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Author Topic: Is Bitcoin money?  (Read 99692 times)
Bren Briones
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October 01, 2017, 02:54:21 PM

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

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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October 01, 2017, 04:07:46 PM

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.
its a currency based on what he can do online its accepted for payment transactions as long as the system adopts the process, I think
it will be the new way of payments after several years as we seen countries which also interested to create their own crypto currency.

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October 01, 2017, 04:35:19 PM

Yes, ofcourse bitcoin is money, its our future currency.. Bitcoin is more than a gold. Brighter future for the next generation
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October 01, 2017, 05:16:20 PM

    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?





    I consider bitcoin as money. I respect your opinion but at the end of the day,  you use it to pay your purchase online, you trade bitcoin with dollar or other currencies. Others  use it to buy luxury cars or travel abroad for vacation. Your financial status change because of bitcoin and yet in your opinion bitcoin is not money. Life is simple, don't make it too complicated. 
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    October 01, 2017, 05:58:03 PM

    Yes, ofcourse bitcoin is money, its our future currency.. Bitcoin is more than a gold. Brighter future for the next generation

    I agree that bitcoin is our future. But it seems to me that bitcoin is more than just money. This is the latest technology that can make our life much better

    megynacuna
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    October 01, 2017, 06:46:44 PM

    Yes, ofcourse bitcoin is money, its our future currency.. Bitcoin is more than a gold. Brighter future for the next generation

    I agree that bitcoin is our future. But it seems to me that bitcoin is more than just money. This is the latest technology that can make our life much better

    Of course it is a commodity just like gold as well as money that's why you are able to trade and invest in it for profit. You can also use it to transfer as a means of international money transfer processor which fiats or other currencies cannot.



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    October 01, 2017, 06:51:33 PM

    Yeah i may say that bitcoin is also a money, because anything using in midium of exchange and services is money.

    Big Game
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    October 01, 2017, 06:59:26 PM

    I think bitcoin is money. We can buy for bitcoin, sell for bitcoin, change it to other currencies. Only unlike the dollar, we can not keep it in hand, only virtually.

    Christian13
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    October 01, 2017, 07:17:43 PM

    I believe that the statement: "bitcoin is new kind of money" passes the duck test.

    Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.

    If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.

    I absolutely agree that bitcoin is a new kind of money and some people says that bitcoin is digital money and currency in which you could use in different kind of transactions. In addition to that, I think it will become our future money and currency and I do believe it would happen in the near future.

    salihno71
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    October 01, 2017, 07:27:01 PM

    Definition of commodity is:
    1 an economic good.
    2 something useful or valued.

    On the other hand definition of money is "something generally accepted as a medium of exchange, a measure of value, or a means of payment"

    I would say that bitcoin fits better to the definition of the commodity at the moment. You can also for example change one car for another but this does not make car a currency. It's just the value that is being transferred.  

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    October 01, 2017, 07:31:41 PM

    It can be considered money because bitcoin can be converted into fiat money. A lot of people earned a lot of money because of bitcoin. They were able to buy a lot of things. So, I think bitcoin is as good or might be even better than money.

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    October 01, 2017, 07:53:21 PM

    I think bitcoin is money. We can buy for bitcoin, sell for bitcoin, change it to other currencies. Only unlike the dollar, we can not keep it in hand, only virtually.

    There is no need to think and doubt about that bitcoin is either currency or not. Bitcoin is an online currency and is now becoming more popular. in fact bitcoin is now becoming more popular because people are now becoming more popular. I am sure that very soon even bitcoin will be use in local shops for shopping, therefore i think there is no doubt that bitcoin is a currency. 
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    October 01, 2017, 07:56:25 PM

    I think bitcoins are money but it is mostly seen as an investment because of it's volatile nature and for it's limited amount which is 21 million.Bitcoins can be used as money in various online sites and some restaurants or convenience stores.

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    October 02, 2017, 04:27:44 PM

    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
    For me it depends upon the point of view of different people. Everyone has his own thought about this. People don稚 consider bitcoin as a money because this is not a paper money thing. I agree that for now, bitcoin is an asset which will become and will be used as money everywhere soon.
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    October 02, 2017, 04:36:56 PM

    Yes for me bitcoin is money, therefore I am not easy to spend or use bitcoin for useless things except for the benefit of playing gambling. I can say bitcoin is money because bitcoin has a high value and if it is sold or converted to fiat money it will get very good value for money.



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    barbara44
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    October 03, 2017, 07:04:17 AM

    Ofcourse Bitcoin is money the different of bitcoin in cash is that bitcoin is digital while cash is paper. They are both important to all of us. Bitcoin can stored in wallet and it will become double to triple after how many months or years while paper money can stored to but it will not become double or triple even how many years unless you will invest it or save it in bank, atleast there is interest.
    Yes I agree with you that bitcoin is money because it qualifies the definition of money in oxford learners dictionary. You can do you online payment by it or you can buy all goods from it in the international market.

    So bitcoin fulfill your needs and helping you in online payments etc it is also a transactional tool by which you can convert your bitcoin into any other currency in the world.

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    October 03, 2017, 08:11:23 AM

    Bitcoin is money and can be said to be better than money, this is because when compared with regular money bitcoin anti inflation because it is decentralized so everything depends from the market.

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    October 03, 2017, 09:08:15 AM

    If we use dictionaries' definitions of money then we can consider bitcoin as one. It is something that can be converted to a physical currency. So technically, it can be considered as a money in other form. We can use it to purchase and trade which I believe are considered as definition of money. I think every definition of money is present in btc, the only thing that lacks bitcoin is the physicality. It isn't tangible but have value that is even higher than the value of a currency.

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    October 03, 2017, 09:11:54 AM

    Ofcourse Bitcoin is money the different of bitcoin in cash is that bitcoin is digital while cash is paper. They are both important to all of us. Bitcoin can stored in wallet and it will become double to triple after how many months or years while paper money can stored to but it will not become double or triple even how many years unless you will invest it or save it in bank, atleast there is interest.
    Yes I agree with you that bitcoin is money because it qualifies the definition of money in oxford learners dictionary. You can do you online payment by it or you can buy all goods from it in the international market.

    So bitcoin fulfill your needs and helping you in online payments etc it is also a transactional tool by which you can convert your bitcoin into any other currency in the world.

    as we can buy our need some is online we can say bitcoin is money and yet we can convert it in cash as as bitcoin can provide that and it can be more than money there is a lot of advantages of it it is more greater because there is a lot ability of it that cash cant.

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