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Author Topic: Is Bitcoin money?  (Read 99682 times)
ekoice
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May 12, 2017, 06:28:01 AM

Bitcoin could be called both as money and commodity.
Since people invest in bitcoins with the idea of getting more returns,it could be considered as a commodity.
But at the same time,bitcoin could be used for buying goods and could be easily transferred like currrency.Hence,bitcoin could also be considered as money.
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May 12, 2017, 06:33:54 AM

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
Yeah bitcoin is not fully formed as a money because you cannot spend it everywhere and it is not like our fiat currency that is very easy to use in doing transactions like buying some stuffs everywhere. Bitcoin is money but it is not made to compete the existing currencies now because it is just made for additional payment system.

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May 12, 2017, 06:36:28 AM

Yesterday i asked a developer, that looks doesnt know at all what is bitcoin, and his words were it will worth 0,10 dollars into 2-3 years, i had almost said a lot of things about what he dont know about, but well. But atleas he knows it worths money, soo i do use bitcoin the same way i do use fiat saving, as well investing it.
It is not something new for me because in the region I live many of the people don稚 really know that there exists any concept of the digital money. Even after trying to convince some of my close friends a few years back I found it hard.

But fortunately, now a day we have the lower percentage of people who don稚 know the bitcoin or any other digital currency. It means bitcoin is just becoming similar to real money.
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May 12, 2017, 08:20:23 AM

Yesterday i asked a developer, that looks doesnt know at all what is bitcoin, and his words were it will worth 0,10 dollars into 2-3 years, i had almost said a lot of things about what he dont know about, but well. But atleas he knows it worths money, soo i do use bitcoin the same way i do use fiat saving, as well investing it.

You could just as well ask a plumber what he thinks about Bitcoin

And his reply would be as relevant as that of your developer. Even distinguished economists are arguing about Bitcoin future, and they all come to different, sometimes opposite conclusions. As to me, most developers are pretty dumb beyond the field of their interest (i.e. developing), but, on the other hand, essentially the same can be said in respect to almost any field of human activity which requires a very specific mode of thinking (especially, technical disciplines). Long years devoted to such thinking seem to damage certain parts of their brain in favor of excessively developing (yeah) just one part of it (see Mr. Robot TV series to get an idea)

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May 12, 2017, 03:54:48 PM

in a short words yes bitcoin is a money Cheesy, in other words bitcoin is more than money
That is true. Bitcoin is more than money. Bitcoin is a revolution,  a new technology and a type of long term investment. I dont know why there are still many people ignore the benefits of Bitcoin
Yeah I agree that it is more than the traditional money concept. It provides us many opportunities to earn it and to make more wealth while the traditional money concept does not allow us with all these. I don稚 see the features of any fiat that provides the opportunity like the signature campaign through which we can earn.

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Rajamuda
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May 12, 2017, 04:19:45 PM

in a short words yes bitcoin is a money Cheesy, in other words bitcoin is more than money
That is true. Bitcoin is more than money. Bitcoin is a revolution,  a new technology and a type of long term investment. I dont know why there are still many people ignore the benefits of Bitcoin
Yeah I agree that it is more than the traditional money concept. It provides us many opportunities to earn it and to make more wealth while the traditional money concept does not allow us with all these. I don稚 see the features of any fiat that provides the opportunity like the signature campaign through which we can earn.

Bitcoin more than money. From bitcoin, i can buy gadgets or other items by not disrupting my main job. Bitcoin becomes both, income and savings.

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May 12, 2017, 06:57:29 PM

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

Even apart from the USD$ and a few currencies you cannot spend the other fiats anywhere and at anytime in the world so why burden Bitcoin with this. On the contrary Bitcoin is actually the only currency that can be spent anywhere in the world if internet is accessible. Bitcoin is pure money with its own payment processor (blockchain technology) and can do whatever fiat currencies can do except that it is not printed out as paper notes or coins.



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apoorvlathey
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May 12, 2017, 07:14:13 PM

Bitcoin is cryptocurrency and currency means money so, yeah bitcoin is money !
It is a currency in its initial stage which has started to gain more popularity recently.
Bitcoin serves as money to buy and sell things, but it is better than fiat as its price is increasing which is profitable.
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May 12, 2017, 07:39:32 PM

No matter how other people think for me bitcoin is money even though it is a kind of virtual currency which can be used only in online.
Bitcoin is money, but most people also use it as an investment tool, especially for moments like this. See the rapidly rising bitcoin price development, making people see bitcoin as a more profitable investment tool, rather than seeing it as money.
The actual problem that we came across is that many of the people around don稚 really know the meaning and the definition of the money which causes them confusion about the bitcoin to accept that it is money but a new technological and improved form of money which you don稚 need to carry in your pocket or store physically.
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May 13, 2017, 07:45:55 PM

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.
We can consider bitcoin as money, because it is a digital currency which can use for buying and selling using online shops, even in some areas bitcoin can also be use in local shops. But as the users of bitcoin are not too many therefore most of the people are using it as for investment and making good money from it. Because the price of bitcoin is increasing continuously.
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May 13, 2017, 09:01:02 PM

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
Yeah bitcoin is not fully formed as a money because you cannot spend it everywhere and it is not like our fiat currency that is very easy to use in doing transactions like buying some stuffs everywhere. Bitcoin is money but it is not made to compete the existing currencies now because it is just made for additional payment system.
but to me  i think there is no doubt that bitcoin is money, because bitcoin is created as online currency but not in some places even people are using bitcoin in local shops for shopping and without converting it into local currency. therefore i think that there is no doubt that bitcoin s money and is use for shopping and other purposes as currency.
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May 13, 2017, 11:50:54 PM

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
yes there is no doubt about this that bitcoin is money.  because we can use bitcoin for shopping online using bitcoin and without changing the bitcoin in to local currency. in some places we even can use it in local shops.
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May 14, 2017, 01:02:36 AM

Yes, bitcoin is money. It is a type of currency. Anything you use for saving, spending, earning and exchange is money. It is a digital currency which can change the world's view in using money. Some uses of money that bitcoin do is; it can enable you to buy online products, spend, gamble and many more.

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May 14, 2017, 02:00:21 AM

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
yes there is no doubt about this that bitcoin is money.  because we can use bitcoin for shopping online using bitcoin and without changing the bitcoin in to local currency. in some places we even can use it in local shops.
This is the only digital currency that has got the increased acceptance into online stores aa well on other platforms. Apart from this few altcoins have getting accepted into gambling websites. So it depends on the user who make use​ of it, mainly its given importance as an investment and  later on as Japan has legalized the usage bitcoin has got circulated much as a currency than the past.

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May 14, 2017, 04:52:50 AM

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.

Yes bitcoin is money and it has a lot of features that other currencies dont have. It is why many investors and businesses are starting to use bitcoin as payment method. Because they can see the price of bitcoin as big one and they will make big bucks upon using it.

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May 14, 2017, 05:47:48 AM

Yes bitcoin is an online money, you can use it to purchase items and get paid through it. many users are investing in btc for the hope to earn because of its flactuating price. it only need to be widely accepted so many people would recognize it.

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May 14, 2017, 06:01:09 AM

Bitcoin is money in Germany and soon to be Australia. Maybe it will be money in Japan as well, I do not have such an info. Everywhere else its legal status is just as an assett. Ofcourse you can use an assett to barter trade but unless you have a buisness, you do not have to pay taxes to do barter.

Thats how I see it from a legal perspective. That perspective is important as it can lead you to fines or even jail, so better to know that than be sorry later.


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May 14, 2017, 06:11:50 AM

Yes bitcoin is an online money, you can use it to purchase items and get paid through it. many users are investing in btc for the hope to earn because of its flactuating price. it only need to be widely accepted so many people would recognize it.

Virtual currency you are right. We could use it to purchase stuffs online which is if they accept bitcoin payment method.  But now there not really many websites that accepts bitcoin as payment . But usually the people who owns bitcoin convert it into real cash in their own fiat and cashout it and buy stuffs in the physical store


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May 14, 2017, 06:27:12 AM

Yes bitcoin is an online money, you can use it to purchase items and get paid through it. many users are investing in btc for the hope to earn because of its flactuating price. it only need to be widely accepted so many people would recognize it.

i agree with you because until now, there is still few place or country that allow bitcoin to used for payment or for buying something in real life and bitcoin is only available in online so if we want to buy something by online, i think we can found store that will accepting bitcoin as the payment. but i realize, in online store, there is still a few store that accepting bitcoin but i am sure that in the future, bitcoin will be accepted in every where.

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May 14, 2017, 06:34:27 AM

    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?








    Bitcoin is not money, it would be more "an exchange object" for money (dollar, real, euro, peso and etc). Basically bitcoin is a currency, but a currency. My point of view, please ask me.

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