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Author Topic: Is Bitcoin money?  (Read 100517 times)
andrei56
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April 22, 2017, 08:46:24 PM

Bitcoin is more of an asset then money. It's better to spread your money over assets anyway. It doesn't matter what it is as long as it's worth something and has values then maybe if you make good choices you can even profit over it.
Bitcoin can be used like an asset, if you want but bitcoin is at its best when used as a currency since you can invest in it or with it, buy and sell stuff, save for the future, so I think it is too limiting to treat bitcoin as an asset only.

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The_Dark_Knight
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April 22, 2017, 09:25:03 PM

It is important how we define the concepts.
Money is a change tool. We buy goods and services for money.
Bitcoin is also a change tool. We can buy goods and services with Bitcoin.

Bitcoin = Money
If that is you definition then I guess that is right bitcoin is money but an internet money, it is different from the money that we use
which is fiat. Bitcoin is a tool for online transaction and because of this tool we have a faster transaction which makes it very valuable
Bitcoin is not really that different from fiat, bitcoin mostly exist as an online currency but most fiat is also just a bunch of numbers on a screen of some bank, and we are getting to the point in most  first world countries the use of cash is diminishing so I will not be surprised if at some point in the future cash stopped existing.



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MeridianMDN
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April 22, 2017, 09:34:07 PM

    Bitcoin is something radically new. Nothing like Bitcoin has been possible until now. I would go so far as to consider it sui generis; "in its own class".  This makes it important to understand what Bitcoin actually is before we try to describe it to others.

    We're getting a good handle on the code, and of course on Bitcoin's function and utility, but what words should we use to describe Bitcoin itself? There has been some debate in other threads [mostly my doing] over how it is like/not like money, cash, dollars, etc. I'd like to start this thread by focusing on the term "money", and play Devil's avocate by asking for your best arguments that Bitcoin IS money.

    My legal dictionary states "In usual and ordinary acceptation it [money] means gold, silver, or paper money, used as circulating medium of exchange, and does not embrace notes, bonds, evidences of debt, or other personal or real estate." [cites omitted]

    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." [cited omitted]

    Webster's Online Dictionary defines money as:
    • 1. The most common medium of exchange; functions as legal tender; "we tried to collect the money he owed us".
    • 2. Wealth reckoned in terms of money; "all his money is in real estate".
    • 3. The official currency issued by a government or national bank; "he changed his money into francs".
    • 4. A piece of metal, as gold, silver, copper, etc., coined, or stamped, and issued by the sovereign authority as a medium of exchange in financial transactions between citizens and with government; also, any number of such pieces; coin.
    • 5. Any written or stamped promise, certificate, or order, as a government note, a bank note, a certificate of deposit, etc., which is payable in standard coined money and is lawfully current in lieu of it; in a comprehensive sense, any currency usually and lawfully employed in buying and selling.
    • 6. In general, wealth; property; as, he has much money in land, or in stocks; to make, or lose, money.
    [/list]

    I maintain that per these definitions, Bitcoin cannot possibly be described as "money". And further, I think that those who do describe Bitcoin as "money" are doing this community a disservice.

    But that is just my point of view. Are there any that can convincingly argue otherwise, that Bitcoin IS money?



    It's useful to look at Bitcoin and it's Blockchain as a mechanism for the conveyance of value, that allows 'money' to be transferred across borders, globally and with minimal transaction related fees.

    Taking this view you're able to see Bitcoin as somewhat of a vehicle that leverages the internet to transport fiat currencies from position 1, to position 2 - without this money having to pass through the hands of any intermediaries along the way... which allows the end user to avoid fees and therefore a bundle of value is added to the equation for the end user... at least when we're talking about international remittances.

    So the fact that I can take $20, exchange it for it's bitcoin equivalent, send these bitcoins to a friend in Singapore - who then converts them into Singapore Dollars could suggest that Bitcoin wasn't mean't to be 'money,' but rather a value transmission system.

    This doesn't mean that BTC to BTC transactions don't occur... but it could suggest that there is a significant amount of network participants that have the end goal of converting their bitcoins into a fiat currency at one point or another.

    In my view, we need to see more BTC to BTC transactions occurring. We need more network participants who aren't playing the price speculation game and aren't simply hoarding Bitcoins in anticipation of a price hike.

    A lot more work needs to be done before we get there

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    batang_bitcoin
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    April 22, 2017, 09:34:57 PM

    Bitcoin is more of an asset then money. It's better to spread your money over assets anyway. It doesn't matter what it is as long as it's worth something and has values then maybe if you make good choices you can even profit over it.
    Bitcoin can be used like an asset, if you want but bitcoin is at its best when used as a currency since you can invest in it or with it, buy and sell stuff, save for the future, so I think it is too limiting to treat bitcoin as an asset only.

    All of us here are treating our bitcoins as an asset. Bitcoin surely does a lot of purpose if you have some of it, if you don't want to spend it for buying everything you want, you just simply store it and that is considered as investment. And if you want to use it then it's either you'll cash it out and convert to money or purchase online with the goods you want and pay it directly with btc.

    johnnyyash
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    April 22, 2017, 10:14:59 PM

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
    I secondly agree with you..medium of exchange is money.
    pinkpanther03
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    April 22, 2017, 11:09:15 PM

    Yes, this is money of a new generation. Of course, they will not become the main single currency in all countries, but they will be a wonderful additional currency.
    You must be dreaming, it's impossible for bitcoin or any crypto currency to become the main currency for all countries.
    As long as there are people who govern this world, the centralized world will prevail over the decentralized.
    Why not? like what others said here, we cannot predict what will happen tomorrow and we also not handle the mind of others for what they are thinking of. ANd there are impossible things which is in the long run became possible, Which means if the government wants bitcoin to become centralize that's won't really be happen but bitcoin can make government to adopt it and can declare it in the future to make it their own currency little by little.

    Jasad
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    April 22, 2017, 11:30:36 PM

    Yes, this is money of a new generation. Of course, they will not become the main single currency in all countries, but they will be a wonderful additional currency.
    You must be dreaming, it's impossible for bitcoin or any crypto currency to become the main currency for all countries.
    As long as there are people who govern this world, the centralized world will prevail over the decentralized.
    Why not? like what others said here, we cannot predict what will happen tomorrow and we also not handle the mind of others for what they are thinking of. ANd there are impossible things which is in the long run became possible, Which means if the government wants bitcoin to become centralize that's won't really be happen but bitcoin can make government to adopt it and can declare it in the future to make it their own currency little by little.
    bitcoin actually can be whatever people want ,
    when you use it to purchase something then bitcoin as a money ,
    when people use bitcoin as something like commodity to trade then it could be like that ,
    when people believe future of bitcoin bright enough to store your value in long term, then bitcoin as an investment ,
    it's decentralized forever i guess nothing can changed into centralized.

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    traderethereum
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    April 22, 2017, 11:35:11 PM

    Yes, this is money of a new generation. Of course, they will not become the main single currency in all countries, but they will be a wonderful additional currency.
    You must be dreaming, it's impossible for bitcoin or any crypto currency to become the main currency for all countries.
    As long as there are people who govern this world, the centralized world will prevail over the decentralized.
    Why not? like what others said here, we cannot predict what will happen tomorrow and we also not handle the mind of others for what they are thinking of. ANd there are impossible things which is in the long run became possible, Which means if the government wants bitcoin to become centralize that's won't really be happen but bitcoin can make government to adopt it and can declare it in the future to make it their own currency little by little.

    yeah we can say that bitcoin is another money that we use in online life for now. until bitcoin is accepting by the law and its accepting in all country, we can only treat bitcoin as a second money and we can not use bitcoin in our offline life as payment. just waiting the time when bitcoin can used in real life and we can really say that bitcoin is the same like money.

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    April 29, 2017, 01:00:49 AM

    Thank you, will try coinbase. To my surprise the last time I posted this comment, the value of bitcoin is only 1180usd, now its already 1355usd lols, I heard theres a fluctuation in Bitcoin price. How will I know if Bitcoin price is back to 1180usd?

    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.


    its good to know that you are interested in bitcoin,more and more people are join daily in bitcoin and cryptocurrency network. You can buy Bitcoin from coinbase( if your country accepted by them) or you can check here other ways to buy bitcoin through PayPal http://kingoffaucet.online/buy-and-sell-bitcoin-using-paypal/

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    April 29, 2017, 01:43:13 AM

    Thank you, will try coinbase. To my surprise the last time I posted this comment, the value of bitcoin is only 1180usd, now its already 1355usd lols, I heard theres a fluctuation in Bitcoin price. How will I know if Bitcoin price is back to 1180usd?

    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.


    its good to know that you are interested in bitcoin,more and more people are join daily in bitcoin and cryptocurrency network. You can buy Bitcoin from coinbase( if your country accepted by them) or you can check here other ways to buy bitcoin through PayPal http://kingoffaucet.online/buy-and-sell-bitcoin-using-paypal/

    Well you can see it through preev.com this is what I've using upon checking the price of bitcoin from time to time. And with the scam that you had mentioned, just don't join those companies that are offering you percentage of earning from a short period of time and they are also called as doublers don't believe to them.

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    April 29, 2017, 02:05:37 PM

    I believe that the statement: "bitcoin is new kind of money" passes the duck test.

    Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.

    If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.

    Well said. Bitcoin technically is a crypto-currency meaning to say that it has value and can be used on transaction. And saying that it is a new kind of money is true. Because bitcoin is a part of technology where it is develop for the future purposes. As of now it is just a base on transaction through internet imagine tomorrow and in the near future. Where it can be a currency for all in the whole world with big functionality and development for transaction and for its users to experience.

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    April 29, 2017, 02:33:17 PM

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
    I secondly agree with you..medium of exchange is money.

    Bitcoin is like a commodity, a high-value, high-value digital commodity. It can be compared to money, like the gold of the technological world, however, its true nature is quite different, it is not really a coin, its value needs to be converted from real money. In other words, it depends on real money, a dependent currency and other currencies, it is no longer money, it is commodity.

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    Hobo66
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    April 29, 2017, 03:06:31 PM

    What I can say is bitcoins are virtual internet money, controlled by all the people
    using this anonymous virtual currency, so yes bitcoin is definitely money because you can exchange these coins
    to any money exchange you want to.Cheesy

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    SoeNan89
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    April 29, 2017, 03:35:02 PM

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
    I secondly agree with you..medium of exchange is money.

    Bitcoin is like a commodity, a high-value, high-value digital commodity. It can be compared to money, like the gold of the technological world, however, its true nature is quite different, it is not really a coin, its value needs to be converted from real money. In other words, it depends on real money, a dependent currency and other currencies, it is no longer money, it is commodity.

    I think the Bitcoin is money, but unlike fiat money can we hold and feel, Bitcoin is an
    extremely valuable number which is created by a process that is difficult enough.


         ⬢


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    April 29, 2017, 04:08:11 PM

    Yes bitcoin for me is Money, actually it is similar to Gold while bitcoin was use as online payment just like paypal. Bitcoin is not just only being use as online payment but also use for daily spending like money transfer, through remittances outlet, then can be use for mode of payments in billings, then use for online shopping lastly bitcoin has value were it can be trade in the market trading platform.

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    mamaita
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    April 29, 2017, 04:15:53 PM

    Bitcoin is virtual money because it can to transact in the sale and purchase of goods or in other words can as a means of payment. If it meets the element like that I think it can be called money
    DarkIT
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    April 29, 2017, 04:40:41 PM

    Well, the bitcoin can be said to be money, but it depends on the person who sees it, because many of us see bitcoin as a very good investment tool, and it is very proven. Well, I see it as currency, and investment tool.

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    ▬▬     WHITEPAPER    ▬▬
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    April 29, 2017, 04:51:29 PM

    Maybe by the definition Bitcoin is not money in full sense of that word but since is used for paying of goods and services it actualy acts like money. It has value that could be considered as real value of real money. More or less it depends of the point of view but I see Bitcoin as a sort of money and I often use it as money.

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    April 29, 2017, 09:14:50 PM

    It represents the value of products. You can do anything with it what you can do with your national currency. Some companies even have this option to take your salary in BTC. If you work for money, BTC is money too.

    FasTroy
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    April 29, 2017, 09:45:48 PM

    It represents the value of products. You can do anything with it what you can do with your national currency. Some companies even have this option to take your salary in BTC. If you work for money, BTC is money too.
    Yes, I agree, but bitcoin is more than money, when we talk about the price and other different ways. So generally bitcoin is like money. We can spend it and use it like we want without any problem. but i think the difference only for the value or maybe when we talk about crypto and physical currencies.

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