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Author Topic: Is Bitcoin money?  (Read 99694 times)
emberbekas
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November 14, 2017, 05:10:58 PM
 #2241

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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xyrill
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November 14, 2017, 05:20:28 PM
 #2242

    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
    killa2jzcam
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    November 14, 2017, 07:05:49 PM
     #2243

    Usually, cash is something that is used within the trade of goods and services. And when Bitcoin can be used in this regard, then it's Cash. It does not really matter regardless of whether all nation of the world allows it or not.Following all, the lbs sterling is higher than the buck in value but it does not have the same worldwide acknowledgement because the buck. But both of them are nevertheless Money. So, Bitcoin is money too.s
    Pr0teinPunch
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    November 14, 2017, 08:26:22 PM
     #2244

    It is can't replace fiat but nonetheless may becomeiat if one country take it as bei g legal currency at some point after which numerous countries will begin accepting bitcoin as well at my opinion.a nf
    stevanprice
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    November 15, 2017, 04:15:35 AM
     #2245

      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
       #2246

      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
       #2247

      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
       #2248

      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
       #2249

      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
       #2250

      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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      November 15, 2017, 06:12:23 AM
       #2251

      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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      November 15, 2017, 06:18:17 AM
       #2252

      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
       #2253



      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
       #2254

      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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      November 15, 2017, 06:41:46 AM
       #2255

      Bitcoin is money for me because it can be transferred in to money, it has value. Countries had been recognizing it as money and some are planning to accept it as payment too.

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      November 15, 2017, 11:01:29 PM
       #2256

      Yes money is considered as bitcoin. It can negotiate to others by means of investing. It  said that money is bitcoin in a way that you advertise and post in bitcoin. You can easily save and earn more money because of bitcoin. Let for example my personal things, all of these came from bitcoin. Even my family needs, my tuition fee, bills, for transportation and other matters all these things are from bitcoin. Otherwise, it is important to be responsible bitcoiner to avoid mistakes or anything that can harm others or lead in a wrong activities.

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      November 15, 2017, 11:17:17 PM
       #2257

      Bitcoin can be considered as money because it can be converted into cash/fiat to buy whatever you want. It cab be transfer also to pay some bills.

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      November 15, 2017, 11:38:07 PM
       #2258

      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.

      Right now we are easy to earning bitcoin and cryptocurrency, I'm sure someday bitcoin price is very expensive making it more difficult for earning bitcoin. almost all the functions of money can be done with bitcoin, buying online, paying bills, paying hotels, restaurants and so on make that bitcoin equal to money.

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      November 16, 2017, 02:31:18 AM
       #2259

      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.

      Right now we are easy to earning bitcoin and cryptocurrency, I'm sure someday bitcoin price is very expensive making it more difficult for earning bitcoin. almost all the functions of money can be done with bitcoin, buying online, paying bills, paying hotels, restaurants and so on make that bitcoin equal to money.
      Soon it will be widely accepted and people will think it's valuable as the real money.
      For now since it's not yet mainstream, we should invest at this early stage if we want to benefit in the future, bitcoin gives me a lot of success
      in my life and I am willing to hold it even if it will take 10 years for me to enjoy my profit.



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      Iambatman
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      November 16, 2017, 02:39:01 AM
       #2260

      Yes money digital money

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