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Author Topic: Is Bitcoin money?  (Read 108224 times)
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September 02, 2017, 03:34:49 PM
 #1361

It's worth money but has so many different properties I wouldn't call it money.
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September 03, 2017, 06:22:56 AM
 #1362

I believe bitcoin is convertible to what we usually accepts as money, in our country, I assume bitcoin cannot be directly use to buy goods or services, it needs to be instored in a onlinewallet and convert it to banks to yield the so called acceptable money. But I heard proposals that can directly use bitcoin so I guess sooner or later this can fully be the money we can use on our daily basis.
I also think that BTC will be accepted as a payment method quite soon. There is a car dealership in Slovenia that accepts Xaurums as payment for cars and other services they provide. Therefore, why not BTCs
You mean AutoBroker?
I think that is only matter of time when BTC will become one of official payment solutions in some countries and after them, more and more countries will follow them.

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September 03, 2017, 06:38:51 AM
 #1363

    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?





    Probably, bitcoin is the new type of money. It is more like a cryptocurrency. It can also be converted into a real kind of money. Practically, it is an online kind of money that is earned inside the bitcoin organization through the use of internet connection. By posting some thoughts and opinions in the bitcoin, people that are active users and active member can gain or earn some bitcoins. It can also became a true cash through the use of some remittance centers or banks where you can cash out all your bitcoins.

    valentin68
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    September 03, 2017, 06:45:05 AM
     #1364

     2000 years ago  there were no money or little money. Peple were using barter, that is you gave some object and receive another object for what you gave. Money have been invented to replace that object with something else. You now give an object and receive money, or these days  you give some money and receive other money. Bitcoin does not follow the definition of classic money, little people give an object for bitcoin, instead they give some old type of money, and receive bitcoin. Thus bitcoin follows the second definition, and we could say that it is money.
     
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    September 03, 2017, 06:52:03 AM
     #1365

     its same like finicial shares you can buy and sell and that amount increased or not for that process you can get profits

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    September 03, 2017, 06:58:35 AM
     #1366

    bitcoin is not a money but it can be converted into a money or cash through your wallet. In my country I can use it to pay bills, like electricity and even buy stuffs online and even I can send money to my family using bitcoins.

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    R.Hasan
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    September 03, 2017, 07:00:08 AM
     #1367

    Bitcoin is intended to be used as money. The extent to which it differs from the various definitions of money is primarily due to its unpopularity and lack of government sanction, which in my opinion should not matter when speaking about it as "money."


    A very good read I must say, makes perfect sense
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    September 03, 2017, 07:05:52 AM
     #1368

    2000 years ago  there were no money or little money. Peple were using barter, that is you gave some object and receive another object for what you gave. Money have been invented to replace that object with something else. You now give an object and receive money, or these days  you give some money and receive other money. Bitcoin does not follow the definition of classic money, little people give an object for bitcoin, instead they give some old type of money, and receive bitcoin. Thus bitcoin follows the second definition, and we could say that it is money.
     
    I guess that there is now a new definition for money and that is money is now considered as a medium of exchange in the majority of the population. And Bitcoin by definition is a currency in which many people in the internet knows what it is. But the bad thing is that we are seeing Bitcoin as a kind of investment because of its growth potential and nothing it wrong with that as it is still accepted as a kind of currency. Also barter or trading until now is still being practiced from shoes to cars everything that they can exchange without adding money is up to them.

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    wilwxk
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    September 03, 2017, 04:11:26 PM
     #1369

    Bitcoin is not in physical form but bitcoin has all those features as fiat money, we can use it to buy things in online shops, we can use it for payment and for investment in any business, and in the money concept dont matter how many peoples really use this as money.

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    September 03, 2017, 04:15:04 PM
     #1370

    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.

    Yes, Bitcoin is a new virtual currency, however it is not a commodity because it is not real. On the other hand, maybe Paypal will not accept Bitcoin but just see it as a competitor because Bitcoin may overtake Paypal in the near future as Bitcoin is more and more popular.

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    September 03, 2017, 04:20:37 PM
     #1371

    Bitcoin is superior to money itself. Because its value continues to grow with limited supply. While in money, value always decreases from year to year. So, if we still want money then bitcoin is the best tool and place.

    Bitcoin is both the money and a commodity. Look it can used to sell / buy things online and yet it is the most traded thing with USD as its value is fluctuating all the time. But in future, when there will be no fiat, only then we can say that Bitcoin is purely a money.

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    September 03, 2017, 04:34:30 PM
     #1372

    YA, it can be said that way even some of the big people believe Bitcoin to be the future. I think that anything used for exchange of any commodity or giving  something of the same value for a certain commodity I guess can be called as money.
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    September 03, 2017, 05:14:58 PM
     #1373


    I think bitcoin is a currency too like gold while it takes longer the price is increasing to if i am i will keep bitcoin for the future

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    September 03, 2017, 05:35:18 PM
     #1374

    If you ask me, bitcoin is just an asset in today's world but it can be money in the coming future when everything would be paperless and all of us will be having RFID chips fitted in us for identification and spying on us.
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    September 03, 2017, 05:41:26 PM
     #1375

    If you ask me, bitcoin is just an asset in today's world but it can be money in the coming future when everything would be paperless and all of us will be having RFID chips fitted in us for identification and spying on us.

    Many government wants to implement the cashless society. Some of them accepted bitcoin as their Currency now.It also accept by USA too.If that happen, the bitcoin will reach the maximum value and at last replace the dollar. Then it will replace the entire bank system.

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    September 03, 2017, 06:14:12 PM
     #1376

    generally bitcoin is not a legalized so we can't told it has a proper money bitcoin is one kind of asset we need to convert from any another forms of currency. we can't buy all things in the bitcoin currency. so i think it is not compleatly money. in some slight websites only can buy.

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    September 03, 2017, 06:34:48 PM
     #1377

    Is bitcoin money?

    The answer is YES

    But bitcoin is money for the Internet. It is a scarce digital commodity used as money by millions around the world. People buy coffee with Bitcoin at local shops. Others get paid in Bitcoin and use it to shop online. Friends use it to settle with whoever paid for dinner. Workers send Bitcoin back home to help family, regardless of where they live.

    Since its start in 2009, Bitcoin has provided an alternative to traditional government-issued money. No single government, corporation, or nation controls Bitcoin. There is no need for a Bitcoin bank. People store Bitcoin in software called a wallet, which is available for almost any device.
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    September 04, 2017, 08:23:22 AM
     #1378

    Bitcoin is superior to money itself. Because its value continues to grow with limited supply. While in money, value always decreases from year to year. So, if we still want money then bitcoin is the best tool and place.
    How amusing to read, I don't mean to offend you but where are you're proofs of money is decreasing every year and then? I mean there is no such thing. I think you're only describing the Fiat of your country and not all those fiats of other countries.

    As far as I know, Bitcoin is not that very good as you describe it would be. I mean money/cash/fiat is still good when it come to utilizing it I mean despite to those countries that have already accepted it still not that good.

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    September 04, 2017, 12:40:10 PM
     #1379

    Bitcoin is not in physical form but bitcoin has all those features as fiat money, we can use it to buy things in online shops, we can use it for payment and for investment in any business, and in the money concept dont matter how many peoples really use this as money.
    If we ask a common person, what is the meaning of money for him? Definitely he would be saying the paper money we use to buy things. Even in this sense, bitcoins is money. It is used to buy things and pay for services in several countries. By any definition possible, Bitcoin is a currency.
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    September 04, 2017, 12:43:26 PM
     #1380

    Yes bitcoin is money to me as I can easily sell my bitcoins and get fiat money in exchange and can use it in buying anything and it serves the same purpose as fiat money does so for me bitcoin is a money in digital form which can be converted to physical form for making purchases.

                                                                                   
                    
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                                ▀███████▌  ▀█µ▀█ ██                                
                                  ▀█████     ███▓█                                 
                                    ▐███      ▀██Ñ                                 
                                                ▀                             

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