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Author Topic: Is Bitcoin money?  (Read 100516 times)
myhung76393
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February 14, 2017, 06:11:39 AM
 #61

Now is 2017 and I hereby declare that Bitcoin is a virtual currency with real value actually
You can buy a lot of things from Bitcoin
I also like kiba's "Nobody is advocating on how to decide how much bitcoins is worth, what the proper use of bitcoins is, etc al. What people like me are doing is trying to DESCRIBE REALITY aka scientific definition, not prescribe some rules that bitcoiners shold be following." Which is exactly where I am going with this. If we state that Bitcoins are to be traded for dollars, or worse, that Bitcoins are "worth" so many dollars, somebody at some time is going to rely on our own statements and demand performance, in a real court, with some of our members actually sitting there while the issue is decided.
p/s : If you still think in the bitcoin is a scam then you have to go against the times.  Wink Wink Wink
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grandy
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February 14, 2017, 06:57:22 AM
 #62

no doubt about this we are already using bitcoin as currency not only for online purpose but in physical shops also. although the physical shops are not to much but hope that their number is increasing and very soon the number of bitcoin shops will increase and then we will be able to bitcoin in our local shops, but i think still there is some more time is require for it.



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artows21
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February 14, 2017, 05:09:26 PM
 #63

Yes of cours bitcoin is a money but it'a virtual money. However you have the possibility to convert your bitcoins in real money so that's good and so you can consider bitcoins as a real money.
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February 14, 2017, 05:15:27 PM
 #64

Everything that has a defined value is money. Bitcoin from the beginning has importance as a store of value. This when used for transaction purposes got authorized as a universal currency having different value on the basis of the country's local currency. As said it has a digital form, if it has got physical form at least it would have got used by 50% of the population.

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whatsTheDeal
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February 14, 2017, 05:33:43 PM
 #65

Yes of cours bitcoin is a money but it'a virtual money. However you have the possibility to convert your bitcoins in real money so that's good and so you can consider bitcoins as a real money.
being able to convert something to money doesnt qualify as making it "money" while I agree bitcoin is a currency for some, many countries and users regard it as an asset,
just like an apartment people buy bitcoin for the ROI it can give them, they buy at low price and sell at higher prices, its not used as a currency as much as it should to be counted as a currency in my opinion, but its on the right track!

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February 14, 2017, 05:49:15 PM
 #66

Everything that has a defined value is money. Bitcoin from the beginning has importance as a store of value. This when used for transaction purposes got authorized as a universal currency having different value on the basis of the country's local currency. As said it has a digital form, if it has got physical form at least it would have got used by 50% of the population.
Moreover I could not find any differences between medium of exchange and money practically when using. A medium of exchange is being accepted based on the assumptions of a definite value at the time of being exchanged. A money will not fluctuate in this case.

Bitcoin is fundamentally a medium of exchange but having all the characteristics to suit as a money when we are agreeing some value at certain point of time. That's all. Bitcoin is suitable for being used as money.

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BitcoinPanther
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February 14, 2017, 05:53:16 PM
 #67



Well that is why Bitcoin is called  internet money.  It is used as a currency to transact or buy items from online store.  Aside from that it also have equivalent value to real money depend on the exchange of Bitcoin to USD.  All the characteristics of money is in Bitcoin except that it is decentralized and not regulated by the government.

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February 14, 2017, 07:51:17 PM
 #68

Yes of course bitcoin is money and its used to spend mostly around the digital world of internet web because its a digital currency type of money, it can also be a source of fiat currency cash. This type of currency can be a sustainable form of income and can be reliable in terms of needs and spending which could also be used in buying goods online, and particularly most of people used this for online gambling which earns bitcoin.

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February 14, 2017, 08:12:58 PM
 #69

Bitcoin was not a direct money, its alternative kind of virtual currency. In fact, if we know gold, gold is not a money but it can produce a real money because gold has value which a person are able to sell it, which means its a commodity, just like in bitcoin same thing with gold it has value also, which a person or us are able to sell it and buy it, which is very common in trading.


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February 14, 2017, 08:15:34 PM
 #70

Bitcoin is many things. Bitcoin is money, is store of value, is an asset where to invest but in the end it is real money. You can withdraw bitcoin to an exchange and receive FIAT cash when you need it. Bitcoin is money because with it you can pay a lot of digital items, from steam games, subscriptions, IPTV-s, and gambling.

If Bitcoin isn't money then I don't know what Bitcoin is.

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LittleBitFunny
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February 14, 2017, 08:39:47 PM
 #71

Words' definitions are based on the dictionary which is subjective as its nature oversimplifies terms with complex connotations. Bitcoin is definitely a currency, which is what people generally refer to it as (a cryptocurrency).  Bitcoin is money because it is a means of trade, which is what most people actually mean when they use the fluid term 'money'.
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February 14, 2017, 08:43:01 PM
 #72

Bitcoin is money but online digital currency , which is used to trade , gamble and do lot of other things and earn bitcoins and you can purchase goods through bitcoin, in some part of country you can use bitcoin as your regular currency like walk down to coffee shop and use bitcoin to purchase coffee apart from that other merchants also started to use bitcoin as their payment option.

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realm
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February 14, 2017, 08:54:20 PM
 #73

The definition of money according to wikipedia is:

"Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context, or is easily converted to such a form. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value, and, sometimes a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered as money."

So yes BTC is money


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staceyoh
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February 14, 2017, 09:03:23 PM
 #74

For me bitcoin is a kind of
money because we can use
it as a payment in the internet.
Bitcoin is a online digital currency.

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dhampir-D
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February 14, 2017, 09:07:23 PM
 #75

I think people who think that money is something that needs to have a physical form, certainly have not yet understood that the internet, and data transfer through it, have a real impact on people's lives. Bitcoin is money, and for the first time there is a payment system that, in addition to eliminating a series of logistical problems, allows the currency to be issued in a decentralized way.

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February 14, 2017, 09:17:19 PM
 #76

It will depend upon how peoplr look at fiat and crypto currencies.When you say a money there are two possible meanings in this generation.First is an online money/currency that flows in the internet and an real paper bill money that circulate on our market.And yet bitcoins and other cryptocurrency may be considered as money as soon as there is something that you can use bitcoins to spend on.Like online market,merchant or even department stores.

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BitcoinPanther
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February 14, 2017, 09:27:28 PM
 #77

It will depend upon how peoplr look at fiat and crypto currencies.When you say a money there are two possible meanings in this generation.First is an online money/currency that flows in the internet and an real paper bill money that circulate on our market.And yet bitcoins and other cryptocurrency may be considered as money as soon as there is something that you can use bitcoins to spend on.Like online market,merchant or even department stores.

So  you really are saying it is money and Bitcoin falls under virtual / Digital / online currency.  Aside from that bitcoin is created as currency and not as stocks or anything.  It's main purpose is to be used in every transaction of payment or function as what money is.

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Jewell
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February 15, 2017, 04:36:37 AM
 #78

Everything that has a defined value is money. Bitcoin from the beginning has importance as a store of value. This when used for transaction purposes got authorized as a universal currency having different value on the basis of the country's local currency. As said it has a digital form, if it has got physical form at least it would have got used by 50% of the population.
yes bitcoin has much more value and that is way it is money. it is use mostly for online purposes and also we use it in local shops specially in such area where bitcoin is accepting in local shops like in Brazil where some shops are available who are accepting bitcoin as legal currency.
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February 15, 2017, 05:01:47 AM
 #79

There are still a lot of places that don't recognize bitcoin as a real form of money. There are also debates as to what bitcoin really is, a property or a currency.  What I know is it is something that helps me pay for my transactions and serves as another form of great investment.
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February 15, 2017, 07:05:36 AM
 #80

There are still a lot of places that don't recognize bitcoin as a real form of money. There are also debates as to what bitcoin really is, a property or a currency.  What I know is it is something that helps me pay for my transactions and serves as another form of great investment.

The proper classification is necessary because it will determine the important aspects like taxes. There are different types of taxes levied at a different rate so in order to classify bitcoin under currency, commodity or a computer software there should be a macro level approach. However, it is subject to the jurisdiction of respective countries.

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