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Author Topic: Is Bitcoin money?  (Read 108083 times)
btcpepa04
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November 09, 2017, 02:33:13 PM
 #2161

the bitcoin was the money anonymous have a price hight up every hourse

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November 09, 2017, 09:55:12 PM
 #2162

of course it's which is called digital money.

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November 09, 2017, 10:11:40 PM
 #2163

    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?





    I believe it is. Since it is being used as a medium of exchange and also as payment for trading transactions, and has monetary value, then I would consider it as money  💰. Though digital, Bitcoin has gained a lot of features that is of fiat.

    gundala
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    November 09, 2017, 10:52:41 PM
     #2164

    I agree with you. for now it is not suitable bitcoin to be called currency, because the user is still limited. more suitable to be called a commodity.

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    November 09, 2017, 11:59:36 PM
     #2165

    I think bitcoin is money because i already earn some money using bitcoin. The bitcoin that i earned came from the tokens and coins that i also earned. I just used a trading site so that I can convert the tokens and coins into bitcoin. Im also holding some tokens because im waiting for the price to increase so that I can earn more money.

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    November 10, 2017, 12:51:49 PM
     #2166

    Because of its deflationary nature I think Bitcoin is actually more "money" than any currency on the planet right now.  Gold is the only worthy comparison, but because of the difficulties inherent in using/transporting/ exchanging gold it doesn't even come close
    Yes bitcoin is a digital currency and it work same like other currency because when you want to buy something so you can buy and also you can buy online things I using bitcoin for different things some time I use to buy things and even I pay all my bills through bitcoin and now I can use it any restaurant or hotel I’m really enjoying it.
    Asuspawer09
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    November 10, 2017, 03:11:00 PM
     #2167

      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?






      I agree that bitcoin is a type of money. It turns out to be a somehow currency. It works by a definition of money and hoe could it be use. As we use money, or any normal or on hand currencies we have, these are both use in trading. As it satisfies the definition it could be so it. It just turns out to be in this digital world

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      November 10, 2017, 11:44:33 PM
       #2168

      Yes bitcoin is money but only digital because i can cash my bitcoins out for real money and no one would have noticed that i got the money from bitcoin because it all looks the same in the end bitcoin definitely is money.

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      November 11, 2017, 12:39:30 AM
       #2169

        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 a digital currency and to get it we must enter the digital world also the internet world so bitcoin is a valuable form of currency but formless but real results

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        November 11, 2017, 01:02:11 AM
         #2170

        Yes Bitcoin is real money but just a something online like you put into your bank account, weather its real money or Bitcoin it is still real money. Smiley
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        November 11, 2017, 01:27:48 AM
         #2171

        Bitcoin is a sort of medium of exchange, it can compare to money because we can pay necessary things using bitcoin, such as paying bills, loading etc. But i would say we can compare it to real money if everyone do really accepting it, just my point of view.  Smiley Weather bitcoin is money or not as long as it has value on it, it doesn't matter at all. As long as we can use btc as a medium of exchange and whatever everyone think about it, but the bottomline is if we know its worth and importance.  Smiley

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        November 11, 2017, 09:09:05 AM
         #2172

        Bitcoin is not equal to money for now, but Bitcoin has been recognized by many financial institutions as a means of payment for many people. Therefore, bit is valuable and has its value.

        i think that bitcoin is more better than paper money.For me, Yes I consider bitcoin as a money because we just like what it says we use it as a medium of exchange. Many people nowadays use this bitcoin to buy things online because it makes transactions more easier and faster. Bitcoin is used by many people as a money, an alternative money in real money because as we can see bitcoin value is more high than the real money. But bitcoin is earned because of hard work and by doing your best.and bitcoin is the type of money that can gives you more profit in the way of investment easily as soon as..

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        November 11, 2017, 09:31:26 AM
         #2173

        Yes and whatever they say, it's going to be a money for die-hard bitcoin followers and believers. It's just simple, if you can buy things on what you want with bitcoin for a specific amount then it's basically money. Don't say it's not because that is how money works.

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        November 11, 2017, 06:13:17 PM
         #2174

        Bitcoin is not equal to money for now, but Bitcoin has been recognized by many financial institutions as a means of payment for many people. Therefore, bit is valuable and has its value.

        i think that bitcoin is more better than paper money.For me, Yes I consider bitcoin as a money because we just like what it says we use it as a medium of exchange. Many people nowadays use this bitcoin to buy things online because it makes transactions more easier and faster. Bitcoin is used by many people as a money, an alternative money in real money because as we can see bitcoin value is more high than the real money. But bitcoin is earned because of hard work and by doing your best.and bitcoin is the type of money that can gives you more profit in the way of investment easily as soon as..

        Why do we call Bitcoin is "crypto" currency? First of all, Bitcoin means it is a currency, but it is not a normal currency like USD, EUR or GBP, ... The cryptocurrency is a new definition for the currency system of the world. But if you want to ask me this technology can become the primary currency like FIAT in future or not, I do not know Grin

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        November 11, 2017, 06:18:56 PM
         #2175

        yes i am agree with this statement. yeath bitcoin is money no doubt about it. And also bitcoin is a currency, Bitcoin is a revolution, bitcoin is future, in this time all over the world.

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        November 11, 2017, 06:39:52 PM
         #2176

        Bitcoin is asset for me. Because with bitcoin, can grow the money i have. And for this time, bitcoin i can't use to shop so hasn't become money for me.
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        November 11, 2017, 06:44:56 PM
         #2177

        For me, Bitcoin is not yet money. But I do believe that one day it will become the medium of payment worldwide. I consider Bitcoin as an asset that is a commodity. Speculative asset what we call because its price is not fixed and volatile.

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        November 11, 2017, 06:51:44 PM
         #2178

        BTC
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        November 12, 2017, 02:06:31 AM
         #2179

        It is called as crypto-currency. When using legal money, we can bought what we want in the marketplace in our country but bitcoin is not.

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        November 12, 2017, 04:33:51 AM
         #2180

        Yes it is a digital money and also an asset. Bitcoin is much easier to use if the world has an access to internet. Unlike fiat money, bitcoin has no owner so it mean that no one can lock your funds if they think your activity is suspicious. Bitcoins can make online transactions but some offline only offers fiat but bitcoin can be converted to fiat if needed.

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