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Author Topic: Is Bitcoin money?  (Read 107615 times)
winterland
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October 22, 2017, 03:55:38 AM
 #1881

The whitepaper says peer-to-peer electronic cash. So yes, Bitcoin is money, a new kind of money.
While there is no doubt that bitcoin is money you must not rely exclusively about what a document says many governments still state that their national currencies are a way to store value and yet we know that this is not correct at all since they are always printing more and more currency every day.

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October 22, 2017, 04:57:16 AM
 #1882

    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?





    theres nothing to argue,bitcoin may not exactly as money but convertable unto money value..thats the reality of what is asking.



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    eye-con
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    October 22, 2017, 05:03:22 AM
     #1883

    from the word itself, bitCOIN, coin is money. and bitcoin is a cryptocurrency. cryptocurrency is money.
    and we all know that bitcoin can be used to buy things through online, and if you want you can also exchange it to physical money.

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    October 22, 2017, 05:50:50 AM
     #1884

    from the word itself, bitCOIN, coin is money. and bitcoin is a cryptocurrency. cryptocurrency is money.
    and we all know that bitcoin can be used to buy things through online, and if you want you can also exchange it to physical money.

    Precisely, it does everything money does and so how can it be less of money? I use my bitcoins in micro payments online to buy VPS and send funds to friends and family just like i would use conventional fiat and so i don;t see why it wouldn't be money.



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    josephinerosdy
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    October 22, 2017, 06:06:14 AM
     #1885

    bitcoin is not money but asset like gold. not worth if use bitcoin for buy a things.
    buy bitcoin invest bitcoin why buy money for money if bitcoin is money?

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    October 22, 2017, 06:15:33 AM
     #1886

      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 cryptocurrency. We can make many money by using bitcoins. Bitcoins created many jobs for all of us and we are lucky because we are now earning many money because of the bitcoin.


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      Passive Coin
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      October 22, 2017, 06:42:20 AM
       #1887

      Bitcoin is a cryptocurrency. We can make many money by using bitcoins. Bitcoins created many jobs for all of us and we are lucky because we are now earning many money because of the bitcoin.

      I agree.
      Of course, bitcoin is money and medium of exchange. For very sure.
      Bitcoin is listed and exchanged on licensed exchanges e.g. Bitstamp.
      So, you can legaly switch to fiat and vice versa.
      This way, Bitcoin is regarded as currency/money.

      But, I am more happy to see signs Bitcoin is getting mature and people start saving for retirement, in this currency.
      Great! Smiley

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      October 22, 2017, 06:51:30 AM
       #1888

        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 simply a nonphysical digital currency that works on a so-called Blockchain protocol and is a revolution
        his first concern is to be free from the influence of banks
        a decentralized system says P2P (person to person) without going through a financial institution for quick and easy transaction around the world

        here it is, it's my simplified difinition
        have a good day !

        [
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        October 22, 2017, 07:03:36 AM
         #1889

        Bitcoin can be used as money as well as Asset.
        Like there are few countries where eCommerce websites accept bitcoin as a payment , so there bitcoin is treated as money.
        but in some countries if you want to use bitcoin than first you have convert bitcoin into fiat currency,

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        October 22, 2017, 08:03:22 AM
         #1890

        Money performs numerous capabilities. They are utilised not only as payment. For common men and women, they are considered only as payment. For the financial system of the place - this is an important resource. Bitcoin does not have the capabilities of supporting the economy. Therefore, it can not be called full-fledged funds in the sense that exists now
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        October 22, 2017, 08:07:42 AM
         #1891

        Bitcoin is a currency..
        The most significant difference between money and currency is that currency does not have consistent value. Currency is used as a representation of value that changes over time and varies from one country to the next.
        Gold and silver are the only items that have served as money and represented fixed value throughout human history.
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        October 22, 2017, 08:08:23 AM
         #1892

        in my opinion, bitcoin is not money but more than money, especially in the future when bitcoin been known by more and more people, and bitcoin can be used in more situations

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        October 22, 2017, 08:18:30 AM
         #1893

        to my opinion, bitcoin can be both money and cryptocurrency, because we use bitcoin for trading and investing but we also use bitcoin to exchange into money to use in our daily life.

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        October 22, 2017, 08:38:53 AM
         #1894

        Let me give you the idea what's the purpose of money and bitcoin, Would you agree if both are used to exchange stocks, are they used to covert goods and any stuffs? Precisely yes, in my own definition bitcoin is money because bitcoin and money have the same objective. Wink

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        October 22, 2017, 09:10:12 AM
         #1895

        If I think that bitcoin is a popular digital currency in the present, because with the bitcoin results many people who buy what they want and with bitcoin many who change their lives become all-well-off.

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        October 22, 2017, 09:15:38 AM
         #1896

        Let me give you the idea what's the purpose of money and bitcoin, Would you agree if both are used to exchange stocks, are they used to covert goods and any stuffs? Precisely yes, in my own definition bitcoin is money because bitcoin and money have the same objective. Wink
        Yes exactly or more you can say bit coin is the money for future,where we only use virtual things and we donot need real money at all.
        I think the technology behind bitcoin make it so special.But right now it cannot be used regularly because of the technical difficulty behind it.
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        October 22, 2017, 09:43:18 AM
         #1897

        Bitcoin money is a digital currency, Bitcoin is not in the form of money or coins that can obviously be converted into genuine money in your country in the future.
        and there are many types of these bitcoins and I do not know how many these bitcoins are.
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        October 22, 2017, 10:29:49 AM
         #1898

        Yes it is. Money is anything widely accepted as a store of value, it exists in many forms such as currencies and commodities like dollars or gold. And since bitcoin is widely accepted currency so it is money.
        Agree to this very clear explanation, since bitcoin can also accept as a payment, which is already a form of money. I can pay bills online because of bitcoin so it is also a form of money even if it is bitcoin as a 1st crypto-currency around the world. Bitcoin is can be use worldwide and easy to use. Bitcoin has a value which is now $6000. So I can consider bitcoin as money.



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        October 22, 2017, 11:02:32 AM
         #1899

        Yes  Bitcoin is a form of digital money that has  a really bright future ahead. It provides us fast and cheap online transactions. Demand for Bitcoin is increasing  among the people and one day it will be as popular as fiat money .

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        October 22, 2017, 12:00:07 PM
         #1900

        Yes it is. Money is anything widely accepted as a store of value, it exists in many forms such as currencies and commodities like dollars or gold. And since bitcoin is widely accepted currency so it is money.
        Agree to this very clear explanation, since bitcoin can also accepted as a payment, that is already a form of a money. I can pay bills online because of bitcoin so it is also a form of money even if it is bitcoin as a 1st crypto-currencies around the world. Bitcoin is can be use worldwide and easy to use. Bitcoin has a value which is now $6000. So I can condiser bitcoin as a money.
        Bitcoin is the best form of money in the world for me because you can secure your money because bitcoin can be a safe haven for our money and that will help the people in preserving their money and because of bitcoin they can pay things easily without too much hassle. If we will compare bitcoin to the current money that we have, there is no doubt that bitcoin will win.

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