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Author Topic: Is Bitcoin money?  (Read 100531 times)
TheUltraElite
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April 12, 2017, 03:36:55 PM
 #421

Yet, we can say that the money if there is already a country that officially use the bitcoin, and use of the bitcoin still not more than 3% of the total population of the Earth.

Actually there is. Japan already accepts bitcoin as a form of payment in many stores there. They even approved a bill for that which was approved last April 1.

And for the record, even though no country uses bitcoin officially, as long as you can use it as payment you can say that bitcoin is a money. That is because bitcoin hold a value that is directly convertible to fiat (money) so basically, bitcoin is a money.
My country philippines accept bitcoin as payment I think last month ago or two months ago the BSP or the banko central of philippines released an article about bitcoin and the details is "bitcoin as payment". Its not a problem the total population of bitcoin user it is less or more. The important is bitcoin gives opportunity to us to earn money . And thats good to say bitcoin is money because if earn bitcoin I also earn money.
its very good news that bitcoin now accepting in some country slowly slowly as payment method and i hope bitcoin will be acceptable sooner around the world.

Yes this is just an beginning and in future we will see many more countries that will start accepting bitcoins as payment method and also as a currency and that will attract those people who have not heard about the bitcoins.

This is always a good news and a boost to the economy as well. The more people use and buy bitcoin the better for the traders since the prices will rise and they can make profits from the market.

Merchants and Buyers if both accept bitcoin in a proper number then bitcoin popularity wil increase and more people will be drawn to it as well. So its simply like any other money and web wallet.

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April 12, 2017, 04:45:18 PM
 #422

Yet, we can say that the money if there is already a country that officially use the bitcoin, and use of the bitcoin still not more than 3% of the total population of the Earth.

I don't think so, because bitcoin is a money, but not the real money that we are using in the real world, bitcoin is a "money" that we are using online to buy things that we do need and so on, and bitcoin doesn't need to be use in all the countries around the earth just to call it a money or fiat. Because if bitcoin would be a currency, I think that in a way, bitcoin would be similar into fiat if this thing really happens in the future and also the Government might do whatever it takes just to make bitcoin a centralized one, for them to steal it from people.

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April 12, 2017, 05:45:46 PM
 #423

Bitcoin is a product that can be traded for good and services. Much the same as tulips, jewels, auto, silver, gold, orange juice, pretty much anything you can consider. But, can we think of it as money?

No, we can't. Bitcoin is a denominated commodity that is electronically tradable. It is not electronic dollars. It is more similar to digital gold or digital wheat for that matter. There are 21 million of them. Each can further be divided into 100,000,000 subsections (8 decimal places). That is 2,100,000,000,000,000 bitcoins, or 2.1 quadrillion pieces.
then can you buy a cup of coffee with a silver? you can buy t-shirt, laptop, house and almost anything with bitcoin. for me as long as it could be used to buy something then it's a money. bitcoin even more than just money, it's a revolutionary money that unusual but become popular nowadays as an investment but also a lot of people used it to shopping onlin , trade online etc.
Yes that is one of the benefits of using bitcoin is you can use it as a secondary money and buy the things that you want online or in the real world if you like to. Bitcoin can be the future of money because the government might make a digital money to use it online and transfer remittances online and that is what bitcoin have.
yeah people love to spend bitcoin to buy stuff due its easy access and the flexibility where most currency have a lot of step to do especially when you want to spend it online , anyway about the future money i think bitcoin would not replace fiat , but it could be the first currency choice after fiat. bitcoin sure it's a revolutionary and future of money with its definition.

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April 12, 2017, 07:32:12 PM
 #424

Bitcoin is a product that can be traded for good and services. Much the same as tulips, jewels, auto, silver, gold, orange juice, pretty much anything you can consider. But, can we think of it as money?

No, we can't. Bitcoin is a denominated commodity that is electronically tradable. It is not electronic dollars. It is more similar to digital gold or digital wheat for that matter. There are 21 million of them. Each can further be divided into 100,000,000 subsections (8 decimal places). That is 2,100,000,000,000,000 bitcoins, or 2.1 quadrillion pieces.
then can you buy a cup of coffee with a silver? you can buy t-shirt, laptop, house and almost anything with bitcoin. for me as long as it could be used to buy something then it's a money. bitcoin even more than just money, it's a revolutionary money that unusual but become popular nowadays as an investment but also a lot of people used it to shopping onlin , trade online etc.
Yes that is one of the benefits of using bitcoin is you can use it as a secondary money and buy the things that you want online or in the real world if you like to. Bitcoin can be the future of money because the government might make a digital money to use it online and transfer remittances online and that is what bitcoin have.
yeah people love to spend bitcoin to buy stuff due its easy access and the flexibility where most currency have a lot of step to do especially when you want to spend it online , anyway about the future money i think bitcoin would not replace fiat , but it could be the first currency choice after fiat. bitcoin sure it's a revolutionary and future of money with its definition.

If bitcoin is the second choice of the people that means that it has not replaced fiat and fiat is still on the mainstream and people will use bitcoin as their secondary currency and even if bitcoin becomes more popular in future I don't think it can ever replace fiat.


 
 
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bitcoindusts
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April 12, 2017, 07:34:44 PM
 #425

Yet, we can say that the money if there is already a country that officially use the bitcoin, and use of the bitcoin still not more than 3% of the total population of the Earth.

Actually there is. Japan already accepts bitcoin as a form of payment in many stores there. They even approved a bill for that which was approved last April 1.

And for the record, even though no country uses bitcoin officially, as long as you can use it as payment you can say that bitcoin is a money. That is because bitcoin hold a value that is directly convertible to fiat (money) so basically, bitcoin is a money.
My country philippines accept bitcoin as payment I think last month ago or two months ago the BSP or the banko central of philippines released an article about bitcoin and the details is "bitcoin as payment". Its not a problem the total population of bitcoin user it is less or more. The important is bitcoin gives opportunity to us to earn money . And thats good to say bitcoin is money because if earn bitcoin I also earn money.
its very good news that bitcoin now accepting in some country slowly slowly as payment method and i hope bitcoin will be acceptable sooner around the world.

Yes this is just an beginning and in future we will see many more countries that will start accepting bitcoins as payment method and also as a currency and that will attract those people who have not heard about the bitcoins.

There is no doubt about that type of scenario. Due to the start of acceptance of bitcoin by different countries, we may expect that more and more countries will accept bitcoin as a method of payment. Soon we will expect that more news will emerge about a new country that accepts bitcoin or new multinational businesses will start to accept bitcoin. These type of news will appear month after month or even week after week. We will witness the fast growth of bitcoin.

And this same scenario will trigger Internal Revenues Dept. to put taxes on Bitcoin transaction (not onchain of course).  We all know that money when earned or used where being taxed.  Since Bitcoin is already considered by several country as money then probably the next thing we will see is the implementation of taxes.

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duckydonald
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April 12, 2017, 09:36:54 PM
 #426

I can buy anything with bitcoins and even I can send money to my friends and family using bitcoins so its a real money for me and there is no difference in it and real money as ultimately its giving us an source of income in digital form.


 
 
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bettercrypto
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April 12, 2017, 09:49:49 PM
 #427

I can buy anything with bitcoins and even I can send money to my friends and family using bitcoins so its a real money for me and there is no difference in it and real money as ultimately its giving us an source of income in digital form.

The thing is if we can use it as mode of payment then it is money.  Anything that is accepted as payment is considered as money, regardless of its state, either digital or physical.  But there are only limited countries consider Bitcoin as payment, I hope there is more and more country to acknowledge Bitcoin as money the same way Japan recognizes Bitcoin.



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April 12, 2017, 10:09:24 PM
 #428

I can buy anything with bitcoins and even I can send money to my friends and family using bitcoins so its a real money for me and there is no difference in it and real money as ultimately its giving us an source of income in digital form.

The thing is if we can use it as mode of payment then it is money.  Anything that is accepted as payment is considered as money, regardless of its state, either digital or physical.  But there are only limited countries consider Bitcoin as payment, I hope there is more and more country to acknowledge Bitcoin as money the same way Japan recognizes Bitcoin.

We want that other countries should start following Japan and if that happens then bitcoin will become more popular and powerful currency and it will surely take its price to the moon but I think it will take long way for that to happen.


 
 
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TheUltraElite
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April 13, 2017, 03:10:32 PM
 #429

I can buy anything with bitcoins and even I can send money to my friends and family using bitcoins so its a real money for me and there is no difference in it and real money as ultimately its giving us an source of income in digital form.

The thing is if we can use it as mode of payment then it is money.  Anything that is accepted as payment is considered as money, regardless of its state, either digital or physical.  But there are only limited countries consider Bitcoin as payment, I hope there is more and more country to acknowledge Bitcoin as money the same way Japan recognizes Bitcoin.

We want that other countries should start following Japan and if that happens then bitcoin will become more popular and powerful currency and it will surely take its price to the moon but I think it will take long way for that to happen.

It will take long time but we all hope to make money in future selling of bitcoins as well. Everyone is looking forward to the price of bitcoin like any other currency and so its not much different from cash money.

What is important in bitcoin is that it is more of a trading commodity since the price is big now. Everyone wants to trade in bitcoin and earn their share of coins.

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April 13, 2017, 03:26:46 PM
 #430

I think that first we have to agree about clear definition, ''what is money?''.
With my local currency I can buy things.
With Bitcoin I can also buy things but only with limited number of merchants, for now.
With my local currency I can make deposits in the bank.
With bitcoin I can't.
With my local currency I can pay my mortgage.
With bitcoin I can't.
So, in some aspects, I can use bitcoin as money but in other I can't.
Of course, I can't report bitcoin income to the government and pay taxes, but I'm fine about it Smiley

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April 13, 2017, 03:46:15 PM
 #431

Yes i still believe that whatever somebody use in exchange of goods and services stands as money do matter the logic.
So i am strongly says that bitcoin is a part  of currency as it is used of purchase of goods and services.
Bitcoin is not ordinary coin or paper it is a money till thy kingdom come.

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April 13, 2017, 03:57:57 PM
 #432

I think the definitions of money just what you mentioned can be interpreted in many ways from a common medium, legal tender, gold/ rare metal to money in stocks. We can fit it in Bitcoin as some kind of money that is a common medium of exchange for people transacting online which is true. It is like any other function of money it is used as a payment of goods. Any way we all have different interpretations of the definition of money but one thing is for sure it is considered as a currency it even has an exchange rate to Fiat currency.

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April 13, 2017, 06:55:24 PM
 #433

Some consider bitcoin as commodity like gold and they just use it as an investment.Thats why they say it as Digital Gold.
Some say bitcoin as money since it is used to buy any products just like money and so they consider it as money.More over,just like money,it is also used for transactions.
Since Bitcoin has both the features,we can say it as both money as well as commodity.
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April 14, 2017, 09:15:46 AM
 #434

Some consider bitcoin as commodity like gold and they just use it as an investment.Thats why they say it as Digital Gold.
Some say bitcoin as money since it is used to buy any products just like money and so they consider it as money.More over,just like money,it is also used for transactions.
Since Bitcoin has both the features,we can say it as both money as well as commodity.

This shows that bitcoin is a hybrid of both traditional fiat currency and a digital currency. It has a large acceptance and so the price of bitcoin is very high considering the local currencies. Thus people want to buy and sell bitcoin and make profits out of trading. it is also used a currency but I think usage as a trading material is more than as a currency because in many countries bitcoin is not yet popular and not many merchants accept it.

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April 14, 2017, 10:13:52 AM
 #435

Some consider bitcoin as commodity like gold and they just use it as an investment.Thats why they say it as Digital Gold.
Some say bitcoin as money since it is used to buy any products just like money and so they consider it as money.More over,just like money,it is also used for transactions.
Since Bitcoin has both the features,we can say it as both money as well as commodity.

This shows that bitcoin is a hybrid of both traditional fiat currency and a digital currency. It has a large acceptance and so the price of bitcoin is very high considering the local currencies. Thus people want to buy and sell bitcoin and make profits out of trading. it is also used a currency but I think usage as a trading material is more than as a currency because in many countries bitcoin is not yet popular and not many merchants accept it.
Bitcoin is not a hybrid, it's a technology, a whole new product, and it's the start of all virtual currency. We can say that it is the basis of all other altcoins. Acceptance of bitcoin is just a manifestation of people's love for it. Countries have seen the potential of bitcoin, so they legalized and implemented it.

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April 14, 2017, 10:58:39 AM
 #436

Some consider bitcoin as commodity like gold and they just use it as an investment.Thats why they say it as Digital Gold.
Some say bitcoin as money since it is used to buy any products just like money and so they consider it as money.More over,just like money,it is also used for transactions.
Since Bitcoin has both the features,we can say it as both money as well as commodity.

This shows that bitcoin is a hybrid of both traditional fiat currency and a digital currency. It has a large acceptance and so the price of bitcoin is very high considering the local currencies. Thus people want to buy and sell bitcoin and make profits out of trading. it is also used a currency but I think usage as a trading material is more than as a currency because in many countries bitcoin is not yet popular and not many merchants accept it.
Bitcoin is not a hybrid, it's a technology, a whole new product, and it's the start of all virtual currency. We can say that it is the basis of all other altcoins. Acceptance of bitcoin is just a manifestation of people's love for it. Countries have seen the potential of bitcoin, so they legalized and implemented it.

Bitcoin is completely new terminology and technology which indicates virtual currency, today many countries are becoming a digital world with the help of internet. So bitcoin is going to be another history in the internet world, already many countries are using bitcoin as one of the payment options and treating it as money.


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April 14, 2017, 12:02:59 PM
 #437

Isn't bitcoin Money?  In a word, bitcoin is money.

I'm looking for the best way to keep my bitcoins growing.
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April 14, 2017, 12:13:32 PM
 #438

Money is merely legal tender, a form of exchange. We use it to exchange value. It represents value.

Money is the 'body' of value. It is the physical representation of value that rises and falls in ourselves, within us. Not within 'things' outside of us, but within us. For without us, what can the value of a thing, such as a car, be to us?

Nothing, at least not to us.

In other words, it is we, the observers, that place value in things, but this value is really value in us - we give value to the material things. The material things have no 'money' value in themselves - we give that to them.

So, money is the external physical representation of a particular section of our internal value, within us, within you.
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April 14, 2017, 12:22:45 PM
 #439

Some consider bitcoin as commodity like gold and they just use it as an investment.Thats why they say it as Digital Gold.
Some say bitcoin as money since it is used to buy any products just like money and so they consider it as money.More over,just like money,it is also used for transactions.
Since Bitcoin has both the features,we can say it as both money as well as commodity.

This shows that bitcoin is a hybrid of both traditional fiat currency and a digital currency. It has a large acceptance and so the price of bitcoin is very high considering the local currencies. Thus people want to buy and sell bitcoin and make profits out of trading. it is also used a currency but I think usage as a trading material is more than as a currency because in many countries bitcoin is not yet popular and not many merchants accept it

"Traditional fiat currency" has been a digital currency for decades already

If you refer to cash as "traditional fiat currency", then Bitcoin cannot possibly be a hybrid of these since Bitcoin, unlike fiat currencies, has nothing to do with cash altogether. I'd rather consider it a step ahead from fiat currencies as such (both "traditional" and digital) but certainly not in terms of how digital it is. Fiat currencies are as digital as Bitcoin can ever be (but not only digital, of course). Other than that, there is nothing extraordinary in using fiat currencies as commodities, either. That's what currency markets are basically involved in (i.e. in trading money as commodity)

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April 14, 2017, 12:25:34 PM
 #440

Some consider bitcoin as commodity like gold and they just use it as an investment.Thats why they say it as Digital Gold.
Some say bitcoin as money since it is used to buy any products just like money and so they consider it as money.More over,just like money,it is also used for transactions.
Since Bitcoin has both the features,we can say it as both money as well as commodity.

This shows that bitcoin is a hybrid of both traditional fiat currency and a digital currency. It has a large acceptance and so the price of bitcoin is very high considering the local currencies. Thus people want to buy and sell bitcoin and make profits out of trading. it is also used a currency but I think usage as a trading material is more than as a currency because in many countries bitcoin is not yet popular and not many merchants accept it.
Bitcoin is not a hybrid, it's a technology, a whole new product, and it's the start of all virtual currency. We can say that it is the basis of all other altcoins. Acceptance of bitcoin is just a manifestation of people's love for it. Countries have seen the potential of bitcoin, so they legalized and implemented it.

Bitcoin is completely new terminology and technology which indicates virtual currency, today many countries are becoming a digital world with the help of internet. So bitcoin is going to be another history in the internet world, already many countries are using bitcoin as one of the payment options and treating it as money.

Yes now all countries are started to convert their country to digitalized, so this is good news for Bitcoin, if it happens then bitcoin become more popular in with short periods of time. I heard that some countries are allowed to do Bitcoin trading legally. so one day they will accept this bitcoin as their payment mode.
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