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Author Topic: Is Bitcoin money?  (Read 106035 times)
Ashong Salonga
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April 19, 2017, 02:10:23 AM
 #581

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

Yes. We consider bitcoin as a money because we used bitcoin as a medium of exchange. Just like the real money we use bitcoin to buy things, invest in business and go somewhere what we want. Bitcoin is considered as a money yet it is not real but a digital money that can use as a alternative money and many people nowadays are using it to have medium exchange in different aspect like buying, selling and investing.

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April 19, 2017, 03:03:57 AM
 #582

It is important how we define the concepts.
Money is a change tool. We buy goods and services for money.
Bitcoin is also a change tool. We can buy goods and services with Bitcoin.

Bitcoin = Money
If that is you definition then I guess that is right bitcoin is money but an internet money, it is different from the money that we use
which is fiat. Bitcoin is a tool for online transaction and because of this tool we have a faster transaction which makes it very valuable

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April 19, 2017, 03:22:08 AM
 #583

Yes, there's no doubt that bitcoin is a real money itself. And we aren't going to be here if bitcoin doesn't have a real value of money or it doesn't have to be considered as money. But because it is a real money we are in it and treating it also as an investment while we are using it for trading and buying other stuffs online.
I guess since its creation too, bitcoin has been used as a medium of exchange in darkweb. although it darkweb, but still inside their trade, and they use bitcoin as its currency. so, I guess, without knowing it, we all have to use bitcoin as money on the internet.

In darkweb / deep web bitcoin is their main currency there. But the good thing about bitcoin is that we can use it not just for purchasing stuffs or simply using it as money. Because it can be our very own investment, while using it as money. It's up to you whether you want to store it or keep on using it because it really has a lot of feature.

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Bionicgalaxy
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April 19, 2017, 06:22:36 AM
 #584

Yes i definitely agree that bitcoin is money because we use bitcoin to buy the stuff that we need and we wanted mostly, and sometimes some people use bitcoin to pay their bills on their house. But i ussually used bitcoin to purchase in my game. Bitcoin is a real money because we use it to purchase something if we can't use it to purchase then it is not a money.

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Ayiranorea
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April 19, 2017, 06:42:19 AM
 #585

It is important how we define the concepts.
Money is a change tool. We buy goods and services for money.
Bitcoin is also a change tool. We can buy goods and services with Bitcoin.

Bitcoin = Money
If that is you definition then I guess that is right bitcoin is money but an internet money, it is different from the money that we use
which is fiat. Bitcoin is a tool for online transaction and because of this tool we have a faster transaction which makes it very valuable
Yeah during the days of its existence it served as an tool for online transaction with much decreased transaction fee. This has grown in a short holding various functions from a technology to a best investment. Even looking it's growth and backing power countries too have regulated bitcoin acceptance. So we can strongly describe it as money.

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April 19, 2017, 06:48:03 AM
 #586

Bitcoins has value on exchange and many online merchants out in the internet and physical world now.Bitcoins is being accepted as payment processor in many different shops now,therefore we can consider bitcoins as a real money
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April 19, 2017, 11:58:39 AM
 #587

As long as people give value to bitcoin it is money

This is a sweeping generalization (and as meaningless at that)

People give value to many things, but somehow apples and oranges don't become money even if people value these fruits high. Obviously, there are quite a few prerequisites which should be present to make something into money. Bitcoin has them but it lacks usage as a currency. This is the ultimate factor which decides whether something is money or not. So far people mostly value Bitcoin for its capacity to bring in profits from speculations, i.e. not from its usefulness (utility) in the exchange of goods (that's what money is basically used for)

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April 19, 2017, 05:06:56 PM
 #588

Generally, money is anything that is used in the exchange of goods and services. And if Bitcoin can be used in this regard, then it is MONEY. It doesn't really matter whether all countries of the world accepts it or not.

After all, the pounds sterling is higher than the dollar in value but it doesn't have the same international recognition as the dollar. But both are still Money. So, Bitcoin is money too.

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April 20, 2017, 03:31:57 AM
 #589

Yes i consider bitcoin as a real money even bitcoin is not accepted by the government, it is still can be used to pay all your expenses at your home. Bitcoin has been a good advantage to me when i started to use bitcoin because i have bought many things with bitcoin.

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Mumbeeptind1963
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April 20, 2017, 04:17:52 PM
 #590

    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?





    yes because it has a value as well, and other coins are converting on it. it has also the highest among other currency i think it is also  a money as long as we may spend it in our everyday needs.

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    raven7886
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    April 20, 2017, 08:09:41 PM
     #591

    Yes i consider bitcoin as a real money even bitcoin is not accepted by the government, it is still can be used to pay all your expenses at your home. Bitcoin has been a good advantage to me when i started to use bitcoin because i have bought many things with bitcoin.
    According to the definition money in books it is a medium of exchange for services and goods. In the light of this definition we come to know that yes Bitcoin is money. There are several forms of money such as paper money or metallic coins money. The bitcoin could be said as the new form of money through which we buy and purchase goods and services. Now if some people don’t agree with it, they surely don’t know what really money is.














     

     

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    April 20, 2017, 08:30:51 PM
     #592

    What else that money bitcoin is,it is money,whan you buy sell trade than it is money.Even gold is money whan you have gold you have money


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    April 20, 2017, 09:50:00 PM
     #593

    What else that money bitcoin is,it is money,whan you buy sell trade than it is money.Even gold is money whan you have gold you have money

    Because it is a digital currency, and a popular one, not just because you buy sell and trade them you can consider it as a money. Do you know that Rice are used to buy sell and trade? So you cannconsider them as a money? Money is fiat, it is a physical type of the currency that ae use. They are the papers and coins that use to pay for our items.Bitcin do not have a physical coin, it is digital, and money are centralized, which is the opposite of bitcoin being decentralized.



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    Ziskinberg
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    April 21, 2017, 03:10:37 AM
     #594

    What else that money bitcoin is,it is money,whan you buy sell trade than it is money.Even gold is money whan you have gold you have money
    Bitcoin is money too but it's in different form and not the usual thing for majority of people, bitcoin has a value and if we can accumulate thousands of bitcoin we can be wealthy. For me, I will only consider my self wealthy if I will can convert that thousands of bitcoin into fiat, there is no security with as some scenario like serious bad news could make the market collapse, while if we are holding fiat we can be assure that it is stable and will not collapse or fall easily.

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    April 21, 2017, 03:15:53 AM
     #595

    Yes! Bitcoin is an online currency with a monetary value on it. You can buy goods with any form of currency, be it digital or physical cash. A lot of merchants accept Bitcoin as a mode of payment. Take Japan and Microsoft as examples. Bitcoin will be the future of how we deal with currency.

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    Cherylstar86
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    April 21, 2017, 03:21:57 AM
     #596

    That's a very obvious question to have here in this thread,  and if we will be going to observe the best thing about bitcoin, we can consider it exactly it's a money. It is a source of our financial support which can be use for our family needs and even for our pleasures like strolling and everything that makes our family happy. That money from bitcoin is very much profitable at all times and you can use it for investing another profitable business, which we think can gain better returns for the future.

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    April 21, 2017, 03:42:40 AM
     #597

    Yes! Bitcoin is an online currency with a monetary value on it. You can buy goods with any form of currency, be it digital or physical cash. A lot of merchants accept Bitcoin as a mode of payment. Take Japan and Microsoft as examples. Bitcoin will be the future of how we deal with currency.
    I wish I had a lot of bitcoin, it started with a small value and now it had grown a thousand times already, I wish I have a time machine though.
    Bitcoin is a real money, otherwise why would people are hoping to have more bitcoin.

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    KennyR
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    April 21, 2017, 04:17:02 AM
     #598

    Yes! Bitcoin is an online currency with a monetary value on it. You can buy goods with any form of currency, be it digital or physical cash. A lot of merchants accept Bitcoin as a mode of payment. Take Japan and Microsoft as examples. Bitcoin will be the future of how we deal with currency.
    I wish I had a lot of bitcoin, it started with a small value and now it had grown a thousand times already, I wish I have a time machine though.
    Bitcoin is a real money, otherwise why would people are hoping to have more bitcoin.
    People wish to make a lot of bitcoin through different availability. The reason for the same is due to the value it has got, if not none would make use of it. Now bitcoin has been considered as a regulated currency by few countries, so it is sure bitcoin is a money.

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    April 21, 2017, 04:31:30 AM
     #599

    yes bitcoin is an fastest and secure money untill dont anybody get you account access in this case your account will be steal.
    poetra2501
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    April 21, 2017, 05:09:27 AM
     #600

    Yes! Bitcoin is an online currency with a monetary value on it. You can buy goods with any form of currency, be it digital or physical cash. A lot of merchants accept Bitcoin as a mode of payment. Take Japan and Microsoft as examples. Bitcoin will be the future of how we deal with currency.
    I wish I had a lot of bitcoin, it started with a small value and now it had grown a thousand times already, I wish I have a time machine though.
    Bitcoin is a real money, otherwise why would people are hoping to have more bitcoin.
    People wish to make a lot of bitcoin through different availability. The reason for the same is due to the value it has got, if not none would make use of it. Now bitcoin has been considered as a regulated currency by few countries, so it is sure bitcoin is a money.
    It was so much fun if the next time all countries accept Bitcoin as official
    currency in the future. But I think it's take a long time the country accept Bitcoin.
    They are still afraid of Bitcoin will beat the real money.

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