Topic: Bitcoin is a money or currency? (Read 1006 times)

Yeah, they usually do when they realise they might be going to jail haha.

Hi guys,

sorry to hijack but i cant make a topic !! till i post 5x and 5 hours!


whats the best way to get REAL money from btc-e into a REAL UK GBP bank account>?
i heard bit stamp or okpay ?
thanks!

He's not responding anymore after I told him I would report to the police.
Not much evidence at the moment, but they will be monitoring if he threatens me again.
Obviously an alt-account... 

Bitcoin is money and currency

Clearly somebody is attempting to blackmail him for some reason.

What?

I say no, because then everything that we barter with can be a medium of exchange. In fact then you might call magic cards a currency too... What else do schoolkids trade... Um... Homework answers! That might be a medium of exchange too. Anything can become a medium of exchange, but a currency follows a particular restricted definition.

But the simple rule follows:

Currency is a medium of exchange, but a medium of exchange doesn't make it a currency.



Nothing can be a currency unless it is actually follows the criteria, otherwise we would be stating gold is a currency. It's not, it's a reasonable accepted medium of exchange that emulates the properties of money.

Quoting this for legal issues.

The best way I have understand Bitcoin is to think of it as a commodity that can be used as a currency. Much like gold, silver, certain shells, beads to the natives etc etc

It's a thing that has a value and like a commodity this value is decided by what people are prepared to pay for it. This mutual agreement/disagreement is decided at the exchanges.

Think of Bitcoin as :

Pay up, do you want your families photos on this forum?

Bitcoin is a decentralized digital currency.  Did you like, not read the first line of Wikipedia and bitcoin.org?

You are correct there. It is much more than a currency or money. This is why it's getting much more attention from governments and regulators. It's truly brilliant and has been efficient in many economies such as Cyprus and Argentina as ways to not allow their govt to hold/control their money.

Correct me if im wrong but from what ive seen BTC is much more than a currency or a payment systhem, its  revolutionary and from what i could see its a kind of culture to give the power back to the people and be much more independant. I thinkthis is an awesome step at this point of humanity, people were losing control over bankers gouvernement and people above, if this is a key to get the powerback then its awesome! 

Perhaps, except that a paperwallet is essentially just a "password" (written on paper).  While the paperwallet does give you the power to create a bitcoin transaction sending the value that is protected by that "password" on to someone else, I don't think you can consider that paperwallet to be a currency or money in and of itself.  Especially since accepting a paperwallet from someone does not give you assure you of exclusive control of the value.  There is no way to verify whether or not the originator kept a copy of the paperwallet, nor is there any way to verify if the person handing you the paperwallet is the creator of the papaerwallet.

Paperwallets. Suppose you could argue about it not being produced by a mint or bank or whatever, but if I have a paperwallet with 1BTC on it and somebody accepts it for 1BTC worth of stuff, then I think it falls under the definition of papermoney.

Ok, lets substitute "bitcoin" in for the words "money" and "currency" and see if your sentences are still true:

MONEY

Analysis:
Bitcoin is a record, so it passes your "object or record" test.
Bitcoin is generally accepted as payment for goods and services and repayment of debts, so it passes your "payments" test.
Bitcoin is accepted "in a given socio-economic context", so it passes your "socio-economic context or country" test.

Sounds to me like Bitcoin is already a "Money".

CURRENCY

Analysis:
We already established that Bitcoin is a "Money", so it passes your "refers to money in any form" test.
Bitcoin is actually used, so it passes your "actual use or circulation" test.
Bitcoin is used specifically for the purpose of exchanging value, so it passes your "medium of exchange" test.
Bitcoin is not paper money, so it fails the "especially circulating paper money" test.

So the question is:
Does something have to be paper money to be currency, or is that simply a suggestion?

If it has to be paper money to be a currency, then bitcoin will never be a currency (since it is an electronic record).

If being a paper money is simply a suggestion, then it sounds like bitcoin is already a "Currency".


According to the definitions you posted, something can't be a currency unless it is already a money. If you are claiming that it is a currency, then by definition you are also claiming that it is already a money.

Are you suggesting that right now bitcoin is neither a currency nor a money?

I dont know if I understand the difference between money and currency, but many merchants accept Bitcoin already

Bitcoin is a digital currency AND a payment system.

Money is currency. BTC is already money & a currency.