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goaldigger
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May 21, 2019, 11:31:45 AM |
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Bitcoin is not money.
It is more an artwork with 21,000,000 limited editions. And each limited edition contains 100,000,000 limited pieces. (satoshis)
I guess weve got some good taste in arts though because we bought many yet we are earning from it not the artist. The longer i am in cryptocurrency, the wierder the people who gets their own definition of Bitcoin. Its funny how can i buy coffee with artwork or getting payed by artwork with the rendered service. |
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"Bitcoin: mining our own business since 2009" -- Pieter Wuille
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soulripper
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May 21, 2019, 11:45:43 AM |
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What is important to me bitcoin has it own value. Money or not it still has value and can be use to buy anything that has price on it.. Bitcoin is not fiat but it has value..what do we call that?
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Adriano2010
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May 21, 2019, 11:58:29 AM |
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Let say bitcoin is not fiat money, but bitcoin has a lot of value and is like gold but when we want to buy or to sell bitcoin we use fiat money because on most shops is not accepted bitcoin.
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MonsterV
Legendary
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Activity: 2212
Merit: 1008
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May 21, 2019, 01:29:09 PM |
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Bitcoin is not money.
It is more an artwork with 21,000,000 limited editions. And each limited edition contains 100,000,000 limited pieces. (satoshis)
Artwork cannot be used as a payment method. I think your argument is wrong, bitcoin is a digital currency like other digital currencies. Bitcoin like fiat money is able to transact like ordinary money and he is not a work of art that is only a display. Artwork is something that can be enjoyed in terms of its beauty but not with bitcoin, bitcoin chooses usability. |
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Carollzinha
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May 21, 2019, 03:08:07 PM |
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I don't usually involve myself about what not , if bitcoin is money or not because it means different thing to different people but it definitely play the role of money.
At the moment even banks are investing in blockchain technology and mixing your credit cards "money" with bitcoin (and many other cryptos) for me yes, that is taken as money.. even banks accepted it why would you guys not? lol |
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Cacingkemi
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May 21, 2019, 03:16:01 PM |
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What is the definition of money, you must first learn what money is and for what money is there. BTC can be spent like money and its very clear what is BTC and the common money in general but some people have their own views and BTC is interpreted as a wealth asset, BTC and Money is a means of payment tool You should know that.
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MakeMoneyBtc
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May 21, 2019, 03:29:00 PM |
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Artwork is a completely different thing from bitcoin or money so let's not compare this as they would be one and the same thing. You can do a lot of operations with bitcoin, most of them you can also do with money so in some way you can say they are similar while artwork cannot be included in this discussion.
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Iceblast
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May 21, 2019, 03:54:15 PM |
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I think if bitcoin is not money but bitcoin has the nature of money that can be used for useful things like shopping. Bitcoin is now increasingly trusted for the payment system so I think bitcoin can be like money in the future.
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Nanagyasi
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Activity: 336
Merit: 10
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May 21, 2019, 07:52:07 PM |
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What do we use money for?  ? To buy and pay for services, right?? Can't I use btc to do same??? If yes, then what is your point. Well, it is to each and everyone what you want it to be. |
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Ridwan Fauzi
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May 21, 2019, 08:10:54 PM
Last edit: May 21, 2019, 08:29:33 PM by Ridwan Fauzi |
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In my country I can buy a fish with rice, should I consider that the rice is money? I think not but rice is something that I can use to buy something like a fish. As well with bitcoin, I can buy everything as long as the merchant accept it because bitcoin has a value. So, I don't care with everyone view about bitcoin, they may say bitcoin is not money or bitcoin just an investment place but for me bitcoin can be use for the both function. And it was amazing for me to know and I can use it in my daily life.
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Firecold4
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May 21, 2019, 08:26:48 PM |
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bitcoin is indeed not money because bitcoin is a limited stock just like gold so if bitcoin is called money it is not right, what is more appropriate is bitcoin is a form of long-term investment in the online world
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Anders-CM
Newbie
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May 21, 2019, 08:36:18 PM |
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The question is what constitutes money? A dollar bill is nothing but a piece of fabric backed by the "full faith and credit of the United States Government". Unlike US dollars Bitcoin is not running on a fractional reserve. You know what you get, and it has an intrinsic value given to it by its users.
Best comparison I can give is gold. It has no real value, but it's a scarcity with real life application, so we grant it a specific value. In my opinion, Bitcoin is superior to gold, given it's so easy to move, divide and trade. So perhaps we should call Bitcoins digital gold.
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Ojengonggu
Full Member
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Activity: 756
Merit: 105
Trphy.io
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May 21, 2019, 09:40:18 PM |
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The question is what constitutes money? A dollar bill is nothing but a piece of fabric backed by the "full faith and credit of the United States Government". Unlike US dollars Bitcoin is not running on a fractional reserve. You know what you get, and it has an intrinsic value given to it by its users.
Best comparison I can give is gold. It has no real value, but it's a scarcity with real life application, so we grant it a specific value. In my opinion, Bitcoin is superior to gold, given it's so easy to move, divide and trade. So perhaps we should call Bitcoins digital gold.
ha ha ha ... you mean bitcoin can't be money as fiat and tends to be more like a valuable asset whose price can change and can't be controlled by the government as gold. I think I agree with you because bitcoin is different from the amount and prices can be controlled while bitcoin is not like that |
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oseikuf44
Member
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Activity: 490
Merit: 10
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May 21, 2019, 09:53:35 PM |
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Gold is just a metal but it is money, in the same sense, Bitcoin is just numbers but is money. Bitcoins can be acquired with exchanging fiat currency for it hence it makes it the same equivalent of money used to purchased it.
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Ronaldcoin2017
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May 21, 2019, 10:21:01 PM |
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Bitcoin is a digital crypto currency thatvis popularly used as an investment or a form of payment on so many countries, i think bitcoin is also considered as money because it is convertable on fiat and it has really a great and amazing price. I think we can also call bitcoin a money because it is really becoming popular in terms of payment.
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Anders-CM
Newbie
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Activity: 3
Merit: 0
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May 22, 2019, 02:18:17 PM |
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The question is what constitutes money? A dollar bill is nothing but a piece of fabric backed by the "full faith and credit of the United States Government". Unlike US dollars Bitcoin is not running on a fractional reserve. You know what you get, and it has an intrinsic value given to it by its users.
Best comparison I can give is gold. It has no real value, but it's a scarcity with real life application, so we grant it a specific value. In my opinion, Bitcoin is superior to gold, given it's so easy to move, divide and trade. So perhaps we should call Bitcoins digital gold.
ha ha ha ... you mean bitcoin can't be money as fiat and tends to be more like a valuable asset whose price can change and can't be controlled by the government as gold. I think I agree with you because bitcoin is different from the amount and prices can be controlled while bitcoin is not like that Well, it's a paradox that we call dollars money. It's only considered "money" because it's backed by the United States Government (and the same goes with other currencies). Bitcoin is not backed by any institution, nor is it really a commodity the way gold is. Bitcoins hinge on real life applications, and its role as a mother coin. I see a bright future for bitcoins, given ETF's are approved (which they certainly will be down the road) and people start using it at a greater scale. |
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budiarmed
Copper Member
Jr. Member
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Activity: 381
Merit: 1
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May 22, 2019, 03:55:15 PM |
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Depending on the person who interpreted it, those who believe in bitcoin would think bitcoin could be money for payment, and some think bitcoin is not money because it doesn't have a physical form like fiat.
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Lily_Olive
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Merit: 0
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May 22, 2019, 05:21:09 PM |
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Bitcoin is a money rather it is a digital assets in form of currency. It is the most powerful assets on the planet right now. There are several ways to convert the bitcoin in real cash and then move it on any bank for further use.
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EdenHazard
Legendary
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Activity: 2674
Merit: 1048
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May 22, 2019, 05:36:54 PM |
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You can buy some stuff using bitcoin if there is merchant who accept it, what does this mean? I thought bitcoin was money when the first time it was created. If you read the whitepaper of bitcoin made by satoshi then you will find some points stated that bitcoin is money. So, what is your problem here? If you have some statements which make you doubt againts bitcoin is money or not then you have to explain in detail, don't just made a statement but you don't explain it.
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BeManga
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May 22, 2019, 05:49:58 PM |
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Bitcoin is not money.
It is more an artwork with 21,000,000 limited editions. And each limited edition contains 100,000,000 limited pieces. (satoshis)
How can you say bitcoin is not a money if you can bitcoin use it buy and pay something online bitcoin is not a artwork but a currency there are also some physical shop that starting to accept bitcoin |
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