Are Cryptocurrencies Really Money?

[charlesmichel1]

What can be called money? It's a medium of exchange an a measure of goods and services value. In these terms, cryptos, CBDCs and fiat are forms of real money.

[poodle63]

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.

People hating on paper money since stone age. I expect no less if this kind of poll is held the result will be the same. But, I think the reason why the poll result turns out to be like this not because they really oppose the centralization but simply because the technology like cryptocurrency has rendered paper money to be kind of obsolete and tbh paper money was initially used to represent gold in the past but now it's kinda different.

[Abiky]

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.

Not only cryptocurrencies have all the properties of money, some of them also have the properties of a store of value. For instance, Bitcoin can be used as money for everyday payments (sort of) and as a store of value like Gold. What crypto really needs is widespread adoption among merchants and businesses alike so that many people will be able to spend it whenever and wherever they like.

Believe me, most people who say that crypto isn't money are either miseducated or simply hate it. We may need to wait a little longer until the world becomes accustomed to crypto as an alternative to the current monetary system. Despite the ever-rising popularity of cryptocurrencies like Bitcoin and Ethereum, most people are still unaware about the decentralized economy. It shouldn't be long enough before the public recognizes crypto as real money for mainstream transactions. Governments and banks will continuously oppose crypto/Blockchain tech, but their efforts will be in vain thanks to the decentralized and open source nature of the industry. Just my thoughts

[Ludmilla_rose1995]

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?

Two poll questions of interest. If I will contribute to the poll selection, I will answer "yes" to both questions. The central bank's digital currency is money because we can make payments, buy, send, and receive digital currency. Likewise with cryptocurrency. Cryptocurrency has the same function as a central bank digital currency. However, the two currencies have many differences.

should, the questions of the poll are:
1. Are the central bank's digital currency better than cryptocurrency?
2. Are cryptocurrencies better than central bank digital currencies?

[KEN O]

It should be said that the central bank's digital currency is digital cash, which is another form of cash. The central bank can more accurately control the issuance of digital currencies and track the flow of funds.
The encrypted digital currency issued by the private sector has large fluctuations. It is actually a string of codes. It is just that prices are generated when people buy, sell, and trade.
To a certain extent, it can be analogous to supply a certain quantity of goods.

[Wenbing]

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

Thank you for this insightful comment. This is exactly what trigger Satoshi Nakamoto to invent btc, the trust given the the fed has been broken by way of devaluing the currency. The answer to taking back that trust is cryptocurrency or btc that eliminate the third party and it's transparent.

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.

I think you'll better put it this way...

Cryptocurrencies have two dimensions which are:..

1. A store of value like bitcoin, which make it to be gravitating towards digital gold.

2. A measure of value, which makes it to be money.

We are currently using it in this two ways, but we need more adoption

[moderator's note: consecutive posts merged]

[Prettyjing3]

This survey is very cool. I am very happy to see that more and more people feel that digital currency has authenticity, which is very beneficial to the development of digital currency.

[alexforneus]

Looks like people dont really understand what cbdc is

[AicecreaME]

In order to know if cryptocurrencies are really money, we must define some terminologies associated in the question. First, let's identify the meaning of money. Money is something that can be swapped with any goods, services, and commodities. It has a value that's acceptable as a form of payment in exchange of something that you need or want. Now, let's define cryptocurrency. Cryptocurrencies are classified as digital currency. It has a value that can be used to buy goods, services, and commodities, however, it uses cryptography to secure the transactions made and to maintain anonymity unlike in money made by banks wherein transactions are listed and KYC is a must. Another difference with the actual money produced by the central banks is that those can be held physically although it can be stored digitally, but are prone to inflation. Cryptocurrency on the other hand, maintain its volatility and isn't affected that much by inflation.

So to answer directly, cryptocurrencies are considered money specifically digital money. It is considered to be both money and an asset since it plays the role of both previously-mentioned. Cryptocurrencies can be used to directly buy some goods and services. It can also be traded and sold in exchange of money. It's a matter of how you view things and how you take it.

[angrynerd88]

It can be said that Cryptocurrencies are not cash at or not just like the notes you know and utilize ordinary. Your cash got an steady esteem and supported by gold, more often than not. Fiat can pay any esteem indeed in cents for a something in cash without exchange charge. Whereas cryptocurrencies you can't do such things. Cryptocurrencies are not cash these are resources, a bit like gold, land, You invest on it in arrange to win a few benefit and fair hold them. Be that as it may, you'll be able exchange these resources for other things. But cryptocurrencies are not the genuine cash at or not appropriate presently, may be in future.

[Casdinyard]

It can be said that Cryptocurrencies are not cash at or not just like the notes you know and utilize ordinary. Your cash got an steady esteem and supported by gold, more often than not. Fiat can pay any esteem indeed in cents for a something in cash without exchange charge. Whereas cryptocurrencies you can't do such things. Cryptocurrencies are not cash these are resources, a bit like gold, land, You invest on it in arrange to win a few benefit and fair hold them. Be that as it may, you'll be able exchange these resources for other things. But cryptocurrencies are not the genuine cash at or not appropriate presently, may be in future.

Somewhat valid. But to how I understand this technology, it is what it is being used for. I do believe that Bitcoin and other cryptos are created to be a digital currency which is an alternative to fiat currencies in order to promote convenience regarding faster transaction. Another things is having no tax in transactions as we all know. But maybe, since many governments are still not allowing wide usage or acceptance of cryptocurrencies people made use of it in other way. Since it is also beneficial as a currency it left an idea to new users on its nature of being an investment. Which gives misconceptions into it. But whether it will be used as a currency or investment, either way would be fine.

[SirLancelot]

People hating on paper money since stone age. I expect no less if this kind of poll is held the result will be the same. But, I think the reason why the poll result turns out to be like this not because they really oppose the centralization but simply because the technology like cryptocurrency has rendered paper money to be kind of obsolete and tbh paper money was initially used to represent gold in the past but now it's kinda different.

It is not about the tech in the way you mean, it is obviously about the tech in the decentralized situation but not in the "we can now just send it with a click" type of tech reasons. Bitcoin is still quite expensive to use, transaction fees are a lot and waiting period is over half an hour if you pay an average fee (fast only if you pay huge amounts), so we can say that as technology for making payments better, bitcoin has already failed, and as a "currency" it is not viable at all.

The reason why people would prefer crypto over fiat is the fact that in the fiat world rich people do whatever they want and when they bankrupt they just get bailed out while regular people who gets bankrupted can't be saved and just let starve, which is why people think it is unfair, either bail out everyone or bail out no one but that unfair situation allowed bitcoin to exist and that is why people like it.

[awik p]

I see digital currency is just another application of native currency, while crypto currency is a type of currency with a different model from cash currency which uses a decentralized system, so it has several advantages

[bits4books]

Money, as we know from history, can even be in form of shells.
The main feature of money is that everyone needs it and it is convenient for converting goods into goods. Money has always been an intermediary between goods, a single measure of weight, so to speak.
Money is not something precise and clearly expressed, it is only a very strong social contract, a contract for the use of something as a medium of exchange. With the departure from natural exchange, humanity is faced with the problem of exchange-I do not need a bag of rice today, but I need 10 pounds of meat and the butcher does not need my rice. This is where the money comes in, and this is a blessing in the sense that it makes us free to choose the product here and now.
Are cryptocurrencies money? I think not because people only believe that it is money while continuing to use cryptocurrency only to earn dollars. The fact of the matter is that cryptocurrency is already some kind of quasi-money for buying money and not for buying any goods. Once there were derivatives and it was very strange, and now we have a cryptocurrency-money to buy money.

[DrBeer]

Definitely not. And they will not become full-fledged money for many reasons. Although the technology, in part, can be used by central banks when issuing "cashless" fiat currency. Now and in the future, the cryptocurrency will be the carrier of information about the value of the virtual subject. Partially similar to assets, stocks, bonds and the like. But not full money.

[Emitdama]

Two poll questions of interest. If I will contribute to the poll selection, I will answer "yes" to both questions. The central bank's digital currency is money because we can make payments, buy, send, and receive digital currency. Likewise with cryptocurrency. Cryptocurrency has the same function as a central bank digital currency. However, the two currencies have many differences.

should, the questions of the poll are:
1. Are the central bank's digital currency better than cryptocurrency?
2. Are cryptocurrencies better than central bank digital currencies?

I would say the reason why one was yes and the other was no came down to peoples hatred towards central banks. Have you seen the situation with the gamestop happening right now? I mean from the far right extreme groups to far left extreme groups and everyone in between we are talking about a combined agreement that wall street was bad and people should be capable of trading the way those huge hedge funds can trade and everyone in the entire nation sided with the retail investors over hedge funds.

If people can hate few billion dollars worth hedge funds that much, think of how much they hate central banks, that is even worse I believe. So when central bank says they will give out free money to everyone it will be hated, that is how much people hate them, hence when similar things were asked it wasn't a "response" by the public, it was more about "fuck the central banks" type of thing there.

[samputin]

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 can say that 2 poll is been use in our society now ( some people), the percentage is just an opinion but I think crypto currency and central bank has big role in other people.

It is not direct as money but it can be use like as money. It is both cashless but it turn to money by processing. Bitcoin need to exchange to other currency like dollars or local currency then turn to fiat, and central bank is the way to use your want cashless but you need also fiat for payment before and after to use the central bank's digital currency. This is what I know.

[Serious475]

What do you tell by the definition of money?.
We have two aspects of money.
First is the physical money. Tangible.
Second is the digital money. Intangible.
Are those have the same value ? Yes, it is we are going to the future which all of the transaction is cashless slowly innovating. The reason why people would like to invest is too much volatility of cryptocurrency than fiat currency.
Also, we have a law that each country must need to have their currency even we don't want we must follow the law the good thing is we are united still in crypto / digital currency.

[romero121]

Cryptocurrencies are a form of money. The fiat when transacted in the digital form, it is termed as digital money. This way everything that has got value and can be transacted is considered as money. Upon this, cryptocurrency is kind of money that has true value and is completely demanding due to the way its been developed.

[Mauser]

I see digital currency is just another application of native currency, while crypto currency is a type of currency with a different model from cash currency which uses a decentralized system, so it has several advantages

Yes definitely, as long as there is only one person out there who is willing to trade with you for that crypto coin you own I would consider it money. And at the moment there are a lot of different stores, casinos and companies who accept crypto currencies as a viable form of payment.