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Author Topic: Is Bitcoin money?  (Read 100504 times)
pyedpyper
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October 04, 2017, 07:33:49 PM
 #1681

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.
Yes bitcoin is money. Because we are use the bitcoin something for buying online we use it we are trading online so we use bitcoin I send some money for my friend I use bitcoin and send my bitcoin with my friend we are really enjoy the  bitcoin trade .and bitcoin accepting are many place and markets.
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October 04, 2017, 07:47:54 PM
 #1682

Yes and no, bitcoin is a combination between a stock and money. Price of a certain currency will decrease the more you produce. Bitcoins aren't affected by this. Just like a stock, you invest in it by buying it and then selling at a higher price or you can mine it by solving math puzzles.
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October 04, 2017, 08:38:05 PM
 #1683

for me bitcoin is money becouse  i can use it to buy  some items/ goods/secivres. maybe it is not so convinient as  a fiat but it is possible

zais
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October 05, 2017, 06:25:07 AM
 #1684

    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 is a digital currency that is not tied to a bank or government and allows its users to shop without revealing their true identity

    Cosbycoin
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    October 05, 2017, 08:18:35 AM
     #1685

    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.
    Bitcoin is not only transactional tool. We can make transactions by using fiat also but paper money is used in a lot of matters. Bitcoin is a digital currency and an asset also. Bitcoins have increased its value tremendously and gives huge profits which make it a precious asset.

    We can pay for some services directly in bitcoins; here it becomes a medium of exchange which means it is money also.

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    qwertyuiop0987654321
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    October 05, 2017, 10:09:23 AM
     #1686

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

    Bitcoin is something that has a value and can be exchange as a money. It is a factor or most likely equipment that is use in exchange of money but today it can be used as an alternative of money and can be used as a currency at other countries.

    kidoseagle0312
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    October 05, 2017, 12:21:05 PM
     #1687

    Yes, bitcoin is definitely Money/Currency because we used it as online payment, then can be converted depending on the country you belong. That's the good thing about in bitcoin very transparent and flexible too. Actually, in other country's bitcoin adapted as payment in the restaurant or coffee shop like Starbucks.

    kingragnar
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    October 05, 2017, 12:36:44 PM
     #1688

    yes of course. bitcoin is one of the digital currency that is widespread in the internet world. And because of this many people have tried to enter this type of business or work. But many do not know what the bitcoin and the thing that will do it in your life. If you just do it well you can even get rich. My advice is just the right strategy how you can grow by bitcoin.Good luck brothers and sister.
    badungs
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    October 05, 2017, 12:40:05 PM
     #1689

    you can call it money, because bitcoin can buy if some person accepted the payment with bitcoin. but you can call it thing that can sell and create money. magic right?

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    greeklogos
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    October 05, 2017, 12:41:15 PM
     #1690

    I think bitcoin is money.
    We can use bitcoin for payment, so that's the answer why bitcoin can be called as money, but not as a good or a service.
    But I would like to hear arguments of those people who don't agree with me.

    GendalfTheFireRed
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    October 05, 2017, 01:00:26 PM
     #1691

    I don't see any argument in the OP that shows that mentioned definition do not apply to Bitcoin. e.g. I don't see how you can disprove that often mentioned "medium of exchange" does not apply to Bitcoin.

    There are examples like gold, silver and fiat, but it is unlikely that they implied that they listed everything. Check the history of money, there are many examples that are not gold, silver and fiat. Bitcoin is electronic, but so are credit cards.

    Really main point is being medium of exchange and Bitcoin is medium of exchange.
    eye-con
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    October 05, 2017, 01:06:10 PM
     #1692

    I think bitcoin is money.
    We can use bitcoin for payment, so that's the answer why bitcoin can be called as money, but not as a good or a service.
    But I would like to hear arguments of those people who don't agree with me.
    yes that's correct. as long as we can use it to purchase, used as payment method, can withdraw, and can exchange, we can call it money. money is the source of buying and selling, and we can use bitcoin through buying and selling.

    Mukulislam
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    October 05, 2017, 04:10:58 PM
     #1693

    In my own point of view i consider bitcoin as a real money because you can use it to pay all your expenses at your homes and you can use it to buy the things you wanted in online shopping.Bitcoin can be called an investment, because by having bitcoin we can easily benefit when there is a rise in bitcoin prices in the world market.
    PokerFace3
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    October 05, 2017, 06:21:08 PM
     #1694

    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.
    Yes of course one could consider the bitcoins as money indeed. This is quite a different concept that you need to convert into a useable form before actually applied for the sake of your personal indeed. The bitcoins in their original form are not acceptable but once converted into the fiats, they are as easy to use as any other currency.
    johny.valencia2
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    October 05, 2017, 06:31:51 PM
     #1695

    yes bitcoin is money,it is cryptocurrency and is an online currency which is also used for buying products.so bitcoin is a type of money.

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    October 05, 2017, 06:38:06 PM
     #1696

    In my own point of view i consider bitcoin as a real money because you can use it to pay all your expenses at your homes and you can use it to buy the things you wanted in online shopping.Bitcoin can be called an investment, because by having bitcoin we can easily benefit when there is a rise in bitcoin prices in the world market.
    I'm not that sure, but this is getting used as a payment source and also it has got more acceptance on online stores. Maybe in future it will be found around every store same as the card acceptance at present. Importantly few give consideration as real money, whereas most others prioritize for several other wealth making needs.

    evgeniyosda
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    October 07, 2017, 03:11:19 AM
     #1697

    Cash performs a lot of features. They are utilised not only as payment. For normal people, they are considered only as payment. For the economic system of the region - this is an essential tool. Bitcoin does not have the features of supporting the economic climate. Consequently, it can not be named full-fledged cash in the perception that exists now
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    October 07, 2017, 03:56:09 AM
     #1698

    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 ,,

    This one is the closest answer in what bitcoin really is. Yes it is digital currency and not yet turn into paper. I hope soon so that we can easily hold them. I do believed that it is not yet a money until you turn it into cash.

    fiulpro
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    October 07, 2017, 04:04:12 AM
     #1699

    What I feel is that the fact that bitcoins are known as cryptocurrency that is = crypto + currency,
     
    Crypto by definition means concealed

    Currency is money in genral sense.

    Thus bitcoins can be called concealed currency...or concealed money.
    Meaning bitcoins exists to store the value of currency or money like gold or any other commodity.
    Thus its not money directly... But yes its something that stores the money within.

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    aldrian09
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    October 07, 2017, 04:13:10 AM
     #1700

    Yes bitcoin is money for me I use it as a payment for my internet bill and buy load for my cellphone that's the only way I can spend my bitcoin using it. I can't use it as of now to pay in restaurant and in malls but I can always convert my hard earned bitcoin into fiat if I really want to use it, so yeah bitcoin is money for me.

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