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Author Topic: Is Bitcoin money?  (Read 110598 times)
Fasdartin
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November 04, 2017, 03:00:44 AM
 #2041

Because of its deflationary nature I think Bitcoin is actually more "money" than any currency on the planet right now.  Gold is the only worthy comparison, but because of the difficulties inherent in using/transporting/ exchanging gold it doesn't even come close
Bitcoin is money for the Internet. Bitcoin does refer to itself as money or currency issued, however, not by a government, but instead in a decentralized manner. A lot of them get paid in bitcoin and use it to shop online and bitcoin is now the best-performing currency. Also bitcoin is more than money.

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Hedz121
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November 04, 2017, 03:13:29 AM
 #2042

yeah. bitcoin is bigbigmoney
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November 04, 2017, 03:21:46 AM
 #2043

yeah. bitcoin is bigbig money!
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November 04, 2017, 03:24:32 AM
 #2044

Yeah it becoming to be considered as one of currency
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November 04, 2017, 03:29:16 AM
 #2045

Bitcoin is a currency, they're are unit of account, a medium of exhange and a store of value. Bitcoin almost exclusively for an economic exchange in the world of trading in the market.

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November 04, 2017, 03:41:37 AM
 #2046

bitcoin is an exchange of cryptographic code and exchange of asset and commodity equivalent to gold and it is future money and decentralised bank
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November 04, 2017, 03:47:13 AM
 #2047

Yes, Bitcoin is a money. Bitcoin has a high amount value. Bitcoin also considered aa a medium exchange.

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November 04, 2017, 04:02:38 AM
 #2048

I do not consider gold to be money.  You can't go and buy most goods and services with gold.  Gold is a commodity, dollars are money.

Bitcoin is a virtual currency.  It has more in common with paypal than it does with dollars or with gold.  I wouldn't really call it money until it is more widely accepted as payment for goods and services.
I agree with you that bitcoin is not money.
Bitcoin is the virtual currency. It has more in common with paypal than with dollars or with gold, therefore I as a bitcoin user will not call it money in any form.

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November 04, 2017, 04:04:54 AM
 #2049

its cryptocurrency its not a hard money i think but it can be if you convert into your own currency.
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November 04, 2017, 10:40:15 AM
 #2050

In my opinion Bitcoin is a decentralized digital currency

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November 04, 2017, 10:56:17 AM
 #2051

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.
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November 04, 2017, 11:04:02 AM
 #2052

I feel anything that can u used for exchange is money.
It may be gold, since, bitcoin etc.
It's all about profit motive.

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November 04, 2017, 11:31:35 AM
 #2053

Yes, Bitcoin is a money. Bitcoin has a high amount value. Bitcoin also considered aa a medium exchange.

That is why bitcoin can be considered as money because it acts like it.  Any thing that money can do can be done by bitcoin.  Only that bitcoin can be used only online and is not yet accepted worldwide and not that popular.  But if we look at it, bitcoin equates to money.

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November 04, 2017, 11:41:42 AM
 #2054

    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?





    I believe it is. It is being used in trading and payment for goods and services. Anything that is used as a medium for exchange and has monetary value can be considered  as money.

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    November 04, 2017, 11:48:19 AM
     #2055

    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.

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    November 04, 2017, 11:59:18 AM
     #2056

    In some ways, we can say that a bitcoin is a money or maybe we can say that bitcoin is a new form of money. Its like the digital currency of the whole world. It serves as a medium of exchange from different parts of the world. You can buy or pay anything on the internet using this. Bitcoin can also be a source of money.

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    November 04, 2017, 12:36:39 PM
     #2057

    I think bitcioin is just way for income . its not money just crypocurrency . Bitcoin is our modern online currency and it is still money even though it's no longer currency

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    November 04, 2017, 12:42:17 PM
     #2058

    Yes definitely Bitcoin is money, Bitcoin has a high value. Bitcoin is a new kind of money for those who only understand what is bitcoin.

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    November 04, 2017, 12:45:33 PM
     #2059

    It's not money. It's something in what millions is believe.
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    November 04, 2017, 12:56:36 PM
     #2060

    Review of its function as a medium of exchange.
    I think Bitcoin can be interpreted as money.
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