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Author Topic: Is Bitcoin money?  (Read 110493 times)
BitDiscussion
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September 07, 2017, 05:58:56 PM
 #1421

I think anything you can use to trade it for another good can be money.
That is what you think and guess what, you are correct that is exactly the definition of money, money is anything that you can use to get others people products and since you can do that with bitcoin then bitcoin is money, it is as simple as that.
I don’t think so why people doubt the nature of bitcoins as a currency. They are digital currency equivalents of fiat/ paper money that you can sue to buy products etc. there is nothing different among bitcoins and traditional currency except for their modes of existence.
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Barbarian
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September 07, 2017, 10:46:43 PM
 #1422

I believe Forbes rank Bitcoin as an asset rather than currency so in that very sense, BTC like your deduction probably isn't considered as "money" at this point of time. The Forbes top 100 richest man ranking might shift a lot if they do take currency coins into account!

I would rather look at the available uses rather than on that rank. BTC is indeed an asset but it does not mean that people holding BTC are not really spending them. Yes, most are only keeping them as treasures for the value to grow overtime but many are spending them as well. I myself spend my bitcoins for stuff such as payment for various bills.
According to some doubtful estimates satoshi holds 1 million BTC if this is true then that  means that he has 4.6 billion dollars, if I remember correctly Bill Gates has a 80 billion dollars fortune, so I think that in the next 20 years satoshi may become the richest person alive.

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September 07, 2017, 10:55:36 PM
 #1423

I believe Forbes rank Bitcoin as an asset rather than currency so in that very sense, BTC like your deduction probably isn't considered as "money" at this point of time. The Forbes top 100 richest man ranking might shift a lot if they do take currency coins into account!

I would rather look at the available uses rather than on that rank. BTC is indeed an asset but it does not mean that people holding BTC are not really spending them. Yes, most are only keeping them as treasures for the value to grow overtime but many are spending them as well. I myself spend my bitcoins for stuff such as payment for various bills.
According to some doubtful estimates satoshi holds 1 million BTC if this is true then that  means that he has 4.6 billion dollars, if I remember correctly Bill Gates has a 80 billion dollars fortune, so I think that in the next 20 years satoshi may become the richest person alive.

   There are many similar threads on this forum, only difference is the form. I have strong stand here, bitcoin can be money and can be investment, it can be what ever you wish to be. Forbs and
others can try to label it, but bitcoin can represent some new form that can combine some economy terms like currency or investment. Clearly is that bitcoin is used for traditional trading selling/
buying all sort of illegal/legal things, modern types of trading like trading stock markets, and bitcoin is used as investment.
   I did not know that I can trade from my computer and earn from that until I came here, like on stock market. I did not know that I can use bitcoin for buying all sorts of things, and I did not know
that I can invest in bitcoins, then invest bitcoins in some bitcoin businesses, and that is exactly what am I doing now. Is bitcoin money, yes it can be money if you wish it to be.

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September 07, 2017, 11:16:16 PM
 #1424

Well depends what you consider "money". If you can buy something with it then for me its as real as printed paper.
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September 10, 2017, 03:59:37 PM
 #1425

The type of each currency is quite the same, but the existence, not so much. Also there are so many things that differ cryptos to Fiats don't you think? There are still few countries that have accepted Bitcoin as means of payment so for sure you could say that they have the aspects as Fiats, but also consider also that there are still many things that can not be covered by Bitcoin, especially in the governments premises.

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September 10, 2017, 04:44:41 PM
 #1426

Cash performs many features. They are utilised not only as payment. For common men and women, they are deemed only as payment. For the economic system of the country - this is an essential resource. Bitcoin does not have the features of supporting the economy. Therefore, it can not be referred to as complete-fledged cash in the feeling that exists now
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September 11, 2017, 11:37:14 AM
 #1427

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."
Yes, there is no harm if we consider that bitcoin is the same as the money will be different but the shape is called a digital currency. If the money we can use in the real world and directly but if bitcoin it could only be used in the internet world. but in the end it also endowed a bitcoin can we use to help our real life needs. with bitcoin we can make money is useful in the future.
#1397 yes I am agree with you that bit coin has ` been defined by different people in different angles but I like your one’s that bitcoin is a transactional tool which can be converted to any local currency and can be used in online  buying,selling etc I also like bitcoin because it has converted the life of so many people from poverty to wealthy lifestyle.

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September 11, 2017, 11:48:20 AM
 #1428

Money is an option for trading and exchanging items to both parties and so as BTC. It is a money in all aspects as you convert into in both ways.
Yes, BTC is money

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September 11, 2017, 11:54:25 AM
 #1429

i think Bitcoin is not money, but Bitcoin is a new way to earn money, like we plant rice and then we sell to earn money, gold mining then we sell to earn money, and that's how we are today, looking for bitcoin and then sold for money , i think so

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September 11, 2017, 11:59:29 AM
 #1430

I think better than money, even better than gold. this is because the price or bitcoin value continues to increase, then it is time we invest our money into bitcoin because it proved very profitable.

I don't agree if you strongly conclude that BTC is better than Gold. The Gold value will rise together with money. If ever the world don't use money anymore but Gold is Gold, "precious than knowledge" as they say.

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September 11, 2017, 12:06:57 PM
 #1431

i think Bitcoin is not money, but Bitcoin is a new way to earn money, like we plant rice and then we sell to earn money, gold mining then we sell to earn money, and that's how we are today, looking for bitcoin and then sold for money , i think so

But we already have shops where accept bitcoins, and if we have a real use and adoption of this, we can say we have a new currency there, and i agrre with you in the part where the most of peoples buy bitcoin only for sell later to make profit, but is not everyone.

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September 11, 2017, 12:08:04 PM
 #1432

What if I can’t fully wrap my brain around cryptocurrencies like bitcoin and ether?
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September 11, 2017, 12:22:36 PM
 #1433

By definition, money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular 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, sometimes, a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered as money(https://en.wikipedia.org/wiki/Money). With the given definition above I can say that bitcoin is money, it satisfies all the functions which state that a money should posses.

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September 11, 2017, 03:52:11 PM
 #1434

i think Bitcoin is not money, but Bitcoin is a new way to earn money, like we plant rice and then we sell to earn money, gold mining then we sell to earn money, and that's how we are today, looking for bitcoin and then sold for money , i think so
For God's sake mate, do you even realized why Bitcoin belonged as one of the cryptocurrencies? Because it is money, a different kind of money, a digital money to be precise. Digitally speaking, Bitcoin is like data that is being gathered in order to make reliable information, we mine it and can be earned by using different platforms. As we gather these data we combine all sorts of data and create an information, now that is profit. As we go on and learn how to make information we make that information somehow be readable by the users, so we convert that information and become the graphical user interface or what we called money. And as we are using that GUI - since it is understandable by the users the transactions will be easier for them.

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September 11, 2017, 04:03:56 PM
 #1435

Yes its pretty much accepted as money by huge community. It has fundamentals of money and its effective by that cause of fixed supply.

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September 11, 2017, 04:26:37 PM
 #1436

bitcoin is money and It has a lot of features.We can use bitcoin more than for payment. also we can reap the benefits of it.

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September 11, 2017, 05:22:21 PM
 #1437

bitcoin is money and It has a lot of features.We can use bitcoin more than for payment. also we can reap the benefits of it.
Yeah but right now, I do not see many people spending their bitcoin for goods or for online payment. The price of bitcoin is too high which force them to hold their bitcoin instead of spending it. It is not a good idea anymore because if this continues to happen, bitcoin will no longer a type of money. It will certainly become a type of investment


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September 11, 2017, 05:41:10 PM
 #1438

Yes, I think Bitcoin is money but online money.

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September 11, 2017, 05:47:00 PM
 #1439

Yes, Bitcoin is clearly money and nothing but money. We can use Bitcoin as real currency to buy things and sell them online and many governments started accepting as payment method offline as well. I don't see any difference between Bitcoin and fiat or the other used currencies, so it is for sure money.
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September 11, 2017, 09:36:51 PM
 #1440

It is the money of internet.

Regulators may consider Bitcoin is just an asset, a commodity or a securities, but all theses can be used as money, so there's a very little difference.
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