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Author Topic: Is Bitcoin money?  (Read 100503 times)
gracia0023
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June 03, 2017, 08:35:14 AM
 #961

    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 a money. Your definition is correct and other wise it is called money when the state approve it as a real currency of a state but bitcoin is not a money it is a cryptocurrencies which use in digital payment system through blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency not a money.
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    June 03, 2017, 08:40:46 AM
     #962

    It varies between users. Difference is found in the way they consider it as well the way it's been spend. Most of the users here consider it an investment asset for good profit whereas a little consider it an money similar to the fiat for our regular needs.

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    June 03, 2017, 02:19:55 PM
     #963

    Surely it is sounds like money but it is really a money bitcoin is a cryptocurrency like what we all know a digital currency where we can use to buy thing online but not in all shop today because it is not fully adopt in many countries and still in the process of adaptation in the market.
    Yes, people always say "bitcoin is like money", they dont undestand that bitfoin itself is money. The fact that you can trade with it, buy with it, save with, and earn with it makes it similar to dollar. It has a future but its still not accepted and adopted by all.

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    June 03, 2017, 02:29:00 PM
     #964

    Bitcoin is not admited as money in many countries yet. But surly bitcoin is money. Today with bitcoin you can buy whatever, directly or with cashing it out at first. Did you hear about Japan? Their hotels, avialines, exchangers and ect. I think many other countries will follow this example and bitcoin will be counted as money everywhere.
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    June 03, 2017, 02:37:33 PM
     #965

    Surely it is sounds like money but it is really a money bitcoin is a cryptocurrency like what we all know a digital currency where we can use to buy thing online but not in all shop today because it is not fully adopt in many countries and still in the process of adaptation in the market.
    Yes, people always say "bitcoin is like money", they dont undestand that bitfoin itself is money. The fact that you can trade with it, buy with it, save with, and earn with it makes it similar to dollar. It has a future but its still not accepted and adopted by all.

    Bitcoin is more than just money. If he were money, then there would be no such interest. This is super-money, which brings additional income

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    June 03, 2017, 02:43:06 PM
     #966

    Bitcoin is currency of the future, period! Smiley And we're living the future now.

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    June 03, 2017, 03:17:52 PM
     #967

    More than money, that's  bitcoin for me. I can make extra money from having bitcoin, by not bothering main job, i can trade on breaks or when i have a freetime. Bitcoin greatly helps my home economy. Since i do bitcoin trading, I don't need to work overtime.


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    June 04, 2017, 08:39:19 AM
     #968

    Yes i believe that statement that "bitcoin is the new real money" because you can use it to buy things that you ever wanted in online, you can buy your own game too. Bitcoin is a really a money but there are still many people who don't know about bitcoin so the government cannot declare bitcoin as a legal currency, you can only buy things if you convert bitcoin into a real money.
    Yes, in some points you are right but in some I think I wont agree. It is true that bitcoin is the new money and can be used to buy things or can be spent online. But to your last statements such as "the government connot declare it because many people dont know it" is, in my opinion, not correct. The government can not or will not make bitcoin a legal currency not because the majority dont know about it but because it STILL has things needed to be changed and to be improved. I also think there are now store you can use raw bitcoin to buy things.

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    June 04, 2017, 09:22:16 AM
     #969

    More than money, that's  bitcoin for me. I can make extra money from having bitcoin, by not bothering main job, i can trade on breaks or when i have a freetime. Bitcoin greatly helps my home economy. Since i do bitcoin trading, I don't need to work overtime.

    That's right, for me, bitcoin is not just money, it's my job, it's the means to make me profitable, and working with bitcoin is an easy job. Each person has a different way to make a profit from bitcoin, some people participate in gambling, but I do not like that, I just do business with bitcoin.

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    June 04, 2017, 09:26:20 AM
     #970

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
    Yes bitcoin is a money. We can used it to trade, invest, buy and sell. It helps people to provide their financial needs. Bitcoin is like and gold and this two is consider as a money. If you want to turn it into fiat you just have to convert it so that you can hold it with your hands.

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    June 04, 2017, 09:27:50 AM
     #971

    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
    Yes bitcoin is a money. We can used it to trade, invest, buy and sell. It helps people to provide their financial needs. Bitcoin is like and gold and this two is consider as a money. If you want to turn it into fiat you just have to convert it so that you can hold it with your hands.

    I'm really curious, this topic is not really appealing, but it's always been of interest, even though it was written a long time ago, but people still comment here, why? I think it is no longer attractive to be a topic of public interest.


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    June 04, 2017, 09:42:33 AM
     #972

    Yes, bitcoin is really a money that I can considered because once it is convertible into cash it means its money.
    and what is good about it in any country it can convert into a real cash depending on the cash currency of the nations.


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    zidanw
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    UNIVERSA - BLOCKCHAIN FOR BUSINESS


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    June 04, 2017, 10:17:10 AM
     #973

    Yes, bitcoin is really a money that I can considered because once it is convertible into cash it means its money.
    and what is good about it in any country it can convert into a real cash depending on the cash currency of the nations.
    I think if it can be convert into cash does not mean that is money, for example gold or valuable and unique goods can be exchanged into money but they not money.
    I'd rather think that bitcoin is a digitalcurrency or a valuable digital item if it's like gold not money.

    Victorycoin
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    JOLYY - The future of beauty!


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    June 04, 2017, 11:12:55 AM
     #974

    Yeah the price is the only concern in bitcoin because it is not fixed so there is a possibility for us to lose money anytime because the market is not centralized so the price is only depending on the demand in the market but it is also a good characteristic especially for the traders because we can take advantage of that to make money.
    No price isn't and cannot be the only attraction Bitcoin holds as money. To enthusiasts, the high price is actually a bonus which can be off tomorrow, but nevertheless stirred right back up by those attributes that makes Bitcoin high in demand. Furthermore, centralization holds no guarantee that any form of money would be stable else the dollar for instance won't be in half the mess it is in today or its real value always under attack by inflation.

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    fujyo86
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    June 04, 2017, 04:00:48 PM
     #975

    Bitcoin is money also an investment instrument that provides tremendous profit growth this year. I still remember when buying 3btc not up to US$1000 and now it has more than US$6000, a fantastic advantage for a small investor (like me).
    mrfreezeh
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    June 05, 2017, 09:21:25 AM
     #976

     Cheesy a funny question!! Why not, it's crypto-currency. And we still use it to buy stuff and exchange to real money to use in real life... And it's very popular on the world at this time, too
    lisa255
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    June 05, 2017, 09:51:44 AM
     #977

    Cheesy a funny question!! Why not, it's crypto-currency. And we still use it to buy stuff and exchange to real money to use in real life... And it's very popular on the world at this time, too

    Crypto currency is not as popular as we would like. Some people use it as money and are therefore called money. But I think that this is not just money. This is the payment system and the way of investing
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    Hero - Future Of Banking In South East Asia


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    June 05, 2017, 10:03:47 AM
     #978

    Cheesy a funny question!! Why not, it's crypto-currency. And we still use it to buy stuff and exchange to real money to use in real life... And it's very popular on the world at this time, too

    Crypto currency is not as popular as we would like. Some people use it as money and are therefore called money. But I think that this is not just money. This is the payment system and the way of investing
    This is a payment system that has got used in different forms based on the requirement. So some prefer it as an currency as it can be converted to.any of the traditional currency. Others gives importance as an investment because of the growth it provides within time intervals.

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    GideonGono
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    June 05, 2017, 10:04:18 AM
     #979

    Cheesy a funny question!! Why not, it's crypto-currency. And we still use it to buy stuff and exchange to real money to use in real life... And it's very popular on the world at this time, too

    Crypto currency is not as popular as we would like. Some people use it as money and are therefore called money. But I think that this is not just money. This is the payment system and the way of investing
    So we can say that it works like money but not considered as money. Most, especially the judge or lawyers, would consider it as a commodity or asset. But in Japan it is considered as money and has been legalized also Australia will follow and will start to use bitcoin as money next month. Though there is not that much to argue about as long as it helps you and can spend it so these things are least of the priority.

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    June 05, 2017, 10:39:32 AM
     #980

    Cheesy a funny question!! Why not, it's crypto-currency. And we still use it to buy stuff and exchange to real money to use in real life... And it's very popular on the world at this time, too

    Crypto currency is not as popular as we would like. Some people use it as money and are therefore called money. But I think that this is not just money. This is the payment system and the way of investing
    So we can say that it works like money but not considered as money. Most, especially the judge or lawyers, would consider it as a commodity or asset. But in Japan it is considered as money and has been legalized also Australia will follow and will start to use bitcoin as money next month. Though there is not that much to argue about as long as it helps you and can spend it so these things are least of the priority.

    Many people call bitcoin virtual money. And they use bitcoin or other alternative coins for purchases only. Therefore, speaking simplistically, we can say that bitcoin is money

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