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Author Topic: Is Bitcoin money?  (Read 100248 times)
LuciferAB
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September 16, 2017, 04:21:43 AM
 #1481

Yes,  bitcoin is one type of hidden online currency. It one kind of virtual money which help us for trading goods. It can also convert in to real money. Bitcoin can convert any currency you want like dollar, rupees, euro etc. Bitcoin is widely accepted money in todays society.
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September 16, 2017, 04:33:04 AM
 #1482

I do not think I do not think of bitcoin as money. I think bitcoin is something of great value. Bitcoin is something of great value if it is in exchange for money. Just like gold, gold is something of high value if in money. But bitcoin is not visible a.k.a virtual. I think money is money, bitcoin is bitcoin.

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mickeybuddy27
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September 16, 2017, 05:59:49 AM
 #1483

Bitcoin is money that us for me. I get to use it like money which I can buy something or sell something in exchange of Bitcoin. Though everybody else have its different versions of definition that is either by self, dictionary, or in legal terms.
through bitcoin we can make money. converting Bitcoin into fiat to buy things. Bitcoin is like a dollar that needs to convert in order to accept on the country because that currency cannot accept as payment for stores not like in having transaction in the company who are aware about bitcoin and accepts it.

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September 16, 2017, 11:12:58 AM
 #1484

I do not think I do not think of bitcoin as money. I think bitcoin is something of great value. Bitcoin is something of great value if it is in exchange for money. Just like gold, gold is something of high value if in money. But bitcoin is not visible a.k.a virtual. I think money is money, bitcoin is bitcoin.
You compare Bitcoin as it was Gold because it is not money because it was like a thing that can have a value when converted to fiat, is this the way you see Bitcoin? Well personally, you might have a point, but if you would think about its a currency, that's why it is called a cryptocurrency because it is a currency existed digitally.

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September 16, 2017, 07:00:43 PM
 #1485

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.
Bitcoin is better than money, not only is money, a store of value, an investment, bitcoin can be used for anything you could build an app on top of it that keep the records of anything you wished, so bitcoin can be used for a lot more than any traditional currency that is what makes bitcoin so powerful.

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September 17, 2017, 08:09:04 AM
 #1486

    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 bitcoin is a type of curreny to start with, but it exists in the cyber world. It may exist in the internet but we can receive the worth of our bitcoins in real world through remittance centers, banks or by simply linking our credit cards to our bitcoin wallet so in that way we won't have to withdraw money and risk getting robbed from the atm. Bitcoin is also a good way to transact with other people far away without anyone leaving their place and pay by bitcoins and their product to  be delivered. It truly is a wonderful invention because bitcoin has made many people's lives easy.
    gulshan1
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    September 17, 2017, 08:33:19 AM
     #1487

    Bitcoin is a big money of a whole world and not of a particular country. Bitcoin is exist on the base of every country currency and without any physical currency bitcoin have a zero value. Due to new technology and modem advance time bitcoin is using as digital money online.

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    September 17, 2017, 09:30:24 AM
     #1488

    Basically, Bitcoin is a payment system which costs a low fee and it requires less formalities. Bitcoin is called also a decentralized digital money which can be transacted staying at home. Bitcoin is the open source which is open for all. you can use Bitcoin for the purpose of purchasing whatever you want. so it must be called a newly invented money.

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    megynacuna
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    September 17, 2017, 10:27:37 AM
     #1489

    So far as Bitcoin can be converted into any other money(fiats) and vice versa I think it's money. It has all the properties of money and even more through the decentralized blockchain technology backing its usage.



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    Rainbot
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    September 17, 2017, 10:45:36 AM
     #1490

    I think that bitcoin is not money, bitcoin is a new way of earning money, bitcoin is the same as gold or mine, miner miner bitcoin, then bitcoin they can buy, and there is an exchange Grin

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    September 17, 2017, 10:58:17 AM
     #1491

    I think bitcoin is a digital currency that can serve as a way to multiply money by way of investing, trading, mining, or other ways that can double our money and I am very happy with it and I really hope that bitcoin will continue to increase

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    September 17, 2017, 11:34:34 AM
     #1492

    Bitcoin is an electronic money made in 2009 by Satoshi Nakamoto. The name is also associated with the open source software that he designed, and also uses a peer-to-peer network without centralized storage or a single administrator where the US Treasury calls the bitcoin of a decentralized currency....
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    September 17, 2017, 11:39:53 AM
     #1493

    I believe in the future of bitcoin and the question if bitcoin is money my answer is yes. Cause why money is defined as what ever that is generally accepted as a means of payment for goods and services and in this time bitcoin is generally accepted as means of payment so bitcoin is money to me and to some other people who share the same views as mine.

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    September 17, 2017, 11:41:57 AM
     #1494

    Not really - I mean, think of something you'd like to buy right now, and try and use Bitcoin. Mostly, you can't. It's mostly a store of wealth like gold, although it's somewhat more usable than gold, but that's probably mostly because it's connected to the internet rather than being a lump of metal in a safe.
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    September 17, 2017, 11:44:44 AM
     #1495

    Bitcoin it is not a money rather it is like a gold Shocked
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    September 17, 2017, 11:54:04 AM
     #1496

    So far as Bitcoin can be converted into any other money(fiats) and vice versa I think it's money. It has all the properties of money and even more through the decentralized blockchain technology backing its usage.
    Then how would answer about Gold then? Its value can be converted to Fiat and also vice versa. It doesn't have all the properties of money since it is 'decentralized', I don't know why even said that. Bitcoin is somewhat more close to Gold than being money. It is an intangible object that has its value whenever we convert it to Fiat, we can also mine it; trade like gold. But as I've analyze it, its somewhat like  a hybrid of the two, I mean combining Gold and Money is equals to Bitcoin.

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    September 17, 2017, 11:56:06 AM
     #1497

    in my city we have BTC exchange point. So money - yes. Only money - no
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    September 17, 2017, 12:37:45 PM
     #1498

      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?





      In my own opinion, bitcoin is an electronic money and or sometimes called as the cryptocurrency inside the internet. It was made last 2009 by Satoshi Nakamoto. The word "bitcoin" is also associated with the open source software that he had designed. And this bitcoin also uses a peer-to-peer network without centralized storage or a single administrator.
      citizenh-ssd
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      September 17, 2017, 12:45:33 PM
       #1499

      Bitcoin is a new kind of money that can be used as an investment and make good money. In addition, they can use absolutely everything without age restrictions.

      muarip
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      September 17, 2017, 12:54:30 PM
       #1500

      Bitcoin is a new kind of money that can be used as an investment and make good money. In addition, they can use absolutely everything without age restrictions.

      Agree, Bitcoin can be said future money that can change the economy of others and can be used in various ways.

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