Topic: Bitcoin isn't money and that isn't bad! - page 3. (Read 662 times)
BTC is digital while money is fiat. So BTC is money
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
-A means of exchange
-A store of wealth
-A unit of account
And bitcoin does this all characteristics, too, isn't?
This has been a long debate and this could go on until god knows when. There are always two sides in this issue. But whether Bitcoin is indeed money or not in whatever way we look at it, it still has high value. For me, that's the most important point.
Whether Bitcoin is or isn't money does not make it bad. Whether it is being treated as money or digital gold or digital diamond or whatever, I know very well that 1 BTC is worth more than $13,000 right now and if I can't spend it as it is I know that I can easily dispose it anytime in exchange for a spendable form of money.
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
-A means of exchange
-A store of wealth
-A unit of account
And bitcoin does this all characteristics, too, isn't?
Great article buddy, i have been talking a lot about this topic in the past, bitcoin is not money on a legal view of points. And that sucks because we will never be able to charge bitcoin as a payment method on our local business. We can't give a ticket for it to justify the taxes... So, if bitcoin isn't money then how can we do transactions with it? The answer is a classical exchange, you can exchange your coins for a laptop, but you can't say you are using your coins to buy the laptop. Is important to understand the legal face of bitcoin to understand how we can spend it.
So, I open the recent topic pages, saw this one, I said in my mind wow, another one, click on it, and saw OP's name.
Pickachu face!!! (since I read something about pokemon cards down the line)
Pitchfork the infidel!!!!!!
It's not about countries accepting bitcoins.
There is a cafe near me that accepts bitcoins, does it means my country accepts bitcoin? No! The superstore next to the cafe is not accepting bitcoin, But at the same time it doesn't mean that the country is;t accepting bitcoins. Unless..you live in North Korea or some other country where every business is run by the state.
Countries =/= private business just as a dealer selling BMW's for coins doesn't mean BMW is accepting cryptos.
Well, it's exactly 3 and 4 that is the problem right now and there is no sign of it matching the rise in price.
Pickachu face!!! (since I read something about pokemon cards down the line)
Things I can’t do with Bitcoin: Pay rent, pay my internet, pay my electric, pay my grocery bill, pay my pizza tab, pay my fine for my speeding ticket, pay for medical marijuana anywhere in Arkansas legally, and the list goes on and on.
Pitchfork the infidel!!!!!!
Well, it isn't that odd or weird for most countries to not accept payments using Bitcoin, heck I'd even say that they'd actually ask from what kind of arcade store did Bitcoin come from.
It's not about countries accepting bitcoins.
There is a cafe near me that accepts bitcoins, does it means my country accepts bitcoin? No! The superstore next to the cafe is not accepting bitcoin, But at the same time it doesn't mean that the country is;t accepting bitcoins. Unless..you live in North Korea or some other country where every business is run by the state.
Countries =/= private business just as a dealer selling BMW's for coins doesn't mean BMW is accepting cryptos.
I think bitcoin is money, but the prospect of bitcoin is still limited, because some people can't accept bitcoin.
3. Can be used as a medium of exchange to buy a good or service.
4. Accepted by the wider community.
3. Can be used as a medium of exchange to buy a good or service.
4. Accepted by the wider community.
Well, it's exactly 3 and 4 that is the problem right now and there is no sign of it matching the rise in price.
Does the point of view of "money" only lay in its use as a means of payment that is accepted by both parties?
Here we can see the definition:
Bitcoin is a new form of money to be used for a wider payment method globally.
However, based on this condition that you experienced, we can see that there are still many differences regarding our point of view towards Bitcoin and other cryptocurrencies in general in each country. And one of the differences in this point of view lies in where we live, depending on which country. When these countries still have not legalized Bitcoin and crypto, it will be difficult to use Bitcoin as a means of payment, even if this is considered a crime.
However, in a country where Bitcoin has been accepted as a manner of payment and also a digital asset, we can find it easy to spend BTC as payment, salary, and also others. And this, of course, will also depend on whose we are offering. If we offer BTC to someone who does not know about ti, it will not work.
Source:
https://www.investopedia.com/terms/m/money.asp
Here we can see the definition:
Quote
Money is a generally accepted, recognized, and centralized medium of exchange in an economy that is used to facilitate transactional trade for goods and services.
The use of money eliminates issues from the double coincidence of wants that can occur in bartering.
Economically, each government has its own money system, defined and monitored by a central authority.
Cryptocurrencies represent a new form of money, with international exchange opportunities.
The use of money eliminates issues from the double coincidence of wants that can occur in bartering.
Economically, each government has its own money system, defined and monitored by a central authority.
Cryptocurrencies represent a new form of money, with international exchange opportunities.
Bitcoin is a new form of money to be used for a wider payment method globally.
However, based on this condition that you experienced, we can see that there are still many differences regarding our point of view towards Bitcoin and other cryptocurrencies in general in each country. And one of the differences in this point of view lies in where we live, depending on which country. When these countries still have not legalized Bitcoin and crypto, it will be difficult to use Bitcoin as a means of payment, even if this is considered a crime.
However, in a country where Bitcoin has been accepted as a manner of payment and also a digital asset, we can find it easy to spend BTC as payment, salary, and also others. And this, of course, will also depend on whose we are offering. If we offer BTC to someone who does not know about ti, it will not work.
Source:
https://www.investopedia.com/terms/m/money.asp
I think bitcoin is money, but the prospect of bitcoin is still limited, because some people can't accept bitcoin. If we compare the nature of money and Bitcoin, the following is the equation Bitcoin with money:
1. Easy to carry.
2. Can be divided into units or smaller parts (for example 100 thousand, 50 thousand, 10 thousand, etc.).
3. Can be used as a medium of exchange to buy a good or service.
4. Accepted by the wider community.
5. Can last a long time
1. Easy to carry.
2. Can be divided into units or smaller parts (for example 100 thousand, 50 thousand, 10 thousand, etc.).
3. Can be used as a medium of exchange to buy a good or service.
4. Accepted by the wider community.
5. Can last a long time
The idea that Bitcoin is money sounds almost as silly as someone trying to push their “pokemon cards” as cash
Pokemon cards have utility - you can play with them. Bitcoin's only utility is ability to send it to other people. Bitcoin has no uses aside from being money, if we of course ignore some rare attempts to embed some data in its blockchain, or the coming smart contracts.
Just because it's no a popular form of money doesn't disqualify it from being money. And people shouldn't underestimate Bitcoin's liquidity, if in 10-15 minutes you can convert your coins into fiat currency, anywhere and at any time, that's already much more useful than physical gold, which is much harder to liquidate.
Quote
Things I can't do with Bitcoin: Pay rent, pay my internet, pay my electric, pay my grocery bill, pay my pizza tab, pay my fine for my speeding ticket, pay for medical marijuana anywhere in Arkansas legally, and the list goes on and on.
Really depends on where you stay! In Arkansas, you really can't, but in Japan, you really can! You can even get your salaries in bitcoin (if you want)! So what you can't or what you can in Arkansas, doesn't really tell us what bitcoin can or can't! You may be in a wrong place!
Also don't you think you are asking a lot from a kid who is just 11 years old? Let him get adult and then we talk!
Bitcoin has just started maturing. We are seeing great interest coming from corporates around the world. Some have gone ahead and started keeping a minor percentage of the their cash reserve in bitcoin. The entire market is slowly maturing despite all odds it is facing from the regulatory agencies worldwide. So no one has the right to decide that bitcoin not a money by just its acceptability at grocery stores!
The idea that Bitcoin is money sounds almost as silly as someone trying to push their “pokemon cards” as cash
Pokemon cards have utility - you can play with them. Bitcoin's only utility is ability to send it to other people. Bitcoin has no uses aside from being money, if we of course ignore some rare attempts to embed some data in its blockchain, or the coming smart contracts.
Just because it's no a popular form of money doesn't disqualify it from being money. And people shouldn't underestimate Bitcoin's liquidity, if in 10-15 minutes you can convert your coins into fiat currency, anywhere and at any time, that's already much more useful than physical gold, which is much harder to liquidate.
Yes Bitcoin is not money but It's more then Money now, if Bitcoin work like money then it’s worthless and we Don't wanna see it.Satoshi Nakamoto Create Bitcoin with a purpose that it Not work like money & we could hide our Identity and untraceable Transaction. So BTC never work like money if it’s then there is no mean to use it.
i Hope in future BTC per Satoshi as a Dollars,
I mean per satoshi mean 1$ Equal & That Day not far way!
Hope You guyes also waiting for that day.
i Hope in future BTC per Satoshi as a Dollars,
I mean per satoshi mean 1$ Equal & That Day not far way!
Hope You guyes also waiting for that day.
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.
See, from my views i noticed that bitcoin is money and money is bitcoin because from the looks of transactions like the process of purchasing bitcoin, I found out that it's money people use it to purchase btc and during all the processes of transactions via bitcoin both investment and other's, bitcoin return as a means of money in larger form or in a smaller form, so therefore since btc can purchase everything money can purchased, it's obvious that btc is money.
Why wold you want money when money is all but an illusion 
Money is worth 'something' because we agree that it has some value, and this can vary with inflation. A great example of how the value of money diminishes is the idea of 'time value of money'.
On the other hand, it is best to have ASSETS. BTC is an asset not money and assets bring you money for little effort. It is assets you want to be putting aside every year and not money as saving. As unlike money which depreciates over time, assets tend to grow in value over time.
Money is worth 'something' because we agree that it has some value, and this can vary with inflation. A great example of how the value of money diminishes is the idea of 'time value of money'.
On the other hand, it is best to have ASSETS. BTC is an asset not money and assets bring you money for little effort. It is assets you want to be putting aside every year and not money as saving. As unlike money which depreciates over time, assets tend to grow in value over time.
Interesting idea☺. Bitcoin is not money. Bitcoin is digital diamonds.
Diamonds are mined in mines. Bitcoins are mined by miners.
Diamonds are expensive. Bitcoins are expensive too.
Diamonds are luxury goods. Aristocrats wear diamond jewelry. Bitcoin has an open blockchain. This is also a status property (XXI century).
Diamonds can be easily transported across the border (if there is a war or revolution in the country). Bitcoins are used for cross-border payments.
Diamonds are inherited. Bitcoin too.
Such an analogy☺
Why wold you want money when money is all but an illusion
Money is worth 'something' because we agree that it has some value, and this can vary with inflation. A great example of how the value of money diminishes is the idea of 'time value of money'.
On the other hand, it is best to have ASSETS. BTC is an asset not money and assets bring you money for little effort. It is assets you want to be putting aside every year and not money as saving. As unlike money which depreciates over time, assets tend to grow in value over time.
Money is worth 'something' because we agree that it has some value, and this can vary with inflation. A great example of how the value of money diminishes is the idea of 'time value of money'.
On the other hand, it is best to have ASSETS. BTC is an asset not money and assets bring you money for little effort. It is assets you want to be putting aside every year and not money as saving. As unlike money which depreciates over time, assets tend to grow in value over time.
I think you are confusing money and currency.
Bitcoin has an intrinsic value, and it is the only crypto that is able to claim this. I have justified this in several threads here. I don't believe that Bitcoin is a currency, but it is a medium of exchange. and because of its intrinsic value, then it is money by most definitions.
Bitcoin has an intrinsic value, and it is the only crypto that is able to claim this. I have justified this in several threads here. I don't believe that Bitcoin is a currency, but it is a medium of exchange. and because of its intrinsic value, then it is money by most definitions.
Bitcoin money changer
Well, it isn't that odd or weird for most countries to not accept payments using Bitcoin, heck I'd even say that they'd actually ask from what kind of arcade store did Bitcoin come from. Comparing it with currencies that have been around for so long seems stupid, and honestly, owning Bitcoin doesn't really mean that you need to use it heck, owners of Bitcoin themselves should know that paying with Bitcoin is only at the minority right now, so anyone aiming to use it as such should think more than twice before trying it out. I've experienced buying with BTC, though those were quite select situations, and that was like a drop from the number of payments I make for the past few months.
Quote
Things I can't do with Bitcoin: Pay rent, pay my internet, pay my electric, pay my grocery bill, pay my pizza tab, pay my fine for my speeding ticket, pay for medical marijuana anywhere in Arkansas legally, and the list goes on and on.
Really depends on where you stay! In Arkansas, you really can't, but in Japan, you really can! You can even get your salaries in bitcoin (if you want)! So what you can't or what you can in Arkansas, doesn't really tell us what bitcoin can or can't! You may be in a wrong place!
Also don't you think you are asking a lot from a kid who is just 11 years old? Let him get adult and then we talk!
As of now each and everything with bitcoin is possible. For the same if we look for the legality it won't happen in the short. But, there are people who have been using only bitcoin for each and everything. This is quite difficult, but people are making themselves so attached.
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