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Author Topic: Is Bitcoin money?  (Read 100535 times)
deisik
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April 16, 2017, 08:10:06 AM
 #461

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

This is a far-stretched comparison with cash

Cash nowadays in not backed up by anything. Besides, I don't understand how Bitcoin itself is backed up by "legitimate value". What is this legitimate value and why fiat doesn't have it since you seem to be implicitly assuming that fiat lacks it? Care to explain? If anything, fiat is closer to being "legitimate" money since it is officially made legal by the government (the same entity which decides what is legal and what is not) and is said be backed up by the power and might of that government

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 hope the next money won't be like Java

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April 16, 2017, 08:17:57 AM
 #462

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.

What is questioned is the people are using bitcoin for money-laundering processes without governments knowing anything. Black money is what our country is currently trying to curb and so probably bitcoin will be declared as illegal currency here in India and we might soon face legal prosecution if we keep using it. However I hope the situation become better soon and our country to allow bitcoin.

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April 16, 2017, 08:59:47 AM
 #463

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.
Also, Bitcoin cannot forged as fiat money. I always thought that Bitcoin it really money,
but unlike fiat money that has form and we can grasp and hold. Unlike the Bitcoin
that exists only on the Internet but we can change as a fiat money.

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April 16, 2017, 09:07:22 AM
 #464

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.
Also, Bitcoin cannot forged as fiat money. I always thought that Bitcoin it really money,
but unlike fiat money that has form and we can grasp and hold. Unlike the Bitcoin
that exists only on the Internet but we can change as a fiat money.

It's true that bitcoin we can't get on the paper but there are more important differences between real (fiat) money and bitcoin.
Real money is regulated by the central banks in each country, by the law and financial regulation.
Bitcoin is decentralized, no government control.
In the real world, you receive real money, as payment for your work/services directly at your bank account, with your full info (name,  address etc).
You can also receive bitcoin as payment for real work/services offered directly to your bitcoin wallet but you don't need to reveal your identity.
So, in some aspects bitcoin is money but you can't report income from bitcoin to your tax office, for example.
It's not regulated yet.



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April 16, 2017, 09:52:21 AM
 #465

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.

What is questioned is the people are using bitcoin for money-laundering processes without governments knowing anything. Black money is what our country is currently trying to curb and so probably bitcoin will be declared as illegal currency here in India and we might soon face legal prosecution if we keep using it. However I hope the situation become better soon and our country to allow bitcoin.
That's the obstacle right now. A money ain't real money without recognition of the local government which rule and have power over some specific region, maybe an individual will have different opinions and so on.
But, there's one thing you must do when you're living under government, to obey their rules.

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DoublerHunter
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April 16, 2017, 10:18:51 AM
 #466

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.
Also, Bitcoin cannot forged as fiat money. I always thought that Bitcoin it really money,
but unlike fiat money that has form and we can grasp and hold. Unlike the Bitcoin
that exists only on the Internet but we can change as a fiat money.

It's true that bitcoin we can't get on the paper but there are more important differences between real (fiat) money and bitcoin.
Real money is regulated by the central banks in each country, by the law and financial regulation.
Bitcoin is decentralized, no government control.
In the real world, you receive real money, as payment for your work/services directly at your bank account, with your full info (name,  address etc).
You can also receive bitcoin as payment for real work/services offered directly to your bitcoin wallet but you don't need to reveal your identity.
So, in some aspects bitcoin is money but you can't report income from bitcoin to your tax office, for example.
It's not regulated yet.



That is one of the good thing about bitcoin is being decentralized which means that nobody owns you and nobody can control you unlike in fiat that the government owns them and control them like in supply and the circulation unlike bitcoin that doesn't need that to just survive in different financial markets.

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April 16, 2017, 11:16:41 AM
 #467

I believe that BitcoinBTC is like money and better because use you can use it to buy all the things you wanted Cool

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deisik
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April 16, 2017, 11:44:49 AM
 #468

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.

What is questioned is the people are using bitcoin for money-laundering processes without governments knowing anything. Black money is what our country is currently trying to curb and so probably bitcoin will be declared as illegal currency here in India and we might soon face legal prosecution if we keep using it. However I hope the situation become better soon and our country to allow bitcoin.
That's the obstacle right now. A money ain't real money without recognition of the local government which rule and have power over some specific region, maybe an individual will have different opinions and so on.
But, there's one thing you must do when you're living under government, to obey their rules

As to me, that's mostly bullshit

If, for example, some rogue government declared the US dollar as not real money or even outlawed it, would it affect its use as a true money in any degree? I guess that it wouldn't. Therefore, governments are irrelevant in this respect. A true money is that money which is used as money. Governments can make some token into money and later unmake it, but if people choose what to use as money on their own (say, Bitcoin), governments are pretty much powerless to forbid its usage as money. They can compete and eventually outcompete the people's money, of course, but they will have to compete on equal terms. Regarding obeying their rules, it is their rules, so if they choose to obey them I don't mind



But as long as I don't agree with them, I'm free to choose to disobey their laws. I'm the law!

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April 16, 2017, 11:46:18 AM
 #469

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.

Here is the definition of "currency"

Quote
A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money (monetary units) in common use

Bitcoin is a  crypto currency using cryptography, the difference is bitcoin use decentralized control while others tradtionnaly are centralized electronic money

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April 16, 2017, 11:59:29 AM
 #470

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.

What is questioned is the people are using bitcoin for money-laundering processes without governments knowing anything. Black money is what our country is currently trying to curb and so probably bitcoin will be declared as illegal currency here in India and we might soon face legal prosecution if we keep using it. However I hope the situation become better soon and our country to allow bitcoin.

Well bitcoin is abused and used that way and we know that there are people that are using it that way. I feel bad for your country for treating bitcoin soon as illegal currency. But I know you can still use it whenever you want, you just need to hide each of your transactions or don't let someone know that you are using it.

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April 16, 2017, 12:01:47 PM
 #471

Bitcoin can be used like any other currency. So you can pay for any goods or services with bitcoin.
We can also do what we can with real money with bitcoin. That's why bitcoin is a money. The only difference is the digital money.
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April 16, 2017, 12:23:58 PM
 #472

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.
It is a wonder if there exists any major difference between money and currency other than the fact currency is one form of money among other forms of money. It was back in the days that we used to have money backed by gold for instance, but these days, we are having absolutely nothing to back money. From the Peso, Rand and Dollar,etc, it is plain air that is behind them and that explains why the governments across the globe are able to go on printing spree whensoever they feel like it and much more reason why inflation has now become such a huge monster every nation is battling with.

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deisik
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April 16, 2017, 01:02:42 PM
 #473

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.
It is a wonder if there exists any major difference between money and currency other than the fact currency is one form of money among other forms of money. It was back in the days that we used to have money backed by gold for instance, but these days, we are having absolutely nothing to back money. From the Peso, Rand and Dollar,etc, it is plain air that is behind them and that explains why the governments across the globe are able to go on printing spree whensoever they feel like it and much more reason why inflation has now become such a huge monster every nation is battling with

That's why people are living on credit

It could be loosely claimed that it is a win-win situation of sorts. Government prints unthinkable amounts of money, people take credits since it becomes a rational economic approach to borrow money, spend it, return some part of the debt after some time, and borrow again. Then rinse, repeat. The current economic model based on constantly devaluing fiat encourages spending, not saving, so spenders and borrowers get advantage before savers and depositors

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April 16, 2017, 01:10:47 PM
 #474

Bitcoin is the best digital currency for several years and maybe in the future it will have a good perspective.
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April 16, 2017, 01:43:25 PM
 #475

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.

you can pay with it, so it is money

it's really as simple as that.
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April 16, 2017, 02:15:14 PM
 #476

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.

Here is the definition of "currency"

Quote
A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money (monetary units) in common use

Bitcoin is a  crypto currency using cryptography, the difference is bitcoin use decentralized control while others tradtionnaly are centralized electronic money

You had it all wrong! Currency and money are just often used interchangeably, but they are not the same at all. Based from your quote "...A more general definition is that a currency is a system of money (monetary units) in common use" clearly state that currency is a system of money and not the actual money itself.

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deisik
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April 16, 2017, 02:53:25 PM
 #477

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.

Here is the definition of "currency"

Quote
A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money (monetary units) in common use

Bitcoin is a  crypto currency using cryptography, the difference is bitcoin use decentralized control while others tradtionnaly are centralized electronic money

You had it all wrong! Currency and money are just often used interchangeably, but they are not the same at all. Based from your quote "...A more general definition is that a currency is a system of money (monetary units) in common use" clearly state that currency is a system of money and not the actual money itself

That's nitpicking at its best (or worst)

The notion of a system of money just refers to an abstract representation of the value of goods where this value is measured in some dimensionless unit. Since there are many goods out there, we would be necessarily dealing with a system consisting of an abstract table including values of different goods. A set of tokens representing this unit of account is called currency or money. There is absolutely no practical reason to draw distinction between money and currency

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April 16, 2017, 03:14:26 PM
 #478

Nowadays we do not use paper money anymore. We do all our shopping online. We do not need paper money for clothes, food, etc.
Payment systems are constantly changing. Bitcoin is the result of this change.
So Bitcoin is a real payment system. Yes bitcoin is a money.

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April 16, 2017, 03:43:26 PM
 #479

Yes i consider bitcoin the new money because we can now buy things using bitcoin just like a real money. Bitcoin has been a big help to people who have been using bitcoin. Maybe bitcoin can be the future money.

Hah, do you not see that bitcoin is money..? . If indeed it is today is not the money, then the bitcoin paypal or similar company that according to you what ...? . If money must be rill ..?? , you need to know in the future most of the person's needs will be done in digital and it will definitely need the money that is the same with every transaction done everyone in digital. So, you should be able to be someone who is smart and don't be so think back to the question of technology
 



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April 16, 2017, 03:52:53 PM
 #480

Nowadays we do not use paper money anymore. We do all our shopping online. We do not need paper money for clothes, food, etc.
Payment systems are constantly changing. Bitcoin is the result of this change.
So Bitcoin is a real payment system. Yes bitcoin is a money.
but i do not think that still there any place in the world where people are totally depending on online currency and not sing paper money at all. although there are some places where people are using bitcoin as optional but not totally depending on it for living.
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