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Author Topic: Is Bitcoin money?  (Read 101243 times)
flipstyle
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April 30, 2017, 11:33:07 PM
 #641

Bitcoin can be used to send and receive money, I can also buy things using bitcoins can pay my bills and recharge my cell phone so for me its a money as after spending it I am getting the things that I want in return so for me both are the same form of money.
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April 30, 2017, 11:54:04 PM
 #642

States recognize it as money, some country recognize it as money and payment method, Bitcoin maybe a good store of value but merchant accept it as payment so definitely bitcoin is money.  Even if we view it the other way, when the properties of money is observed in bitcoin then we can not deny that bitcoin is money itself.



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May 01, 2017, 02:29:38 AM
 #643

Bitcoin can be used to send and receive money, I can also buy things using bitcoins can pay my bills and recharge my cell phone so for me its a money as after spending it I am getting the things that I want in return so for me both are the same form of money.

It has a lot of features, it is not just a simple digital money, it has also a feature of you can use it for sending and receiving. You don't have to use any other third party websites just for sending your balance but as long as you can send it to the right wallet then you are doing it the right way. I just recently used bitcoin by buying my prepaid load.

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May 01, 2017, 06:32:42 AM
 #644

Bitcoin can be used to send and receive money, I can also buy things using bitcoins can pay my bills and recharge my cell phone so for me its a money as after spending it I am getting the things that I want in return so for me both are the same form of money.

It has a lot of features, it is not just a simple digital money, it has also a feature of you can use it for sending and receiving. You don't have to use any other third party websites just for sending your balance but as long as you can send it to the right wallet then you are doing it the right way. I just recently used bitcoin by buying my prepaid load.
The government can make a fast system anytime they want since they have all the resources to do it but bitcoin as a money is different from the usual money, thus some people has a hard time understanding bitcoin. Bitcoin is decentralized which is awesome that we will not be in control of the government, it's value is not subject for inflation where usual money is, so it's an opposite and we like it because it's freedom as well.



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May 01, 2017, 07:01:52 AM
 #645

Bitcoin can be used to send and receive money, I can also buy things using bitcoins can pay my bills and recharge my cell phone so for me its a money as after spending it I am getting the things that I want in return so for me both are the same form of money.

Yes, bitcoin is money but as of now, it is very limited for purchases when compared to other currency like USD. Even now I am doing recharges with bitcoin and other bills. In coming days we can store accepting bitcoin as a payment method where storekeepers can accept it.


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May 01, 2017, 07:11:15 AM
 #646

    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.
    [links omitted]
    [/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?





    I would make a question to OP: Are you able to buy everything with bitcoin? And yet another one: Are you able to use bitcoin for something else except to buy something? Both the answers of these question give a clear answer about what is bitcoin. As for dictionaries they are made from the people to serve the people. And are the people who can change them without any problem.
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    May 01, 2017, 07:15:50 AM
     #647

    I am able to convert my bitcoin into money right away using cardless atm machine so I can say that even if some do not consider it as money, it is as good as any other currency we have around. If there are no nearby locations to use bitcoin, one can always just convert his bitcoin into fiat and buy what ever he desires.
    pecson134
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    May 01, 2017, 07:26:32 AM
     #648

    States recognize it as money, some country recognize it as money and payment method, Bitcoin maybe a good store of value but merchant accept it as payment so definitely bitcoin is money.  Even if we view it the other way, when the properties of money is observed in bitcoin then we can not deny that bitcoin is money itself.

    Absolutely, what you can spend to buy items, merchandise, and any other services or materials is considered as money. It is the same with bitcoins since the coin itself is already an alternative means to pay something like online products and gaming, paying bills, loading up mobile data on prepaid.
    So there's no other important reason that it can't be considered as a money aside from it being a virtual currency.

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    May 01, 2017, 09:25:47 AM
     #649

    I am able to convert my bitcoin into money right away using cardless atm machine so I can say that even if some do not consider it as money, it is as good as any other currency we have around. If there are no nearby locations to use bitcoin, one can always just convert his bitcoin into fiat and buy what ever he desires.
    Bitcoin is money and everybody consider that, bitcoin is just like another kind of advanced currency because it is virtual and it has a lot of features unlike in traditional currencies that don't even have one like bitcoin. I think soon we can use bitcoin just like the traditional currency but we need more adoption especially in our particular place so we don't need to convert our bitcoin to fiat.

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    May 01, 2017, 10:00:50 AM
     #650

    I am able to convert my bitcoin into money right away using cardless atm machine so I can say that even if some do not consider it as money, it is as good as any other currency we have around. If there are no nearby locations to use bitcoin, one can always just convert his bitcoin into fiat and buy what ever he desires.
    Bitcoin is money and everybody consider that, bitcoin is just like another kind of advanced currency because it is virtual and it has a lot of features unlike in traditional currencies that don't even have one like bitcoin. I think soon we can use bitcoin just like the traditional currency but we need more adoption especially in our particular place so we don't need to convert our bitcoin to fiat.
    After bitcoin has been adopted by the Japnese Government bitcoin seems to adopt by many people around the world. There are many plans running on bitcoin implement btc atm all the developed countries initially. If you required more adoption from the people rural places, we need to spread via Social networks and direct spreading will only work.



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    May 01, 2017, 10:10:28 AM
     #651

    Slowly legal acceptance of bitcoin as a currency is increasing all around. Users have difference in opinion, some give importance as an investment, some for the gambling need and in such a manner there are few people who buy it hold and spend as a currency when the value increase than the price they spend on buying the same.



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    yuri berbatoc
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    May 01, 2017, 10:11:14 AM
     #652

    just the same virtual money in yhe Internet

    susila_bai
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    May 01, 2017, 10:30:06 AM
     #653

    Slowly legal acceptance of bitcoin as a currency is increasing all around. Users have difference in opinion, some give importance as an investment, some for the gambling need and in such a manner there are few people who buy it hold and spend as a currency when the value increase than the price they spend on buying the same.

    Ya it is true that now most of the big country are accepting bitcoin and its technology , apart from that what you said is also true that the importance of Bitcoin varies according to the acceptance by the users like some use it as investment and some for gambling and some of them are using it like online income as they can convert it to fiat currency and enjoy their life expenses. So Bitcoin is more like a money in each users life.

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    BitcoinBabbler
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    May 01, 2017, 10:38:00 AM
     #654

    It is a digital equivalent of money.
    It can be used to purchase pin to plane so yeah... It does qualify to be a digital currency

    soul-impact
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    May 01, 2017, 10:47:15 AM
     #655

    It is a digital equivalent of money.
    It can be used to purchase pin to plane so yeah... It does qualify to be a digital currency

    No, it's really not money, it's just a product. A multifunctional product that is of great value and can be traded with other things. More specifically, it can be used in exchange for all other currencies. The things you can buy at online stores are just a trading method, which does not prove that bitcoin is money that can be bought.

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    pseexh
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    May 01, 2017, 11:38:26 AM
     #656

    This is a virtual currency that is not regulated by anyone and is afraid to accept it because of an unstable course that can collapse at any moment.
    deisik
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    May 01, 2017, 02:11:42 PM
     #657

    It is a digital equivalent of money.
    It can be used to purchase pin to plane so yeah... It does qualify to be a digital currency

    No, it's really not money, it's just a product. A multifunctional product that is of great value and can be traded with other things. More specifically, it can be used in exchange for all other currencies. The things you can buy at online stores are just a trading method, which does not prove that bitcoin is money that can be bought

    That's one of the most hilarious things that I read recently

    I guess at a certain level we could consider any such exchange as "a trading method" with which you exchange something (let's call it a "trading instrument") for something else. The major problem with this approach is that if this "trading instrument" doesn't have intrinsic value barring transactional utility it fits the definition of money perfectly (in this regard). If it had some intrinsic value, you could call that barter, but since it hasn't, you evidently can't call it so. Thus you don't have many options left

    batang_bitcoin
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    May 01, 2017, 02:17:03 PM
     #658

    Bitcoin can be used to send and receive money, I can also buy things using bitcoins can pay my bills and recharge my cell phone so for me its a money as after spending it I am getting the things that I want in return so for me both are the same form of money.

    It has a lot of features, it is not just a simple digital money, it has also a feature of you can use it for sending and receiving. You don't have to use any other third party websites just for sending your balance but as long as you can send it to the right wallet then you are doing it the right way. I just recently used bitcoin by buying my prepaid load.
    The government can make a fast system anytime they want since they have all the resources to do it but bitcoin as a money is different from the usual money, thus some people has a hard time understanding bitcoin. Bitcoin is decentralized which is awesome that we will not be in control of the government, it's value is not subject for inflation where usual money is, so it's an opposite and we like it because it's freedom as well.

    Yeah bitcoin's decentralization is really good for us but not for the government. But once they are able to make some regulation about bitcoin and that is going to make the government interested with it because of taxation. And I know there are countries that are already putting tax to bitcoin which signifies that is a real money.

    traderethereum
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    May 01, 2017, 02:26:16 PM
     #659

    Slowly legal acceptance of bitcoin as a currency is increasing all around. Users have difference in opinion, some give importance as an investment, some for the gambling need and in such a manner there are few people who buy it hold and spend as a currency when the value increase than the price they spend on buying the same.

    yes and finally in not too long again, we can see that bitcoin can be accepting in many country, but we need to calm down because there is still many country that is not giving their permission for bitcoin to used by people. but after many people especially the government that thinking that bitcoin is money, then i think they will considering to accepting bitcoin as another ways for payment system beside fiat.

    flipstyle
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    May 01, 2017, 05:29:30 PM
     #660

    Slowly legal acceptance of bitcoin as a currency is increasing all around. Users have difference in opinion, some give importance as an investment, some for the gambling need and in such a manner there are few people who buy it hold and spend as a currency when the value increase than the price they spend on buying the same.

    yes and finally in not too long again, we can see that bitcoin can be accepting in many country, but we need to calm down because there is still many country that is not giving their permission for bitcoin to used by people. but after many people especially the government that thinking that bitcoin is money, then i think they will considering to accepting bitcoin as another ways for payment system beside fiat.

    We should have patience for that to happen as it will not be done overnight and bitcoin to get support from Government will take really long time so its better to wait and watch instead of making some false assumptions.
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