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salihno71
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October 01, 2017, 07:27:01 PM |
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Definition of commodity is:
1 an economic good.
2 something useful or valued.
On the other hand definition of money is "something generally accepted as a medium of exchange, a measure of value, or a means of payment"
I would say that bitcoin fits better to the definition of the commodity at the moment. You can also for example change one car for another but this does not make car a currency. It's just the value that is being transferred.
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The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
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Genemind
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October 01, 2017, 07:31:41 PM |
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It can be considered money because bitcoin can be converted into fiat money. A lot of people earned a lot of money because of bitcoin. They were able to buy a lot of things. So, I think bitcoin is as good or might be even better than money.
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wahb
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October 01, 2017, 07:53:21 PM |
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I think bitcoin is money. We can buy for bitcoin, sell for bitcoin, change it to other currencies. Only unlike the dollar, we can not keep it in hand, only virtually.
There is no need to think and doubt about that bitcoin is either currency or not. Bitcoin is an online currency and is now becoming more popular. in fact bitcoin is now becoming more popular because people are now becoming more popular. I am sure that very soon even bitcoin will be use in local shops for shopping, therefore i think there is no doubt that bitcoin is a currency. |
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Akash1243
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October 01, 2017, 07:56:25 PM |
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I think bitcoins are money but it is mostly seen as an investment because of it's volatile nature and for it's limited amount which is 21 million.Bitcoins can be used as money in various online sites and some restaurants or convenience stores.
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mozillaspez
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October 02, 2017, 04:27:44 PM |
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Bitcoin is an evolutionary progress in the world currency. As the world evolves with technology, currency evolves too. Soon, bitcoin shall be well known by the majority and will be the top crypto currency that people would use.  For me it depends upon the point of view of different people. Everyone has his own thought about this. People don’t consider bitcoin as a money because this is not a paper money thing. I agree that for now, bitcoin is an asset which will become and will be used as money everywhere soon. |
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hahay
Legendary
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Activity: 3458
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Leading Crypto Sports Betting & Casino Platform
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October 02, 2017, 04:36:56 PM |
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Yes for me bitcoin is money, therefore I am not easy to spend or use bitcoin for useless things except for the benefit of playing gambling. I can say bitcoin is money because bitcoin has a high value and if it is sold or converted to fiat money it will get very good value for money.
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barbara44
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October 03, 2017, 07:04:17 AM |
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Ofcourse Bitcoin is money the different of bitcoin in cash is that bitcoin is digital while cash is paper. They are both important to all of us. Bitcoin can stored in wallet and it will become double to triple after how many months or years while paper money can stored to but it will not become double or triple even how many years unless you will invest it or save it in bank, atleast there is interest.
Yes I agree with you that bitcoin is money because it qualifies the definition of money in oxford learners dictionary. You can do you online payment by it or you can buy all goods from it in the international market. So bitcoin fulfill your needs and helping you in online payments etc it is also a transactional tool by which you can convert your bitcoin into any other currency in the world. |
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Ngewex Yuk
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October 03, 2017, 08:11:23 AM |
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Bitcoin is money and can be said to be better than money, this is because when compared with regular money bitcoin anti inflation because it is decentralized so everything depends from the market.
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TIME
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Cranidos
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October 03, 2017, 09:08:15 AM |
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If we use dictionaries' definitions of money then we can consider bitcoin as one. It is something that can be converted to a physical currency. So technically, it can be considered as a money in other form. We can use it to purchase and trade which I believe are considered as definition of money. I think every definition of money is present in btc, the only thing that lacks bitcoin is the physicality. It isn't tangible but have value that is even higher than the value of a currency.
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ubeng07
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October 03, 2017, 09:11:54 AM |
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Ofcourse Bitcoin is money the different of bitcoin in cash is that bitcoin is digital while cash is paper. They are both important to all of us. Bitcoin can stored in wallet and it will become double to triple after how many months or years while paper money can stored to but it will not become double or triple even how many years unless you will invest it or save it in bank, atleast there is interest.
Yes I agree with you that bitcoin is money because it qualifies the definition of money in oxford learners dictionary. You can do you online payment by it or you can buy all goods from it in the international market. So bitcoin fulfill your needs and helping you in online payments etc it is also a transactional tool by which you can convert your bitcoin into any other currency in the world. as we can buy our need some is online we can say bitcoin is money and yet we can convert it in cash as as bitcoin can provide that and it can be more than money there is a lot of advantages of it it is more greater because there is a lot ability of it that cash cant. |
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Ducksun
Member
Offline
Activity: 60
Merit: 10
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October 03, 2017, 09:15:17 AM |
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Bitcoin as a currency, is accepted and identified as such even by various countries in the world, you can consider it money IMO to a very big level, if you deny it as actual money then the very meaning of money would need to be addressed, as this currency/coin is exchangeable and can be used to purchase things and other currencies, Even thought investors treat it as a commodity, it still fits as a currency.
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valisa
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October 03, 2017, 09:17:18 AM |
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bitcoin not money because if the money circulation is set by the central bank is bitcoin circulation is not regulated by anyone. usually bitcoin used for investment and can dugunakan to save property for the rich. it's in my opinion
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RecklessRocket
Newbie
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Activity: 38
Merit: 0
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October 03, 2017, 09:18:00 AM |
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Yes, BitCoin is a money and you can use Bitcoin to buy and sell goods and services.
I know there are many central banks of different countries who do not recognize Bitcoin as a currency but still people use it, trade it and love it.
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prettyij
Newbie
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Activity: 28
Merit: 0
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October 03, 2017, 09:47:16 AM |
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Yes bitcoin is money.Hence it can purchase the need of one!Overstock became the first major retailer to accept bitcoin when it made the announcement back in January 2014. The firm offers everything from furniture to jewellery to electronics. Prices are in dollars but there is an option to pay in BTC on the checkout page. Initially a US-only offering, the firm opened up bitcoin purchases to over 100 countries in September.
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n0ne
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October 03, 2017, 09:53:46 AM |
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Ofcourse Bitcoin is money the different of bitcoin in cash is that bitcoin is digital while cash is paper. They are both important to all of us. Bitcoin can stored in wallet and it will become double to triple after how many months or years while paper money can stored to but it will not become double or triple even how many years unless you will invest it or save it in bank, atleast there is interest.
Yes I agree with you that bitcoin is money because it qualifies the definition of money in oxford learners dictionary. You can do you online payment by it or you can buy all goods from it in the international market. So bitcoin fulfill your needs and helping you in online payments etc it is also a transactional tool by which you can convert your bitcoin into any other currency in the world. as we can buy our need some is online we can say bitcoin is money and yet we can convert it in cash as as bitcoin can provide that and it can be more than money there is a lot of advantages of it it is more greater because there is a lot ability of it that cash cant. Right now we've got lots of services and products in exchange for bitcoin. In specific we haven't got lots of accessibility similar to the services got in exchange for conventional services. Based on each users interest bitcoin gets new features, in specific bitcoin is given preference as investment than money. |
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Kakawate
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October 03, 2017, 10:00:29 AM |
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Is bitcoin money?. Can we use bitcoin to buy things? Yes, in some countries and in some businesses accepting bitcoin. So the answer is yes, bitcoin is money, and most of us here in this forum believes that bitcoin is the future money. I don't think it would take too long before we can use Bitcoin as payment in stores and markets.
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senne
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October 03, 2017, 10:31:37 AM |
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Digital/Virtual Currency is a type different from physical money, it cannot be touched but posses the same functions as the fiat currency. The need digital currency arises for having cashless and fast translations over the globe. Similarity Bitcoin is a type of Digital currency which exhibits all the properties of physical money which has peer-to-peer transactions take place between users directly without an intermediary. So, Bitcoin can be considered as Virtual Money/Currency.
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cybersofts
Copper Member
Sr. Member
Offline
Activity: 658
Merit: 284
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October 03, 2017, 11:24:04 AM |
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Yes, Bitcoin is digital currency that you can use to buy and sell a product both online and offline.
Bitcoin transactions are very fast, very secure, very cheap transaction fees and fully decentralized.
With bitcoin you can send and receive money all over the world, no customs, no borders, no regulations whatsoever.
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Karimeen
Newbie
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Activity: 56
Merit: 0
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October 03, 2017, 11:35:49 AM |
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Bitcoin is an asset valuable than Gold .It is highly transferable and its market value is flaring up day by day and can be used for the day to day shopping. the blockchain technology which maintains its electronic ledger for the transparency.It is electronically transferable with out a controlling authority.In the olden days
history reveals that the first transferable mediums of money were feather,rocks, sea shell and metallic coins and finally now bitcoins in the digital era.
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Almat
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October 03, 2017, 12:51:23 PM |
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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. A few points on why it may be considered money: 1. It's not a common medium of exchange yet, but it has strong potential to be. 2. I could just as easily say all my money is in Bitcoins and it'll fit the definition like a glove. 3. Bitcoin is decentralized so no government can ever issue it. This is out. 4. Bitcoins are digital coins so I guess it can loosely fit this definition? 5. It's technically written in code and blockchains, and can be lawfully used in buying and selling, so this definition is viable as well 6. Bitcoin is wealth. Word definitions can change with time and I do believe the word 'money' will accommodate cryptocurrencies in the future. |
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