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Author Topic: Is Bitcoin money?  (Read 108224 times)
RecklessRocket
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October 03, 2017, 09:18:00 AM
 #1661

Yes, BitCoin is a money and you can use Bitcoin to buy and sell goods and services.

I know there are many central banks of different countries who do not recognize Bitcoin as a currency but still people use it, trade it and love it.
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October 03, 2017, 09:47:16 AM
 #1662

Yes bitcoin is money.Hence it can purchase the need of one!Overstock became the first major retailer to accept bitcoin when it made the announcement back in January 2014. The firm offers everything from furniture to jewellery to electronics. Prices are in dollars but there is an option to pay in BTC on the checkout page. Initially a US-only offering, the firm opened up bitcoin purchases to over 100 countries in September.
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October 03, 2017, 09:53:46 AM
 #1663

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.
Right now we've got lots of services and products in exchange for bitcoin. In specific we haven't got lots of accessibility similar to the services got in exchange for conventional services. Based on each users interest bitcoin gets new features, in specific bitcoin is given preference as investment than money.

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October 03, 2017, 10:00:29 AM
 #1664

Is bitcoin money?. Can we use bitcoin to buy things? Yes, in some countries and in some businesses accepting bitcoin. So the answer is yes, bitcoin is money, and most of us here in this forum believes that bitcoin is the future money. I don't think it would take too long before we can use Bitcoin as payment in stores and markets.

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October 03, 2017, 10:31:37 AM
 #1665

Digital/Virtual Currency is a type different from physical money, it cannot be touched but posses the same functions as the fiat currency. The need digital currency arises for having cashless and fast translations over the globe. Similarity Bitcoin is a type of Digital currency which exhibits all the properties of physical money which has peer-to-peer transactions take place between users directly without an intermediary. So, Bitcoin can be considered as Virtual Money/Currency.

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October 03, 2017, 11:24:04 AM
 #1666

Yes, Bitcoin is digital currency that you can use to buy and sell a product both online and offline.
Bitcoin transactions are very fast, very secure, very cheap transaction fees and fully decentralized.
With bitcoin you can send and receive money all over the world, no customs, no borders, no regulations whatsoever. 

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October 03, 2017, 11:35:49 AM
 #1667





       Bitcoin is an asset valuable than Gold .It is highly transferable and its market value  is flaring up day by day and can be used for the day to day shopping. the blockchain technology which maintains its electronic ledger for the transparency.It is electronically transferable with out a controlling authority.In the olden days
history reveals that the first transferable mediums of money were feather,rocks, sea shell and metallic coins  and finally  now bitcoins in the digital era.
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October 03, 2017, 12:51:23 PM
 #1668

Quote
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.

A few points on why it may be considered money:

1. It's not a common medium of exchange yet, but it has strong potential to be.
2. I could just as easily say all my money is in Bitcoins and it'll fit the definition like a glove.
3. Bitcoin is decentralized so no government can ever issue it. This is out.
4. Bitcoins are digital coins so I guess it can loosely fit this definition?
5. It's technically written in code and blockchains, and can be lawfully used in buying and selling, so this definition is viable as well
6. Bitcoin is wealth.

Word definitions can change with time and I do believe the word 'money' will accommodate cryptocurrencies in the future.
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October 03, 2017, 01:03:48 PM
 #1669

MONEY totally is a different concept even though we can use bitcoin as money for buying things but I would say that bitcoin is more like gold whose value keeps on increasing and it's better to invest bitcoins rather than spend it as money.
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October 03, 2017, 01:11:39 PM
 #1670

Yes, BitCoin is a money and you can use Bitcoin to buy and sell goods and services.

I know there are many central banks of different countries who do not recognize Bitcoin as a currency but still people use it, trade it and love it.
You are right Bitcoin is money, considering the fact that you can invest in it and you can buy stuff using this currency (like cash, I think), you can even get paid by doing some service.

The reason why the central banks don't recognize it as a currency is because, the government didn't even accept it usage-wise that is. So the banks then will not do anything about this, because the banks are being monitored by the government itself. In order for this to happen, the government first need to accept it inside the country.

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October 03, 2017, 04:35:26 PM
 #1671

Bitcoin is not only money, but also a payment system. Bitcoin can not be compared with Fiat. It has many advantages. Just like the real money, you can buy some things like food, clothings or appliances using bitcoin.Bitcoin nowadays has a very helpful hand of real money.
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October 03, 2017, 09:51:59 PM
 #1672

Bitcoin is a digital currency that is not regulated by any country and / or institution. Bitcoin is a digital currency that can be sent over the internet. bitcoin value far exceeds the value of the world's currency ,,

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October 03, 2017, 10:06:55 PM
 #1673

    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?





    If you are basing on the definitions, bitcoin faled to exercise those cited. In its own form, surely bitcoin is not money. It has no regulations and laws. It is not a common form of exchange since only those crypto-oriented are using and it is just a few percentage of the population. It is also not issued by the government since it came from some private organization in the internet. However, bitcoin is payable in standard coin by conversion and exchange. Another thing is considered wealth because it is holding not just and amount but a great amount when converted to a local currency. So, my point is, bitcoin can money in a sense.but not.in all aspects, if you're to take that meaning














     

     

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    October 03, 2017, 10:59:59 PM
     #1674

    In my country Bitcoin is money.  It was first identified as suspicious digital token so government warn us about it in 2014, but later this 2016, our government declare it as legal tender and eventualy as payment and money.  My government saw it as high potential digital currency so they are now into legalizing exchanges here in my country. Probably we can see a China like action to those non licensed exchanges since our government requires bitcoin exchange to have licenses for operation since they are dealing with money.

                                          
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    October 03, 2017, 11:36:29 PM
     #1675

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.

    Can we use bitcoin as mode of payment? Can we use bitcoin for paying bills? I have read some of threads here talking about wallet, coins.ph and alike, can we use them to pay or make transactions?
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    October 03, 2017, 11:48:07 PM
     #1676

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.

    Can we use bitcoin as mode of payment? Can we use bitcoin for paying bills? I have read some of threads here talking about wallet, coins.ph and alike, can we use them to pay or make transactions?

    Yes, I can use bitcoin for those things and I love on how fast the services of the exchange that I'm using. And bitcoin is not only a payment method, a virtual money but it's also an investment where the fluctuations of price is happening daily. Most of the exchanges does have the same feature of those services and it's just one of their services, you can also have a prepaid load by paying through bitcoin.

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    October 03, 2017, 11:54:31 PM
     #1677

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.

    yeah your right but not totally because we need to exchange it into money before we use it to accept it to every market place. but somehow some of market place accept bitcoin so you better try that, soon i think i will become a real.

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    October 04, 2017, 06:29:03 AM
     #1678

    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’t 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.

    nkarm1
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    October 04, 2017, 12:09:18 PM
     #1679

    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’t 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.

    This is answered from the meaning of money itself. What is money? It is a note or some forms of documents that is somehow equivalent to goods or products. Most of the moneys in the world are gold backed up, so looking at it bitcoin is a money right? Bitcoins value is somehow backed up by currencies from different peoples who bought some bitcoins using their local currency. So bitcoin is backed up by currencies that is backed up by treasures like gold. So it is now  considered as a money on my point of view. No more discussions.  Grin
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    October 04, 2017, 12:18:40 PM
     #1680

    Dont think of bitcoin as money. Think of it as "store of value". In other words, you work day after day after day. All this work results in fiat which you use to buy food/housing/electricity/car/fuel etc. The fiat that you dont use, should be "stored" somewhere. Now come the breaking point, because you want to store it somewhere where it doesn't loose its value. If you put 100 USD in the bank, sure you will have 100 USD the next day, but for each day that goes buy you can buy less and less goods for those 100 USD, and in 10 years or so, you can't even buy a happy meal (over exagerated).

    So what do you do? Store the fiat somewhere where it doesn't loose its value, and that is bitcoin.

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