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Author Topic: Is Bitcoin money?  (Read 108231 times)
Corporatocracy
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October 13, 2017, 03:03:02 AM
 #1721

Bitcoin is money, but it's not used as much as money as it used as an asset people speculate on.

It's being sold as the future's world money, but I don't see it fulfilling that role. The ones like IOTA seem far more capable of scaling to me.

That said, being a newbie, I could be wrong here.
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October 13, 2017, 03:05:41 AM
 #1722

    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 money. It is a type of a digital money and it can also be converted to a real money. I believe that it represents money because it has a value just like money. You can use it as a payment, to buy some needed stuff and you can also invest you bitcoins and make some high profits.

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    October 13, 2017, 03:22:21 AM
     #1723

    It is indeed a rather new kind of money nowadays, it is surely the gold valuta of the internet, what governments and corrupt people say about bitcoin doesn't matter to me and everyone interested in cryptocurrency as a whole, why should we depend on those stupid people who only want to destroy bitcoin and improvement on blockchain, no matter what some people say bitcoin will be seen as money, price rocketed today and I will hope it will rocket as long as it exists.

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    October 13, 2017, 03:29:11 AM
     #1724

      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 money. It is a type of a digital money and it can also be converted to a real money. I believe that it represents money because it has a value just like money. You can use it as a payment, to buy some needed stuff and you can also invest you bitcoins and make some high profits.
      bitcoin has many functions such as investment tools, and trading tools. but, many people have considered bitcoin to be the currency on the internet, and even I also think like that. bitcoin like gold, but made as money.

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      October 13, 2017, 04:09:57 AM
       #1725

        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?






        when i've read the topic my answer was YES but when i read the info and others point of views i suddenly became confused. well i changed my opinion . so bitcoin is not a money but a digital currency that can be exchanged for a money. well it almost have the same value as money maybe even higher than money but since it is not yet legalized internationally some persons and business won't view bitcoin as money.

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        October 13, 2017, 04:13:13 AM
         #1726

        Yes, bitcoin is money, albeit a new form of money. It is digital or virtual money and operates by using blockchain technology, which is an innovation that will benefit humanity far beyond cryptocurrency applications. As long as people value it and are willing to trade goods and services for it, and meets certain criteria -- divisibility, fungibility, scarcity, which it does -- it is money.

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        October 13, 2017, 06:07:33 AM
         #1727

        Yes true, bitcoin is money because it can be used to buy anything we want, and I think currently bitcoin is better than money because bitcoin prices continue to rise while money remains.

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        October 13, 2017, 06:18:50 AM
         #1728

        Some considered bitcoin as currency and for me.it may not be exactly money but kind of thing. coz it was convertable into money and valued as money as well.i can send it to some people as currency and i can pay bills using bitcoin.

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        October 13, 2017, 06:54:26 AM
         #1729

        It is indeed a rather new kind of money nowadays, it is surely the gold valuta of the internet, what governments and corrupt people say about bitcoin doesn't matter to me and everyone interested in cryptocurrency as a whole, why should we depend on those stupid people who only want to destroy bitcoin and improvement on blockchain, no matter what some people say bitcoin will be seen as money, price rocketed today and I will hope it will rocket as long as it exists.
        This price rocketing and dropping, that is volatility is one of the reason why people are hesitating to use this virtual crypto currency. No assurance of stability. So more risks are involved when transacting using bitcoins. Confirmation time is also another issue which is associated with fees.
        And the price won't be rocketing but will go up slowly once stability is reached.


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        October 13, 2017, 07:17:00 AM
         #1730

        The fiat money we use as money or the current means of exchange is actually a blank check that has no intrinsic value. so, according to your explanation, then I think bitcoin is not money, but currency.

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        October 13, 2017, 07:51:51 AM
         #1731

        Anything that is invested is money. Bitcoin, like gold, is money. Invest now to become rich  Undecided Undecided Undecided Undecided
        Yes! bitcoin is money but an electronics money that you can use it to buy online goods and gadgets and etc., and can be converted into a real money and for me bitcoin is better than a physical money because of its high value in cryptocurrency circulation and faster transaction in our digital world.

        Tra

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        October 13, 2017, 07:54:29 AM
         #1732

        Bitcoin is a crypto currency, you can consider it income to a particular extent, but at the finish of the working day it truly is not True money, it's a lot more some thing you commit in which can make you generate real income. Investing in crypto currencies is like buying one thing fairly low cost and reselling it to make revenue in my opinion.
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        October 13, 2017, 08:36:32 AM
         #1733

        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.


        bitcoin is an item of value, for now it can not be compared just like money though it can be a medium of exchange but an indirect means of exchange. to use bitcoins should still be changed first in the applicable money

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        October 13, 2017, 08:42:18 AM
         #1734

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

        or to be specific a currency, in which it belongs to a certain system that is being circulated for trading and purchasing of products or goods. So technically Bitcoin is a money or to be exact, online cash it just different from the typical currency we use but the society and market is changing in favor of  bitcoins playing field.

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        NoNetwork
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        October 13, 2017, 12:14:59 PM
         #1735

        Anything that is invested is money. Bitcoin, like gold, is money. Invest now to become rich  Undecided Undecided Undecided Undecided
        I have a question though, does money and currency differ to each other, I mean they are very similar.

        If it is then, why do you treat Bitcoin just like a good or a digital good like gold? If Bitcoin is only available on the entire world then you would also admit that this is money and not a good. Because we could use in a daily basis.

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        October 13, 2017, 12:46:56 PM
         #1736

        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.


        bitcoin is an item of value, for now it can not be compared just like money though it can be a medium of exchange but an indirect means of exchange. to use bitcoins should still be changed first in the applicable money

        indeed bitcoin is not comparable to money, but bitcoin is in the form of digital money that can be converted into real money, which can be used transactions.
        now also have started many stores that provide a transaction using bitcoin.

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        October 13, 2017, 01:01:46 PM
         #1737

        Yes,  a form of  digital public money, electronic currency, electricity converted into strings of code that has money value.

        MMS2017
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        October 13, 2017, 01:55:27 PM
         #1738

        When you buy something through the accepted medium that is money. Bitcoin is also a type of money like paper money or coin money it is also trading everywhere in the world even many atm machines are operating for withdrawals of this currency. Bitcoin is a digital currency which is attached with the internet and if there is internet you can use your money

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        October 14, 2017, 01:08:07 PM
         #1739

        Of course Bitcoin is money. Money is just a ledger that keeps track of debt. Since that's the case Bitcoin is the best form of money we have ever seen thanks partly to the immutable public ledger, the blockchain.


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        October 14, 2017, 01:10:12 PM
         #1740

        bitcoins are just like shells or furs in ancient times - of course they are not banknotes or coins, but it's money, because they have all the functions of money Grin

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