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Author Topic: Is Bitcoin money?  (Read 108213 times)
Pumapipa
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October 26, 2017, 06:53:59 AM
 #1981

    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 really is a form of money. Thank you for the list you have provided above. From the abovementioned list, Money is considered as the most common medium of exhange.. so if we use bitcoin ay payment for services rendered or products aquired, then it is money. It is just that definitions of it nowadays are limited to paper fiat. This still needs to be updated as we are entering the digital age,

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    Panchum
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    October 26, 2017, 07:06:48 AM
     #1982

    Ofcourse bitcoin is money, as we know, it is a cryptocurrency or digital money. Also many people are already using bitcoin to buy things online.

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    October 26, 2017, 07:26:31 AM
     #1983

    Of course bitcoin is money since you can buy something directly with bitcoin, and the best thing is that we can have total control on our funds and we have our own bank in the form of bitcoin wallet which is accessible to us 24/7 and our money keeps on growing even if we simply hold it for a long term. but at the end it's not actual money, it's more something you invest in which can make you earn real money.
     
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    October 26, 2017, 07:27:17 AM
     #1984

    Its a kind of soft cash Smiley

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    October 26, 2017, 07:52:58 AM
     #1985

    Money is any generally acceptable medium of exchange between two people.
    It is a way for a person to trade what he has for what he wants.
    It serves as a medium of exchange and have some economic value.
    In barter system goods were exchanged with goods, later on gold, silver i.e. precious metal coins were used as money.
    Currency notes came in circulation from more than 150years.
    After digital revolution many new modes of payments get introduced like digital money.
    Bitcoin is the most latest and most advanced mode of exchange or currency.
    It possess all the functions of "money". It serves as a independent, transparent and most secure medium of exchange.
    Transaction time is much less due to lack of any mediator.
    It has no barriers of countries so it get widely accepted within short time span.

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    jake zyrus
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    October 26, 2017, 07:56:33 AM
     #1986

    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.

    +1 agreed.  It's a commodity, a digital store of value.

    Bitcoin is a money but you need to work for it to become money. Bitcoin gives you a chance to earn in high profitable income all you need is to campaign. Bitcoin is money gives you oppotunity to become rich.

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    October 26, 2017, 08:15:13 AM
     #1987

    Personally i considered bitcoin as a money in the internet world.
    bitcoin can be use on purchasing something online,
    other people get paid using bitcoin.
    So therefore bitcoin is money, currency, wealth, investment etc...
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    October 26, 2017, 08:51:12 AM
     #1988

    yes ofcourse bitcoin is money, anything that acts as a medium of exchange can be considered as money, but unlike other medium it is based on the internet and made by complicated form of algirithms that allows safe transaction to happen.

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    October 26, 2017, 08:57:29 AM
     #1989

    Somehow it is a kind of money, specifically an online money. To consider something as money, it needs to have the following characteristics:

    1. You should be able to use it as payment in buying something.
    2. It can be transacted to different money related services.
    3. You can earn it, or the jobs you take pays it as compensation
    4. It can be kept as savings and can be invested.

    That is why I consider bitcoin as money.
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    October 26, 2017, 09:27:01 AM
     #1990

    in my sense,bitcoin is money but in a digital form.unlike othet money, bitcoin is not touchable.but bitcoin produce mobey.you can earn a lot from bitcoin by selling it.so in that sense of view,bitcoin is money✌.


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    The Monkey King
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    October 26, 2017, 09:36:27 AM
     #1991

      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?





      Yes, bitcoin is a money. It is a digital currency and also called as a cryptocurrency. It is used as money or a payment through online transactions and it can also be used as a payment in local stores and it can also be converted into money through remittance centers.

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      October 26, 2017, 09:43:52 AM
       #1992

      It is money also but a digital form of money not like our physical money that can we touch or hold or maybe we can count one by one. By using of internet connection we can used that kind of money. Using that money we can across the world in paying where ever you want as long as they adapt bitcoin in their country. Thats what bitcoin do more than a money a high tech generation.

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      October 26, 2017, 09:43:59 AM
       #1993

      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.

      +1 agreed.  It's a commodity, a digital store of value.

      Bitcoin is a money but you need to work for it to become money. Bitcoin gives you a chance to earn in high profitable income all you need is to campaign. Bitcoin is money gives you oppotunity to become rich.

      I agree that bitcoin is money. For me its is online money, instead having it in your pocket like real money. If you work hard and collect bitcoins. You can sell them and get your real money.

      Collect them and save them, because bitcoin has the potential to go to 40k in the future.
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      October 27, 2017, 07:31:43 AM
       #1994

      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.

      +1 agreed.  It's a commodity, a digital store of value.

      Bitcoin is a money but you need to work for it to become money. Bitcoin gives you a chance to earn in high profitable income all you need is to campaign. Bitcoin is money gives you oppotunity to become rich.

      I agree that bitcoin is money. For me its is online money, instead having it in your pocket like real money. If you work hard and collect bitcoins. You can sell them and get your real money.

      Collect them and save them, because bitcoin has the potential to go to 40k in the future.

      I see bitcoin as another currency of exchange, only with the differential of being digital and that provides great changes in the everyday of society.


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      October 27, 2017, 07:50:57 AM
       #1995

      Definitely, some believe that its bond which causes some people to a luxurious life or millionaires. Bitcoin isn't really the money, it causes money to the members or staffs that is making the sight stable and high rate.

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      October 27, 2017, 07:53:20 AM
       #1996

      Well I consider bitcoin as money. First, we can earn bitcoin just like money, right? Second, we can use bitcoin to buy things online, for example, I always use my bitcoin to buy cellphone load. Lastly, bitcoin can be used in gambling, well we don't call it gambling unless we use money to do it.

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      October 27, 2017, 07:53:37 AM
       #1997

      For me, I'll say yes because bitcoin is a kind of payment for us to buy things. Sooner or later bitcoin will become the required payment for any online transactions. You just have to trust in it.

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      October 27, 2017, 07:57:50 AM
       #1998

      Bitcoin is being regulated by actual money, you can pay for stuff with bitcoin, you can save bitcoin to sell it for higher price - for me it seems like an actual money-type currency.
      Vaskiy
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      October 27, 2017, 08:03:57 AM
       #1999

      Bitcoin got into usage as storage token, when the usage increased it also got increased market value. This eventually grew and termed to be a multipurpose asset. Later little be little the illegal usage decreased and the importance as an investment and currency increased. Now as market acceptance has been increasing people consider it as currency similar to paper money.

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      Delarock
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      October 27, 2017, 08:17:09 AM
       #2000

      I would have to say that Bitcoin is definitely money. I use it to buy games and other things online. Just like MC.
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