Is bitcoin money?

[Schnizeer]

Wanted to buy a fifth of jim beam at the local store.  Couldn't use bitcoin, federal reserve notes ok.  So what is all the buzz about?  Bits are bits, coins are coins, invest in nickels.

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[BTCBUDDY1]

Thats the whole point, that it isnt fiat... research more, and stop spreading ignorance

[Schnizeer]

Are you saying nickels are fiat?  Maybe you should research more.

[BTCBUDDY1]

I could be wrong, however why come here and hate on bitcoin... its a bitcoin forum

[BitPirate]

Is bitcoin money?

Yes

[Schnizeer]

My intent is not to hate on bitcoin, my intent is to find out if there is anything to it.  Every question i ask is responded to by vague responses.  I am interested, i just feel like its an insider thing and new people are snubbed.  So my question is:

Why is bitcoin money?

[Schnizeer]

To aa:

That is the paradox of fractional reserve banking.  I know it well.  Read the creature from jeckle island.

[BitPirate]

 So my question is:

Why is bitcoin money?

Because you can pay for some things with it.

[Woodcock36]

I have explained BTC to my girlfriend at least 20 times, she still thinks that I am just playing games and/or gambling on the internet. In a 5'3 blonde, this kind of ignorance is cute, because I get to hit that....in anyone else it is just annoying.

[astutiumRob]

Why is bitcoin money?

Because people are able to assign a value to it, same as any other ccy

[Schnizeer]

Now we are getting somewhere.  You can buy things with bitcoin.  Where?

[Woodcock36]

In a 5'3 blonde, this kind of ignorance is cute, because I get to hit that....in anyone else it is just annoying.

Haha oh wow. Although there's really no excuse for anyone to not understand that anything we give a value to in order to trade with as a currency is money, regardless of it being paper, metal, stones, feathers, or imaginary numbers in a bank.

To be fair, and I love this girl, so please understand that I am not trying to make her seem dumb, but some people just don't understand the value of things that they cannot physically obtain. All I was saying is that I can forgive her ignorance because of who she is, the entire "I get to hit that" thing was for comedy sake. People don't seem to understand intrinsic value.

[smith88]

I personally like to think of bitcoins or any alt digital currency as a commodity; in digital form (such as gold, silver, copper, are to the "physical realm").  In my experience this phrase seems to click more with folks that other explanations I have attempted.  I personally believe this is how it should be marketed and labelled... so as to not confuse with actual currency which is highly regulated and centralized.  It's all about decentralization; even in definition in my .02.

[Schnizeer]

I do understand intrinsic value, that's why i question bitcoin, girlfriends aside.

[BitPirate]

Now we are getting somewhere.  You can buy things with bitcoin.  Where?

The Internet.

[Schnizeer]

So you buy something.  If you don't receive it or you don't get the correct product, what is you're recourse?

[TroyOunce]

American law is supposedly based on English Common Law.  Sir William Blackstone's,
Commentaries on the Laws of England states:

"With regard to the materials, Sir Edward Coke lays it down, that the money of England must either be of gold or silver; and none other was ever issued by the royal authority till 1762, when copper farthings and half­pence were coined by King Charles the Second... But this copper coin is not upon the same footing with the other in many respects..."

So the case could be made that Bitcoins aren't money.

HOWEVER -- if we round the current Bitcoin price to $50-- if you had purchased Bitcoins
when they were one penny per Bitcoin, a $200 Federal Reserve Note investment would
be worth $1,000,000 so-called "dollars" today.  And you would be a Bitcoin Millionaire
like Max Keiser.

SO WHAT EVER YOU CALL THEM, BITCOINS HAVE VALUE!

But I never bought Bitcoins when they were a penny. And some days that makes me feel
like a simpleton.  

I also never bought Bitcoins when they were $5.  So I missed out on a 10-Bagger!
And that's what happens when you're undecided.  

Tip-o-the-Hat to the Bitcoin Millionaire Club!!!!

[Schnizeer]

Just looked at newegg and i agree that they are a great company.  Ive bought things from them myself.  They dont take bitcoin.

[Schnizeer]

To troyounce:

I missed out on the tulip bubble, don't beat yourself up.

[Schnizeer]

Newegg does accept paypal.  So i guess thats money, because i can buy things.  Where can i get some CTM's?