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Author Topic: Is Bitcoin money?  (Read 98995 times)
Kotone
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September 22, 2017, 04:19:17 AM
 #1561

    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.

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    poetra2501
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    September 22, 2017, 04:29:31 AM
     #1562

    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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    Senpai17
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    September 22, 2017, 08:23:54 AM
     #1563

    Bitcoin, would qualify as money or currency; it is a medium of exchange and a unit of account. It just has no link to a particular sovereign.
    itzong17
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    September 22, 2017, 08:26:58 AM
     #1564

    Popular definitions of money also focus on the idea of a purchasing unit—often denominated in bills and coins that can be used to purchase goods and services. so Bitcoin can use for transactions
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    September 22, 2017, 08:28:17 AM
     #1565

    It is clear that Bitcoin can be used as money,. “It can be used to purchase goods or services, used to pay for individual living expenses
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    September 22, 2017, 08:32:18 AM
     #1566

    Bitcoin is money on the internet, but most people consider it a tool for gambling, or trading tools. You can use it the same way. Bitcoin is new and it has many things that make it different from the kind of money that we usually use in these years. Bitcoin can be a source of cash for your needs, just like your income from work. Yes in your country of residence. But you can use bitcoin in the transaction using wallet like coin.ph in this you can make transactions like bill payment, purchase or even convert your bitcoin.
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    September 22, 2017, 08:33:23 AM
     #1567

    Bitcoin is more than a system to store and transfer value from one person to another. Bitcoin is a protocol, a computer network, and much more.
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    September 22, 2017, 08:34:17 AM
     #1568

    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.
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    September 22, 2017, 09:11:43 AM
     #1569

    I think bitcoin is not money, but it's called gold, because it's almost like gold in the mine, so bitcoin is a new way to earn money Cheesy

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    September 22, 2017, 09:20:49 AM
     #1570

    Bitcoin is much more than money. Bitcoin is a new ideology. Everyone can use bitcoins to find something you need. For me, bitcoin is freedom. With his help, I want to be independent from the government and earn enough money to buy all the necessities of life.

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    September 22, 2017, 09:55:01 AM
     #1571

    I red an article that shows why we can consider Bitcoin a money. the article montioned some characteristics of bitcoins that make it even better that fiat currencies and they are:
    1-Scarce: not widely avalable.
    2-Durable: it’s eternal as long as people want to use it and wallets can even be duplicated to prevent file corruption.
    3-Portable: Bitcoin is super easy to carry,
    4-Divisible: divisible up to eight decimal places and can be extended further.
    5-Authenticity verification: This process requires some technical knowledge, but it’s not super complex.
    6-Storage: there’s nothing easier to store than something that is digital.
    7-Fungible: Like fiat currencies, Bitcoin is considered equal, since 1 BTC is the same as another 1 BTC.
    8-Difficult to counterfeit: being an encrypted coin, it’s impossible to counterfeit Bitcoins.
    9-Widespread use: there are new members of the Bitcoin universe every day.

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    September 22, 2017, 12:53:23 PM
     #1572

    for me I can say that there are money in bitcoin, and bitcoin can be part of money, yeah money can buy things, and have a value for you to use in buying goods and bitcoin can do it also, although you can only use it through digital but if you can change it in your local money you can buy more things and it will become money. so I guess I can say that bitcoin is also money.

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    September 22, 2017, 12:55:40 PM
     #1573

      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?


      Bitcoin carries all properties of money. So in my opinion, yes, it is money.
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      September 22, 2017, 01:34:14 PM
       #1574

      I red an article that shows why we can consider Bitcoin a money. the article montioned some characteristics of bitcoins that make it even better that fiat currencies and they are:
      1-Scarce: not widely avalable.
      2-Durable: it’s eternal as long as people want to use it and wallets can even be duplicated to prevent file corruption.
      3-Portable: Bitcoin is super easy to carry,
      4-Divisible: divisible up to eight decimal places and can be extended further.
      5-Authenticity verification: This process requires some technical knowledge, but it’s not super complex.
      6-Storage: there’s nothing easier to store than something that is digital.
      7-Fungible: Like fiat currencies, Bitcoin is considered equal, since 1 BTC is the same as another 1 BTC.
      8-Difficult to counterfeit: being an encrypted coin, it’s impossible to counterfeit Bitcoins.
      9-Widespread use: there are new members of the Bitcoin universe every day.
      This makes bitcoin to be recognized as money in which ever way we look at this and its super difficult to counterfeit thats why many people are interested in this technology


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      September 22, 2017, 11:14:25 PM
       #1575

      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.
      But that is the way things become money, first something is appreciated because of its qualities then after some time people begin to use that as a medium of exchange and after that people realize how easy is to use this asset as money and then it becomes money, that is what happened to gold and what it is going to happen to bitcoin.

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      September 23, 2017, 05:53:26 AM
       #1576

      I am totally agree with your point. Bitcoins is a currency not money (although currency and money are same).We can't compare bitcoins with it. Just ignore these nation state. Don't care about them what ever they said about bitcoin. Just concentrate on your work with bitcoins.
      One day, when fiat will be less used and bitcoin will be more used, then we all will realize how lucky we are that we collected bitcoin at early stages.

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      September 24, 2017, 08:13:40 AM
       #1577

      I red an article that shows why we can consider Bitcoin a money. the article montioned some characteristics of bitcoins that make it even better that fiat currencies and they are:
      1-Scarce: not widely avalable.
      2-Durable: it’s eternal as long as people want to use it and wallets can even be duplicated to prevent file corruption.
      3-Portable: Bitcoin is super easy to carry,
      4-Divisible: divisible up to eight decimal places and can be extended further.
      5-Authenticity verification: This process requires some technical knowledge, but it’s not super complex.
      6-Storage: there’s nothing easier to store than something that is digital.
      7-Fungible: Like fiat currencies, Bitcoin is considered equal, since 1 BTC is the same as another 1 BTC.
      8-Difficult to counterfeit: being an encrypted coin, it’s impossible to counterfeit Bitcoins.
      9-Widespread use: there are new members of the Bitcoin universe every day.
      This makes bitcoin to be recognized as money in which ever way we look at this and its super difficult to counterfeit thats why many people are interested in this technology
      Do you know what’s called gold? They were widely used as money in the old days, and do you know what’s cowries? Lol, in the past, they were also used as money, but only in some parts of Africa. It don’t just stop there–silver, diamond and lots of them. So Bitcoin? Yep it’s money.

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      September 24, 2017, 08:16:16 AM
       #1578

        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?





        Of course, bitcoin is a digital money. Many experts say that the bitcoin will become our future money. There are now many people who entering in this cryptocurrency world because of the bitcoin.

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        September 24, 2017, 09:54:11 AM
         #1579

        Yes, a digital money that can exchange into real money and we can also use it for barter. Grin

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        September 24, 2017, 11:44:30 AM
         #1580

        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.
        I also think the same and it is reality. Bitcoin is a crypto digital currency which is now legalized and regularized by some countries like Japan, Vietnam and South Africa. They realized that bitcoin is the new digital currency of the future and it will overcome all the other currencies of the world in the near future. Bitcoin can be used for buying anything like any other currency all over the world.

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