Are Cryptocurrencies Really Money?

[Zanab247]

Yes, you can use it to purchase any commodities of your choice in any country that is legalized. In my country many citizens use cryptocurrency to enrich their families base on the way they use it invest to a particular project that bring out income.
To the country cryptocurrency is legalized, cryptocurrency is a money we can make use of anytime, because money is anything that is generally acceptable as a medium of exchange. Cryptocurrency can buy anything that money can buy to someone country that allow the citizens to use cryptocurrency as a payment.

[k@suy]

Cryptocurrency is real money, but in terms of digital assets, we can use it to buy goods and anything now only if your country has some merchants that are using it. I never think that bitcoin and alts are not money at all, the difference between fiat at and crypto is that we cannot hold it or see it physically and the reaction of the government about it nothing else. In Central banks digital wallet and crypto the difference are transactions can be trace and maybe it can have a deduction in every transaction more than we do in crypto, a person needs to have an account before having wallets and you cannot stay anonymous using Central banks digital currency.

[FlightyPouch]

in my opinion since both of them can be converted into your countries currency (at least in my country) they should be considered real money .
though they both have differences like cryptocurrencies can be used as asset meanwhile central bank digital currencies cannot be used as an asset due to their fixed values.

But there are people that would hold fiat rather than crypto currencies. They would usually deposit a huge amount of money in banks and let it sit in that bank for a while. As time goes, they will be getting interest which is like holding bitcoin, it is just that bitcoin is better.

That is the reason why I really consider crypto currencies as money, as they said, as long as it has a store of value, it is money.

[Nunoluck]

That's so subjective, I think it will be better if we let each community have their own opinion. However it also depend on regulations that government made. If there are some people that consider cryptocurrency and digital money as payment method then I think we can call it money. Even it happen on cash, for example we can use Yen in japan but we need to convert it to another one if we want to use it in another country regarding the regulation. But what we should compare is the performance of the money. Bitcoin has proved that this is the best virtual currency since it is uncounterfeited, fast, and has many more advantages. I think cryptocurrency is better.

[rollingdice]

Everything that can serve as a medium of exchange and a measure of value is money. In these terms both cryptos and CBDCs are forms of real money.

[Rruchi man]

Because money is "anything" that is accepted in exchange for a goods or a service, anything agreed upon in a given location as a medium of exchange is money. Take a pebble stone for instance, if we collectively agree that this pebble stone should be accepted as a medium of exchange amd there is a law validating this decree, the pebble stone can be considered money. So therefore, in places where cryptocurrency use for transactions is legal and accepted by both parties as a medium of exchange, they can be considered as money.

[Jemzx00]

Everything that can serve as a medium of exchange and a measure of value is money. In these terms both cryptos and CBDCs are forms of real money.

Based on a simple google search, I've found the meaning for Currency and Money which has a lot of difference but any currency can be money but not all money can be a currency.

Currency is a medium of exchange for goods and services. In short, it's money, in the form of paper or coins, usually issued by a government and generally accepted at its face value as a method of payment.

So yes, Bitcoin and any other cryptocurrencies are money as they are accepted by its face value as a method of payment.

[lixer]

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?

If we are to go by the definition of what money really is, then they are all money, since of the definitions of money is assets, properties and resources, and cryptocurrency is part of assets, so that makes it money, and whatever the central banks are going to release as their digital money , if we regard them as assets, they are still money.

So, all these things are money in the sense that they are all part of our wealth. But no country has really released a digital money yet, and those who claimed that they did never had it functioning. So, we don’t have any as of yet.

[Wipeout2097]

No doubt Cryptocurrency is advanced cash wherein you'll get to it through your possess portable gadget or on your individual computer with a web association. It is long run of making exchange, there are a few people who think that it'll be our future money, but as of presently, it is distant from happening since cryptocurrency itself has impediments, possibly within the future on the off chance that all the nations as of now recognized and embracing the utilize of cryptocurrency. There are still nations that do not acknowledge crypto, they are considering that it could be a scam,But reality is that crypto is most recent innovation and one day individuals will acknowledge it as medium of exchnge.

[Twinkledoe]

If we are to go by the definition of what money really is, then they are all money, since of the definitions of money is assets, properties and resources, and cryptocurrency is part of assets, so that makes it money, and whatever the central banks are going to release as their digital money , if we regard them as assets, they are still money.

So, all these things are money in the sense that they are all part of our wealth. But no country has really released a digital money yet, and those who claimed that they did never had it functioning. So, we don’t have any as of yet.

Also, if you are in doubt if the cryptocurrency is really money, convert it to your fiat and you will see your physical cash. Sometimes, there are people who want to see the physical cash in order to believe that it is real money. So whatever form your assets are, if you are in doubt, try converting it to your fiat and you will see what you've got.

[South Park]

This is not exactly accurate, while you can trade goods and services for whatever you want this doesn't necessarily means that whatever you choose to use to buy that product is money, money has a very long list of characteristics and if whatever you are using does not have those characteristics then it's not money, bitcoin is money because it has every single characteristic that you may wish for money to have and not only it has all the characteristics it does everything better than its fiat counterparts.

Exactly. Bitcoin has all of the characteristics of money, and more. It can serve as both a store of value (like Gold) and digital cash (like Fiat) to anyone, anywhere in the world. What makes Bitcoin different from other forms of money is its intangible nature. People are accustomed in dealing with tangible things in the mainstream world. A new kind of money that's intangible would question its level of legitimacy. I believe that as Bitcoin and other cryptocurrencies rise in popularity, the world will recognize them as money. The industry just needs more time to mature.

Nonetheless, haters will always express their distrust towards crypto/Blockchain tech. They'll always say things like Bitcoin is made out of thin air, or that Bitcoin is a scam in order to scare away people from it. Those who believe it to be serious money for daily payments, will support it no matter what. People have differing opinions regarding what cryptocurrencies are. But the facts speak for them themselves, as crypto becomes a true alternative to the existing monetary system empowered by central banks and governments worldwide. Just my opinion

The problem with the haters is that they have very powerful backers, if it was just a person here and there then we could even ignore them but a great deal of those that hate on bitcoin are backed by governments and that is because governments do not like at all the idea of something like bitcoin existing, they thought that after they defeated gold that they will have no competition at all and they could do anything they wanted with the money supply and suddenly out of nowhere they find out that they have an even bigger threat to them than gold ever was and they do not like this one bit.

[mezzaluna]

If we are to go by the definition of what money really is, then they are all money, since of the definitions of money is assets, properties and resources, and cryptocurrency is part of assets, so that makes it money, and whatever the central banks are going to release as their digital money , if we regard them as assets, they are still money.

So, all these things are money in the sense that they are all part of our wealth. But no country has really released a digital money yet, and those who claimed that they did never had it functioning. So, we don’t have any as of yet.

Also, if you are in doubt if the cryptocurrency is really money, convert it to your fiat and you will see your physical cash. Sometimes, there are people who want to see the physical cash in order to believe that it is real money. So whatever form your assets are, if you are in doubt, try converting it to your fiat and you will see what you've got.

Its also really weird to see people within this industry asking about Cryptocurrencies being legitimate money. They should really try to experience it first hand because all doubts will be lost once they have earned enough cryptocurrencies that can be converted into fiat or cash. Even when I first learned about Cryptocurrencies, I had that doubt but when the opportunity presented itself when I was able to convert it into fiat, all of my doubts were lost and I really started deep diving and look for ways to earn Cryptocurrencies.

[Abiky]

Because money is "anything" that is accepted in exchange for a goods or a service, anything agreed upon in a given location as a medium of exchange is money. Take a pebble stone for instance, if we collectively agree that this pebble stone should be accepted as a medium of exchange amd there is a law validating this decree, the pebble stone can be considered money. So therefore, in places where cryptocurrency use for transactions is legal and accepted by both parties as a medium of exchange, they can be considered as money.

That's certainly true, mate. We could say that people value things based on psychology. As long as people are made to believe something is valuable, it'll be that way no matter what. Bitcoin and other cryptocurrencies are not only valuable, but also extremely useful as a medium of exchange. Anyone can use cryptocurrencies as they would with traditional Fiat currencies backed by central banks and governments worldwide. Haters will say that crypto is "made out of thin air", but they've got it all wrong as real world resources are spent in order to "mint" new coins on the Blockchain. Crypto has all of the properties of money, becoming a true alternative of the existing monetary system.

Nonetheless, some people still aren't convinced that cryptocurrencies are serious money for day-to-day payments. That's largely because they've believed everything governments and central banks said against crypto/Blockchain tech. I'd advise anyone to their own research to know what crypto is all about. Only then, you'll realize that crypto is money just like it's the case with Fiat, Gold, Silver and other assets. Just my thoughts