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Author Topic: Is Bitcoin money?  (Read 108083 times)
Bitcoininvestment
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November 25, 2017, 06:27:59 AM
 #2341

    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 because here in bitcoin you can earn money which is also abtcoin. It helps the people in their life because if you are a user of it there is alot of benefit that you can get in bitcoin.

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    btccointalk
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    November 25, 2017, 06:32:09 AM
     #2342

    Yes, bitcoin is a kind of money which is going to be very popular in coming future.

    Saveplus
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    November 25, 2017, 06:34:39 AM
     #2343

    Bitcoin is money for me especially it helps many people to earn and reduces unemployment in bitcoin they have a job and they can pay their expenses through earning on it.Bitcoin can be our second currency in the near future because of its price  that increases higher.

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    November 25, 2017, 06:48:02 AM
     #2344

    The bitcoin is money, as it can be used to pay for any kind of expense and this is what money can do.

    bukikbarisan
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    November 25, 2017, 07:09:26 AM
     #2345

    gold and bitcoin are very different but can be made with money. You can not buy most goods and services with gold. Gold is a commodity, dollars are money.
    Bitcoin is the digital currency. It has more in common with paypal than with dollars or with gold.

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    November 25, 2017, 11:26:36 AM
     #2346

    The bitcoin is money, as it can be used to pay for any kind of expense and this is what money can do.
    As of now, there's are only few people who are accepting bitcoin and not everything we like can be purchase with bitcoin.
    We are still in the stage where people are slowly noticing bitcoin and that would not mean they will automatically adopt, there will a lot of questions in their minds and only by educating them will make them confident with using bitcoin.

    Bitcoinstein
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    November 25, 2017, 11:27:36 AM
     #2347

    Bitcoin is a digital store of value, it is not defined as "money" by the books.
    But well... seems that it gives other advantages to the word money that we know Smiley

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    sinta23
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    November 25, 2017, 12:12:08 PM
     #2348

    The bitcoin is money, as it can be used to pay for any kind of expense and this is what money can do.
    As of now, there's are only few people who are accepting bitcoin and not everything we like can be purchase with bitcoin.
    We are still in the stage where people are slowly noticing bitcoin and that would not mean they will automatically adopt, there will a lot of questions in their minds and only by educating them will make them confident with using bitcoin.
    if that may be quite difficult and needs a process, as many countries also have not agreed that bitcoin exists and is used for buying and selling. so it takes a process to do that.

    shalnark
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    November 25, 2017, 12:30:29 PM
     #2349

    I think bitcoin is not money, but bitcoin can be converted into money. bitcoin is not the same as money because bitcoin there is no serial number, bitcoin is also not physical like money.
    Bitcoin is qualifies as money, the characteristic is better than fiat. I think serial number of paper money will not make it non counterfeitable. It's also easy to carry and safe. Bitcoin is money, it is virtual global currency.
    yes there is no doubt that bitcoin is money, although it is a digital currency and we can only use it for online purposes, but still it can fulfill our needs that we can also fulfill using our fiat currency. i am sure that in future the use of bitcoin as currency will be increasing, because the users of bitcoin are increasing from time to time and now people are showing more interest in bitcoin.
    For me bitcoin can be converted to real money, thats why many people really think that bitcoin is money. I believe also on this fact that bitcoin is money, even there's no physical look like money. Bitcoin is the cryptocurrency that we can use already as a mode of payment in some online shopping. Aside from that bitcoin is capable to exchange and sell for real cash money. Bitcoin is also useable like money and bitcoin can we use to help our real life needs.

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    marjohn
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    November 25, 2017, 01:02:02 PM
     #2350

    As for my side, bitcoin is money,  the "new money".

    It turns out into digital money.

    "A current medium of exchange in the form of coins and banknotes; coins and banknotes collectively."

    Bitcoining is what we do, we exchange it into money with the use of those pawnshops and other exchange materials.
    Even shits could turn into money, depends on how we perceptionize things.
    Depends on how our unique minds can turn it into one.
    Harley29
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    November 25, 2017, 06:28:44 PM
     #2351

    In order for a payment instrument to be full-fledged money, it must perform the same functions as ordinary money (a measure of value, a medium of circulation, a means of accumulation, a means of payment, world money).

    As can be seen, Bitcoin has all of the listed functions. It is known that like a dollar that is divided into cents, Bitcoin is divided into virtual coins (satoshi). The transfer of digital money is carried out by sending from one electronic store to another. The analog of the traditional wallet has cryptographic protection.
    Yes off course bitcoin is money and you can use it your daily expanse such as you can buy food and clothes and also you can pay all your bills and now I’m using bitcoin for my tuition fees as well and in my country bitcoin is now almost acceptable in anywhere because from last five months I’m using bitcoin in different restaurants and now it’s also using in charity and in donation as well to many organizations so yes it’s a currency and very use full to use.
    mininglegend1234
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    November 25, 2017, 06:40:36 PM
     #2352

    Yes, bitcoin is a kind of money which is going to be very popular in coming future.
    Bitcoin is money for sure. It has many advantages that we all like. Specifically the convenience to buy or pay something. Its the counterpart of our fiat money. The fiat money is the physical money while bitcoin is the digital money.

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    ultraminer11
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    November 25, 2017, 06:47:27 PM
     #2353

    Yes, bitcoin is a kind of money which is going to be very popular in coming future.
    Yes exactly the Bitcoin the bitcoin is digital money the one we cannot touch or feel physically but we take all the same functions from it which tangible or physical money performs. Many of us still don’t understand when they ask about the BTC if it is money or not. Most of us consider only the physical one money.

    lani123lani
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    November 25, 2017, 08:02:14 PM
     #2354

    Bitcoin money, like gold, you can not buy most goods and services, with gold, or bitcoin.

    jmiro1
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    November 25, 2017, 08:20:45 PM
     #2355

    You must be joking. Even the time is money.
    NikolayRaev
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    November 25, 2017, 08:22:21 PM
     #2356

    Definetelly YES!

    Bitcoin is money for the Internet. It is a scarce digital commodity used as money by millions around the world. People buy coffee with Bitcoin at local shops. Others get paid in Bitcoin and use it to shop online. Friends use it to settle with whoever paid for dinner. Workers send Bitcoin back home to help family, regardless of where they live.

    Since its start in 2009, Bitcoin has provided an alternative to traditional government-issued money. No single government, corporation, or nation controls Bitcoin. There is no need for a Bitcoin bank. People store Bitcoin in software called a wallet, which is available for almost any device.
    BUK2016
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    November 25, 2017, 08:38:24 PM
     #2357

    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 not just a commodity or a digital store of value but it a digital currency that serve all the purpose of other currency that one can think about like fait currency. With the above point I can say with confidence that bitcoin is a currency and at the same time a store of value.

    sandos
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    November 25, 2017, 08:44:10 PM
     #2358

    Actually, Bitcoin can be used for payment. But actually, I think that Bitcoin is a kind of asset investment likes Stock.

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    November 25, 2017, 08:56:19 PM
     #2359

    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.

    Yes, bitcoin is money. Even now its digital money. But in near future bitcoin became official currency and anyone can used it, spend it. And also we can used it for paying bills, and buy what we want using bitcoin.

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    November 25, 2017, 09:06:29 PM
     #2360

    Yo la considero moneda, porque puedes intercambiarlo por un producto/servicio que quieras.
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