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Author Topic: Is Bitcoin money?  (Read 108225 times)
1101labu
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November 09, 2017, 09:53:12 AM
 #2141


    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.
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    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.


    I tend to think that Bitcoin IS a money, in the more common and usual sense, in the sense of the wikipedia definition.
    According to the Webster's definition that gives the OP, it doesn't fill the 3d and 4th requirement to be considered as a money. But is it still relevant in the contemporary economic scheme, and after the digital revolution?  
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    November 09, 2017, 09:53:50 AM
     #2142

     Cool In the sense of regular old currency not. It is more like a hyper liquid commodity which has great trade potential. Its sheer value comes from the demand. Very interesting one may consider but we very well know, that the financial system needs a change from the loan economics we have. I think bitcoin should be more accessible to people who lack computer knowledge, what I mean is that ATMs are an awesome way for those old generation people who feel venturous but lack the knowledge to step in. Kudos to companies doing just that.  Cool
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    November 09, 2017, 10:03:53 AM
     #2143

    Actually it is not money, virtual money ... which has the same importance such as money : it has a value, a huge one and it has its own markets, transactions, etc ...
    But legalizing it will make it considered as an officiel currency. And why not to have a physical Bitcoin pieces nd papers.   
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    November 09, 2017, 10:06:29 AM
     #2144

    "bitcoin is new kind of money".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.
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    November 09, 2017, 10:20:30 AM
     #2145

    its like money sometime, because you can pay some stuff with bitcoin (between seller and buyer have agreement pay using bitcoin). its use to transaction something what you want with other user. but slowly, bitcoin function is deviate. actually if you want bitcoin you can buy it to someone that provide it, but now bitcoin price is unbelievable. and we can earn it not for transaction, but to meet our need

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    November 09, 2017, 10:28:22 AM
     #2146

    yes bitcoin is money, but its shape is different from others, bitcoin is digital while money is in physical form, its function is equal to other money, but bitcoin must first be converted into various currency we need like dollar, eth and others

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    1101labu
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    November 09, 2017, 10:35:54 AM
     #2147

    Actually it is not money, virtual money ... which has the same importance such as money : it has a value, a huge one and it has its own markets, transactions, etc ...
    But legalizing it will make it considered as an officiel currency. And why not to have a physical Bitcoin pieces nd papers.   

    That's what I meant, but what is now the difference between money and virtual money, in those times where banks and financial institutions can create and emit debt from nothing? I don't bellieve a physical Bitcoin is necessary, I even think it's one of its major asset to be immaterial.

    "bitcoin is new kind of money".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.



    Why? Can you please elaborate on this?
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    November 09, 2017, 10:36:45 AM
     #2148

    I'm my opinion btc much better,btc-is asset (without inflation),today I spend 100$ but after 1 year I can offer less things for 100$,with btc I can offer much more!!!

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    Shiertwo99
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    November 09, 2017, 10:36:52 AM
     #2149

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
    I agreed on this matter, as long as bitcoin being used as payment in online it is considered as money like usd, euro and ¥ which means it shows bitcoin is like a real currency/money.

    The only difference is that we cannot hold bitcoins physically and apart from that there is not much difference between bitcoins and real money as we can spend it anywhere we want like real money so bitcoin is definitely a money to me.

    Correct, as long as I can use it even on a daily basis and trade anywhere and anytime in the world then I will also consider bitcoin as money or even better than money. The only thing I could think about money's advantage about bitcoin is acceptability though bitcoin is not legalize in our country we can still easily exchange it to our currency and use it like just an ordinary money. I also feel much safer in bitcoins than carrying bulky wallets or atm cards that always an eye catcher for thieves.
    I agree with you as long as i can feed off it daily it is money for me and also the part about thieves is also correct how are thieves able to steal your bitcoins? unless you know everything in your head there is no chance they would be able to get in your online wallet.
    Same thing goes for me if you can feed on it i would consider it money it actually is money if you have invested in it and if you are trying to earn it it also is money because if you cash them out and spend it you actually made money.
    True i made bitcoin my daily job that means i earn actually from bitcoin my salary is all paid in bitcoins and salary is money because with my salary i can buy stuff that i need to life like food clothes and even pay my rent with that money.
    I agree with you i think bitcoin is money too because you can trade it for cash what is the difference between these two one is online and one is in your hand but with both you can buy stuff you need to survive.
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    November 09, 2017, 10:44:23 AM
     #2150

    Bitcoin is a digital form of money which can be used in any part of the world that is you can convert it into any real life currency as per the rate in their regions.As per me i see btc more as an investment rather than seeing it as a currency because its value keeps hiking as compared to any other forms of investment where as the value of the money doesn't change this fast like the precentage change in the value.Btc doesn't take years for growth as per the current trend it is taking on few months or days time to show change its value growth so i consider this digital currency more as an asset.Which help improve our wealth.

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    November 09, 2017, 10:50:09 AM
     #2151

    It will be a new form of money, Bitcoin has a value that you can exchange to become a money to spend for. and I think in future Bitcoin will considered also as a legit money that you can pay in stores and others.
    yes you are right that bitcoin is like a new form of money but bitcoin is not money it is basically digital cryptocurrency and there is a huge difference between money and digital currency. people use bitcoin to earn money thats why bitcoin work like money.
    Bitcoin can consider money because it can be use for paying goods we buy online in convenient manner.  It is money in the form of other currency that need to change into a local currency to be used for small enterprises. Bitcoin is like a dollar that need to convert for local currency to be accepted in any store in the country.

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    November 09, 2017, 01:04:40 PM
     #2152

    I consider proper now bitcoins are much more of an asset then cash. To me it will not matter what form my paying electrical power is in wiether it really is in gold bitcoins or sticks. I'm just anxious for the worth and how much it will increase so I use Bitcoin as I think it has the best value then any other form of asset.
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    November 09, 2017, 01:25:14 PM
     #2153

    Bitcoin can be said money because it can be used for transactions and pay whatever we want, but there is a very clear difference is that bitcoin values continue to rise, while money value continues to drop due to many factors.

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    November 09, 2017, 01:28:13 PM
     #2154

    of course why not?most people earn bitcoin for money.so many people hold,trade,bitcoin.i think all people goal earn money.and bitcoin just a communication earn for money.

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    November 09, 2017, 01:41:38 PM
     #2155

    Bitcoin can be said money because it can be used for transactions and pay whatever we want, but there is a very clear difference is that bitcoin values continue to rise, while money value continues to drop due to many factors.
    The bitcoin is also a money and you are right for the comparison of bitcoin and the money because with bitcoin you can fight the inflation by buying bitcoin and keeping it as an investment and you should learn how to balance things because you still need fiat in doing some purchases because you cannot use bitcoin alone as of now.

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    November 09, 2017, 01:46:18 PM
     #2156

    Bitcoin can be said money because it can be used for transactions and pay whatever we want, but there is a very clear difference is that bitcoin values continue to rise, while money value continues to drop due to many factors.

    Your thoughts is nice mate, and to add up to this explanation here I can say that bitcoin isn't just a money but already a wealth for us which I can say a living investments. So everything that has value to us which is bitcoin is money, and that is now getting very popular in the internet. In sooner time I can see it accepted on local stores if the current demand and adoption will become visible around the world. Maybe if internet is centralized in the future, well bitcoin implementation is easy for everybody to access.

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    November 09, 2017, 01:54:26 PM
     #2157

    Yeah future version of fiat we use today in day to day life. There comes a time u cant live without BTC waiting for that day Grin Grin

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    November 09, 2017, 02:17:21 PM
     #2158

    I'm new to this forum,i also just learned about bitcoin,when i read in the internet i think bitcoin is a digital currency that is quite interested to many people and also very useful for many people,with rapid technological developments i think bitcoin and altcoin will is growing and may someday be available for payment anywhere...

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    November 09, 2017, 02:22:59 PM
     #2159

    Bitcoin is not equal to money for now, but Bitcoin has been recognized by many financial institutions as a means of payment for many people. Therefore, bit is valuable and has its value.

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    November 09, 2017, 02:27:41 PM
     #2160

    Bitcoin is a crypto currency, you can consider it money to a certain extent, but at the end of the day it's not ACTUAL money, it's more something you invest in which can make you earn real money.
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