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Author Topic: Is Bitcoin money?  (Read 100981 times)
Shinigami78
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September 30, 2017, 11:26:19 PM
 #1621

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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naira
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September 30, 2017, 11:40:37 PM
 #1622

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
Each has advantages and disadvantages, in some countries other than as a virtual currency, bitcoin can be a means of payment
While gold is just as an investment tool, but the price of gold is stable and continues to rise, while the sale price of bitcoin is very unstable.



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dylanc
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September 30, 2017, 11:46:22 PM
 #1623

I think based on current situations, bitcoin can be considered a virtual currency or commodity. Not really considered as cash, even though it is getting much easier to convert it into cash.
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October 01, 2017, 01:56:52 AM
 #1624

I think based on current situations, bitcoin can be considered a virtual currency or commodity. Not really considered as cash, even though it is getting much easier to convert it into cash.
Bitcoin is considered as money just like fiat because it is an online money and you can use it to pay something in the internet like subscription, services or anything that you like in the internet but you need to make sure first that they are accepting bitcoin as a payment. Bitcoin is easier to convert into cash but it is easier to use it directly online.

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October 01, 2017, 02:08:42 AM
 #1625

I do not consider gold to be money.  You can't go and buy most goods and services with gold.  Gold is a commodity, dollars are money.

Dollars are currency, not money.  Money can be a currency and vice versa, but they are not quite the same thing and not entirely interchangable.  And fiat currencies are, by thier very definition, not money.  Gold, in our modern world, is still money even though it's no longer a currency.

Money is something (such as coins or bills) used as a way to pay for goods and services and to pay people for their work. Also something generally accepted as a medium of exchange, a measure of value, or a means of payment.

Currency is the quality or state of being used or accepted by many people or group of people.
Where did you get definitions? Or you just made it up?
If bitcoin checked out then period

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October 01, 2017, 02:21:33 AM
 #1626

I do not consider gold to be money.  You can't go and buy most goods and services with gold.  Gold is a commodity, dollars are money.

Dollars are currency, not money.  Money can be a currency and vice versa, but they are not quite the same thing and not entirely interchangable.  And fiat currencies are, by thier very definition, not money.  Gold, in our modern world, is still money even though it's no longer a currency.

Money is something (such as coins or bills) used as a way to pay for goods and services and to pay people for their work. Also something generally accepted as a medium of exchange, a measure of value, or a means of payment.

Currency is the quality or state of being used or accepted by many people or group of people.
Where did you get definitions? Or you just made it up?
If bitcoin checked out then period

Yes, how can i argue to this statement or definition. And i think this is from merriam. Haha, asking if bitcoin is considered as money is like asking "does wind real?". We can't see bitcoin or touch it but we can feel it and see what it can do to many lives including me. It can destroy or built, can touch but can't be. I think you get it.

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October 01, 2017, 07:04:20 AM
 #1627

I think all that can be used as a balanced medium of exchange is money. Btc, gold, silver, and dollar are high value exchange tools, but the difference is people's point of view about money itself.

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October 01, 2017, 07:07:28 AM
 #1628

    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 yes bitcoin is money and a lot of people are using it online. They are using bitcoins for paying their monthly bills. Using bitcoins in paying online orders and other commodities. In fact, bitcoins nowadays are very popular in the world of cryptocurrency and many are happy because they are earning.

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    PurpleGentleman
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    October 01, 2017, 01:10:24 PM
     #1629

    I do not consider gold to be money.  You can't go and buy most goods and services with gold.  Gold is a commodity, dollars are money.

    Dollars are currency, not money.  Money can be a currency and vice versa, but they are not quite the same thing and not entirely interchangable.  And fiat currencies are, by thier very definition, not money.  Gold, in our modern world, is still money even though it's no longer a currency.

    Money is something (such as coins or bills) used as a way to pay for goods and services and to pay people for their work. Also something generally accepted as a medium of exchange, a measure of value, or a means of payment.

    Currency is the quality or state of being used or accepted by many people or group of people.
    Where did you get definitions? Or you just made it up?
    If bitcoin checked out then period

    Yes, how can i argue to this statement or definition. And i think this is from merriam. Haha, asking if bitcoin is considered as money is like asking "does wind real?". We can't see bitcoin or touch it but we can feel it and see what it can do to many lives including me. It can destroy or built, can touch but can't be. I think you get it.
    I don't think anyone understands you but i think you mean that bitcoin is money i agree with you on that it is like having gold, gold is money but only if you sell it for money at the moment the price of the gold can become higher or lower.
    CriptoCreater
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    October 01, 2017, 01:11:37 PM
     #1630


    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?

    Dear friend!
    I want to express my respect to you.

    I fully agree with your position. I believe that bitcoi can find its place in the life of people. But for this we need to look at things soberly.
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    October 01, 2017, 01:53:04 PM
     #1631

    Of course it is money. You can buy some pizza and other stuff Smiley)
    you are actually right about that, bitcoin is money, you can buy everything you want if you have enough bitcoins. bitcoin become more valuable every day have past.

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    October 01, 2017, 01:58:13 PM
     #1632

    Its a big yes for me, bitcoin is money that we can used only in online transaction and bitcoin is not only a form of spending we can also earned money by working with crypto currency world. This is one of the best source of income nowadays lots of people get in touch in bitcoin because it has a possibility to be best currency in the future.

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    October 01, 2017, 02:04:35 PM
     #1633

    Bitcoin is money as long as people believe it to be money, but it also certainly is looking like the best form of money humans have ever seen in the form of sound money.



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    October 01, 2017, 02:12:57 PM
     #1634

    Bitcoin is not directly money, it's a virtual currency. On the other hand those country allow Bitcoin for buy sell there Bitcoin is money.
    Because you can exchange money with Bitcoin from the bank. Finally you can say Bitcoin is a money.

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    October 01, 2017, 02:25:39 PM
     #1635

    bitcoin in my opinion is not the same as money, because bitcoin can only be used if there is internet, and bitcoin is not physical like money. in my opinion bitocin can be said as new money and a very profitable investment.

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    October 01, 2017, 02:29:27 PM
     #1636

    bitcoin in my opinion is not the same as money, because bitcoin can only be used if there is internet, and bitcoin is not physical like money. in my opinion bitocin can be said as new money and a very profitable investment.
    Maybe it's not same as money, but this has the usage of being money. Only on the physical holding tendency as the paper cash it differs. Importantly it functions in a more effective manner Compared to the conventional banking. The major flaw is the security, which we can't provide 100% assurance for one's fund.



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    October 01, 2017, 02:42:56 PM
     #1637

    Yes, bitcoin is money. It is a type of currency. Anything you use for saving, spending, earning and exchange is money. It is a digital currency which can change the world's view in using money. Some uses of money that bitcoin do is; it can enable you to buy online products, spend, gamble and many more.
    Yes, I agree with you. Bitcoin is money because it can be used to sell, or buy goods and services trough online. It is a digital currency. It can also be used as a term of payment on other businesses. In other country there is a hotel that accept bitcoin as payment. And other people are converting their bitcoins to cash to purchase things.

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    October 01, 2017, 02:46:42 PM
     #1638

    Bitcoin is not money. Bitcoin is an asset whose monetary value is approximate $4000.
    In future bitcoin may be used as money but it will take few years.

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    October 01, 2017, 02:54:21 PM
     #1639

    Bitcoin is an evolutionary progress in the world currency. As the world evolves with technology, currency evolves too.
    Soon, bitcoin shall be well known by the majority and will be the top crypto currency that people would use. Smiley

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    October 01, 2017, 02:59:52 PM
     #1640

    No, I don't think so.
    I think money is money and bitcoin is bitcoin. Money and bitcoin are two different things. Simply put, we can not buy money with money, but we can buy bitcoins with money. So bitcoin is a thing that has a price.

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