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Author Topic: Is Bitcoin money?  (Read 110848 times)
Lorilikes
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September 29, 2017, 02:01:28 AM
 #1601

Well I've bitcoin  wasn't money when the thread started it is for sure now!
I love when topics like this keep coming back, indefinitely.

Bitcoin is currency, and the most influential digital concept of our generation on top of that.

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Liza Soberano
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September 29, 2017, 02:09:11 AM
Merited by Magkirap (2)
 #1602

    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 can be money soon but if you look entirely at the features of bitcoin,  bitcoin is money already because it makes money from simple posting upto joining some other things like signature campaign
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    September 29, 2017, 02:14:46 AM
     #1603

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
    Yeah right. Bitcoin is money,  we use this to buy things,  pay bills, and as an exchange for service rendered, just like money. We use money for an exchange of something either a thing or a service rendered. We use bitcoin the way we use money, that's why we consider bitcoin as money.

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    September 29, 2017, 02:42:57 AM
     #1604

    For me, i think bitcoin is a kind of money. Because the quality of what money have is also in the bitcoin like for example bitcoin can pay our bill and buy load or pay order online. which we can do also in our local money. But the difference of money and bitcoin is the first you can hold it any time you want and instant use it without internet connection, unlike in bitcoin it is a digital currency and it depends if you want to make it money.

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    dhas
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    September 29, 2017, 03:09:17 AM
     #1605

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
    For me, BTC can be consider as a money. Like what you say "Anything that is being used as a medium of exchange is money"  that' definitely correct.  As we all know in the signiture campaign we are paid through Bitcoin. And that coin can be converted into our money. Aside from bitcoin can also be saved for the future.
    Djalal7310
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    September 29, 2017, 04:09:12 AM
     #1606

    I think bitcoin is money.
    Because bitcoin has properties like money that is widely accepted as a store of value and we can buy something with payment using bitcoin
    PizzaBTC
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    September 29, 2017, 06:14:38 AM
     #1607

    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.
    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.

    EPIK



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    IceOleg
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    September 29, 2017, 06:20:58 AM
     #1608

    Generally speaking - yes, bitcoin is a money since you can use them as a way of payment. But at the moment is more like a theory - we know that bitcoin can be used as a way of payment but actually it's not happening.

    The guy who started the thread actually asked a very important question 7 years ago. And not that much have changed since that time. Yes, now there is more awarness, yes, it cost more. And no - it's still not accepted on a governmental level nor masses of people use it as a payment method.

    aizen10
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    September 29, 2017, 07:12:48 AM
     #1609

    money? for me money is used to buy/change for the other products you want. so for me bitcoin is like a money but in a virtual reality, you can also buy/bought/exchange bitcoin on some products online if you want. and the good things is, bitcoin is not just like a money online, it is a very best investment program that you can earn more profits in the future. so it is both money and investments.
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    September 29, 2017, 07:15:49 AM
     #1610

    Money is used as a medium of exchange. Bitcoin can be used to purchase, pay services, bills and a lot of things. So, I think that bitcoin can also be considered as money. Bitcoin can be converted to fiat money. A lot of people became rich because of bitcoin and it's convenient to use.

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    September 29, 2017, 07:31:12 AM
     #1611

    yes, I agree that bitcoin is another form of money. its function can indeed be a means of exchange, but there are several factors of the fiat that can not be found in bitcoin.
    fiomcorka
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    September 29, 2017, 10:06:28 AM
     #1612

    I think bitcoin money. Because bitcoin provide one of the main money's target - universal equivalent for exchange between people for goods and services.

    Bitcoins are just like other currencies; they can be and should be sued for buying and selling good like conventional currencies. Moreover they are not just currency but also the best investment for secure purpose as well.

    I think we should not waste time in doubting the nature and benefits of bitcoins rather start working them as soon as possible.

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    bob123
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    September 29, 2017, 10:25:25 AM
     #1613

    Money is a placeholder.
    Noone likes Money because its beautiful Paper with Numbers on it. You can use Money to buy whatever you want. And since you can buy stuff with btc (or Exchange it) it Money for me.
    Just a different Kind of money

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    September 29, 2017, 02:31:49 PM
     #1614

    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.

    For me, bitcoin is money. Money is medium of exchange and so is bitcoins so definitely it is money. Though the usage of crypto coins for buying daily stuff is not on a large scale but purchases can be made by them. It is due to the lack of knowledge and all new technologies take time for adoption.

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    September 29, 2017, 04:56:10 PM
     #1615

    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.

    +1 agreed.  It's a commodity, a digital store of value.

    Yes off course bitcoin is a money because we can use bitcoin for various purposes   like we can use it for business or buying things and we can also cash bitcoin to our desire currency.

    Barbarian
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    September 29, 2017, 11:21:37 PM
     #1616

    Yes, a digital money that can exchange into real money and we can also use it for barter. Grin
    You do not have to use bitcoin for barter the whole point of currency is to avoid bartering, and to give a ledger in which people can know what it is the value of their possessions and the way to interchange them easily, so that is a mistake in they way you think about bitcoin.
    winterland
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    September 30, 2017, 03:34:37 AM
     #1617

    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.
    Bitcoin is not an online job, you do an online job and instead of being paid with fiat you are being paid with bitcoin, bitcoin is just the unit used to pay you, bitcoin did not create that, probably the only people that have jobs thanks to bitcoin are the devs and the miners.
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    September 30, 2017, 08:09:22 AM
     #1618

    For me it's no, i considered bitcoin as like gold not a money cause it can not exchange for our household commodities for example you are taking a bath then you run out of body soap then you'll go to grocery to buy it, you can't use bitcoin as mode of payment for the soap simple because it is not a money. That's obe of my example of my reason why i can not considered bitcoin as a money.

    Hope you get my point  Smiley.

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    September 30, 2017, 09:23:04 PM
     #1619

    Cash performs numerous functions. They are employed not only as payment. For normal men and women, they are considered only as payment. For the financial system of the nation - this is an important resource. Bitcoin does not have the functions of supporting the economy. Consequently, it can not be named full-fledged money in the sense that exists now
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    September 30, 2017, 11:26:19 PM
     #1620

    btc is a virtual currency that is widely used as a very flexible exchange tool. but gold can not be easily exchanged for a good. gold only as a commodity
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