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Author Topic: Is Bitcoin money?  (Read 108225 times)
raven7886
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September 24, 2017, 12:43:24 PM
 #1581

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.
There is no doubt that bitcoin is money because people will not invest in something else. They have invested in bitcoin for a better future and to fulfill all their needs and dreams, and all that will be possible just when someone has a lot of money and the future money is bitcoin that’s why the people all over the world are investing in bitcoin to earn more and more money and become rich in the near future.

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September 24, 2017, 12:46:56 PM
 #1582

    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 money becuase you can convert it into real money and then you can use this to buy anything and many people use this to transaction with other and i see many people became rich becuase they doing workhard everyday.

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    September 24, 2017, 02:20:56 PM
     #1583

    Yes it is. Money is anything widely accepted as a store of value, it exists in many forms such as currencies and commodities like dollars or gold. And since bitcoin is widely accepted currency so it is money.
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    September 24, 2017, 02:28:11 PM
     #1584

    you can call like that because it can to buy some stuff and other, but bitcoin like something too that can be sold and get money for our income
    I agree to you bitcoin is money becuase you can use this to buy stuff and anything but many people use this to pay their bills and debts but sometimes people use this to buy that they want but for me i use this bitcoin to earn only and i eill wait the time that the value of btc is $10000

    natka
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    September 24, 2017, 02:30:36 PM
     #1585

    Yes it is. Money is anything widely accepted as a store of value, it exists in many forms such as currencies and commodities like dollars or gold. And since bitcoin is widely accepted currency so it is money.
    The fact is that Bitcoin should not be seen as a means of payment, but as a means to save your income and increase your savings. In this way, one can completely cut off all the attempts to compete with the son of a feat. But I think that once it has a completely different meaning. Although every person has an individual opinion regarding his attitude to Bitcoin and crypto currency completely.

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    September 24, 2017, 05:08:12 PM
     #1586

    Bitcoin is money for two reasons. One is because it has all the necessary qualities of sound money and two is because people believe it to be and thus they are treating it like so.



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    dioanna
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    September 24, 2017, 05:12:21 PM
     #1587

    bitcoin is money but in other version thats why its called digicurrency
    sometimes i think bitcoin is a product ,you exchange it for real money.
    everybody has their own point of view on this

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    September 24, 2017, 05:44:28 PM
     #1588

    Bitcoin is money as long as people believe it's money and we use it for money. Right now people are using it as a store of value. Then people will exchange goods and services, and then things will get priced with it.

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    September 24, 2017, 10:14:30 PM
     #1589

    Yes, Bitcoin is money . Its like an online job that we can use to earn profit . It is also one of the source of income of some students that is using bitcoin. It is so much helped with us because we can earn not just money but also our financial freedom.

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    September 26, 2017, 04:40:34 AM
     #1590

    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.
    There is no doubt that bitcoin is money people use it as such and even if the price is not very stable bitcoin fits the definition perfectly and at the same time it can do a lot more than just being a currency, maybe that is where the confusion comes from.
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    September 26, 2017, 05:41:12 AM
     #1591

    What if I can’t fully wrap my brain around cryptocurrencies like bitcoin and ether?
    Yes bitcoin is money which exist virtually in your digital wallets. People are using bitcoins for sale/purchase of products online from all over the world. Traders use this money for making huge profits in the digital world while investors invest maximum in this crypto currency for long term benefits.

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    September 26, 2017, 05:47:50 AM
     #1592

      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, you have a good point. Bitcoin is definitely a type of money. In which it is not tangible. It also called a virtual money. It is mined by the miners in Internet. And it is also a valuable money. It can divided into eight decimal numbers.

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      September 26, 2017, 03:30:50 PM
       #1593

      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.
      Bitcoin is money in true sense. It is a medium of exchange. The only thing new about it is the form in which it exists. I am talking about its digital form. But as far as we can buy stuff using anything, it becomes money and so does bitcoin. It is accepted by many as a payment for their offered services.

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      September 26, 2017, 09:05:41 PM
       #1594

      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.
      There is no doubt that bitcoin is money people use it as such and even if the price is not very stable bitcoin fits the definition perfectly and at the same time it can do a lot more than just being a currency, maybe that is where the confusion comes from.
      Bitcoin could actually be considered as a money because of its present usage and market demand .it has become a way of earning more and more capital especially for those people who have been looking for a job that pays off them in accordance to input .Hence, the best available option worth opting is bitcoin being most high rated of all digital currencies available round the globe .I have been into bitcoin trading since past few years and have got a much in return of some serious efforts and hard work.

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      September 26, 2017, 09:20:07 PM
       #1595

      Yes, of course it is, it's a commodity and it can be exchanged for normal currency.

      Walked_by
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      September 26, 2017, 09:44:06 PM
       #1596

      I think yes bitcoin is money

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      September 26, 2017, 09:57:08 PM
       #1597

        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?





        Thats true. Bitcoin is a money in which it can be used as a pay for a bill and other things. But the cool factor is Bitcoin cant be touch, feel, see, etc. It is not a true object but rather it is discover and develop for us to have an easier transactions and buy things easily in online.

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        September 26, 2017, 10:18:29 PM
         #1598

        Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Bitcoin can be used to make most of our online transactions between individuals, bitcoin is not money but is a commodity.

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        September 27, 2017, 02:58:00 PM
         #1599

        What if I can’t fully wrap my brain around cryptocurrencies like bitcoin and ether?
        Yes bitcoin is money which exist virtually in your digital wallets. People are using bitcoins for sale/purchase of products online from all over the world. Traders use this money for making huge profits in the digital world while investors invest maximum in this crypto currency for long term benefits.
        No one put all its funds into Bitcoin, therefore the Bitcoin and cryptocurrency market do not have definition maximum as your said Grin. Maybe, only crazy boy put all his funds into an asset still unknown value and unstable, even it can be disappear in someday.



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        September 29, 2017, 01:40:46 AM
         #1600

        Bitcoin is money because you can use this to buy a things you want using internet, but you cant touch bitcoin like fiat but it has also a high value.

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