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Author Topic: Is Bitcoin money?  (Read 108225 times)
Winkletoss
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March 09, 2017, 02:36:54 AM
 #141

I usually compare Bitcoin to Gold, they are limited to a supply gold is a valuable metal and bitcoin is a valuable algorithm.
It takes time and effort to find gold, same with Bitcoin it takes time and they are both limited to a supply.

When people will hear that there wont be able to mine gold anymore then the price of Gold will go up. Same as Bitcoin when people know there arent obtainable through mining it will be the same price will go up.

Bitcoin is the future, and im thankful that I know what Bitcoin is in this ignorant world,
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March 09, 2017, 02:57:53 AM
 #142

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

i agree bitcoin has lots of use nowadays. as long as bitcoin is accepted and being used by many i consider it as money

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March 09, 2017, 03:26:46 AM
 #143

Bitcoin is money! I already treat bitcoin as money when I made my first cash out. I can really say it is a money because we can convert it to our fiat money, we can buy products and services as a payment method. We know it is not controlled by the government nor declared as a currency, on the other hand; btc is not illegal.

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March 09, 2017, 08:36:34 AM
 #144

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

exceptional. Indeed for those who already know the bitcoin will use it until whenever, as in addition to the transactions that can be used to quickly and inexpensively. bitcoin can also give us a very big advantage of the game or investment (buy when prices are low and sell them when the prices are high (high price before saving it) so, so it is all indeed reasons that I often listen to


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March 09, 2017, 08:49:26 AM
 #145

I don't think it became a money until such time it was exchanged to fiat cash because the impression from is not that  visible for the offline markets in our local places. But if we talk regarding bitcoin money we should be dealing it through online transactions, which we actually represented to everybody the abitlity of bitcoin as a money used for spendings.

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March 09, 2017, 08:53:16 AM
 #146

Bitcoin is money! I already treat bitcoin as money when I made my first cash out. I can really say it is a money because we can convert it to our fiat money, we can buy products and services as a payment method. We know it is not controlled by the government nor declared as a currency, on the other hand; btc is not illegal.

Although we can't buy things directly with Bitcoin, so technically we can't call it money, you were right when saying that we can exchange it for our local currency and after that make any purchases we want. One might argue that we can for example exchange diamonds for our local currency, so what's the difference? The difference is that exchanging Bitcoin for real money  is much easier than doing that with diamonds or even gold, so Bitcoin is definitely closer to what we can call money.

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March 09, 2017, 08:58:35 AM
 #147

Bitcoin for me is a currency, I'm just basing it so far for what is the reality happen. Bitcoin right now is not directly can be used as payment in any public merchant business in all places of the world. Bitcoin most commonly used in online payment such shopping online who is accepted bitcoin.

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March 09, 2017, 09:01:55 AM
 #148

Bitcoin is money! I already treat bitcoin as money when I made my first cash out. I can really say it is a money because we can convert it to our fiat money, we can buy products and services as a payment method. We know it is not controlled by the government nor declared as a currency, on the other hand; btc is not illegal.

Although we can't buy things directly with Bitcoin, so technically we can't call it money, you were right when saying that we can exchange it for our local currency and after that make any purchases we want. One might argue that we can for example exchange diamonds for our local currency, so what's the difference? The difference is that exchanging Bitcoin for real money  is much easier than doing that with diamonds or even gold, so Bitcoin is definitely closer to what we can call money.
I agree to your statement that we cant buy things directly using bitcoin and It is only like other valuable things that can be exchanged for money. But In the future there is a possiility that we can almost buy in a store using bitcoin if the government or the country adopts it freely.

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March 09, 2017, 09:12:09 AM
 #149


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


very well said mate.. well this is somewhat true. i guess the answer varies from one person to other. why? because it depend on how a person look into bitcoin. like most of as here, we already consider bitcoin as money because we can already purchase a lot of things and we were able to pay it through bitcoin. moreover, i think that the only difference of bitcoin to money or fiat is that no one controls over bitcoin compared to the fiat we used that it is being controlled by any central government.

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March 09, 2017, 09:36:37 AM
 #150

I considered bitcoin as money thats served as a digital currency. When I learn bitcoin way back, it came into my mind that it is money that we could easily cashout into fiat.  Many users are hook into bitcoin because of its popularity and easy to use. Thus,  bitcoin is money when I earn it and cashout into my currency so easily.

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March 09, 2017, 09:48:01 AM
 #151

Not everyone appreciate the value of Bitcoin up to this day. I think everyone is aware that bitcoin is consider as digital currency which can be used worldwide although not all countries accepted it as of yet. They don't even consider it as money.
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March 09, 2017, 09:53:00 AM
 #152

I won't term bitcoin as money. However, I agree with you that bitcoin is a commodity which has an underlying value. In this case, the value is based on the public trust and nothing else. The more number of people will trust in bitcoin, the more amount of investments it will receive and it will in turn increase the market cap which directly impacts the bitcoin price.

So, it should not be used for buying groceries or a cup of coffee. Rather we should take it as an investment and trade with the bitcoin. It has a huge upside potential and it can make you rich within next 5 years if you are holding enough numbers of bitcoin today. Wait for the magic to happen. 

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March 09, 2017, 10:17:13 AM
 #153

I won't term bitcoin as money. However, I agree with you that bitcoin is a commodity which has an underlying value. In this case, the value is based on the public trust and nothing else. The more number of people will trust in bitcoin, the more amount of investments it will receive and it will in turn increase the market cap which directly impacts the bitcoin price.

So, it should not be used for buying groceries or a cup of coffee. Rather we should take it as an investment and trade with the bitcoin. It has a huge upside potential and it can make you rich within next 5 years if you are holding enough numbers of bitcoin today. Wait for the magic to happen.  

I wonder if you have read Bitcoin Whitepaper.  It is titled:  Bitcoin: A Peer-to-Peer Electronic Cash System.  Definitely Bitcoin is created to be a currency or money.  Whatever idea we have about Bitcoin, either a store of value or digital gold, the fact that what bitcoin is announced and stated on its whitepaper nullifies what ever claim we wanted to say about BTC.  It can add up to the feature but it will never replace the actual definition of what Bitcoin is.

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March 09, 2017, 01:31:08 PM
 #154

I considered bitcoin as money thats served as a digital currency. When I learn bitcoin way back, it came into my mind that it is money that we could easily cashout into fiat.  Many users are hook into bitcoin because of its popularity and easy to use. Thus,  bitcoin is money when I earn it and cashout into my currency so easily.
Bitcoin is money. No matter how other people think, bitcoin is still a valuable property. Today, there are still many doubt that Bitcoin can become as great as the dollar although they have tested the Blockchain and Bitcoin. I do not know why. Bitcoin contains more than you know and there are a lot of hidden abilities in Bitcoin which can help people in various ways

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March 09, 2017, 02:02:30 PM
 #155

I considered bitcoin as money thats served as a digital currency. When I learn bitcoin way back, it came into my mind that it is money that we could easily cashout into fiat.  Many users are hook into bitcoin because of its popularity and easy to use. Thus,  bitcoin is money when I earn it and cashout into my currency so easily.
Bitcoin is money. No matter how other people think, bitcoin is still a valuable property


That's just being not open to other people's opinion. "No matter what... bitcoin will still be money." I think bitcoin is more of a commodity than money. If bitcoin is used solely as money (since that's what we do with money), I don't think the price of bitcoin will be the same. Most of us are here because we think that bitcoin is a good way to invest our money. It's a commodity in a way that people bought it because of its value not because of its usability. Its usability is not that much as of now since it's not yet widely accepted.

Maybe time will come when bitcoins can finally be the currency that it is. When everyone's using it already and everyone's accepting it.
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March 11, 2017, 08:56:51 AM
 #156

Bitcoin for now cannot be say as money, it is a kind of digital currency or virtual currency which can be used only for online payment system. Money is physically use in public places or any form of business that are displayed in public or private place, but in terms of online payment system paper money can't be use and that's what bitcoin can do in some forms of payment online on which real money can't do.

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Xester
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March 11, 2017, 10:00:08 AM
 #157

Bitcoin is money! I already treat bitcoin as money when I made my first cash out. I can really say it is a money because we can convert it to our fiat money, we can buy products and services as a payment method. We know it is not controlled by the government nor declared as a currency, on the other hand; btc is not illegal.
Bitcoin is not money. Though it has a value and is considered to be a currency it is still not money. Money is a legal tender and there are official declarations making it one. Bitcoin is not yet money due to non adoption of the government. But if bitcoin becomes money then it is far from the bitcoin that we have today since it will be regulated, monitored and controlled by the government.

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March 11, 2017, 10:01:55 AM
 #158

Of course its a yes. What these people think that bitcoin isn't a currency.
This is the most popular cryptocurrency.
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March 11, 2017, 10:10:00 AM
 #159

Bitcoin is a money or we can say another type of money but the different thing is, it's virtual and you can only have this kind of money if you are in the internet. Bitcoin is also an another type of investment where you can make a lot of profits because the price is moving in a volatile way so it is a very good kind of characteristic for me.

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March 11, 2017, 12:30:34 PM
 #160

Money can be in any form. It is a medium of exchange. It can be used for payment transaction. Since bitcoin is acceptable as payment for goods and services, therefore bitcoin is way the same as money. Or shall we say bitcoin is money.
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