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Author Topic: Is Bitcoin money?  (Read 98725 times)
Isaacck1
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May 11, 2017, 12:46:37 PM
 #741

Bitcoin is like money, some say it is money. Either of the two is correct because bitcoin can be earned and spent. It can also be exchanged to other currency.

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May 11, 2017, 01:10:30 PM
 #742

Bitcoin is like money, some say it is money. Either of the two is correct because bitcoin can be earned and spent. It can also be exchanged to other currency.

Money is considered by the government, they must be stamped  either paper or coin. But it can be used as a payment, either services or debt, so if I will have to choose, I still don't know what to choose.

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Angel777
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May 11, 2017, 02:20:01 PM
 #743

As further i search bitcoin is a digital money its a trading investment.
I can earn money from bitcoin if will just know how to handle it.
My capital is to spend my time and ability to learn and search more about it.
Focus on the topic and be smart how to make bitcoin into large  source of income.
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May 11, 2017, 03:08:48 PM
 #744

Oh, maybe this is not money in full, but it fulfills the function of money, cause we can use bitcoin for buing and selling. So, I think that it can be called a full currency.
That is true, bitcoin pretty much fulfills this function, but it is very important to say that this is just a one thing about bitcoin.
You can use cryptocurrencies for many different things, for investing,holding, paying for something etc.
Also, if you invest in some particular crypto, you pretty much support the whole network: same thing with bitcoin because a good example of it might be last days in Japan: the bitcoin price holds pretty stable on insanely high price  level, because Japan citizens are making a big part of daily volume. After all , BTC will be adopted in this country so people want to obtain some of it.

I do agree with what you have said. The price would continue to rise up as the demand increases that means the users are increasing in number and will continue to increase as countries have begun accepting it for example Russia, Switzerland, and Russia have started to recognize and legalize the use of it.

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May 11, 2017, 03:17:56 PM
 #745

Bitcoin is more than money. We can use bitcoin more than for payment. Bitcoin can we trade with altcoin and we can reap the benefits of it.
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May 11, 2017, 03:22:15 PM
 #746

Bitcoin is more than money. We can use bitcoin more than for payment. Bitcoin can we trade with altcoin and we can reap the benefits of it.

Who told you that you can't perform similar thing with fiat money like US Dollar or Euro. Have you heard about Forex? Forex exchange refers to trading different international currencies for speculative purpose and earning profits.

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May 11, 2017, 04:07:03 PM
 #747

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.

Exactly once, if we look at the benefits and opportunities in the huge profits will thus bitcoin we get within a fairly short time. But the thing we have to do with the hard work to make it happen, because the Government will definitely look at and determine it. Although sometimes the Government is more worried about themselves, but I am sure they are doing the best. If not then it may be his responsibility to his creator
 



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May 11, 2017, 04:40:45 PM
 #748

Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.

Yes. It doesn't matter what nation-states think bitcoin is.

All we're doing is saying bitcoin as something else other than its economic reality.

Yes it can be consider as a money. It can now buy things that you want. But right now bitcoin is not definitely money because not everyone accept it as a payment.

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May 11, 2017, 04:44:34 PM
 #749

Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.

Yes. It doesn't matter what nation-states think bitcoin is.

All we're doing is saying bitcoin as something else other than its economic reality.

Yes it can be consider as a money. It can now buy things that you want. But right now bitcoin is not definitely money because not everyone accept it as a payment.
It's not about making Bitcoin being accepted by everyone to be considered as a kind of money. It just need to be accepted as a payment or a medium of exchange by anyone or a society within them. If I continued with your statement and I am trying to pay Korean Won in the USA and no one is accepting it then Korean Won is not considered as a kind of money. Am I right? The debate for this will be a tough one as even us Bitcoin users does not support Bitcoin being a kind of currency in this world.

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May 11, 2017, 05:07:16 PM
 #750

Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.

Yes. It doesn't matter what nation-states think bitcoin is.

All we're doing is saying bitcoin as something else other than its economic reality.

Yes it can be consider as a money. It can now buy things that you want. But right now bitcoin is not definitely money because not everyone accept it as a payment.
It's not about making Bitcoin being accepted by everyone to be considered as a kind of money. It just need to be accepted as a payment or a medium of exchange by anyone or a society within them. If I continued with your statement and I am trying to pay Korean Won in the USA and no one is accepting it then Korean Won is not considered as a kind of money. Am I right? The debate for this will be a tough one as even us Bitcoin users does not support Bitcoin being a kind of currency in this world

Basically, yes, you are right

If some currency is not accepted in another country, then it is not money (or currency) in that country. It seems to be a paradox since the same currency in one place is considered as money while in the other not as money. But this paradox is easily resolved if you come to think of money (or rather a money token functioning as money) as a matter of convention, not a thing in and of itself. Just like there are different laws in respect to essentially the same actions (e.g. in some jurisdictions weed is illegal while in others it is perfectly legit), so in different places there are different conventions in respect to what is considered money there

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May 11, 2017, 05:12:29 PM
 #751

To date, Bitcoin for me is the main source of income and I do not see it as real money because with it I can realize all my ideas and have the means to exist. Therefore Bitcoin this product which brings me a profit I have not yet used it as money.
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May 11, 2017, 05:16:13 PM
 #752

To date, Bitcoin for me is the main source of income and I do not see it as real money because with it I can realize all my ideas and have the means to exist. Therefore Bitcoin this product which brings me a profit I have not yet used it as money.

if you get profit and get an income from it, it's tecnically speacking money.
... if you have a dolar in your pocket and don't use it it's still money.
Same story with gold, same story with bitcoins.

is not How or What do you use it into. It's about What it is and what value does it have.
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May 11, 2017, 06:15:16 PM
 #753

Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.

Bingo!

Well, the term money is right, but we have to be more specific about this, because there is a lot of money, like the fiat, that we use in the real world and the virtual money that we are using in the internet to buy stuffs and so on which is called cryptocurrencies. The term "Money" is the fiat, because it is the term that we are used on calling the currency that we are using in our everyday lives.
Yes I agree we need to specify it more when we talk about the Bitcoin as money. It is no doubt money with a virtual composition not physical.

Many of the people consider the fiat only as money and don’t accept the virtual currency as money. But I am hopeful that with the passage of time people will understand the concept and will not ask about the BTC whether it is money or not.














 

 

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May 11, 2017, 06:24:24 PM
 #754

Actually, bitcoin is different from money, because bitcoin can also be used as investment tool. But because the price is high enough, people tend to use bitcoin as a medium of exchange. Well, it can be a money or a means of transaction depending on its use.


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May 11, 2017, 07:34:02 PM
 #755

Actually, bitcoin is different from money, because bitcoin can also be used as investment tool. But because the price is high enough, people tend to use bitcoin as a medium of exchange. Well, it can be a money or a means of transaction depending on its use.

Bitcoin is much better than money. Bitcoin has two favorable sides, as both money and investment. If we keep it for a long time, it's very possible that we'll gain profit. And now many online stores that adopt bitcoin as payment.

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May 11, 2017, 09:07:54 PM
 #756

For me, bitcoin is not money. It performs the functions of gold, payment of the system and cash. Bitcoin is something in common with what I called.
We have different understanding but for me it's money because it has a value and more valuable than fiat.
When I have a lot of bitcoins, I will think I am rich because it's money that I am holding.

If you have a lot of gold you will think you are rich as well, but gold is not money, right? It is money if you are spending it on your daily expenses. But if you are just holding it, then it just becomes an investment.
One of the qualities of money is that it should also be a store of value and gold is an asset that serves as a good store of value, so we can rightly say that gold is also a form of money which one can easily exchange for cash anytime anywhere across the globe. It is readily acceptable because people see it as a form of money.
Yes gold definitely is a form of money. If you look at the history of the paper money or coins etc. it basically started from gold. At first when there was no paper money people used the gold as a medium of exchange for the services and goods. More after things when get sophisticated the paper money was formed.

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May 12, 2017, 02:35:16 AM
 #757

yes bitcoin is money but its not 100% money because it was not yet accepted by everyone or government so till government not accept bitcoin as money we can't say it is money if we say bitcoin is money for now then everyone start creating their own coin and join in market distribution and start saying their coin or asset is money.

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May 12, 2017, 05:57:18 AM
 #758

yes bitcoin is money but its not 100% money because it was not yet accepted by everyone or government so till government not accept bitcoin as money we can't say it is money if we say bitcoin is money for now then everyone start creating their own coin and join in market distribution and start saying their coin or asset is money.

That is because there are loopholes, different opinions, ideas about cryptocurrencies. Mixing Cryptocurrency in the current central banks system is like water and oil. Tho' some central banks are open on how they will regulate cryptocurrencies but they are still have a long way to go on how the block chain network and the function of Bitcoin will collide with the worlds monetary system.

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May 12, 2017, 06:10:07 AM
 #759

Yeah it is a money on its state now but not a full money to be considered like what other users says.You can just consider bitcoins as pure money when you can spend it anytime and anywhere in the world

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May 12, 2017, 06:15:47 AM
 #760

Bitcoin like pearl shells found in the sea. Of course bitcoin is not coin or paper money. But bitcoin is money, digital money that has fantastic prices. Because bitcoin has, all functions.
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