me anything that has value and everybody can use it to trade anything then it is money. Besides, Bitcoin really is a digital money or cryptocurrency and we can use it to buy anything we want online. Bitcoin is a digital money that can also be converted into fiat if we want it to use in our daily lives. If Bitcoin is not a money for you or not even valuable, do you really think people are just wasting their time to work hard for Bitcoins? Some people quit  from their jobs and spend more time on Bitcoin and all I can say about that is this "Bitcoin is more valuable than fiat". Therefore Bitcoin is money and Bitcoin is life.

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    August 25, 2017, 04:47:37 AM
     #1296

    Bitcoin is better than money. Its a way for us to take control of our money without any government or third party involvement.
    Bitcoin is indeed better than money and we can earn a lot of money from different possible sources of income like trading and different investment like ICO and more. Bitcoin is a freedom money which doesn't need any middle man or help by the government because it can work alone and it can last longer than we think if the community behind bitcoin will not fade.

    Babyjamz3026
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    August 25, 2017, 05:54:49 AM
     #1297

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
    I do agreed with you sir, Though I'm a newbie in this industry, I saw that bitcoin is such a potential things virtual currency, where its impossible in the sight of many that bitcoin is not a money. But, it is money for me as long as you can convert it into a real cash according to what country you belong it will be convert. Which means it a real money Wink

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    August 25, 2017, 10:01:54 AM
     #1298

    Knowing you can buy almost anything with it sure its money, the fact isn’t printed as fiat currencies made some people to doesn’t consider it as currencie. For me this weren’t a question about being money and yes where and how to use in the daily needs, as we do with fiat.

    I mean, im pretty sure if they accepted it, you could buy just about anything with gold and silver (along with other precious metals / commodities), but that doesn't make gold / money. personally, I define money as the legal tender of a nation or state, and until that is so, bitcoin won't be something I can consider money in my own definition. a highly liquidatable asset describes it a lot better in its current state.
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    August 25, 2017, 11:55:18 AM
     #1299

    Bitcoin is the new idea of money. That’s why it is having so much problems with governmental regulations. The laws that cover financial system, do not cover the notion of cryptocurrency. So, in order to use it 100% legal, the country must enact a separate law for cryptocurrency. Like they did in Japan.
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    August 25, 2017, 12:07:33 PM
     #1300

    Bitcoin is the new idea of money. That’s why it is having so much problems with governmental regulations. The laws that cover financial system, do not cover the notion of cryptocurrency. So, in order to use it 100% legal, the country must enact a separate law for cryptocurrency. Like they did in Japan.
    It's true that bitcoin is our new money it's only a money but it is a digitized one. A one of a kind money that gives hopes to everybody. It's like holding a future through bitcoin. The problem is that not all people accept it because they find it worthless. So let's find ways to convince people how to earn bitcoins and help one another building a better future.

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