Are Cryptocurrencies Really Money?

[trickys]

If crypto is real money then why was it banned by the FCA?

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[jostorres]

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.

Ideals do not make a currency a currency, how you spend it makes them a currency because currency means the medium that you use for buying and selling everything in life. Barter system is looooong gone, it was gone very early in history, we do not give 20 chickens for 1 cow anymore, we pay for the cow directly with fiat.

It means ideals of crypto could be the best there ever was in history of all money, however it doesn't make it money, it just makes it digital numbers. What makes crypto money is the fact that you can book a hotel with it, you can buy some apples with it, you can purchase a game with it, you can hire a developer and a designer with it. These are the things that makes a currency into money because without being able to spend it anywhere, you could have world of warcraft gold and it would be as valuable as crypto, but when you start to spend it and use it, that becomes money.

[Silberman]

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.

I will respectfully disagree, the whole point of bitcoin is to allow you to freedom to do whatever you want with your money regardless of what a centralized institution say, if governments do not recognize bitcoin as money then I don't care, what it should matter is whether or not bitcoin has all the characteristics of money, and bitcoin has all of those characteristics, it is a unit of account, fungible, a store value, it has a limited supply, medium of exchange, portable and many other characteristics that make bitcoin money, and if you really think about it you will begin to see that it is in fact fiat currencies the ones that do not have all the characteristics of money.

[CarnagexD]

Well, they are not money per se. But are a bunch of code lines meant to represent what a currency would appear like and woukd be used like inside a virtual space like the internet. Thus is done through the blockchain where all information regarding the cryptocurrency in question is placed, whether discovered or not.

[AniviaBtc]

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.

It depends on the sources if it is accurate and precise, it is hard to believe on some information who doesn't have the complete detail.

Some people might say that cryptocurrencies are real and some will say that it is not because they can't see it in their own hands.

Cryptocurrencies can be converted into a traditional currency that we know so it really has a value in the economy and in the market.

[uneng]

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?

Without any further information about these polls I conclude that people voted in protest against centralization when they said central banks digital currencies aren't really money, while they fully supported decentralized crypto currencies as real money as we can see on the second poll. I see no other logical reason to explain the results presented above.

[goldade]

Of course, every crypto user knows cryptocurrencies are real money. Using bitcoin as an example, it serves all of the purpose of any state currency. It can be used for settlement of debts, can be used to pay for goods and services and can be used as investment option.
Just because cryptocurrencies have not been accepted worldwide doesn't make it any less of a currency.
I truly believe that in just a little time, cryptocurrencies will adopted and used as the currency that it is throughout the globe. Several businesses will adopt cru as a means payment giving people several options to spend their coins.

[AndySt]

Cryptocurrency is a digital currency that is very original in the circulation of the internet, but digital currency can never have a physical form that can be held, because the digital name shows that this currency only exists on the internet and its circulation can only be done digitally, What is even more terrible is that this digital currency can have very expensive exchange rates depending on the available supply.

Any cryptocurrency is digital, but not every digital currency is a cryptocurrency In general, digital currencies can have a physical form, it all depends on the terminology used, and fiat currencies are a prime example of this. Also, for the circulation of digital currencies, it is not necessary to have the Internet, because any network of interconnected devices is enough for this. Another question is that it is much more convenient to do this with the Internet because of the availability of a ready-made working infrastructure.

[RondoAnyar]

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?

cryptocurrency is really money if in my opinion it can be really money if it can be accepted by the wider community to be used as a direct transaction. because seeing now for direct transactions crypto is still not accepted in all countries, only a few countries have agreed to the rule

[SirLancelot]

the whole point of bitcoin is to allow you to freedom to do whatever you want with your money regardless of what a centralized institution say, if governments do not recognize bitcoin as money then I don't care, what it should matter is whether or not bitcoin has all the characteristics of money, and bitcoin has all of those characteristics, it is a unit of account, fungible, a store value, it has a limited supply, medium of exchange, portable and many other characteristics that make bitcoin money, and if you really think about it you will begin to see that it is in fact fiat currencies the ones that do not have all the characteristics of money.

Governments will not accept bitcoin as "money" for a very long time, they can't do that because it would hurt their chances to actually make people use their own money if they accept bitcoin or crypto in general as money. However just because governments do not accept it as money doesn't make it money suddenly, there are things that you should be capable of doing with it in order to consider it money.

For example can you use it to buy something? That is the most important part, if you can buy a product or a service and pay that with bitcoin that means it is money. And we all know we can do that for bitcoin and as long as we can use it that way we can consider it money, it got a bit worse and it is slower and a lot more expensive so it is not as good as we hoped it would be but you can still use it if you want to, which is why I consider it "worse form of banknotes, better form of bank accounts" in my own opinion.

[slapper]

The more people consider bitcoin is money, the more "money" bitcoin becomes. We are the ones creating a definition for bitcoin or any asset. It is a long process but once it finishes, bitcoin will turn into a real form of money that only a few people can deny

Though,- central banks and governments still have a lot of power in this world and therefore, it is hard for bitcoin or any cryptocurrency to go into the mainstream in the next few more years. The poll is a piece of true evidence that people tend to believe in decentralization more than any centralized power

[CODE200]

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

I guess those people who voted for 'no' in the poll are those people who are using cryptocurrencies as an investment, benefiting on the profit out of this volatile market. But in the first place, cryptocurrencies are money, from the word itself. A currency is something being used as mode of payment in every transaction. There are other things in the market having value but it is not being use as payment in daily transaction right? It is just that in the case of cryptos, it is not yet being widely used in majority of the countries. Also, its volatile market value somewhat contradicts the concept of currency which is having stable market value in order to create equity in the world market. But that's because of its nature as a currency. Every currency is distinct to one another in the aspect of physical form and its value in the world market, but still it is a currency in my opinion.

[Flowzer]

What we consider as "money" is a bit different and not truly represented by just some twitter poll. Normally we do not consider gold money anymore, back in the day that was money because people exchanged gold coins in exchange of products, king Croesus made sure of that and after that it was a real thing for thousands of years. Now we have paper money but mostly we use are debit or credit cards to pay for something as well, rarely spend cash.

This is why I believe it is quite important that we consider what is the purpose of money? Ever since it was invented, the purpose of "money" is to give it in exchange of a product or a service, do you pay with crypto to buy some things? Sure you can, do you pay crypto for some services? Sure you can. Which shows you that indeed crypto is a currency and it is money, it is not the best optimized one with how long it takes and how expensive it is, but it is still considered one.

From the Cambridge Dictionary, money is coins or notes (= special pieces of paper) that are used to buy things, or an amount of these that a person has. So, as long as its can be used for buy things, it can be considered as money. I agree with u, some crypto is not optimized as payment processor because of that problem, but theres another crypto like XLM, TRX, EOS which i think suitable as payment processor.

[Abiky]

I will respectfully disagree, the whole point of bitcoin is to allow you to freedom to do whatever you want with your money regardless of what a centralized institution say, if governments do not recognize bitcoin as money then I don't care, what it should matter is whether or not bitcoin has all the characteristics of money, and bitcoin has all of those characteristics, it is a unit of account, fungible, a store value, it has a limited supply, medium of exchange, portable and many other characteristics that make bitcoin money, and if you really think about it you will begin to see that it is in fact fiat currencies the ones that do not have all the characteristics of money.

Governments don't want to recognize Bitcoin as "money" for their own convenience. They know that if they recognize Bitcoin as such, most people will abandon Fiat in exchange for decentralized, digital money. Governments will constantly oppose crypto/Blockchain tech because it's decentralized (meaning they can't control it). We should expect them to take an "aggressive" stance towards this emerging industry as time goes by.

While Bitcoin has all of the properties of "money", classifying it as such will greatly depend on a person's perception about it. Some people believe it to be serious money for everyday payments, while others believe it to be virtual money made out of thin air with no purpose in the mainstream world. It doesn't matter what the public thinks Bitcoin is. What matters is that Bitcoin works as intended by being an alternative to the current monetary system empowered by central banks and governments worldwide. Decentralization is what has made all of this possible. In its current state, Bitcoin is terrible as "digital money". It works better as a store of value just like it's the case with Gold today. Volatile prices, and limited adoption in the mainstream world greatly limits Bitcoin's ability to be used as serious money for everyday payments. At least, there are a wide variety of alternative cryptocurrencies to choose from that will serve each person's daily needs. Bitcoin could remain as a store of value for the foreseeable future, with its unparalleled security, reliability, and censorship-resistance. Just my opinion

[OgNasty]

Are crypto currencies really money?

According to my friends and family, no.  I have become pretty used to hearing things like, "When are you going to turn your BTC into real money?"

I'm not sure if it's ignorance or wishful thinking that Bitcoin isn't real money, but it sure spends like it's real. 

[TheGreatPython]

Cryptocurrency is digital currency. So no one see that. Cryptocurrency digital currency. It connects the all country people. It easy to use any where and any country. Cryptocurrency is future currency's. So most of the people hold the cryptocurrency for future purpose.

People do hold them for future purposes but if we look at the current market I do not see any reason why cryptocurrency should not be considered as real money because we can spend crypto just like real money and we can shop whatever we want maybe not directly but indirectly for sure from any online shopping site. I will give you some examples, You can recharge mobile, buy giftcards and purchase any kind of coupons from bitrefill.

Then there are countless exchangers who can give you fiat currency for Bitcoins and in fact buyers are more than sellers in the P2P market right now which shows the demand and need for crypto. So I always considered cryptocurrencies as real money and I still do.

[Spaffin]

Are crypto currencies really money?

According to my friends and family, no.  I have become pretty used to hearing things like, "When are you going to turn your BTC into real money?"

I'm not sure if it's ignorance or wishful thinking that Bitcoin isn't real money, but it sure spends like it's real. 

If it is possible to pay for goods using cryptocurrency, then cryptocurrency is definitely money. besides, we are cashing out cryptocurrency and actually get cash for everyday life. Of course, in this case, we can say that cryptocurrency is a commodity, but we can also say that it is a value, and money has always been valuable. Very often, the family does not understand and does not approve of bitcoin, but is happy to spend the money received with the help of cryptocurrency.

[kramat]

Crypto currency is digital currency. So it easy to exchange any country currency. But first you get that country account then you will exchange the cryptocurrency. Coming future cryptocurrency will be rech all place and all country. If need money you will be exchange the cryptocurrency. Crypto currency price is not stable. So most of the people not hold the.coin .

[BITCOIN4X]

If it is possible to pay for goods using cryptocurrency, then cryptocurrency is definitely money.

Yes, everyone can use cryptocurrency to buy an item if there are no restriction from the rules of a country. Cryptocurrency must comply with the jurisdiction of a country and you must comply with it too.

The adoption of cryptocurrency as a currency has increased so far and we will benefit a lot from it. However, we also still have restriction on the use of this currency due to the rules that apply in the countries where we live. Not all countries legalize cryptocurrency as a legal currency, but there are no restriction on how to profit from trading and investing.

Cryptocurrency has provided users with freedom, decentralization, and all kind of convenience. So even though we are prohibited from using this currency in the real world due to regulation, we can still use it to pay for something online even if it is done between countries.

[Freeesta]

In developed countries, cryptocurrency has long been actively used in online stores and services. Therefore, for people, cryptocurrency is already a means of payment. Personally, I believe that cryptocurrency can replace fiat money, all this will happen as soon as the whole world switches to cryptocurrency.