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Author Topic: Is Bitcoin money?  (Read 100259 times)
poetra2501
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April 08, 2017, 12:52:35 AM
 #341

In my view, basically bitcoin made for earn money and save money and use for money wise. SO i started to use bitcoin, because i want to earn from it, and bitcoin give me other benefits, like using it all over the online world. That's why i don't want to discuss it, Is it money or not.
If Bitcoin is not money then there won't be people interested. Because money
is something valuable, its value and its system. So I think, Bitcoin is money,
but that's not a official money, because the government has not yet been inaugurated.
Maybe for the future any country will adopting this cryptocurrency as official currency. I very hope that.
Never keep hope on governments. They need centralized currency which they can have hold of not something which is in independent people's hands.
Anything using which you can buy stuff or let others buy stuff or which is having a value is money. And Bitcoin has huge value.
It's just that there is no physical form to Bitcoin that's why people get confused. Bitcoin is more than money.

I agree governments shouldn't adopt bitcoin as official currency, if they do it they would want to control bitcoin and to set new rules for us when using the currency, the fees would be higher as we would need to pay miners + government fees and very probably to have the pseudo anonymously finished.
Yeah that is the negative side if Bitcoin already was inaugurated by Government as the official currency.
They will control the bitcoin with their system, there is a tax for their, etc. But the positive side is the people will be
more in love with Bitcoin even I believe the user of Bitcoin will be increased considerably, Surely will be easy SEC accept Bitcoin.

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April 08, 2017, 01:02:14 AM
 #342

Technically, bitcoin is not a money but some of it's functions is like money. Just like it's function for currency exchange. Bitcoin can be use as a medium of exchange. It can also be use as payment for salary. Bitcoin is now considered as the future money.

true. it may not be just like usd, euro or any other currency that it is been in the community for a long time, bitcoin has te same function like them too..

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April 08, 2017, 01:19:28 AM
 #343

Technically, bitcoin is not a money but some of it's functions is like money. Just like it's function for currency exchange. Bitcoin can be use as a medium of exchange. It can also be use as payment for salary. Bitcoin is now considered as the future money.

true. it may not be just like usd, euro or any other currency that it is been in the community for a long time, bitcoin has te same function like them too..
bitcoin already have a lot of functions, as well as investment bitcoin also has a function as a means to pay and it is already a requirement for a currency right ?



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April 08, 2017, 01:36:00 AM
 #344

I think Bitcoin is no money in tangible form, but the function and use bitcoin same as real money,even with bitcoin we can make a good deal for payments such as paying bills and electricity bills, etc. as well as grocery shopping our day, but it all depends on a country where we are because we know there are some countries that prohibit about the existence of bitcoin, other than that bitcoin is able to create a good business opportunity in trading or investing.

   
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April 08, 2017, 03:10:10 AM
 #345

    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?









    absolutely YEs bitcoin is a virtual currency which you can use for buying in many stores that accepting bitcoin for payment that means you can use bitcoin as a money also cryptocurrency of the bitcoin is so high so you can exchange a bitcoin for a lot of money so in other words it is also a money its just a electronic money that is in your wallet which cannot be stolen from like a physical money so better for u to earn bitcoin Smiley/..,
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    April 08, 2017, 04:30:26 AM
     #346

    Technically, bitcoin is not a money but some of it's functions is like money. Just like it's function for currency exchange. Bitcoin can be use as a medium of exchange. It can also be use as payment for salary. Bitcoin is now considered as the future money.

    true. it may not be just like usd, euro or any other currency that it is been in the community for a long time, bitcoin has te same function like them too..
    bitcoin already have a lot of functions, as well as investment bitcoin also has a function as a means to pay and it is already a requirement for a currency right ?
    Yes bitcoin is already a currency because even in the first place it is already known as currency, A currency is a  thing that you use to make transactions like buying or using it as a exchange item for another one. In bitcoin it is a advance currency because at the same time it is a investment where you can earn money and you can use it as a currency to buy things online or to pay transactions that you made even offline or online. So i think it is fair to call bitcoin as an advanced money/currency.

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    April 08, 2017, 04:40:05 AM
     #347

    Technically, bitcoin is not a money but some of it's functions is like money. Just like it's function for currency exchange. Bitcoin can be use as a medium of exchange. It can also be use as payment for salary. Bitcoin is now considered as the future money.
    I agree with you also right now bitcoin is not good become money because of the problem of block size,
    so the fees transaction is increasing and not good be used for small amount of transaction
    but if the problem of block size can be fixed soon or slow bitcoin will become money in the future.
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    April 08, 2017, 03:10:52 PM
     #348

    In my view, basically bitcoin made for earn money and save money and use for money wise. SO i started to use bitcoin, because i want to earn from it, and bitcoin give me other benefits, like using it all over the online world. That's why i don't want to discuss it, Is it money or not.
    If Bitcoin is not money then there won't be people interested. Because money
    is something valuable, its value and its system. So I think, Bitcoin is money,
    but that's not a official money, because the government has not yet been inaugurated.
    Maybe for the future any country will adopting this cryptocurrency as official currency. I very hope that.
    Never keep hope on governments. They need centralized currency which they can have hold of not something which is in independent people's hands.
    Anything using which you can buy stuff or let others buy stuff or which is having a value is money. And Bitcoin has huge value.
    It's just that there is no physical form to Bitcoin that's why people get confused. Bitcoin is more than money.

    I agree governments shouldn't adopt bitcoin as official currency, if they do it they would want to control bitcoin and to set new rules for us when using the currency, the fees would be higher as we would need to pay miners + government fees and very probably to have the pseudo anonymously finished.

    Of course governments if they take bitcoin into their hands it would be nothing more than fiat money. However this will never happen as bitcoin has got no central authority system. What governments do is declare bitcoin as an illegal currency in order to stop people from using it.

    Again bitcoin is more of a trading commodity even though the currency usage is also there. Mainly people are attracted to the price of bitcoin and are willing to buy it in order to sell it in future. Much like how gold had started as a currency and ended up as a trading commodity.

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    April 08, 2017, 03:18:01 PM
     #349

    Bitcoin is money because it is now a financial system. We can cash out it on ATM machine with card or cardless through conversion to fiat money. The best thing about it is we have the opportunity to buy it when the price fell down and sell when it gets higher in short or long period of time.

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    TheUltraElite
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    April 09, 2017, 10:35:28 AM
     #350

    Bitcoin is money because it is now a financial system. We can cash out it on ATM machine with card or cardless through conversion to fiat money. The best thing about it is we have the opportunity to buy it when the price fell down and sell when it gets higher in short or long period of time.

    The popularity of bitcoin ATMs and all is not very big and they are non existent in my country. We are in a country which may declare cryptocurrency to be illegal in a few years. Till then we cant really make sure to spend bitcoin anywhere except trade on it. For us and many others bitcoin is a trading commodity and not much of a currency anymore.

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    PokerFace3
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    April 09, 2017, 10:57:21 AM
     #351

    We are in a country which may declare cryptocurrency to be illegal in a few years. Till then we cant really make sure to spend bitcoin anywhere except trade on it. For us and many others bitcoin is a trading commodity and not much of a currency anymore.
    I believe you never need to worry about your government's stand on bitcoin. Because governments will be incapable of controlling bitcoin even by banning it. Over time governments will start understanding about the ability of bitcoins to withstand beyond the control of government regulations and its real potentials.

    So you can keep on holding your bitcoin and hopefully your country also will be having enough merchants/bitcoin ATMs, to get you the chances of using bitcoins as the real money.
    Wapinter
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    April 09, 2017, 11:02:45 AM
     #352

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
    Yes bitcoin is a money because it exchanges value but it is not a currency by definition.
    So instead of cryptocurruncy we should use cryptomoney for bitcoin.

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    llanillo
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    April 09, 2017, 01:50:45 PM
     #353

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
    Yes bitcoin is a money because it exchanges value but it is not a currency by definition.
    So instead of cryptocurruncy we should use cryptomoney for bitcoin.

    I think its a currency by definition for me as I can easily convert it to fiat and use it anywhere I want and there are also many sites that are accepting bitcoin as a mode of payment and if bitcoin is giving me hard cash in my hands after exchanging it then it becomes money to me.

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    ilovefeetsmell
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    April 09, 2017, 02:25:09 PM
     #354

    For me, bitcoin is money. Bitcoin is a new generation of money, it evolves like us. Bitcoin becomes more convenient, easy to hold, more secured and safe from theft (hacker). Bitcoin can be used in payments, buying goods and services, billing, loading as far as fiat currency. They have the same definition when it comes to buying and paying. Bitcoin was intangible, unlike fiat currency.

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    Soul Reaper
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    April 09, 2017, 02:33:08 PM
     #355

    Bitcoin is money because it is now a financial system. We can cash out it on ATM machine with card or cardless through conversion to fiat money. The best thing about it is we have the opportunity to buy it when the price fell down and sell when it gets higher in short or long period of time.

    The popularity of bitcoin ATMs and all is not very big and they are non existent in my country. We are in a country which may declare cryptocurrency to be illegal in a few years. Till then we cant really make sure to spend bitcoin anywhere except trade on it. For us and many others bitcoin is a trading commodity and not much of a currency anymore.
    See you might be right saying that,
    Bitcoin Auto Money Transfer is not available in your country,
    Also your country might declare bitcoin illegal.
    But why don't you realise that unlike paper currency
    Bitcoin is the currency of the internet ,
    Unlike the paper currency which is mostly use.
    Bitcoin can't be demolished so easily.
    There are various legal and illegal ways to use bitcoins,
    Even if your country dosent allow.

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    gsrcrxsi
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    April 09, 2017, 02:59:00 PM
     #356

    For me, bitcoin is money. Bitcoin is a new generation of money, it evolves like us. Bitcoin becomes more convenient, easy to hold, more secured and safe from theft (hacker). Bitcoin can be used in payments, buying goods and services, billing, loading as far as fiat currency. They have the same definition when it comes to buying and paying. Bitcoin was intangible, unlike fiat currency.

    Bitcoin has all the features that fiat money has the only difference is bitcoin is not widely used and accepted at a moment but that will change in future for sure but apart from that I don't think any difference between bitcoins and real money.
    faithupgrade
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    April 09, 2017, 03:04:56 PM
     #357

    I just heard bitcoin from reddit, I was curious what is it, and why its price continue to surge. I also read that the amount of scam in bitcoin is very high. But still I want to try to invest from it. I have a paypal and creditcard. How can I buy bitcoin? Please refer a not scam site.


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    ankit10
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    April 09, 2017, 03:15:32 PM
     #358

    I just heard bitcoin from reddit, I was curious what is it, and why its price continue to surge. I also read that the amount of scam in bitcoin is very high. But still I want to try to invest from it. I have a paypal and creditcard. How can I buy bitcoin? Please refer a not scam site.


    its good to know that you are interested in bitcoin,more and more people are join daily in bitcoin and cryptocurrency network. You can buy Bitcoin from coinbase( if your country accepted by them) or you can check here other ways to buy bitcoin through PayPal http://kingoffaucet.online/buy-and-sell-bitcoin-using-paypal/

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    matthona
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    April 09, 2017, 03:19:06 PM
     #359

    I just heard bitcoin from reddit, I was curious what is it, and why its price continue to surge. I also read that the amount of scam in bitcoin is very high. But still I want to try to invest from it. I have a paypal and creditcard. How can I buy bitcoin? Please refer a not scam site.



    It will depend on which country your are living in and which site is friendly for you to buy bitcoins as for me localbitcoins is the best to buy bitcoins as the chances of getting scammed on this site is almost zero so if your country supports this site then you can go for it without any worries.



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    SamMurphy
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    Activity: 115

    Bitcoin unionhead who's neglecting fiat :)


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    April 09, 2017, 03:45:42 PM
     #360

    Of course bitcoin is money, since many people use it around the world. Also it's much better than money because there are only 21M BTC. That's very important bcs it won't have the same faith as fiat money. But bcs it is be used and still is using it from many people we can say that it is money, and actually something we can control. I never seen something like this before. 
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