[03-22-2015] When Does Bitcoin Become Money?

[waawd]

http://btcfeed.net/news/when-does-bitcoin-become-money/

Many Bitcoin enthusiasts already see Bitcoin as just another form of money. And this is  partially true, as you can use Bitcoin to pay for goods and services, both online and offline. However, the mainstream masses seem to associate Bitcoin with a “currency” at best, and “fake internet money” in the worst case scenario. But when will Bitcoin actually become money?

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[bitbouillion]

I hope never, because it is superior to money.

[lyth0s]

Money has to be a good store of value, so we are talking a very very very long time from now. It would have to be post-massive world adoption in order to have stability. It could meet all the other requirements of money prior to being a good store of value though. Unless you consider rising value to be a good "store" of value. If you keep your definition to rising value = store of value then that could be very soon

[H.W.Z]

Another requirement is that the price should be stable and gov should recognize the bitcoin as money. Otherwise the masses  won't be comfortable to hold them.

[Hazir]

I hope never, because it is superior to money.

In theory - yes. In reality - well, it depends. Money is bad because it is linked to government thus - no transparency, constant printing of new money - inflation etc. But bitcoin is worthless without proper services. And we are lacking these now. You can't bitcoin to Africa hell, you can't even send it to some rural areas and countryside. Bitcoin can became money for technical advanced people in big cities. Rest of the world would be out of reach for bitcoin.

[mishax1]

I hope never, because it is superior to money.

I hope never, because it's gold.

[zetaray]

Bitcoin is not money by definition. It is a closer to being a foreign currency, foreign as in the currency of the internet. Story will be different in 3 to 5 years when we can buy food with bitcoin over the counter.

[Kprawn]

Bitcoin is not money by definition. It is a closer to being a foreign currency, foreign as in the currency of the internet. Story will be different in 3 to 5 years when we can buy food with bitcoin over the counter.

Well in most countries people are already buying food over the counter with it.  Only difference being ..... Merchants still want to convert it to fiat.

In my opinion BTC had a bad start {MtGox / Silkroad etc. etc} .... if it was not for those things, we would have been much closer to mass adoption and Bitcoin being more like "money"

Until then, I will hoard/hodl it until I have enough to go on pension. 

[TYT]

I hope never, because it is superior to money.

What are you talking about? Bitcoin is already money regardless of whether it or fiat is better.

Another requirement is that the price should be stable and gov should recognize the bitcoin as money. Otherwise the masses  won't be comfortable to hold them.

May fiat monies lose value or fluctuate but they're still money. 1btc is still worth 1btc at the end of the day.

[unamis76]

Their point is a bit invalid, as Bitcoin is already money, in my opinion. It's just not seen as such by the masses, and they do have a valid point about this:

Last but not least, goods and services need to be priced in Bitcoin in 5-8 years from now. Most retailers that are accepting Bitcoin payments still list their items in fiat currency and accept the Bitcoin equivalent as payment. But what if products and services were to be listed in a Bitcoin value, regardless of the fiat currency value that would represent at any given time?

This is pretty big. When something isn't priced in fiat, people will start looking at Bitcoin differently. I think retailers should try this in some products

[bitbouillion]

What are you talking about? Bitcoin is already money regardless of whether it or fiat is better.

Money is defined as such by a certain power by force = fiat, but bitcoin is consensus by people. It can be used like money, but by nature it's never money.

[Unkle]

Bitcoin became money the very first time someone bought something with it. Pizzas in this case? Sure bitcoin is volatile but I see it as the next step in the evolution of money. Hopefully at some point the volatility will steady or taper off at some point.

[bitbouillion]

Money:
A medium that can be exchanged for goods and services and is used as a measure of their values on the market, including among its forms a commodity such as gold, an officially issued coin or note, or a deposit in a checking account or other readily liquefiable account.
Something (such as coins or bills) used as a way to pay for goods and services and to pay people for their work.

Can you pay your taxes with bitcoin?

[unamis76]

Money:
A medium that can be exchanged for goods and services and is used as a measure of their values on the market, including among its forms a commodity such as gold, an officially issued coin or note, or a deposit in a checking account or other readily liquefiable account.
Something (such as coins or bills) used as a way to pay for goods and services and to pay people for their work.

Can you pay your taxes with bitcoin?

You can not pay taxes with Bitcoin

[5970]

I hope never, because it is superior to money.

I hope never, because it's gold.

but gold IS money, the best form of money.

[bitbouillion]

but gold IS money, the best form of money.

That sounds more like religion.

[zetaray]

Gold is not money, it is a valuable comodity. Money needs to be divisible to exchange for goods.

[SaltySpitoon]

Money:
A medium that can be exchanged for goods and services and is used as a measure of their values on the market, including among its forms a commodity such as gold, an officially issued coin or note, or a deposit in a checking account or other readily liquefiable account.
Something (such as coins or bills) used as a way to pay for goods and services and to pay people for their work.

All of the above is already possible with Bitcoin to some extent. I've been paid for goods and services with bitcoin and I've bought things with it. I also measure the value of things with Bitcoin. The fact that the "mainstream masses" think of it as fake money only proves how uneducated and ignorant they are.

I'd agree with this statement, by all definitions Bitcoin is money. The definition is pretty broad for money though, relying mostly on its abililty to be transacted to others for an interpreted value.

Money:
A medium that can be exchanged for goods and services and is used as a measure of their values on the market, including among its forms a commodity such as gold, an officially issued coin or note, or a deposit in a checking account or other readily liquefiable account.
Something (such as coins or bills) used as a way to pay for goods and services and to pay people for their work.

Can you pay your taxes with bitcoin?

You can not pay taxes with Bitcoin

If you live in the US, can you pay your taxes with Euros? Most would argue that Euros are money, yet you cannot pay your taxes with them.

Gold is not money, it is a valuable comodity. Money needs to be divisible to exchange for goods.

To a certain extent you are right. Gold coins have historically been used as money, but prior to gold's increase in value in comparison with fiat currencies, people realized that gold is too heavy and inconvient to carry around. Just about every mint in the world still produces gold coins that are legal tender, but they put the face value far below the gold's value so that its not feasible to use gold as a currency.

[bitbouillion]

If you live in the US, can you pay your taxes with Euros? Most would argue that Euros are money, yet you cannot pay your taxes with them.

If you live in the US, Euro is a foreign currency only, not money.

Bitcoins, gold, silver and foreign currencies can be used like money, they have the properties of money, but they are not money, since money is something enforced by a government power.   

[fcuk]

If you live in the US, can you pay your taxes with Euros? Most would argue that Euros are money, yet you cannot pay your taxes with them.

If you live in the US, Euro is a foreign currency only, not money.

It's still money. Just because it's a foreign currency doesn't mean someone cannot accept it. It's still wealth. Some coiuntries even accept many other currencies from around the world. Some countries in Africa actually prefer dollars or euroes to their own fiat.

Bitcoins, gold, silver and foreign currencies can be used like money, they have the properties of money, but they are not money, since money is something enforced by a government power.

 

That might be the definition of legal tender, but foreign currency is still money. Besides, I think the very definition of what is money has changed or at least evolved with bitcoin. Bitcoin is money to me regardless of a government not issuing it. It's still issued by the bitcoin software and issued fairly at that.