Are Cryptocurrencies Really Money?

[Wenbing]

Yesterday, while surfing the social media that aggregate trends, Twitter, I ran into what was like a very exciting poll, the best I have seen this year.
The poll was created by International Monetary Fund (IMF) to monitor the two types of virtual currencies which are; the cryptocurrencies and the central bank digital currency.
The poll went thus;
1.   Are central banks digital currency really money? The poll result was Yes (33.8%) and no (66.2%)
2.   Are crypto currencies really money? The poll result was; Yes (79.9%) and no (20.1%)
What is your opinion about these polls?

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[Coyster]

1.   Are central banks digital currency really money? The poll result was Yes (33.8%) and no (66.2%)

AFAIK, no country has 'offially' started using CBDC as of yet (correct me if I'm wrong), so you can't really state categorically how it's going to be used, mind you also that CBDC's will vary based on the country, so how each country decides to use their own might vary as well. But one thing is for sure, it's going to be centralized and controlled by the government, is it money? I think so, more of a digital fiat money.

2.   Are crypto currencies really money? The poll result was; Yes (79.9%) and no (20.1%)

Yes of course, Bitcoin is definitely money cause quite a lot of people give it out in exchange for goods and services, though it can serve some other purposes like investment for instance; but that doesn't take away the fact that it's money, a currency without a third party manipulation, it's a form of money that comes with control and freedom for it's users, it's definitely money, but different from the generally accepted and manipulated fiat currencies.

[Reid]

Do you mind sharing the link?
Did they also input the number of voters?
Because we can't just rely on that.
Most of the crypto users are using social media so this really doesn't answer for the whole population.
It might have a positive impact but not everyone is following the same trend.

[istiak2277]

Yesterday, while surfing the social media that aggregate trends, Twitter, I ran into what was like a very exciting poll, the best I have seen this year.
The poll was created by International Monetary Fund (IMF) to monitor the two types of virtual currencies which are; the cryptocurrencies and the central bank digital currency.
The poll went thus;
1.   Are central banks digital currency really money? The poll result was Yes (33.8%) and no (66.2%)
2.   Are crypto currencies really money? The poll result was; Yes (79.9%) and no (20.1%)
What is your opinion about these polls?

Some countries like chain and Russia already trying to make their CBDC but it's not actually like crypto. Crypto was meant to create a decentralized financial system without any central institution. Voting results show people like crypto better than fiat and I think it's because of the high potential growth of crypto. Use case of crypto as money is not properly visible right now.

[Wexnident]

CBDC isn't really released or used for what it was supposed to be, so that's why the polls were made as such. It's money imo, the government would make it as such, and would also make the public realize it as such. In the end, money can be defined as a medium of exchange that the majority approves (or is approved by a governing body), and seeing as it's under the government, you can expect it to be like that. As for crypto being money, as I said, money is just in the end a medium of exchange agreed upon, so yes, you can technically say that the poll is naturally correct. Most issues arise from the difference of money(fiat) and crypto is mostly on how fiat is centralized while the latter is decentralized.

[Poker Player]

Do you mind sharing the link?
Did they also input the number of voters?
Because we can't just rely on that.
Most of the crypto users are using social media so this really doesn't answer for the whole population.
It might have a positive impact but not everyone is following the same trend.

I agree with this, most surveys are unreliable.

As for the issue at hand, I think they are kind of money. You can buy some goods and services with Bitcoin and other coins but nowadays are more of an asset.

[yhiaali3]

I do not think that these surveys represent the largest segment of society, perhaps the survey was conducted on people who do not know much about cryptocurrencies, perhaps also do not know the difference between cryptocurrencies and digital currencies, this poll is contrary to reality as we clearly notice the spread of Bitcoin in the world increasingly day after day, the global adoption of Bitcoin by large organizations is also increasing.

[witcher_sense]

To be honest, these are quite expected results. Twitter has long become a place for the cryptocurrency community to live and talk in. The vast majority of those who participated in the given poll obviously consist of cryptocurrency enthusiasts who already became familiar with the real notion of what money is. Money is something that is chosen by the participants of a free market. Money cannot be coercively imposed by governments. That simply doesn’t work long-term for the reason that no single party can know what the market needs at any given period of time.

Do you mind sharing the link?
Did they also input the number of voters?
Because we can't just rely on that.
Most of the crypto users are using social media so this really doesn't answer for the whole population.
It might have a positive impact but not everyone is following the same trend.

https://twitter.com/IMFNews/status/1349763276465385478 1st poll
https://twitter.com/IMFNews/status/1350851537749348353 2nd poll

[exstasie]

1. Are central banks digital currency really money? The poll result was Yes (33.8%) and no (66.2%)
2. Are crypto currencies really money? The poll result was; Yes (79.9%) and no (20.1%)

They said "digital currencies," not cryptocurrencies: https://twitter.com/IMFNews/status/1349763276465385478

Big difference. But the fact that people said digital currencies are money, but CBDCs aren't, is quite curious. That does sort of imply faith in cryptocurrencies, and skepticism of fiat money.

[bassbity]

Voting results cannot be said to be accurate and cannot be accounted for as a whole. Though this is made to find out how far your signal is on social media. Even with data that only relies on two questions I can't say it's accurate. if it's related to cryptocurrency ,. then obviously without thinking it can be categorized as money. which are converted into assets and have value in them.

[Leviathan.007]

Cryptocurrencies are not money at lest not like the paper money you know and use everyday. Your money got an stable value and backed by gold, usually. You can pay 0.1usd for a something in cash without transaction fee. While cryptocurrencies you can't do such things. Cryptocurrencies are not money these are assets, just like gold, real estate,... You invest on it in order to earn some profit and just hold them. However, you can trade these assets for other things. But cryptocurrencies are not the real money at lest not right now, Maybe soon, after evolveation of cryptocurrencies.

[Fesatmas]

2.   Are crypto currencies really money? The poll result was; Yes (79.9%) and no (20.1%)

I will say yes. because this is only related to physical and digital form. and in fact the two of them will become one unit. where banknotes and digital money you can use in different circumstances. maybe that's what sets it apart. but its function is still the same, namely as a medium of exchange.

[Wenbing]

1.   Are central banks digital currency really money? The poll result was Yes (33.8%) and no (66.2%)

AFAIK, no country has 'offially' started using CBDC as of yet (correct me if I'm wrong), so you can't really state categorically how it's going to be used, mind you also that CBDC's will vary based on the country, so how each country decides to use their own might vary as well. But one thing is for sure, it's going to be centralized and controlled by the government, is it money? I think so, more of a digital fiat money.

2.   Are crypto currencies really money? The poll result was; Yes (79.9%) and no (20.1%)

Yes of course, Bitcoin is definitely money cause quite a lot of people give it out in exchange for goods and services, though it can serve some other purposes like investment for instance; but that doesn't take away the fact that it's money, a currency without a third party manipulation, it's a form of money that comes with control and freedom for it's users, it's definitely money, but different from the generally accepted and manipulated fiat currencies.

I think the first response is to show how people's reaction to digital currencies and their acceptance of crypto instead. However, the time is not ripe to make a definite claim on its acceptability level.

Do you mind sharing the link?
Did they also input the number of voters?
Because we can't just rely on that.
Most of the crypto users are using social media so this really doesn't answer for the whole population.
It might have a positive impact but not everyone is following the same trend.

Here is one of the link I could find on IMF handle.
https://twitter.com/IMFNews/status/1350851537749348353?s=20

You can also go through the thread created by IMF to see other related polls.


[moderator's note: consecutive posts merged]

[Kakmakr]

If whatever money is generated by the Central Banks and backed by their government... then that money is seen as "real" money. (Popular public opinion)

When everyone else generate currency, it is seen as "Private" money and in most cases not accepted by governments. (making it illegal) ....but some people use tokens to trade in a barter fashion to bypass these restrictions. ( I can trade my private tokens for say dolls and nobody can stop me from doing that)

Governments will take notice when your tokens become popular and their "Fiat" currency are threatened to be replaced... then they will shut you down. (Bitcoin and other Crypto currencies are difficult to shut down, because it is a distributed/decentralized network)   

[iamsheikhadil]

Cryptocurrencies are definitely money, and by money we mean something which we can use to prove our work and hence we can use it to get something of equal value in return from the planet. When miners use their electricity and computer power to mine bitcoins, they are technically wasting away their resources and energy to mine bitcoins, which is why these bitcoins have value because energy isn't free, it's not something that can be printed out of thin air!

[Silberman]

Yesterday, while surfing the social media that aggregate trends, Twitter, I ran into what was like a very exciting poll, the best I have seen this year.
The poll was created by International Monetary Fund (IMF) to monitor the two types of virtual currencies which are; the cryptocurrencies and the central bank digital currency.
The poll went thus;
1.   Are central banks digital currency really money? The poll result was Yes (33.8%) and no (66.2%)
2.   Are crypto currencies really money? The poll result was; Yes (79.9%) and no (20.1%)
What is your opinion about these polls?

Instead of trying to look too much into the pool itself I think this is interesting from the perspective that many people are waking up to the fact that any form of currency created by governments and central banks is defective, and not only it is defective it is defective in such a way that benefits them, it really seems that the idea of an independent form of money that is not regulated and which is decentralized is catching up with people and that is really important as most likely the next big crisis is going to be caused by fiat currencies.

[2double0]

Being unaware of any CBDCs, I cannot comment on it.
But cryptocurrencies are definitely not money, but assets which can be bought with and sold for money. They are confusing people by asking such questions when none of the Governments have declared crypto as money till date.

[arallmuus]

2.   Are crypto currencies really money? The poll result was; Yes (79.9%) and no (20.1%)

Everyone that voted YES for this means they atleast own some cryptocurrencies otherwise they would have voted for NO. Majority of people would still think that cryptocurrency means bitcoin and only bitcoin which is lame

Cryptocurrencies are definitely money, and by money we mean something which we can use to prove our work and hence we can use it to get something of equal value in return from the planet.

What does money means for you? For the mass majority, it would means as a medium for exchange. That means unless you can purchase something with it, its not money for the mass majority. In some country, you can purchase things directly using crypto but in majorities of other countries you cant. Do you get my point?

Its just a matter of perspective

[adzino]

-snip-
1.   Are central banks digital currency really money? The poll result was Yes (33.8%) and no (66.2%)
2.   Are crypto currencies really money? The poll result was; Yes (79.9%) and no (20.1%)
What is your opinion about these polls?

Can you provide us a link to the poll? You sure the poll was created by International Monetary Funds? Or was it created by a "crypto" related page or a crypto enthusiast user? If that is the case, the poll result maybe highly be biased. If that isn't the case, then this is really weirdly impressive that to see regular people are "against" bank. I wonder why many people think digital currencies issued by bank isn't real money. But then again, the poll results might be inaccurate. So we can't get our "hopes" up thinking that people are now realizing what is wrong with currencies issued by central authority.

[posi]

The polls result in shows that people around the world seem not to trust the government and their centralization and since they are unable to manage fiat currency properly nothing guarantees that they will manage the Central Bank Digital Currency. Besides, the institutions shuffling into Bitcoin as their reserve fund have open the mind and eyes of a lot individual that didn't trust Bitcoin before.