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Author Topic: Is Bitcoin money?  (Read 107615 times)
Webberson
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October 25, 2017, 12:55:01 PM
 #1961

Money is a currency maintained by a state or other entity which can guarantee its value.
Now what is currency?
Currency is money or other items used to facilitate transactions.
Going by these two definitions, money is a currency AND currency is money.
Putting bitcoin in this context, actually satisfies the fact that bitcoin is a form of money.

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October 25, 2017, 12:59:44 PM
 #1962

Bitcoin is not a money it is used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value​😉😉😉
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October 25, 2017, 01:59:47 PM
 #1963

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.

Yes ofcourse bitcoin is money. It is a digital currency. And needs to access through internet and also with the help of you gadgets. You can earn here thorugh joining ina a signature campaing or by investing.

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October 25, 2017, 02:29:18 PM
 #1964

Yes but its somehow different from money because traditional money is in the form of paperbills or coins.. but I believe in  our modern ages it is what we called the new generation of money that is ccepted around the world.

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October 25, 2017, 03:58:25 PM
 #1965

I am agreeing with this argument, bitcoin can't be treated as a money. For a money it should have a constant and stable value.Bitcoin is a crypto currency. Which its value has been fluctuation in every moment of time. Wikipedia is needed to change their definition of money.

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October 25, 2017, 08:23:00 PM
 #1966

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.

Yes ofcourse bitcoin is money. It is a digital currency. And needs to access through internet and also with the help of you gadgets. You can earn here thorugh joining ina a signature campaing or by investing.
Yes bitcoin is basically the modern form of money and nowadays it can be used also as investment and more of it bitcoin can be so beneficial it give you eases to earn a lot while sitting at home and one can easily shop from every popular online store in world and in first world countries shops are accepting it as payment and this gives benefits in both ways it has dual nature and promising quality that gives profit.

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October 25, 2017, 08:27:01 PM
 #1967

I agree bitcoin has lots of use nowadays, as long as bitcoin is accepted and being used by many people I consider it as money.  Grin
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October 25, 2017, 08:51:04 PM
 #1968

Bitcoin is not a money it is used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value​😉😉😉

I'm sorry mate but I am not agree of your thoughts that bitcoin is not a money. Correct me if I'm wrong but I say bitcoin is money in such a way that people used it as payment for sold or being bought goods or products. Speaking of money, well this is of course not in fiat a form but this is just a digitized money  which being used by people specially the businessman or an investors as an exchanged for any transactions they made.

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October 25, 2017, 09:00:44 PM
 #1969

Yes but its somehow different from money because traditional money is in the form of paperbills or coins.. but I believe in  our modern ages it is what we called the new generation of money that is ccepted around the world.
Bitcoin is money and in fact the only difference is that bitcoin is online money while fiat can online be use as for offline purposes, we can also expect that in future bitcoin will also be use in our local shops also. But it is depending on the number of bitcoin users, if the number of bitcoin users will increase then it will take comparatively low time. Because shopkeeper also need to have good knowledge about bitcoin so that they can also understand the importance of bitcoin.
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October 25, 2017, 09:12:15 PM
 #1970

I agree bitcoin has lots of use nowadays, as long as bitcoin is accepted and being used by many people I consider it as money.  Grin
yes of course Bitcoin is real money for the Internet . People can buy and sell anything with Bitcoin . People buy coffee with Bitcoin at local shops. Others get paid in Bitcoin and use it to shop online.

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October 25, 2017, 09:12:36 PM
 #1971

To use bitcoin as money it needs to be widely accepted by merchant, the current entry barriers and high fee is preventing it from being a day to day clearing currency. It's more like gold, it has perceived value and could be used as a value storage.

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October 25, 2017, 09:22:26 PM
 #1972

I agree bitcoin has lots of use nowadays, as long as bitcoin is accepted and being used by many people I consider it as money.  Grin
yes of course Bitcoin is real money for the Internet . People can buy and sell anything with Bitcoin . People buy coffee with Bitcoin at local shops. Others get paid in Bitcoin and use it to shop online.
Yes thats right. , thats my point many people are asking me why should i contonue earning it, then heres my reason to them, at first i didnt believe in bitcoin and i think that bitcoin only wanted to fool me but since my first salary everything that i know before has been already change. Bitcoin is money because it can helps me in many ways and i like it.

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October 25, 2017, 09:24:36 PM
 #1973

I think Bitcoin is more valuable than money due to its limit. Other currencies are just printed off and don't have a hard limit like Bitcoin.
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October 25, 2017, 09:55:28 PM
 #1974

To use bitcoin as money it needs to be widely accepted by merchant, the current entry barriers and high fee is preventing it from being a day to day clearing currency. It's more like gold, it has perceived value and could be used as a value storage.
well, actually, I doubt that there is a person who uses bitcoin as a type of money and trade it with merchants. The price of bitcoin is high right now and it is insane to pay a huge fee in order to use bitcoin. Moreover, holding bitcoin will make you have more money in the future. Do not use your bitcoin in this year and the next year. Bitcoin will increase more and more and become even stronger

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October 25, 2017, 10:51:50 PM
 #1975

Bitcoin is somewhat like what you can exchange
to make it a money. Like gold..you can exchange
it as a money in some shop.. Just like Bitcoin
it is also acceptable in some shop or business
to accept it if you convert it into Cash. You can remit
it. It is not really a money or a note but rather
an instrument that can be converted into cash
or can be converted as a payment on some bills.
Like Meralco,telephone bills.,restaurant bill.,tickets
online games etc.

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October 25, 2017, 10:57:48 PM
 #1976

Well for me Bitcoin is money although not being accepted as legal tender in some countries. But presently it is used as a means of exchange for goods and services. Therefore that qualifies it as MONEY...

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October 25, 2017, 11:00:07 PM
 #1977

Of course Bitcoin is money, I have no doubt about this fact. It is even better than fiat currencies in many ways. You can using Bitcoin to sell and buy things online and you can also convert it into cash anytime. So it is a real money.

       


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October 26, 2017, 06:04:01 AM
 #1978

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.
If bitcoin was just a payment system then we will need a unit to act as a currency, for example, paypal is nothing more than a payment system because they do not use their own currency they use dollars and many other international currencies, bitcoin uses its own units so bitcoin is a lot more than a payment system.
But the government sees it as a payment system because they believe the only currency are those legal currencies created by them.
If we want to see bitcoin to be regulated then we have to rely on the decision of the government and they would not allow it to be more powerful than their own currency.
It does not matter if they do not see bitcoin as a currency or if they do not want to recognize it as such, bitcoin is a currency it fits the definition, that is what it is the most important thing, it does not matter how much they are going to try to twist their logic and laws bitcoin is going to overcome all of it.

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October 26, 2017, 06:45:57 AM
 #1979

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

Bingo!

I second emotion  that any current medium of exchange is considered as money its just that were not used to something that we don't actually see or hold on to but I think bitcoins can be considered a money also. But still I'm wondering then even ideas are considered money too? Because we sometimes use it as a medium of exchange also in return for something valuable. Maybe I'll research a more concrete definition but for me bitcoin is still a money even its logo is like a currency.

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October 26, 2017, 06:46:28 AM
 #1980

Money is a legal tender which a country uses as a means of exchange for goods and services.It is not only used in the country but must be internationally recognized and accepted, for transactions, trading and other services. Bitcoin can not be directly accepted as money due to its popularity and acceptability which is just on course in reaching out to most developed countries including Africa. Bitcoin is a digital currency that needs a process for transactions to be carried out.So since it can be used in countries that recognize bitcoin and uses it for trading and investment, to such people it is money, but in areas  where technological involvement will be involve, to such it will not be accepted as money.  
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