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Author Topic: Is Bitcoin money?  (Read 110891 times)
kache2018
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February 21, 2018, 08:00:13 AM
 #3121

Firstly, by the word itself "Coin" it really is money - a medium of exchange. "Bit" by definition is a binary digit, commonly used on computers. Combining the two words would mean "a digital currency" since transactions were done using computer. Unlike the money we used this is intangible and can only be operated and accessed like I already thru computers. Aside from Bitcoins there are others digital currencies (alternative coins) used and their denomination varies. Hope this helps.
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paras20
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February 21, 2018, 08:01:00 AM
 #3122

    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 a big big amount of money,it triples your money anyways  when you are investing to bitcoin
    sweetmakak
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    February 21, 2018, 08:01:43 AM
     #3123

    Is it money likely any other currency but digital , with a price based mostly on the supply and demand on the market.
    The fact that banks ain't  accepting BTC or crypto as currency has to be with it taking what's has been doing only by them.
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