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Author Topic: Is Bitcoin money?  (Read 100886 times)
kpcian
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June 05, 2017, 02:23:24 PM
 #981

Why not...?.
Definitely bitcoin is a kind of money,  it is used to meet up the function of money, like payment, saving, investment,  purchasing food, buying clothes and so on.in recent times, many countries have started thinking to give approval as a currency in their territory so it will be used as a money..

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June 05, 2017, 02:40:29 PM
 #982

Yes it is.Think about it you can transfer money,You can earn money,You can save money,And all of this is related in money and also they are crypto currency.Just like 1 bitcoin if you change that it is a money so definitely it is a money

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June 05, 2017, 04:25:13 PM
 #983

well, bitcoins has lots of characteristics similar to money buy it is definitely not money. one of the characteristics that a money has and bitcoin doesn't is that it has a physical appearance. Bitcoin is not money but an online currency. it has some of the functions the same as money like it has value and transferable or remittable.



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June 05, 2017, 06:07:47 PM
 #984

well, bitcoins has lots of characteristics similar to money buy it is definitely not money. one of the characteristics that a money has and bitcoin doesn't is that it has a physical appearance. Bitcoin is not money but an online currency. it has some of the functions the same as money like it has value and transferable or remittable.

Wrong.

First of all, there are Bitcoin physical coins.
Second, nowadays most of money is transferred via online transactions. (Unfortunately) paper cash and physical coins are not so widely used nowadays.

Thus, if you consider popular fiat currencies like € or $, they are mainly send and received online. Just numbers that move from a computer to another one, basically.

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June 05, 2017, 06:44:09 PM
 #985

Actually Bitcoin is not money. It's like a commodity which has value like gold. Gold is not money but it can be traded for money. Same is for bitcoin. Bitcoin can be traded for actual paper currencies..

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June 05, 2017, 07:21:42 PM
 #986

Yes it surely is , you can't call it cash fully it can be a digital cash for a cashless economy.
The reason for this is many countries have started adopting it as a part of their currency like japan , now Australia and then their are rumours even russia is going to do that soon.
If not bitcoin in future altcoins will surely circulate in a economy and eth contracts surely feels future

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June 05, 2017, 07:28:52 PM
 #987

well, bitcoins has lots of characteristics similar to money buy it is definitely not money. one of the characteristics that a money has and bitcoin doesn't is that it has a physical appearance. Bitcoin is not money but an online currency. it has some of the functions the same as money like it has value and transferable or remittable.

Wrong.

First of all, there are Bitcoin physical coins.
Second, nowadays most of money is transferred via online transactions. (Unfortunately) paper cash and physical coins are not so widely used nowadays.

Thus, if you consider popular fiat currencies like € or $, they are mainly send and received online. Just numbers that move from a computer to another one, basically.

I'd like to make a correction

Bitcoin physical coins are certainly not cash since they are more like hardware wallets since if you credit some coins to this wallet address, its balance will increase. Conversely, if you spend coins from this wallet, its balance will go down. And while we are at it, Bitcoin depositary receipts would legitimately count as Bitcoin cash. This is basically what money backed up by precious metals amounted to, e.g. genuine American dollars before the FED were exactly that since they had been fully redeemable for gold

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June 05, 2017, 08:02:48 PM
 #988

well, bitcoins has lots of characteristics similar to money buy it is definitely not money. one of the characteristics that a money has and bitcoin doesn't is that it has a physical appearance. Bitcoin is not money but an online currency. it has some of the functions the same as money like it has value and transferable or remittable.

Wrong.

First of all, there are Bitcoin physical coins.
Second, nowadays most of money is transferred via online transactions. (Unfortunately) paper cash and physical coins are not so widely used nowadays.

Thus, if you consider popular fiat currencies like € or $, they are mainly send and received online. Just numbers that move from a computer to another one, basically.

I'd like to make a correction

Bitcoin physical coins are certainly not cash since they are more like hardware wallets since if you credit some coins to this wallet address, its balance will increase. Conversely, if you spend coins from this wallet, its balance will go down. And while we are at it, Bitcoin depositary receipts would legitimately count as Bitcoin cash. This is basically what money backed up by precious metals amounted to, e.g. genuine American dollars before the FED were exactly that since they had been fully redeemable for gold
Then How can Bitcoin be equated to real money, if for example the dollar is backed by gold? The fact is that gold itself is a valuable metal and carries already jewelry itself, and Bitcoin in this respect is a little behind. How can we compete or equal to the dollar or gold.

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June 05, 2017, 08:05:11 PM
 #989

I believe that the statement: "bitcoin is new kind of money" passes the duck test.

Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.

If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.

I’m too, I believe with your statement.

Other depends money in the Webster’s, Wikipedia and etc. This all correct, although for me bitcoin is money, not actually money but after you exchange to dollar or local currency (it will use to buy such things). How could you explain that this is not money while you are wasting some time to generate bitcoin. Like others, this crypto-currency also used to buy some stuffs, used in business and other ways to earn this.

They don’t believe because of the certificate that will prove of money, it just a paper, they don’t exist in this world and become popular to other if they have no uses/ can used to other transactions.

How about the credit/debit card? It has same aspect, it save digit, and then it generates money if you withdraw the saving amount. And with the help of any kind of wallet you can convert to local currency and generate also of money in bitcoin.

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deisik
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June 05, 2017, 08:13:13 PM
 #990

I'd like to make a correction

Bitcoin physical coins are certainly not cash since they are more like hardware wallets since if you credit some coins to this wallet address, its balance will increase. Conversely, if you spend coins from this wallet, its balance will go down. And while we are at it, Bitcoin depositary receipts would legitimately count as Bitcoin cash. This is basically what money backed up by precious metals amounted to, e.g. genuine American dollars before the FED were exactly that since they had been fully redeemable for gold
Then How can Bitcoin be equated to real money, if for example the dollar is backed by gold? The fact is that gold itself is a valuable metal and carries already jewelry itself, and Bitcoin in this respect is a little behind. How can we compete or equal to the dollar or gold

I don't quite understand what you mean by "real money"

If you mean by that what is called a hard currency, i.e. a currency backed up by some valuable asset (say, gold), then Bitcoin cannot indeed be equaled to this kind of money. But, on the other hand, neither can dollars, euro, or whatever currencies which are in circulation today. If you are going to say that today's currencies are not money (since they are not backed up by any specific asset), then I can't possibly agree with this claim. Money is what money does, certainly not if it is backed up by something or anything at all

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June 05, 2017, 08:18:53 PM
 #991

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
Bitcoin is actually the money and invented to be used as money for internet but as the price of bitcoin is in fluctuations so the investors are also using this currency as the source of their trade earning. That is why it is also investment.


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June 05, 2017, 08:42:51 PM
 #992

Do not ever be embarrassed to ask wheter is bitcoin can make money, it's that sure.

Cryptocurrency is eye money of bitcoin which is almost in use in the world for as a the place money search for the people unemployed or not job,

In this modern era money can generated through the internet one of them is from bitcoin,
currently bitcoin is my side search.  Smiley



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June 05, 2017, 09:18:43 PM
 #993

Why not...?.
Definitely bitcoin is a kind of money,  it is used to meet up the function of money, like payment, saving, investment,  purchasing food, buying clothes and so on.in recent times, many countries have started thinking to give approval as a currency in their territory so it will be used as a money..

Exactly, it is money just like the other fiat currencies but Bitcoin is even more because of its blockchain technology and its decentralized nature so it gives us the freedom to use it as money without any governmental interference.



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June 05, 2017, 09:29:30 PM
 #994

Bitcoin is a virtual currency developed in 2009 by someone under the pseudonym of Satoshi Nakamoto. These currencies are like Rupiah or Dollar, but are only available in the digital world. The concept may sound like eGold, though it is actually much different.
Bitcoin is now used in many countries. But its development is still hampered by regulation issued by the government, bitcoin as it is still scary because now the price movement of bitcoin has high fluctuation.
Bitcoin development is not being hampered by the governments we are doing that to ourselves just look at all the things going on, and the lack of acceptance to any solution that will allow us to scale, something that we need desperately, so governments can slow adoption but not development.

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June 05, 2017, 09:38:41 PM
 #995

Bitcoin is a transfer of value. Its money without borders. Its a tool that can beat the traditional financial establishments with its versatility.

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June 05, 2017, 11:26:54 PM
 #996

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
Crytocurrency is currency and money. You can use them to purchase what you want in the future or on the internet. Therefore, bitcoin is 100% money. RIght now, it needs more people to adopt and governments to accept in order to legally become a payment method


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June 06, 2017, 01:36:15 AM
 #997

Bitcoin can be said of as a medium for trading. It could be called a commodity. However, gold and bitcoin are quite similar. Hence, if you believe that gold is money, then it could be argued that Bitcoin is also money.
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June 06, 2017, 01:58:13 AM
 #998

Bitcoin can be said of as a medium for trading. It could be called a commodity. However, gold and bitcoin are quite similar. Hence, if you believe that gold is money, then it could be argued that Bitcoin is also money.
Exactly its because if bitcoin is not money then people would not waste their time into this kind of trading, maybe people actually experience that they earned more and more. With this they considered bitcoin as money.

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June 06, 2017, 08:18:21 PM
 #999

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
Crytocurrency is currency and money. You can use them to purchase what you want in the future or on the internet. Therefore, bitcoin is 100% money. RIght now, it needs more people to adopt and governments to accept in order to legally become a payment method

Governments do not need to adopt it. Its here, its working, its not going way.

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June 06, 2017, 09:12:22 PM
 #1000

Bitcoin can be said of as a medium for trading. It could be called a commodity. However, gold and bitcoin are quite similar. Hence, if you believe that gold is money, then it could be argued that Bitcoin is also money.
Exactly its because if bitcoin is not money then people would not waste their time into this kind of trading, maybe people actually experience that they earned more and more. With this they considered bitcoin as money.

That's the simplest logic in bitcoin economy. If it is not money or something valuable that can be used for transacting to everyone. Why people are being crazy about this precious crypto currency? BItcoin is money and it is for real, for those that are saying it is not, I don't know what makes them believe that it is not.

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