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Author Topic: Is Bitcoin money?  (Read 108231 times)
bitcoinsocial09
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October 07, 2017, 05:04:58 AM
 #1701

    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?





    As for me, yes bitcoin is money. Because people uses it as a payment for their internet bills and they also buy load. That's one of the ways people can spend their bitcoins. Bitcoin is money because you can also convert it or cash out bitcoin for it to become a money and then also spend it in the local stores near you.

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    October 07, 2017, 07:35:57 AM
     #1702

      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
      Yes, bitcoin is not owned by anyone. It is truly decentralized in nature and only exchanges are centralized one. It has the feature of keeping the holder unknown, this is the only reason why it is greatly misused in deep and dark web. However, good people use it for right reasons. Bitcoin  is the digital gold and future of the currency. We cannot deny it and even if we do, the truth won't change.

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      October 07, 2017, 07:59:54 AM
       #1703

      For me it's yes, because as per definition of money is something that accepted as medium of exchange and use to pay for good and services and to pay people for their work as what bitcoins do, so it is money.
      Just my opinion..
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      October 09, 2017, 03:14:31 AM
       #1704

      What if I can’t fully wrap my brain around cryptocurrencies like bitcoin and ether?
      Yes bitcoin is money which exist virtually in your digital wallets. People are using bitcoins for sale/purchase of products online from all over the world. Traders use this money for making huge profits in the digital world while investors invest maximum in this crypto currency for long term benefits.
      No one put all its funds into Bitcoin, therefore the Bitcoin and cryptocurrency market do not have definition maximum as your said Grin. Maybe, only crazy boy put all his funds into an asset still unknown value and unstable, even it can be disappear in someday.
      I think many persons put all their money in bitcoin, it is incorrect, you bet but they have a blind fate on bitcoin and at this point bitcoin has not disappointed and I do not see a reason for bitcoin to not keep up the good results that it had so far.

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      October 09, 2017, 04:39:58 AM
       #1705

      I think is better than money, with bitcoin we can do more things than money, and the most important is profit because its value or price keeps rising if we compare with saving bank.

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      October 09, 2017, 05:07:02 AM
       #1706

      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.

      For me bitcoin is money because money itself is a medium of exchange of all things its your asset to buy something, same on bitcoin it is a kind of money a digital money that can buy things through a digital transaction there are lot of online store that are already accept bitcoin as payment so therefore bitcoin is a money.

      Tra

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      October 09, 2017, 07:51:39 AM
       #1707

      Definitely,bitcoin is a new kind of money.Even most of the countries are still confused whether bitcoin is a currency,commodity or an asset.That's why,most of them have not legalized bitcoin yet.

      Bitcoin was created as a decentralized currency by satoshi.People too treated it only as a currency in its earlier stage.But when its price started to increase rapidly,people just changed their stand and started to treat bitcoin as a digital asset which could give very huge returns in a small duration of time.

      In future too,bitcoin would be mostly used as a digital asset.


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      October 09, 2017, 04:54:40 PM
       #1708

      I think Bitcoin is not money but it is digital payment system.But the bitcoins can changes to money.The prices also expensives and valueable eventhough it look like small amount. 1Btc cost 4641 in dollars money.
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      October 12, 2017, 04:46:00 PM
       #1709

      I think is better than money, with bitcoin we can do more things than money, and the most important is profit because its value or price keeps rising if we compare with saving bank.
      In theory money should do that as well, if you look around that is precisely what gold does, it tracks inflation not perfectly but it does, however fiat money does nothing but to lose value over time this is why I think that bitcoin will be the eventual winner in this battle against fiat.

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      October 12, 2017, 04:52:39 PM
       #1710

        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 consensus network that enables new payment systems and money that are entirely digital. Bitcoin is the first decentralized peer-to-peer payment network that is fully controlled by its users without central or intermediary authority. From the user's point of view, Bitcoin is similar to cash in the internet world
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        October 12, 2017, 05:07:00 PM
         #1711

        bitcoin may be the next big thing in finance, but it can be difficult for most people to understand how it works. There is a whole lot of maths and numbers involved, things which normally make a lot of people run in fear. Well, it’s one of the most complex parts of Bitcoin, but it is also the most critical to its success.
        As you know, Bitcoin is a digital currency. Currencies need checks and balances, validation and verification. Normally central governments and banks are the ones who perform these tasks, making their currencies difficult to forge while also keeping track of them.

        The big difference with Bitcoin is that it is decentralized. If there is no central government regulating it, then how do we know that the transactions are accurate?

        How do we know that person A has sent 1 bitcoin to person B?

        How do we stop person A from also sending that bitcoin to person C?

        The answer is mining.

        What is Bitcoin Mining? In Some Ways, Bitcoin Is Like Gold

        One of the most common analogies that people use for Bitcoin is that it’s like mining gold. Just like the precious metal, there is only a limited amount (there will only ever be 21 million bitcoin) and the more that you take out, the more difficult and resource intensive it is to find. Apart from that, Bitcoin actually works quite differently and it’s actually quite genius once you can get your head around it. One of the major differences is that mining doesn’t necessarily create the bitcoin. Bitcoin is given to miners as a reward for validating the previous transactions. So how do they do it?

        Bitcoin mining requires a computer and a special program. Miners will use this program and a lot of computer resources to compete with other miners in solving complicated mathematical problems. About every ten minutes, they will try to solve a block that has the latest transaction data in it, using cryptographic hash functions.


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        October 12, 2017, 05:13:40 PM
         #1712

        Yes because Bitcoin has a value. its more than a gold.. we can exchange it to any fiat money or any currency that we have. bitcoin is a cashless virtual currency that's why it's called money

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        October 12, 2017, 05:14:02 PM
         #1713

        Bitcoin is not money. Governments do not recognize bitcoin as money. But for users, bitcoin is both money and a payment system and a good source of income. For me, bitcoin is super-money

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        October 12, 2017, 05:18:24 PM
         #1714

        Yes, it is money, but currently the purchasing function is still quite limited. At this point of time, it is rather an investment asset and speculative instrument.

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        October 13, 2017, 12:29:21 AM
         #1715

        Technically, bitcoin is not a money but some of it's functions is like money. Just like it's function for currency exchange. Bitcoin can be use as a medium of exchange. It can also be use as payment for salary. Bitcoin is now considered as the future money.
        I think as long as bitcoin could be used to buy goods and has a rate or price in another currency. Any form of bitcoin. I would say that bitcoin is kind of money

        Bitcoin is a digital money but it can be convertable to real money. I believe that It represents money because it has a value. You can use it as a payment to buy some stuff.

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        October 13, 2017, 02:23:09 AM
         #1716

        Bitcoin is the a good way as invest, but it is some different from the money, bitcoin is not limited by any government. In other way, bitcoin as a free market in the internet.
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        October 13, 2017, 02:27:15 AM
         #1717

        Technically, bitcoin is not a money but some of it's functions is like money. Just like it's function for currency exchange. Bitcoin can be use as a medium of exchange. It can also be use as payment for salary. Bitcoin is now considered as the future money.
        I think as long as bitcoin could be used to buy goods and has a rate or price in another currency. Any form of bitcoin. I would say that bitcoin is kind of money

        Bitcoin is a digital money but it can be convertable to real money. I believe that It represents money because it has a value. You can use it as a payment to buy some stuff.

        its not really money. I have Beanie Babies from 15 years ago that have a small amount of value that I can exchange for Fiat, but that doesnt make them money. Just because Bitcoin has value doesnt make it money, itsm ore like E-gold than actual money.
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        October 13, 2017, 02:42:24 AM
         #1718

        Bitcoin can serve as both money and asset. Because, bitcoin can be used instantly to shop online. However, for me who still amateur. Bitcoin just as a tool to increase income.

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        October 13, 2017, 02:52:01 AM
         #1719

        Anything that is invested is money. Bitcoin, like gold, is money. Invest now to become rich  Undecided Undecided Undecided Undecided

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        October 13, 2017, 02:54:22 AM
         #1720

          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?






          Ofcourse yes ! Becuade you can convert it into fiat money(realmoney) or in your currency so if you have a bitcoin  you can convert it and you can use this to buy anything so i think bitcoin is money becuase bitcoin is profitable for all people.

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