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Author Topic: Is Bitcoin money?  (Read 108232 times)
Questat
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April 14, 2017, 12:49:56 PM
 #441

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.
The future is clearly bright for bitcoin, more countries will adopt means more demand and will always result to a higher price.
For me, I think this is the best investment as it is guaranteed that your money will grow yearly based on trends.


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April 14, 2017, 01:28:32 PM
 #442

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.
The future is clearly bright for bitcoin, more countries will adopt means more demand and will always result to a higher price.
For me, I think this is the best investment as it is guaranteed that your money will grow yearly based on trends.
I agree with you. Bitcoin has,bright future, it's really positive signal that many of countries adopt bitcoin and use it like as real money which proved Bitcoin has high demand and continuously grow the bitcoin user consumers.
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April 14, 2017, 03:27:23 PM
 #443

Bitcoin is definitely money, it fits the bill for all the characteristics that you will like from money and even better bitcoin has better characteristics than what you will expect from fiat or gold.

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April 14, 2017, 03:32:43 PM
 #444

Bitcoin is definitely money, it fits the bill for all the characteristics that you will like from money and even better bitcoin has better characteristics than what you will expect from fiat or gold.

Yeah Its rate turned value compared with one ounce of gold at last month. Still there is less number of people been adopted bitcoin and less number people using it globally when compare with fiat currencies. I do not know, why government does not started accepting bitcoin as its have these much of potential with it. hope bitcoin will be centralized money soon everywhere.

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April 15, 2017, 08:22:57 AM
 #445

Bitcoin is definitely money, it fits the bill for all the characteristics that you will like from money and even better bitcoin has better characteristics than what you will expect from fiat or gold.

Bitcoin has several advantages over fiat and some minor disadvantages as well. Its acceptance is small but gaining slowly. More people buying bitcoin shows its growth and the price of bitcoin keeps on rising and remains steady.

For the traders it is a good thing and they make profits from the market. For the merchants though it is bad since they difference is price cant be made up if they dont adjust the price of selling articles based on the local currency.

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April 15, 2017, 02:00:26 PM
 #446

For the moment I am asking not money but gold, the reason is because of the bitcoin is the most profitable investment, I already earn more profit than I had anticipated, other investments such as gold, land, and stocks moved down so that make me loss.
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April 15, 2017, 02:14:26 PM
 #447

For the moment I am asking not money but gold, the reason is because of the bitcoin is the most profitable investment, I already earn more profit than I had anticipated, other investments such as gold, land, and stocks moved down so that make me loss.
Bitcoin is like a stock that many people still know, its value is constantly changing and at the same time tends to stabilize in the market. At present, bitcoin is on the rise, it is a good piece of cake for all investors, with their expectation, they can make a huge profit for it. However, it is not so easy for everyone.


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April 15, 2017, 07:07:41 PM
 #448

Everything used as a means of exchange can be money. Mankind has used different clearing tools throughout history.
Bitcoin can be used as a exchange tool, such as gold and silver. People's demands determine the value of a exchange tool.

Bitcoin is a valuable exchange tool.
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April 15, 2017, 09:02:01 PM
 #449

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.
Bitcoin trade is allowed all over the world there is no any restriction on that and it is also used as a currency all over the world but for people private dealings not for state dealings and now only Japan have approved it as a currency for their state so the chances appeared that countries are accepting it.

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April 15, 2017, 09:16:34 PM
 #450

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)
Bitcoin has a relation to cash in that it's backed by legitimate value.  Cash is often backed by gold or has been in the past and is related to it, whereas Bitcoin backs itself while being held by individuals in their own homes like cash is.

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April 15, 2017, 09:53:51 PM
 #451


Bitcoin trade is allowed all over the world there is no any restriction on that and it is also used as a currency all over the world but for people private dealings not for state dealings and now only Japan have approved it as a currency for their state so the chances appeared that countries are accepting it.

This definition simply means Bitcoin is money.  When it is accepted as method of payment for any goods, it is considered as money.  Aside from Japan, there are lots of merchants around the world who accept Bitcoin as method of payment so I guess that is enough to say Bitcoin is money.

                                      
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April 15, 2017, 10:12:12 PM
 #452

Bitcoin is so much more than money. It is money++ Bitcoin is to money what C++ is to C. Bitcoin is the next generation of currency: it's object orientated currency (OOC), if you will!

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delliaerd
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April 15, 2017, 10:20:27 PM
 #453


Bitcoin trade is allowed all over the world there is no any restriction on that and it is also used as a currency all over the world but for people private dealings not for state dealings and now only Japan have approved it as a currency for their state so the chances appeared that countries are accepting it.

This definition simply means Bitcoin is money.  When it is accepted as method of payment for any goods, it is considered as money.  Aside from Japan, there are lots of merchants around the world who accept Bitcoin as method of payment so I guess that is enough to say Bitcoin is money.

Since the beginning made in 2009 bitcoin already called money but work as cryptocurrency. Moreover, for nowadays bitcoin is growing and begin to be accepted as a payment methode. As a currency, that is not enough, bitcoin should be better known by all whole of society.

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April 15, 2017, 10:34:07 PM
 #454

Bitcoin is so much more than money. It is money++ Bitcoin is to money what C++ is to C. Bitcoin is the next generation of currency: it's object orientated currency (OOC), if you will!
I think your exemple about C and C++ is nice, man. By this exemple I think bitcoin is an edited copy of money. or maybe a copy was updated. Of course it's more great than real money. I mean here it's better than any currency( crypto or real ).
When you ask me why. I should reply by: Go check the price please.

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April 15, 2017, 10:48:55 PM
 #455

Everything used as a means of exchange can be money. Mankind has used different clearing tools throughout history.
Bitcoin can be used as a exchange tool, such as gold and silver. People's demands determine the value of a exchange tool.

Bitcoin is a valuable exchange tool.
Simple, just about anything can become money if people are willing to accept it in exchange for goods and services. That can explain why suddenly some pieces of paper turns around to worth so much but with no one willing to accept them as medium for exchange, they would probably end up as toilet tissue paper.

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April 15, 2017, 10:55:34 PM
 #456

Bitcoin is so much more than money. It is money++ Bitcoin is to money what C++ is to C. Bitcoin is the next generation of currency: it's object orientated currency (OOC), if you will!

I liked it on how you compared bitcoin to fiat as an example of c language. Well it is the generation of money with transactions that are being done with the use of internet. Bitcoin surely is a real money and it's legitimacy is unquestionable for us who are using jt and has experience for buying things with it.

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April 16, 2017, 05:42:54 AM
 #457

Bitcoin is an online currency. It is the first online currency who became successful in the online market. It started last 2009 and now it is already worth Php 58,800+ . Bitcoin is also being used as payment now on different online shops/merchants . It serves as a money on the internet nowadays. Yes, it is not an actual paper or coin money which we usually pay on every transactions we do but it is also being used now on most transactions on the online market .
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April 16, 2017, 06:41:24 AM
 #458

Bitcoin is not money, it's just a virtual currency that is not backed up by anything but users. In a short time he managed to develop very well, but the future is in doubt.
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April 16, 2017, 07:57:01 AM
 #459

Bitcoin is not money, it's just a virtual currency that is not backed up by anything but users. In a short time he managed to develop very well, but the future is in doubt.
Currency and money is just the same the only thing difference from the traditional currency is being virtual or being digital. Bitcoin is just in the internet and there is no substitute for bitcoin physically but it works just like the traditional currency because you can use it in any transactions like buying or accepting payments.

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April 16, 2017, 07:59:09 AM
 #460

Bitcoin is not money, it's just a virtual currency that is not backed up by anything but users. In a short time he managed to develop very well, but the future is in doubt.

Another paid shill detected

No currency today is backed up by anything but something no less virtual or ephemeral, for example, government power and might (which people often bring as an example). Given how many weak and corrupt governments are out there, Bitcoin shines against them. Ultimately, any currency at large (even hard asset currencies like those under gold standard) are backed up by nothing but trust. In case of hard currencies, it will be the trust in the underlying asset (say, gold) that it won't devalue overnight. Whether it can or not is another question, though, but it still comes down to trust in the end

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