Bitcoin=Money(?) | Bitcointalksearch.org

Yakamoto

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Quote from: jeffersonairplane on June 09, 2014, 10:04:53 PM

I would make a reference to Bitcoin's value as equivalent to a precious metal like gold or silver as an analogy due to the fact not many people know what Bitcoin is.

This post is correct. People know about Bitcoin, but it is currently no mainstream. Because of this fact, you have to compare it to gold or silver, since those can buy some* things, but not necessarily a lot of things. Bitcoin is the same way. It's not commonly used, but it can be used to be purchased different commodities or goods, or nearly anything there's a market for.

It would be like a primitive society, however, if you decided that Bitcoin would be permanently compared to precious metals, as it would be reminiscent of the times when precious metal coins were used as currency.

*I have no idea where you can buy stuff with gold or silver, but I'm sure it exists somewhere.

jeffersonairplane

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www.bitkong.com

I would make a reference to Bitcoin's value as equivalent to a precious metal like gold or silver as an analogy due to the fact not many people know what Bitcoin is.

Harley997

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Bitcoin is not yet a stable store of value. Granted it has increased dramatically over the past several years, but it's price has also fallen dramatically over short periods.

In order for Bitcoin to be considered a form of money it's price volatility needs to decrease significantly. It has decreased this year, but the volatility is still much too high.

scryptasicminer

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Quote from: ivy on May 21, 2014, 07:36:05 AM

Bitcoin=money game,you play well,you got the money

Exactly.

findftp

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Delusional crypto obsessionist

I would say it is.
Make a poll and see the results

ivy

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Bitcoin=money game,you play well,you got the money

peeveepee

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Money is a medium of exchange.

More and more business are starting to accept bitcoin for payment.

You can use this to frame your argument bitcoin is money.

Swordsoffreedom

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Quote from: miffman on May 09, 2014, 01:33:21 PM

Technically, as long as people accept it in exchange for something, it's money. If people accepted rocks in exchange for goods, I would consider rocks money then

Rocks have been used as a form of currency back in history so that statement is true, the value of money is only that people are willing to exchange it as a means of trading aka it is a store of value. Differing from barter in that instead of trading goods and services apples and pears or trading physical commodities you are trading something that only has a representative value aka my dollar is the same as yours also known as fungibility which Bitcoin has so yes it is money and a form of exchange.

miffman

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Technically, as long as people accept it in exchange for something, it's money. If people accepted rocks in exchange for goods, I would consider rocks money then

zimmah

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note that currency and money are not the same.

Currency = $, € etc

Money = Gold, Silver

Where bitcoin fits is up to you to decide.

In my opinion it's money, but not everyone may agree.

nanxiaobu

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Are u sure ,I do not think so

freshprince

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Does that mean localbitcoin traders need to register as a money services business?

CarlesPuyol

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in 10 years the bitcoin will change the dollar...

Erdogan

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Quote from: bryant.coleman on May 07, 2014, 07:18:06 AM

Most of the people are confused whether Bitcoin can be considered as a form of investment, or whether it should be purely considered as a currency. In my opinion, it is a combination of both. Grin

Meaning, you are confused, too.

bryant.coleman

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Most of the people are confused whether Bitcoin can be considered as a form of investment, or whether it should be purely considered as a currency. In my opinion, it is a combination of both. Grin

BitOnyx

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Cryptocurrencies Exchange

I don't think with current common knowledge you can easily describe bitcoin in one sentence.

Also it is nice that some people put more work into this area Wink

Bit_Happy

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Quote from: sana8410 on May 06, 2014, 10:34:48 AM

Quote from: aigareth on May 06, 2014, 01:15:38 AM

as long as people can exchange it with something else, I think BTC=money.

you may think is money but just like of the ops stated, they are not treating it like that, now bitcoin is considered as a product or did I miss something?

Bitcoin is money:
....did I miss something?
You missed the part where we don't let the Gov't create our reality for us. Tongue

Swordsoffreedom

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Sometimes I wish that was true remembers a few papers where line by line it is underlined with suggestions to improve grammar
ETC proving that they read it lol

Bit_Happy

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A Great Time to Start Something!

Bitcoin is redefining money. You can lead the intellectual revolution... ...just make something up that sounds good, if the media picks up on it you will be virtually immortal:
The juice101 Theory of Modern Digital Money.

twiifm

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Quote from: OROBTC on May 01, 2014, 02:19:42 PM

...

Money typically has three major and well-accepted attributes (and examples):

1) Unit of Account (how much a business is worth, and "keeping score")

2) Medium of Exchange (that loaf of bread costs you $3.00, the movie ticket $10.00)

3) Store of Value (gold is store of value, and will that dollar still be worth a (real) dollar -- or close -- in 5 years?)

Bitcoin at this point works only well for number 2. The price volatility excludes numbers 1 and 3. There is a real case to be made to buy Bitcoin as an investment/speculation (as I have), but I would classify Bitcoin as a special case of a commodity.

So, I would not call it money.

***

You could even make an argument that our US $ is not "money", perhaps better thought of as a "currency" as the US dollar is not a good store of value over the longer term (inflation). That is another topic...

...

Even for 2 it is limited because its not legal tender. Its more like a barter than money

Topic: Bitcoin=Money(?) (Read 1821 times)