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Author Topic: Is Bitcoin money?  (Read 99501 times)
matthona
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April 09, 2017, 03:19:06 PM
 #361

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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April 09, 2017, 03:45:42 PM
 #362

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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April 09, 2017, 03:47:27 PM
 #363

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. 

Yes and the best thing is that we can have total control on our funds without any involvement of banks and we have our own bank in the form of bitcoin wallet which is accessible to us 24/7 and our money keeps on growing even if we simply hold it for a long term.



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April 09, 2017, 05:24:29 PM
 #364

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.

While that stands true, the government can definitely shut down companies that are allowing us to exchange our bitcoins to fiat. But that doesn't make any sense at all since we can always have a transaction from a different website based abroad. In other words, it will be your country' government's loss if they put a ban on the use of bitcoins since the use of bitcoins improves a country's economy and they can also collect tax from the online exchanges.

Anything that exists on the Internet is really hard to ban. It's really really hard to trace people from the Internet that's why other people choose to do their shady business on the Internet.

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April 09, 2017, 05:35:51 PM
 #365

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."

The basic function of money is being a universally accepted unit of account

All other functions are derivatives of this primary function. Therefore, Bitcoin can hardly be considered as money right now since it is not universally accepted in this role as of yet. But it has all required properties to become such a unit of account (fungibility, divisibility, etc). If you ask me, enabling instant off-chain transactions via payment channels or otherwise will move us closer to this end. After all, Bitcoin was conceived with this purpose in mind, and not as a vehicle for speculation, which it is as of now

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April 09, 2017, 05:37:04 PM
 #366

No doubt bitcoin is money as you can convert it to real money whenever you want but for me its an pure investment which I am not all interested in spending right now and will save it for a long term and will take them out of my wallet only when I am satisfied with the price.

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April 09, 2017, 06:14:18 PM
 #367

It's not directly money being as it is not Fiat but it can be used to purchase things. Money is a misleading term though. Something you have that have value can be traded for something else you want. Does it really matter what happens and what methods are used between trades ?

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April 09, 2017, 06:34:03 PM
 #368

many see that bitcoin is an excellent investment tool, because it can provide a great advantage. but, because of that, bitcoin into currency or instrument transactions on the Internet. although it has not been legalized as money, but people have been using it for a means of transaction, and I think it was really successful.

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April 09, 2017, 11:51:30 PM
 #369

No doubt bitcoin is money as you can convert it to real money whenever you want but for me its an pure investment which I am not all interested in spending right now and will save it for a long term and will take them out of my wallet only when I am satisfied with the price.
i think in some place you do not even need to convert it in to fiat and you can use it directly. for example in Brazil there are dozens of shops where the shopkeepers accept bitcoin for shopping.

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April 10, 2017, 12:29:03 AM
 #370

No doubt bitcoin is money as you can convert it to real money whenever you want but for me its an pure investment which I am not all interested in spending right now and will save it for a long term and will take them out of my wallet only when I am satisfied with the price.
i think in some place you do not even need to convert it in to fiat and you can use it directly.

There are very few places where you can use your bitcoins directly for buying anything as bitcoin is still not supported in many countries and in that case you have to convert it to fiat first if you want to spend your bitcoins.

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April 10, 2017, 01:16:19 AM
 #371

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 think as long as bitcoin could be used to buy goods and has a rate or price in another currency. Any form of bitcoin. I would say that bitcoin is kind of money

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April 10, 2017, 01:34:08 AM
 #372

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 think as long as bitcoin could be used to buy goods and has a rate or price in another currency. Any form of bitcoin. I would say that bitcoin is kind of money


Yes if you are able to purchase anything and if you can sell it and get real cash in return then I think it makes it real money and you can also send and receive money across the globe like fiat currency so it can be considered same as real money.
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April 10, 2017, 02:26:56 AM
 #373

bitcoin digital currency that can be used for various transactions and has a high level as well as the prospect of a bright future
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April 10, 2017, 03:01:49 AM
 #374

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.

I think if you are buying bitcoins first time, you should be very careful as people tends to scam the ones who are new in this currency. Always buy face to face or use escrow if you are buying online.

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TribalBob
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April 10, 2017, 03:45:01 AM
 #375

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.

I think if you are buying bitcoins first time, you should be very careful as people tends to scam the ones who are new in this currency. Always buy face to face or use escrow if you are buying online.

The above mate said about buying from localbitcoins and that site uses escrow services and that makes that site very trustworthy and you will never get scammed even if you are buying it for the first time and your money is totally safe.



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White Christmas
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April 10, 2017, 06:51:41 AM
 #376

Yes i believe that bitcoin is money because you can now use it to spend or to buy the things that you wanted like a real money do. And many people around the world who are using bitcoin because you can convert bitcoin to a real money.

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April 10, 2017, 06:59:24 AM
 #377

Yes i believe that bitcoin is money because you can now use it to spend or to buy the things that you wanted like a real money do. And many people around the world who are using bitcoin because you can convert bitcoin to a real money.
As stated bitcoin is real money because it has been getting acceptance from merchants around the world as well the technology adoption too is providing a stabilized growth to the bitcoin as a form of investment to a valuable commodity when stored in a hardware wallet. The importance is much as it has got the conversion to fiat feature.

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loges
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April 10, 2017, 07:45:35 AM
 #378

Yes i believe that bitcoin is money because you can now use it to spend or to buy the things that you wanted like a real money do. And many people around the world who are using bitcoin because you can convert bitcoin to a real money.

Yes and the only difference between bitcoin and real money is that bitcoin is digital and real money is physical which we can hold and keep currency notes physically in our wallet and apart from that both are used for the same purposes.

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April 10, 2017, 07:52:12 AM
 #379

Yes i believe that bitcoin is money because you can now use it to spend or to buy the things that you wanted like a real money do. And many people around the world who are using bitcoin because you can convert bitcoin to a real money.
As stated bitcoin is real money because it has been getting acceptance from merchants around the world as well the technology adoption too is providing a stabilized growth to the bitcoin as a form of investment to a valuable commodity when stored in a hardware wallet. The importance is much as it has got the conversion to fiat feature.

Folks before you had been telling the same years ago

Namely, that Bitcoin is "getting acceptance from merchants around the world" but somehow its use apart from investment (speculative) asset still remains mostly negligible. So I strongly doubt if this acceptance among merchants is really expanding. Other than that, if you can sell something for fiat ("real money"), this doesn't make in into money. You can sell a lot of things, say, a house, but does that make houses into money? Even if you can buy something for Bitcoin directly, this doesn't turn Bitcoin into money, since money is a universal means of payment, not a one-shot money substitute

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April 10, 2017, 08:25:24 AM
 #380

Yes i believe that bitcoin is money because you can now use it to spend or to buy the things that you wanted like a real money do. And many people around the world who are using bitcoin because you can convert bitcoin to a real money.

Yes and the only difference between bitcoin and real money is that bitcoin is digital and real money is physical which we can hold and keep currency notes physically in our wallet and apart from that both are used for the same purposes.
Absolutely, bitcoin as digital currency can only used in online transaction but for now its hard to find online stores which is accept bitcoin and you also have an option in bitcoin you can exchange it into fiat to spend in offline stores.
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