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Author Topic: Is Bitcoin money?  (Read 100530 times)
uzumaki
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September 21, 2017, 07:09:34 AM
 #1541

    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?





    money is a means of thing  that is used to buy goods or services. And bitcoin can be said money based cryptocurrency-that can be exchanged with various fiat and bitcoin can also as investment . Its difference with ordinary currency is the nature of bitcoin decentraliced ​​and annonimous which bitcoin users are not can be tracked.

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    fullhdpixel
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    September 21, 2017, 07:23:53 AM
     #1542

    Yes, I think Bitcoin is money but online money.
    yes, Bitcoin is money but Bitcoin can only be found on the Internet because Bitcoin is the internet currency.
    Yes bit coin not only money but asound money as ell as some people call it as internet money which can be used for buying goods like good, stuff,books and other daily utilities like paying bill. Those countries where it is not legalized yet then it is also converted to other currencies.

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    September 21, 2017, 07:45:37 AM
     #1543

    Yes bitcoin is an online currency so it actually is money but you cannot buy with it everywhere because it is not legalized everywhere so bitcoin is money which you can trade for real life money and with that money you can buy everything you want to.
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    September 21, 2017, 07:50:24 AM
     #1544

    Bitcoin is decentralized which is pretty awesome that we wil not be in the control of the government, it's value is not a subject for inflation where usual money is, so it's an opposite and we like it because it's freedom as well.
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    September 21, 2017, 08:22:18 AM
     #1545

    For bitcoin to be like cash. There needs to be purchase recipes for proof of buying products online etc. I went to buy something today with bitcoin but other then sending over bitcoin to there address there is no security/refund method in place if my product doesnt turn up or needs to be returned...

    Dont get me wrong i mean a recipe for proof of purchase npt a transaction recipe. If that makes sense
    Johansson6
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    September 21, 2017, 08:32:49 AM
     #1546

    Bitcoin is decentralized which is pretty awesome that we wil not be in the control of the government, it's value is not a subject for inflation where usual money is, so it's an opposite and we like it because it's freedom as well.
    I think that is true but it is not an actual answer to this question bitcoin is a online currency that people want to have and need because of its freedom and the fact that is not controlled by a bank or something but only yourself and that is what people want.
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    September 21, 2017, 04:56:03 PM
     #1547

    The law states it is a commodity. Simple research will tell you that. It is something that will make or break you, so learn to do that diligence and get the information yourself or you will never make it in the trading markets. Bitcoin was deemed legally a commodity in Florida and in few other US States courts.


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    September 21, 2017, 05:00:54 PM
     #1548

    Yes, until now bitcoin is better regarded as commodity although able to play better than money because bitcoin also has a universal value.

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    September 21, 2017, 05:05:04 PM
     #1549

    bitcoin is not money, but bitcoin can serve as money. Why? because bitcoin has a value, and bitcoin is also very limited because the limit is bitcoin has a value so that bitcoin can function as money.



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    September 21, 2017, 05:08:39 PM
     #1550

    More than 100 pages saying the same hahah, but it is okay, it is obviously that bitcoin was not being considered as "money" a few years ago. But it has a lot of value right now, and its price has been set because of its demand, so yes, we can say that bitcoin is money, and that we can use it for buying things, or just use it like if it was paper money. Bitcoin is incredible



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    daringdiscovered
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    September 21, 2017, 05:15:54 PM
     #1551

    bitcoin is not money, but bitcoin can serve as money. Why? because bitcoin has a value, and bitcoin is also very limited because the limit is bitcoin has a value so that bitcoin can function as money.

    This is insane, most of the people do only think one think when someone says "money", the first thing that came up into their minds is fiat which is not right. The "money" term have different meaning depends on where you are going to use it, for example is here in bitcoin, let me clear things up to you folks, maybe this is just a misunderstanding of some people here in this forum. Bitcoin is a money, but not the money which we are spending in our everyday lives, but the money that we could use online and that is what you called virtual money. Bitcoin also have physical appearance like fiat, the only difference is bitcoin is advanced and fiat is not.

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    September 21, 2017, 09:44:06 PM
     #1552

      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?





      A general dictionary is not the best place to look for specialized knowledge, which definition will you trust, the definition of a term that has to do with physics from a general dictionary or one from a book of physics, in this case the one that is going to be closer to being accurate is going to be the one that is in the specialized book about physics.

      bitcoinsocial09
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      September 21, 2017, 11:59:29 PM
       #1553

        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?





        Yes, bitcoin is a money. Because it is an online currency, a digital currency or cryptocurrency. So it is actually a money but you cannot buy or use it just everywhere because it is not legalized in the local area or even in your own country. Bitcoin is a money which you can trade for the real life money and people can only use bitcoin in the local area if he/she will cash out those bitcoin in a bank or remittance center.

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        Text
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        September 22, 2017, 01:01:34 AM
         #1554

        Bitcoin is money because it a medium of exchange, we can convert it to fiat currency and trade to other altcoins. Yeah it is money because it has value, and we can use it to purchase products and services online that accepts BTC as payment. We can also put it on as investment to gain profits.

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        domgamer
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        September 22, 2017, 02:16:29 AM
         #1555

        I think bitcoin is considered money for us who knows cryptocurrency

        FINALLY!!!
        nskendrovic
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        September 22, 2017, 04:05:48 AM
         #1556

        Why not? It is valued more than any other currency or asset because people believe that, and if they believe that they do so for a reason.
        josephinerosdy
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        September 22, 2017, 04:11:06 AM
         #1557

        yea. bitcoin is money because have value and can be change to fiat money.
        everything who have values i can call it money.

        gilangIDR
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        September 22, 2017, 04:17:31 AM
         #1558

        For me bitcoin is more than money. Bitcoin is also a very profitable investment. Because bitcoin today I can get a much better life than ever before .. Bitcoin has changed my life a lot better and I feel that bitcoin is a miracle in my life. This is why I consider bitcoin to be part of the life I live.


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        Kotone
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        September 22, 2017, 04:19:17 AM
         #1559

          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 a sense bitcoin is money though electronically and paperless. It grows just like money. It can be invested like moneybut more importantly you can soend it just like in money resources. That is why even if it a new currency then you can still get on it as it is new.

          poetra2501
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          September 22, 2017, 04:29:31 AM
           #1560

          Why not? It is valued more than any other currency or asset because people believe that, and if they believe that they do so for a reason.
          If all countries assume Bitcoin is money, then it will be very beautiful this life for Bitcoiner. But there are still many countries that are not known yet about Bitcoin properly. They still think of the negative side of the Bitcoin, although Bitcoin have so much the positive side.

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