Are Cryptocurrencies Really Money?

[tyz]

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?

Money is what you see yourself as money. Money is a general medium of exchange that was once introduced as an intermediary in order to be able to trade all goods with one another. Before, if I had cases for sale and I needed wood, then I had to look for someone who sold wood and needed or accepted cases. So you always had to have a one-on-one match, which generally inhibited the movement of goods. Money has removed this barrier. So money is everything that is generally accepted as a trade substitute. This can be paper money, gold, shells, stones or cryptocurrencies.

[n0ne]

Central banks digital currencies are money. No doubt on it, because a digital currency is just the digital representation of the traditional fiat. Cryptocurrency is something different and is all about the blockchain technology. This technology evolution and adoption into banking sector have changed a lot, but the real blockchain technology survives.

[AndySt]

Central banks digital currencies are money. No doubt on it, because a digital currency is just the digital representation of the traditional fiat. Cryptocurrency is something different and is all about the blockchain technology. This technology evolution and adoption into banking sector have changed a lot, but the real blockchain technology survives.

We can only talk about some potential signs of real money in cryptocurrencies, because so far no state has a circulation of cryptocurrencies as the main monetary unit, and without this, it is a waste of time to talk about the fact that cryptocurrencies are real money. But as for this, strong progress is problematic, because the entire system of government and management is built for fiat money.

[youdacapt]

Money is defined as anything offered for work done or service rendered or a form of payment. So as regards crypto currency; as long as you have offered or sent crypto currency to a third party; then it can be compared as money. Crypto currency most likely bitcoin, litecoin, etherum etc are used as a medium of payment on various platforms, so yes cryoto currency is a form of money

[witcher_sense]

In my view, cryptocurrency is of course money but it has to maintain carefully and a lot of experience needs to trade here successfully. If one has enough time to spend here to understand the market well then he/she has more possibilities to go far in crypto. So if there is patience, experiment, time, the strategy then chances of loss are really low.

Well, you don't necessarily have to spend a lot of time trying to grasp how the cryptocurrency market and traditional market work in order to use cryptocurrency as money. What you need to do is, by employing any possible means, acquire some amount in any desirable cryptocurrency and buy something useful from the merchants accepting it, the number of which is gradually growing. The means of acquiring cryptocurrency are no different from these of acquiring traditional money. You can earn some crypto by offering your skills, services, selling the goods you previously bought, the things you created by utilizing your skills, and spending your time. Many people consider cryptocurrency money, and that is the main reason why they keep spending their time in exchange for something valuable. Given that bitcoin and other cryptocurrencies have all the characteristics inherent to money, and many people are readily accepting them in exchange for services or goods, that fact clearly tells us that cryptocurrencies are definitely money.

[orions.belt19]

Crypto has been utilized as a medium of exchange for goods and services for quite some time now, so yes, it may be considered as "money" although many ought Bitcoin as more of a security now. Meaning people look at it as an investment, rather than something to use to buy goods/services. Most investors buy bitcoin to keep it for long term with the hopes that its future price will yield to high returns. Considering the transaction time and fees, utilizing crypto may be troublesome for now but surely other developers can overcome this. Paypal has already allowed Bitcoin and crypto spending so maybe this could be why people were more inclined to vote yes.

[mezzaluna]

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?

Yes, Cryptocurrencies can be labeled as money because they can be transferred into banks with a conversion process. This conversion is somehow legal because they are connected to legitimate applications and goes through a process of being properly converted into something usable within the physical world. Bitcoin along with other Cryptocurrencies have different uses because some of them have some platform in which we can use their currencies and the only difference is the platform we are using so yeah, it is still money.

[Yatsan]

Cryptocurrencies can be considered as a real money for the fact that you can be able to convert what ever you have in crypto and make it into fiat depending on the currency you do have in your country be transferred into any bank account where you wish to gain your crypto converted into fiat coming from exchange. Now with regards to the poll, well it cannot be that reliable for me having poll made up into a social media platform like Twitter but it somehow represent a small portion of population depending on the number of participants that have been engaged in the poll and share their thoughts regarding the topic where the poll is intended with.

[0t3p0t]

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.

I AGREE. As long as you can use it to pay or buy goods and services you can call it money. Either you call it god's money like the precious stones and metals, the revolutionary one which is the cryptocurrency and the centralized fiat or CBDC.

[laredo7mm]

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.

I AGREE. As long as you can use it to pay or buy goods and services you can call it money. Either you call it god's money like the precious stones and metals, the revolutionary one which is the cryptocurrency and the centralized fiat or CBDC.

Actually, you need to understand what money actually is. Money is something that is exchangeable, countable and that can store value. Bitcoin meets all of these requirements so it is money. Right now we can not pay for goods with bitcoin because our society is not fully aware of its and many people didn't even hear what crypto is. First, we need to do social awareness about crypto.

[cocoladygaga]

I am quite happy that more and more people believe that the tryptocurrencies were saw as money, and it is beneficial to bitcoin and others to develop

[KEN F]

The essence of cryptocurrency is a string of codes, but when the cryptocurrency is sold, it can be converted into currency that can be used to purchase goods. As long as the cryptocurrency maintains a certain degree of liquidity, the cryptocurrency can always be converted into currency, which means that the cryptocurrency has purchasing power under the premise of maintaining circulation.

[ultrloa]

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?

I'm not surprised about the poll since crypto currency is a threat on banking system that's why I'm expecting that result if that came from them or the other people who doesn't know about it. But if you just really go here and search how useful it is you can really define that this is a money. You can cash it out everywhere as well you can use it on transactions if you want to buy online in selected merchants.

[assa1979]

As for my answers to those polls - Yes and Yes.
Anything that is considered as something valuable among a lot of people and has no other meaning other than trading can be considered as money in my personal opinion.
As for polls itself - I guess that participants were from crypto sphere, because I won't believe that random people think so.

[imstillthebest]

As for my answers to those polls - Yes and Yes.

why double yes ? central banks digital currency has accumulated 33% and that was under 50% but the second on the poll crypto accumulated 79% and that was over 50% .
 crypto is the real money not central banks digital currency . when we use central banks digital currency , we are seeing fake numbers but when we use crypto we see real numbers and we can verify that the balances that we saw on our screen are true  .
central banks digital currency dont have blockchain that can function the same  . thats how bad they are

[magneto]

I remember Mike Maloney's definition of money that distinguishes itself from currency - and this definitely applies here.

Currency is any unit of account that is fungible/interchangeable, but also a medium of exchange.

Money has all the properties of a currency, except it is a long term store of value.

So in that sense, the poll is absolutely correct - since crypto is decentralised and not prone to uncontrolled QE that leads to currency debasement in the long run, it can be considered money. But I'd say that this only applies to BTC at the moment, as most other coins are still speculative and/or utility tokens.

[Twentyonepaylots]

In a meta sense of the description of the word money, which means something interchangeable and a basic store of value, bitcoin fits well and snuggly, it had these properties so one can most definitely say that some cryptocurrencies are considered as money by many people. Now, if they are doubting bitcoin's credibility, have them remember that having a physical representation of value doesn't necessarily mean good currency, take Zimbabwean Dollars and Venezuelan Bolivar for example.

[AndySt]

central banks digital currency dont have blockchain that can function the same  . thats how bad they are

This is no longer an unsolvable problem, and the central banks of the countries are already beginning to deploy rapid activity in this direction or are closely watching China's actions in this area. Blockchain can not be a universal and convenient tool in all areas of activity, because centralized data systems have their advantages, but in the field of digital currencies, blockchain can be an excellent position for implementation by the state and banking structures.

[Bitgavan3]

Cryptocurrency is not actually currency, but it can be converted into currency. Cryptocurrency is composed of a string of codes. To a certain extent, cryptocurrency can be regarded as a commodity with a certain supply, and its price fluctuation is affected by people's buying and selling.

[NathanielParker]

of course, you can take cash from it. Only one novel point: gas fee. When doing transaction, when need gas fee. and even if you paid it, transaction cannot be completed immediately.