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Author Topic: Is Bitcoin money?  (Read 108232 times)
family934
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November 14, 2017, 03:21:21 PM
 #2221

yes right, I think bitcoin is the same as money, what can be bought with money also can we replace with bitcoin. but bitcoin value is better than fiat because bitcoin stock can not be manipulated.
yes off course bitcoin is a crypto currency and it is easily converted to any other currency if you want. Bitcoin is not acceptable directly in most areas still but you can convert bitcoin to your desire currency through some local exchanges and can used easily and also it is more possible that in future bitcoin will start accepted in various shops and hotels etc.
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November 14, 2017, 03:35:13 PM
 #2222

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, Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, as the system works without a central repository or single administrator. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. And considering bitcoin as money is not surprising but it is really not in that area. But what is important is that bitcoin has value that is very useful in many selected sites, industry and others.
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November 14, 2017, 03:41:56 PM
 #2223

    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 one of the kind of money that existing in this world. Bitcoin is different from others because it is crypto currency which means you can't hold it. It is a money where can spend through online, you can also spend it in some place by convert it into local currency. In short, the answer is bitcoin is a money.

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    November 14, 2017, 03:44:29 PM
     #2224

    bitcoin like money, but this is for the cryptocurrency
    not all country accepted bitcoin for the payment, we hope someday bitcoin for the payment in the world.

    You mean bitcoin is like money but it could be only use mostly online because not all of the store in the real world accepts bitcoin?(correct me if I'm wrong).
    That is what we are all hoping that would happen in the near future, but right now, it is too good to be true since bitcoin have different issues on different countries around the world. There are countries who banned bitcoin because of their people who misuse bitcoin, like buying illegal drugs online and illegal firearms, they are taking the advantages of bitcoin to do bad things that is why as the Government solution on this, they have banned bitcoin.




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    November 14, 2017, 03:53:39 PM
     #2225

    BITCOIN is a currency like money.Actually,it is better than money.It is a modern cryptocurrency.We can use bitcoin like we used to do with money.Rather we can invest bitcoin,hold bitcoin,sell them,trade them,do shop by them etc etc and so on.But it is not legal in many countries.

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    November 14, 2017, 04:02:13 PM
     #2226

    Yes right, I think bitcoin is the same function as money, can be used to buy or transactions, although bitcoin has not legalized the country but I'm sure with strong community and users will have no effect.
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    November 14, 2017, 04:10:28 PM
     #2227

    Yes it is money that could be a good source of income. Some people buy stuffs or services online by using bitcoin with their identity secured. It is a cryptocurrency meaning it is a money that has an anonymous state.

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    November 14, 2017, 05:02:45 PM
     #2228

    As long as it is accepted for services then it's a legal tender

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    November 14, 2017, 05:10:58 PM
     #2229

    Anything can be considered "money" if it has intrinsic value!  What gives something value.... what people are willing to pay for it.. Supply and demand.

    But do not forget one thing! It is about the validity of a thing when it is used as a paying tool. Till today, some countries still aren't allowed the use of bitcoin as a legal means of payment.  On such countries, bitcoin isn't money.

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    November 14, 2017, 05:20:28 PM
     #2230

      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 money that help you to buy for a car house or a bussiness bitcoin have a value its so nice that  i learn bitcoin and heard it thanks to my friend that tell me this bitcoin money

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      November 15, 2017, 04:15:35 AM
       #2231

        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 think the definition of money is a legitimate means of exchange or that has been recognized by the government. the function of money is also in fact the same as the main means of exchange. well we try to think more deeply, the definition of the instrument of exchange itself is to overcome the difficulties in barter. so seeing from its function is actually the same bitcoin that can be used as a medium of exchange or also as a unit of counting that distinguish here is the only form. just as we keep the money in the bank and we get only nominal in atm according to the currency of each country.

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        November 15, 2017, 04:43:31 AM
         #2232

        If we will specifically talk about bitcoin then i wont say as of now that it can already be called as money. For me it is an asset due to the fact that people treat it as an asset rather than as a currency or money.  And it will be really hard to use it as a money right now since it takes so slow to make a transaction and there is only few who accepts it in exchange for their products.

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        November 15, 2017, 04:44:36 AM
         #2233

        Bitcoin is not the money but t is an asset. Bitcoin can not be used as legal tender against  any article. Bitcoin is not spendable in market. But we can buy or sell bitcoin against dollor.
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        November 15, 2017, 04:46:34 AM
         #2234

        Bitcoin is a digital asset. Bitcoin is relative it can be a number of things.
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        November 15, 2017, 05:30:43 AM
         #2235

        Bitcoin is not the money but t is an asset. Bitcoin can not be used as legal tender against  any article. Bitcoin is not spendable in market. But we can buy or sell bitcoin against dollor.
        We have the right to call it as money especially if we own some.
        Bitcoin is accepted anywhere in this world and when it has a value you can consider that as money, why people are investing in bitcoin
        if they do not believe it's money, their purpose is to make or grow their money so they risk bitcoin which came from their fiat money.

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        November 15, 2017, 06:03:21 AM
         #2236

        For my opinion bitcoin is a money. It is a cryptocurrency which means it is a virtual money. You cant touch bitcoin
        you cannot feel bitcoin you cannot see a bitcoin but it is a money. A money th at cannot be touched. For an easier
        explanation, think about a game that has its own currency that you needed to buy stuffs inside a game. Thats like
        our case here in bitcoin. You can use your bitcoin to buy stuffs that you want or save it and make an invesment to
        company.

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        AgentZero23
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        November 15, 2017, 06:12:23 AM
         #2237

        Bitcoin is a virtual currency it is different from the bank notes. Bitcoin is money and you can use it for any transaction, investment and source of income.

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        camsss
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        November 15, 2017, 06:18:17 AM
         #2238

        Yes bitcoin is money. It is an online money. There are countries in which they legalize the use of bitcoin. They are using it on the daily basis. You can pay someone with the use of bitcoin. But there is also a limitation. You can only access it online. So if you do not have internet, then you can do bitcoin.

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        November 15, 2017, 06:29:13 AM
         #2239



        Bitcoin is known as a digital currency. It is used only on the Internet. And Bitcoin is exchanged for the service. However, it can be used to convert Bitcoin into a dollar. So, considering this aspect, Bitcoin is the money.

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        November 15, 2017, 06:36:51 AM
         #2240

        Bitcoin is bitcoin and money is money. The bitcoin can be considered as a money but the money will always be a money. Bitcoin has a value and can be converted into a cash. It is more easier and riskier to use. You can mined bitcoin but you can't mined money. Money will always be money while bitcoin keeps on improving.

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