Are Cryptocurrencies Really Money?

[Terrell]

Unlike currency, money has an intrinsic value and cannot be created at will. Despite its well known classification as a “cryptocurrency,” Bitcoin cannot be a currency because it has intrinsic value.

[Josefjix]

Bitcoin, Ethereum and other credible cryptocurrencies are money and can be classified as such. They result of the pool speaks for itself on behalf of the whole crypto users those who voted NO in response to that of the CBDC's kudos, truth be told some people would complain of transaction fees involved in using crypto as a payment tool unlike the use case of "asset value stored"..... If people are willing to offer a service and be paid equivalent of it through cryptocurrencies then it makes sense to further accept the result of the pool which accepts the idea of cryptocurrencies being money.

[DrBeer]

A certain entity can be called money only if certain conditions are met:
- their issuer is the state
- is a legal means for making payment transactions
- they must be accepted by all objects of the market and financial relations for payment on the territory of the country for any goods and services
- the income of any citizen of the country can be calculated, accrued and transferred in this payment entity
Anything that does not fit into this concept can only be considered a monetary surrogate (for example, specialized coupons or product cards, or the like)

[Rengga Jati]

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%)

I'm quite surprised with the result of the poll and very curious where you got the poll. It is true, if the link is here, we can really check the truth. I think that CBDC is the money itself because it is issued by the government.
Like what has been explained here:

CBDC stands for “central bank digital currency,” a new type of currency that governments around the world are experimenting with.

Source: Coindesk
CBDC is expected to be a new payment technology, using blockchain also to ease the payment and also transaction more efficient and also lower costs. However, it may be only exact in only certain countries issuing the CBDC.
However, cryptocurrency is expected to be a global payment method accepted by all people, merchants, and also parties in the world. But, many countries are also not legalizing crypto for payment.

[blue_nexus15]

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?

Cryptocurrency / electronic money is a higher level version of cash( it’s money).  The conversion and conversion options of cryptocurrencies will play an important role in the future to redirect the economy to all monitoring and circulation.  The manipulation of the options in that survey proved that blockchain is the key.  WMZ, PAYEER, ... because they don't create as special as blockchain.  Decentralization is also a big concern.

[Shasha80]

Maybe because CBDC has not been officially used in many countries, making some people still unfamiliar with CBDC. Or it could be that many people
have lost confidence in any product from the government, so show that disappointment by preferring cryptocurrency as really money. Today people
want freedom more, and cryptocurrency can give users the freedom to manage their own finances. So it is only natural that many people end up
believing that cryptocurrency is really money. Although maybe the poll is not accurate, it's because I also trust crypto more than fiat. Make me agree
with the poll results.

[davis196]

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.

1.Fiat money aren't backed by gold since 1973.
2.If you send fiat money via a bank transaction you have to pay a transaction fee.Paper money is different.
Do you pay a transaction fee,if you give paper Bitcoins to someone on the street?I don't think so.
Cryptocurrencies are an asset,but they are also medium of exchange.You can't buy something by paying with real estate,can't you? Real state is not a medium of exchange.

[Obito]

Bitcoin, Ethereum and other credible cryptocurrencies are money and can be classified as such.

It is a subjective case to be honest, cryptocurrency is not really used by many for their daily transactions so I think classifying it as a money is not the most accurate answer. I would stick with currency and asset because IMO they seem to be a connotes far better than calling it money.

[Ucy]

Interesting.
Won't be surprised if lots of those who voted for Crypto consider crypto real money because of its deflationary nature or how it increases in price
I personally consider real crypto money because of it has alot the basic properties of real money and its Ideals are way better than the ideals of centralized currencies.

[Mauser]

Yes of course its money, just not money that is guaranteed by a central bank. But real money non the less. Anything can be money as long as there are other people willing to exchange you goods for it. So as long as you can buy things with your bitcoins it is money. Having big exchanges all around the world is key for a crypto currency to be viewed as money.

[jaresmerel001]

Cryptocurrency is money in digital form. That implies that there is no physical coin or bill, all of it is online. Without a go between, like a bank, you can transfer crypto currency to someone online. Bitcoin and ETH are well known cryptocurrencies.

Cryptocurrencies could be used by people for quick payments and to avoid transactions fees. As an investments, some could get cryptocurrencies, hoping the value goes up. With a credit card, you can purchase cryptocurrency or, in some cases, get it through a process called mining. Cryptocurrency is stored either online, on your computer, or on other hardware in a digital wallet.

[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?

 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.

I see crypto in two ways; they are money and asset. 1.Crypto is Money in the sense that it is used for exchange, that is one of the features of money. 2. Crypto is an asset in the sense that it is a store of value; that means people buy bitcoin in order to increase in value, the same way you buy land for the purpose of appreciation.

Interesting.
Won't be surprised if lots of those who voted for Crypto consider crypto real money because of its deflationary nature or how it increases in price

Yes, you know that many people have actually made money and cash out from the bull run of bitcoin in recent times. so, people are voting for crypto more than CBDC due to the current trend probably but not as a result of knowledge of the mechanism of crypto to be superior to other forms of currencies.

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.

This is one of the reasons, nakamoto Satoshi invented the bitcoin, to take the trust we gave to the state from it. The adoption of bitcoin and crypto by institutional investors is not just an indication, it is also a believe in blockchain and other technologies supporting cryptocurrencies.

[moderator's note: consecutive posts merged]

[iv4n]

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?

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.

I believe that many people don't know what the word "money" actually means, and even fewer people know where "the money" comes from! So I would take this voting results with reserves!
Crypto is money! Definition is clear "a current medium of exchange in the form of coins and banknotes"! And yes we use crypto just for that, just our coins and banknotes are virtual, and yes some of us believe in that "virtual" more than we believe in "real" money! And I think we have a good reason for that, crypto is far better in many ways!
The ones who voted "no" will have problems with accepting that future that's coming!

[fahmimajannat]

I thinks it is money in the current world.
You can buy a tesla with btc even yesterday i saw a football player was bought by a club using cryptocurrency.
So for btc or other currencies  its just a matter of time to take a strong position.
You can buy many other things also though it is not widely usable.

[milewilda]

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?

Reaction with this? This do simply shows that people arent already confident nor do able to trust up centralized fiat anymore and much more preferred on the decentralized side of things.
Poll result somehow wont really be that a strong basis because majority of them are really crypto lovers and if that poll would be post up in general place (not crypto related)
for sure we might see an another set of result.
For those people who do see cryptocurrences are money, well they arent right and they arent wrong either.We do know that it all matters with the demand on seeing that a certain
coin does have able to get some market value and this wont fit out every single one of them.

[sapnu]

I thinks it is money in the current world.
You can buy a tesla with btc even yesterday i saw a football player was bought by a club using cryptocurrency.
So for btc or other currencies  its just a matter of time to take a strong position.
You can buy many other things also though it is not widely usable.

Cryptocurrency is digital money wherein you can access it through your own mobile device or on your personal computer with an internet connection. It is the future of making transaction, there are some people who think that it will be our future currency, but as of now, it is far from happening because cryptocurrency itself has disadvantages, maybe in the future if all the countries already recognized and adopting the use of cryptocurrency. There are still countries that don't accept crypto, they are thinking that it is a scam, which we all know that it is not.

[Terrell]

Cryptocurrency is digital money. That means there's no physical coin or bill — it's all online. You can transfer cryptocurrency to someone online without a go-between, like a bank.

[Indymoney]

Now peoples in this crypto world are using these as real money because many are able to spend them for their daily uses and we have too many other wasy as well even its just happening in very few countries due to policies and many other factors but good thing adoption is going on with very good rate which mean in near future we will able to handle more communities and things for our use and this crypto could be in better shape for more use in near future.

[shoreno]

strange results . why so many votes recieve in crypto when we thought that many people dont believes in it and they even call crypto a fake money and a scam  . on the poll both of them are money but banks should have gained more votes because they are already banks and banks are known to create money .

maybe the voters are anti banks and mostly crypto users but afterall we should take this easy because this was only a poll .

[AndySt]

Now peoples in this crypto world are using these as real money because many are able to spend them for their daily uses and we have too many other wasy as well even its just happening in very few countries due to policies and many other factors but good thing adoption is going on with very good rate which mean in near future we will able to handle more communities and things for our use and this crypto could be in better shape for more use in near future.

Here a lot depends on what is considered an implementation and what is considered a good speed. Because in the vast majority of cases, we are only talking about recognizing bitcoin as an asset for speculation and investment and embedding cryptocurrency operations in traditional markets, and government agencies are graciously beginning to allow taxes to be paid on these operations and storage, so that the rich in this area slowly begin to come out of the shadows