Bitcoin isn't money and that isn't bad! - page 2.

error08

hero member

Activity: 1036

Merit: 514

Quote from: maxreish on October 29, 2020, 10:04:21 PM

Quote from: Reosta_ on October 29, 2020, 12:41:29 PM

Actually, Bitcoin is money. There are too many people who think it should have a system like fiat to call it as money. But it doesn't work like that. The meaning of money in short is "a medium of exchange". So, a currency that is a medium of exchange can be accepted as money.

Perhaps a "digital money". Who said we can't spend bitcoin like money does? We definitely can. The only difference fiat money and bitcoin are facing is that fiat money has physical existence while bitcoin doesn't have. If money can be used to pay bills, pizza, etc. Bitcoin can also do the same through crypto local wallets.

It was also alternative paymeny method next to fiat money.
And according to Forbes,

Quote

Apparently, money is:

-A means of exchange
-A store of wealth
-A unit of account

And bitcoin does this all characteristics, too, isn't?

We can argue what is the definition of money or currency. But we agreed that bitcoin can be used as a medium of exchange, then it's a money. Whatever that can be used and agreed by both parties as a medium of exchange, just like bitcoin being used as a means of payment across the world or at least by people in this forum or citizens in Japan to buy goods or pay the bills. One thing that bitcoin need is more countries stated bitcoin accepted as means of payment, bitcoin is one step further after PayPal enable users to spend bitcoin on 26Million merchants.

ice098

hero member

Activity: 1498

Merit: 586

Cryptocasino.com

Quote from: KennyR on October 31, 2020, 03:20:53 AM

Quote from: pooya87 on October 30, 2020, 12:04:32 AM

just because you can't understand something or can use it that doesn't mean bitcoin can not be used as money or instead of fiat. over the years bitcoin usage as payment has been increasing. there are currently multiple countries that have accepted it as a legal way of payment. now you can play with words all you want (currency, store of value, money, payment system,...) in the end bitcoin can be used as money.

in any case cheeky link spam advertising your website using a controversial subject!

Even the traditional currency doesn't have these many access as bitcoin. Currency has been used as a paper carrying value. Bitcoin has been used as value store, as an investment asset similar to stocks and forex. Bitcoin as a means of payment has ease large scale transactions with much reduced fee. In other terms such a volume of transactions can't be handled by banks. No doubt, bitcoin is money and rest is upto the user.

I believe that this insight will only for now. To be honest bitcoin were not comparable even in fiat. This may not be considered as money for now because its transaction were done via online hence people were getting used to called money in terms of fiat. Let come to think of it, the fiat of each and every country were only applicable inside of their country and if someone will going to travel to other countries she/he will definitely exchange their fiat to other countries fiat, but in bitcoin if you will going to the countries where they receive bitcoin as a payment you will never had to undergo exchange your bitcoin into fiat.

Jet Cash

legendary

Activity: 2688

Merit: 2444

https://JetCash.com

Once again - Bitcoin is not a currency, as it hasn't been adopted for general use by any government. Fiat is not money strictly speaking, as it has no intrinsic value. Bitcoin is money, as it is the only virtual medium of exchange that has an intrinsic value. Once a government stops supporting fiat, then it will no longer be a medium of exchange, as it has no intrinsic value. The old Britiish currency - the Sovereign, still remains a medium of exchange because of its gold content.

The bottom line is that Bitcoin will take you through the impending fiat currency crisis, fiat bank notes or deposits won't.

JuSayCo

jr. member

Activity: 112

Merit: 3

This two somehow confuses the minds of the people who knew less about bitcoin. But for me, bitcoin will be simply understood as a digital currency that we cannot hold from our bare hands and cannot be used in the mainstream world for a daily spending. It has a big value that can be converted into fiat anytime we want to in selected exchanges and payout centers across the globe, from then we can actually hold the fiat/physical money that comes from intangible crypto currency.

noorman0

hero member

Activity: 1764

Merit: 694

[Nope]No hype delivers more than hope

Quote from: coolbaughandrew on October 30, 2020, 12:27:37 AM

Now Bitcoin can't serve as a medium of exchange in some small towns, but there are many places where it's accepted. That proves Bitcoin has a big potential to become "real money".

More specifically, cities with difficult or unreachable internet access. The issue of legality is not a barrier to using bitcoin as its function except for law-abiding people. And I understand what you mean by "real money" is that people all over the world will benefit from bitcoin as a medium of exchange in the end.

ttcsalam

copper member

Activity: 1120

Merit: 2

Bitcoin is not money though.But it can be converted into cash at any moment.So it is possible to say that cash is the opposite of money.Or digital currency.So I can say that Bitcoin is the currency that converts money into money and digital currency.

Xinarae*

sr. member

Activity: 1414

Merit: 326

Bitcoin isn't money, it's a currency but it's possible to convert Bitcoin into money. If the entire world supports Bitcoin then banks will replace Bitcoin during which case it'll be easier to transact in currency albeit there's no money. those that have invested in Bitcoin their wealth has suddenly increased many times. It are often traded without revealing one's identity on the opposite hand the transaction cost is extremely low. But the most important reason is that there's a thought among many who investing in Bitcoin can pay off several times over.

buwaytress

legendary

Activity: 2828

Merit: 3487

Join the world-leading crypto sportsbook NOW!

Pretty cool insight into that part of America, and I can tell you the same where I come from, I wouldn't find a single Bitcoin buyer but there would be plenty of people willing to trade for vegetables or even maybe some old piece of machinery from my grandparents' farm. Maybe even a few takers for Pokemon cards.

That said, Bitcoin's pretty much what I earn now (freelancer) and it's what I use online majority of the time. Almost every food delivery is Bitcoin. My last two holidays were paid in Bitcoin (flights+hotels) and even what I do pay with cash, is cash from selling Bitcoin p2p. So, it's all about context =)

GeorgeJohn

hero member

Activity: 1400

Merit: 655

Bitcoin is achievement

Quote from: bitbunnny on October 31, 2020, 03:56:21 AM

Maybe initial definition of Bitcoin isn't money and its role isn't to replace fiat but that still doesn't mean it can't be used as money.
Bitcoin is widely used as payment method and that is increasing all the time so we can consider Bitcoin to be a digital form of money so it's not only asset or store of value in narrow sense

Anything that can used as means of payment and means of exchanges is money, provided that when exchanges involved and will turn to money, I don't really know while we are differentiating bitcoin from money? Is it because the definition of bitcoin does not sounds the way money sounds, but both functions are similar and it can be used as a same purpose. I really agreed with you, because its very clear that bitcoin is money.

Smartprofit

legendary

Activity: 2338

Merit: 1775

Quote from: bitbunnny on October 31, 2020, 03:56:21 AM

Maybe initial definition of Bitcoin isn't money and its role isn't to replace fiat but that still doesn't mean it can't be used as money.
Bitcoin is widely used as payment method and that is increasing all the time so we can consider Bitcoin to be a digital form of money so it's not only asset or store of value in narrow sense

Bitcoin is banned as a legal tender in my country.

Yes, bitcoin can become money. However, this will not happen in 2021-2030. CBDC is money for the next decade. Bitcoin is a financial asset.

The number of transactions on the Bitcoin network is 350,000 per day. The number of transactions is not growing due to technological limitations. So far, bitcoin is not money.

However, we will see the recognition of Bitcoin as decentralized virtual money in the Future.

jrrsparkles

sr. member

Activity: 2380

Merit: 251

Eloncoin.org - Mars, here we come!

Quote from: plast555 on October 30, 2020, 07:46:48 PM

Quote from: coolbaughandrew on October 30, 2020, 12:27:37 AM

Now Bitcoin can't serve as a medium of exchange in some small towns, but there are many places where it's accepted. That proves Bitcoin has a big potential to become "real money".

But Bitcoin is still more widely used as medium of exchange than any Fiat currency out there. every country has it's specific currency and that can only be used in that specific country. US dollar is a currency which can be used as medium of exchange in some other countries but not in all. and Bitcoin is used as medium of exchange in even more countries than US dollar. you can use Bitcoin in Us and China equally without any problem.

You can't use any other countries fiat money in other region it applies to the dollars as well but still the fiat has value but should be converted into local fist using exchange which take huge amount as tax fee that is why conversion fee of bitcoin into local fiat is lot lesser that one fiat to another fiat.

bitbunnny

legendary

Activity: 2898

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

Maybe initial definition of Bitcoin isn't money and its role isn't to replace fiat but that still doesn't mean it can't be used as money.
Bitcoin is widely used as payment method and that is increasing all the time so we can consider Bitcoin to be a digital form of money so it's not only asset or store of value in narrow sense

BuNga_cute

full member

Activity: 1736

Merit: 116

A debate like this will never be finished, as long as Bitcoin has not been accepted in all countries as a means of payment,
then there will be an opinion that Bitcoin is not money. But whether Bitcoin money or not I don't really mind, most importantly
for me Bitcoin has value and can provide benefits. Therefore I keep collecting Bitcoin until now, although I can't spend the Bitcoin
that I have, but for me Bitcoin is very good for the store of value.

KennyR

hero member

Activity: 2282

Merit: 532

Sugars.zone | DatingFi - Earn for Posting

Quote from: pooya87 on October 30, 2020, 12:04:32 AM

just because you can't understand something or can use it that doesn't mean bitcoin can not be used as money or instead of fiat. over the years bitcoin usage as payment has been increasing. there are currently multiple countries that have accepted it as a legal way of payment. now you can play with words all you want (currency, store of value, money, payment system,...) in the end bitcoin can be used as money.

in any case cheeky link spam advertising your website using a controversial subject!

Even the traditional currency doesn't have these many access as bitcoin. Currency has been used as a paper carrying value. Bitcoin has been used as value store, as an investment asset similar to stocks and forex. Bitcoin as a means of payment has ease large scale transactions with much reduced fee. In other terms such a volume of transactions can't be handled by banks. No doubt, bitcoin is money and rest is upto the user.

abyan@83

jr. member

Activity: 57

Merit: 6

Quote from: Reosta_ on October 29, 2020, 12:41:29 PM

Actually, Bitcoin is money. There are too many people who think it should have a system like fiat to call it as money. But it doesn't work like that. The meaning of money in short is "a medium of exchange". So, a currency that is a medium of exchange can be accepted as money.

some of them also mention bitcoin is digital gold. I think this is the most suitable title for bitcoin given its limited supply and gold-like scarcity.

plast555

sr. member

Activity: 951

Merit: 259

Quote from: coolbaughandrew on October 30, 2020, 12:27:37 AM

Now Bitcoin can't serve as a medium of exchange in some small towns, but there are many places where it's accepted. That proves Bitcoin has a big potential to become "real money".

But Bitcoin is still more widely used as medium of exchange than any Fiat currency out there. every country has it's specific currency and that can only be used in that specific country. US dollar is a currency which can be used as medium of exchange in some other countries but not in all. and Bitcoin is used as medium of exchange in even more countries than US dollar. you can use Bitcoin in Us and China equally without any problem.

Nellayar

full member

Activity: 868

Merit: 185

Roobet supporter and player!

Quote from: coolbaughandrew on October 30, 2020, 12:27:37 AM

Now Bitcoin can't serve as a medium of exchange in some small towns, but there are many places where it's accepted. That proves Bitcoin has a big potential to become "real money".

Actually, there is no way for bitcoin to become real money unless it will become fiat. It is a digital currency that can transfer wherever you are. Why it cannot serve as a medium of exchange? Wherein fact you can use bitcoin in all places, as long as you are connected in the internet. Bitcoin will become the single monetary currency in the future because its easy to use and popular that brings decentralisation and transparency to the world.

coolbaughandrew

newbie

Activity: 36

Merit: 0

Now Bitcoin can't serve as a medium of exchange in some small towns, but there are many places where it's accepted. That proves Bitcoin has a big potential to become "real money".

Assface16678

full member

Activity: 1358

Merit: 134

★Bitvest.io★ Play Plinko or Invest!

Quote from: okyeresam on October 29, 2020, 10:29:53 PM

BTC is digital while money is fiat. So BTC is money

Simple logic.

Usage does not determine the function of something. For example, there are fruits which can be used in making wines and other stuffs. Likewise with Bitcoin, it can be used as a currency which is its main purpose because it is a digital currency in the first place. But it can be also used as means of investment due to its volatile market value. It is just that the usage of Bitcoin as a mode of payment is still limited to some countries and to most of the places, Bitcoin being used as an investment through blockchain technology is what is more convenient. This gave it an impression being more of an investment than digital currency.

pooya87

legendary

Activity: 3444

Merit: 10558

just because you can't understand something or can use it that doesn't mean bitcoin can not be used as money or instead of fiat. over the years bitcoin usage as payment has been increasing. there are currently multiple countries that have accepted it as a legal way of payment. now you can play with words all you want (currency, store of value, money, payment system,...) in the end bitcoin can be used as money.

in any case cheeky link spam advertising your website using a controversial subject!

Topic: Bitcoin isn't money and that isn't bad! - page 2. (Read 662 times)