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Author Topic: Is Bitcoin money?  (Read 107615 times)
wxa7115
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May 21, 2017, 08:36:14 PM
 #881

    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?





    All of that is nice, but bitcoin is money, that is the way it was designed, what this means is that bitcoin is so revolutionary that it has changed the definition of what is called money and what money can do, there are not many inventions that can say they changed the people understanding about a subject.
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    Zenithar
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    May 21, 2017, 11:58:26 PM
     #882

    I don’t like to compare Bitcoin to regular cash because Bitcoin is only a tool that could be used to get more cash in pretty much any type of situation.
    Bitcoin won’t be money unless the people within the IMF decide to put the coin into their Currency list and promote it as well.
    i dont agree with you, for me everything that has a value , can be converted, can be use to buy something is actually a money, we cannot see it , we cannot hold it  but still we can use it to buy our goods and pay our bills, in the online bitcoin wallet that we have been using we can pay our bills directly but it has a fee also but a little bit compared to the amount that needed to be pay.
    You have made it very simple if you can pay your bills with it and can shop thing with the bitcoin then it is proved that it is money. Being acceptable as a medium of exchange for the goods and services makes me call it money. If you say that it doesn’t have a physical existence it is true it is just like the balance in your mobile.
    i think there  is no coubt about this that bitcoin is money.
    freedomgo
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    May 22, 2017, 01:43:02 AM
     #883

    Yes.
    Bitcoin is a internet money which we can use it everywhere. Smiley
    It's money because anytime you can exchange it to fiat and enjoy the money. This type of money is more valuable that fiat for us because the value is growing and it gives us a good return of our investment. Not most of the people knew about bitcoin so I am expecting the moment they know it will create big demands and will eventually increase the value.

    unisilver
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    May 23, 2017, 12:50:57 AM
     #884

    Yes.
    Bitcoin is a internet money which we can use it everywhere. Smiley
    It's money because anytime you can exchange it to fiat and enjoy the money. This type of money is more valuable that fiat for us because the value is growing and it gives us a good return of our investment. Not most of the people knew about bitcoin so I am expecting the moment they know it will create big demands and will eventually increase the value.
    I agree with you bitcoin is really a money because when the value of the currency increase you then eventually convert it and turn into cash which will you used anywhere and its really a good investment to everybody because it only depends in you if you will convert it easily to cash or live it as it is and also considered as savings as well.

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    LimLims
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    May 23, 2017, 01:10:45 AM
     #885

    Yes.
    Bitcoin is a internet money which we can use it everywhere. Smiley
    It's money because anytime you can exchange it to fiat and enjoy the money. This type of money is more valuable that fiat for us because the value is growing and it gives us a good return of our investment. Not most of the people knew about bitcoin so I am expecting the moment they know it will create big demands and will eventually increase the value.
    I agree with you bitcoin is really a money because when the value of the currency increase you then eventually convert it and turn into cash which will you used anywhere and its really a good investment to everybody because it only depends in you if you will convert it easily to cash or live it as it is and also considered as savings as well.

    Bitcoin allows us to buy anything by exchanging it either directly or by selling it to fiat so if we can buy any thing using bitcoins then there is no difference between real money and bitcoins as the main purpose is to spend it like other currency and bitcoin is best currency when it comes to online shopping.

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    Dr.Osh
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    May 23, 2017, 01:21:40 AM
     #886

    Yes.
    Bitcoin is a internet money which we can use it everywhere. Smiley
    It's money because anytime you can exchange it to fiat and enjoy the money. This type of money is more valuable that fiat for us because the value is growing and it gives us a good return of our investment. Not most of the people knew about bitcoin so I am expecting the moment they know it will create big demands and will eventually increase the value.
    I agree with you bitcoin is really a money because when the value of the currency increase you then eventually convert it and turn into cash which will you used anywhere and its really a good investment to everybody because it only depends in you if you will convert it easily to cash or live it as it is and also considered as savings as well.

    Bitcoin allows us to buy anything by exchanging it either directly or by selling it to fiat so if we can buy any thing using bitcoins then there is no difference between real money and bitcoins as the main purpose is to spend it like other currency and bitcoin is best currency when it comes to online shopping.
    Well, we can use bitcoin as a transaction tool, even today bitcoin prices are rising at a very high price. It can make you buy whatever you want if you have enough bitcoin. Well, I think bitcoin has function as money when it has price.

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    FlightyPouch
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    May 23, 2017, 01:27:10 AM
     #887

    Yes.
    Bitcoin is a internet money which we can use it everywhere. Smiley
    It's money because anytime you can exchange it to fiat and enjoy the money. This type of money is more valuable that fiat for us because the value is growing and it gives us a good return of our investment. Not most of the people knew about bitcoin so I am expecting the moment they know it will create big demands and will eventually increase the value.
    I agree with you bitcoin is really a money because when the value of the currency increase you then eventually convert it and turn into cash which will you used anywhere and its really a good investment to everybody because it only depends in you if you will convert it easily to cash or live it as it is and also considered as savings as well.

    Bitcoin allows us to buy anything by exchanging it either directly or by selling it to fiat so if we can buy any thing using bitcoins then there is no difference between real money and bitcoins as the main purpose is to spend it like other currency and bitcoin is best currency when it comes to online shopping.
    Well, we can use bitcoin as a transaction tool, even today bitcoin prices are rising at a very high price. It can make you buy whatever you want if you have enough bitcoin. Well, I think bitcoin has function as money when it has price.

    I still don't think bitcoin is a money, it may be used as a transaction tool as what you had said, but if you think about it, monies are centralized, not like bitcoin which is decentralized. I think the word currency, in digital currency doesn't mean money, but means that it is fact or quality that it is being accepted.

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    Souldream
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    May 23, 2017, 01:33:39 AM
     #888

    Yes it is money because we can use it to by our needs and we can use it to provide our daily needs, for those who has no jobs for now they might consider bitcoin as an altenative for them to earn money when they have no jobs yet.

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    May 23, 2017, 01:34:50 AM
     #889

    Yes.
    Bitcoin is a internet money which we can use it everywhere. Smiley

    That's why bitcoin is money, yes it's a real money and we can use it everywhere we want. Like purchasing of goods and services that we want. And if you don't want to spend it, you can make it to a real cash and that's the beauty of bitcoin. It has a lot of purpose and use depending on how you are going to use it.

    unisilver
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    May 23, 2017, 02:08:21 AM
     #890

    Yes it is money because we can use it to by our needs and we can use it to provide our daily needs, for those who has no jobs for now they might consider bitcoin as an altenative for them to earn money when they have no jobs yet.
    Yes its true, because some people dont have jobs but focusing here in bitcoin they earned more compared to the people who are working anywhere. That's why I really agree that bitcoin is really a money once you convert it into cash.

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    Botnake
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    May 23, 2017, 03:01:57 AM
     #891

    Yes it is money because we can use it to by our needs and we can use it to provide our daily needs, for those who has no jobs for now they might consider bitcoin as an altenative for them to earn money when they have no jobs yet.
    Yes its true, because some people dont have jobs but focusing here in bitcoin they earned more compared to the people who are working anywhere. That's why I really agree that bitcoin is really a money once you convert it into cash.
    The opportunity to make more money is here but it does not mean it is better than having a job,
    there full of risk here and that depends on individual if ha will take the risk.
    AFAIK, most of the people are non risk takers so they will not enter into bitcoin, they love the traditional way.

    ...SETHER...






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    May 23, 2017, 03:10:51 AM
     #892

    Yes it is money because we can use it to by our needs and we can use it to provide our daily needs, for those who has no jobs for now they might consider bitcoin as an altenative for them to earn money when they have no jobs yet.
    Yes its true, because some people dont have jobs but focusing here in bitcoin they earned more compared to the people who are working anywhere. That's why I really agree that bitcoin is really a money once you convert it into cash.
    The opportunity to make more money is here but it does not mean it is better than having a job,
    there full of risk here and that depends on individual if ha will take the risk.
    AFAIK, most of the people are non risk takers so they will not enter into bitcoin, they love the traditional way.
    Its not that people who cannot take risk will never enter bitcoin as if they come to know about the opportunities and ways of making profits then surely they will be willing to take calculative risk and will start with a small capital and over a period of time can go with higher capital.

           


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    unisilver
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    May 23, 2017, 06:13:48 AM
     #893

    Yes it is money because we can use it to by our needs and we can use it to provide our daily needs, for those who has no jobs for now they might consider bitcoin as an altenative for them to earn money when they have no jobs yet.
    Yes its true, because some people dont have jobs but focusing here in bitcoin they earned more compared to the people who are working anywhere. That's why I really agree that bitcoin is really a money once you convert it into cash.
    The opportunity to make more money is here but it does not mean it is better than having a job,
    there full of risk here and that depends on individual if ha will take the risk.
    AFAIK, most of the people are non risk takers so they will not enter into bitcoin, they love the traditional way.
    Its not that people who cannot take risk will never enter bitcoin as if they come to know about the opportunities and ways of making profits then surely they will be willing to take calculative risk and will start with a small capital and over a period of time can go with higher capital.

    Yes its true people really take risk of entering this kind of campaign because not all project is successfull some of them failed but once it becomes successfull you earned double.

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    vinipoars
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    May 23, 2017, 06:18:53 AM
     #894

    Who wants to spend something that in a month may be worth twice as much?
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    May 23, 2017, 07:20:34 AM
     #895

    Bitcoin is a digital money but its same as real money as we can earn it in different ways and also use it for buying goods like paper money so the features of bitcoin are similar to that of real money.

    yes. money for the internet. it is being use to settle with whoever paid for anything.

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    May 23, 2017, 07:40:13 AM
     #896

     It is money from the moment you can buy anything with them.
               The only problem I see is the volatility it has, Will not leave a massive adoption.

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    May 23, 2017, 07:57:06 AM
     #897

    Yes.Bitcoin is money since it provides us the things that we need in surviving everyday.It also gave us source of income even if we're not putting most of our time like what in a regular job does.




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    BeGoods
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    Bitcore (BTX) - The Future is Now


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    May 23, 2017, 08:06:00 AM
     #898

    Yes.
    Bitcoin is a internet money which we can use it everywhere. Smiley
    I think it's a bit hard to understand that bitcoin can be used anywhere for spending like using money? Because in fact all bitcoin users are still having trouble using bitcoin to shop


    unisilver
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    May 25, 2017, 01:40:38 AM
     #899

    Yes.Bitcoin is money since it provides us the things that we need in surviving everyday.It also gave us source of income even if we're not putting most of our time like what in a regular job does.
    Exactly. Bitcoin is really a money because if its not then people wont give an effort or time to be in this kind of campaign but they give thier tome because they earned so much.

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    HatakeKakashi
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    Vacation rentals platform powered by CryptoDNA®


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    May 25, 2017, 02:04:10 AM
     #900

    Yes.Bitcoin is money since it provides us the things that we need in surviving everyday.It also gave us source of income even if we're not putting most of our time like what in a regular job does.
    Thats right bitcoin is money because its give to us opportunity to earn money what status you are even you are single, meried, student  and etc bitcoin is here for you. Those people for sure their source of income is bitcoin . Like me Im student I earned money everyweek because of bitcoin. If you see the price of bitcoin its already 2700 dollars and thats real money to those people have bitcoin on this  and if they decided to sell bitcoin now they can earn a lot of money so bitcoin is real money you can money by using and holding bitcoin!

           


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