Topic: Btc not money - page 3. (Read 1320 times)

You are correct. There's a partial ban on cryptocurrency in my country, but that hasn't made me stopped transacting in cryptocurrency. When I sell a particular token, I ensure that the buyer doesn't specify it as a cryptocurrency payment. So whoever wants to vet the account can't tell what the payment is for.

There will be many pros and cons about whether bitcoin is a currency or not. Currency is a tool issued by the government of a country for trade and other purposes in the financial sector. But even though bitcoin is not a currency, many countries have recognized it so that their people can trade using bitcoin and using fiat or other methods. So if your country is allowed to use bitcoin as a means of payment, it means bitcoin is an option given by your government while your country has a fixed currency.

Ty
Btw, I clearly understand what you but though since you explain that is only currency in those countries but not fiat which is true. To me is still spendable irrespective that can not be withdrawn or seen as Fiat it uses the same quality and same value which can be massured as normal fiat.

Both have the same function, which distinguishes the concept and rules that apply in their respective countries, all forms that can be exchanged and have value, it can be categorized in a means of payment, it's up to people who want to say money or not .
But of course, bitcoin has its own uniqueness, so that digital currency has grown so big and there are some countries that have been stuck to legalize as a means of payment in transactions

Bitcoin is the currency in those countries but it is definitely not fiat, fiat is created and controlled by the government, fiat can be printed by the government as much as it wants. But bitcoin is a digital currency, a new technology that is not controlled by any government and is managed by the entire community. Bitcoin is a currency, an investment. In short, it has all the conveniences that we need, it is like a versatile tool in our life.

many people think Bitcoin is digital money but actually Bitcoin is only made into a digital asset, but that's not all true because many people use bitcoin to make transactions, meaning Bitcoin can be used as a tool or a substitute for paper money

Bitcoin is not money but Bitcoin is digital currency.In one word we can call it digital currency.But with bitcoin you can convert your country's currency it is very easy.We especially use Bitcoin to convert to our country's money through various means.When Bitcoin becomes legal in all countries, we may no longer need to exchange these Bitcoins to fiat money.We can do bitcoin transactions directly then.

Following the rules and regulations of a country is a must, you have the responsibility to obey them since you are a part of the country.
What do you mean doesn't exist? You are trying to fool us that BTC doesn't exist? Dude, BTC really exists, you can see that people transfer it from some wallets to other wallets. But surely it is in the digital world, that's why people call it a digital asset or a digital currency.

What do you mean? Do you mean crypto should be available to change with fiats? Yes, it surely can be changed with fiats.
If you mean crypto should have a printout form or a physical form, it is not a must since they are created with the concept of a digital system. There is nothing wrong with this concept as long as people can accept it and can use it without a problem.

That's true.

And if we tell someone our plans, we don't know if they like us to be successful or they're already thinking negatively on how it will end up. That's why it's better to have that peace of mind by just minding our own businesses.

Do good on it and let the success be the noise as the quotes say.

When the money topics is on the line, everyone wants to listen. But when it's the actual thing and it doesn't look good, no one wants to listen and everyone starts to scatter away from us.

Cryptocurrency is a digital asset so I consider it money, having a cash that I want to invest into Bitcoin, then I exchange my cash into a digital currency it still count to me as my money. People have their opinions but mine is what it is. My money is my money no matter any form it is symbolized. Crypto is a good commodity that can only be privatized my it's owner because they want to and also the limited acceptability in most countries. People can share information about their asset no matter the form of the assets but it's at their risk.
Thank you, Sodium.

If so what about those countries that has bitcoin ATM machine, they withdraw and deposit through same machine. Can't we call it fiat?
Still physically spendable as fiat most of the restaurant, eatery and shopping mall accepted as means of exchange for goods and services so it can be considered as fiat

Where did you get such information? I think it's actually the other way around; Bitcoin is allowed in many countries and forbidden in some countries.

According to this map from the coin.dance website Bitcoin is unrestricted in 132 of 257 countries/regions.

You will never hear from a wise person how he boasts of anything, or even shares, especially when it comes to money. Probably it comes with experience, the more lessons life gives you, the more accurate you become. The less you tell others, the less envious and competitors you will end up with. I learned this bitter lesson from my own experience, now I will think 7 times before I tell anyone about my affairs 1 time.

A few years ago many from the circle of my friends knew that I'm into bitcoin until the bear market came and no one talked about bitcoin anymore and most of them stopped being interested.

But I still pushed and continued until the recent bull run came.

What I've learned is what you've said that the same as going to the toilet, we shouldn't be loud and tell people that hey, I'm a bitcoiner. Remaining low profile did gave me peace and space so, on that part, I agree to you.

Bitcoin is money and it's been placed as a digital currency. Because with cryptocurrency and especially bitcoin you can purchase anything you want with bitcoin without been biased for any single transaction. Secondly bitcoin can be used to do anything that fiat currency can do. So therefore Bitcoin is money and money is Bitcoin. Because what money can purchase bitcoins can equally purchase it

What is money?

Can we say money is anything that gives one a purchasing power?;
Can money be a medium for exchange of goods and services?;
Can we say that money is a store of value;
If the definitions above are correct, bitcoin can be regarded as a currency.

Then, if the only definition of money is a paper whose human head is printed upon and has the ability to be used as an exchange for goods or services, perhaps a legal tender. That means bitcoin is not money.
So, decide on what makes money, either the value it carries or the paper it is.

I absolutely do consider Bitcoin money. I can easily convert my coins to fiat at any time and use it as a way to store value; the same as money. BTC is not physical money but it is a form of digital currency and functions much the same way.

Crypto is not yet exchangeable by central banks but I think that will change soon. I suspect more and more countries are going to follow El Salvador's lead and adopt BTC as legal tender.   

Lol!

I honestly had to read the quote twice in order to fully understand the intellectual stretch here by 325btc Indeed not a bad comparison!

@325btc I'd probably enjoy reading some more of those genius comparisons. Should you have another one ready to be dropped here, I am all ear!

Anyway, the discussion whether Bitcoin is money or not is so old. Why would it not be money? There are two (or more) ways to look at it: we can use existing definitions and philosophical viewpoints in order to judge whether or not it should be considered money. The other way is to just rely on the respective institutions to acknowledge it as such. The problem with the latter viewpoint is that relevant institutions and authorities have an incentive to not acknowledge Bitcoin as money or an official currency.

One thing is for sure though, that even existing definitions will need to evolve in order to capture newly developed forms of value transfer. When somebody came up with a definition for money 100 years ago, that definition obviously couldn't capture digital transfers as they haven't existed back at the time.

Bitcoin still evokes a lot of heated discussions regarding its status as potential money, but at the same time those discussions might soon be a thing of the past and it is quite normal for people to deem Bitcoin money. Never could it be expected that such a revolutionary system will officially be acknowledged all around the globe as an official monetary system. Bitcoin, or some form of a decentralized digital value transfer system, will certainly stay and establish itself as an integral part of the global payments economy.

I understand your line of argument from that perspective I quoted as it seems you're using the notion of Bitcoin's exchange into fiat first to counter it being money. Don't forget that there are several instances where there aren't any swap to fiat for Bitcoin transactions, especially in countries where it's accepted as legal tender. Goods and services are bought directly in Bitcoin without going through fiat in such countries. Come to think of it, isn't money anything that's generally accepted for the exchange of goods and services? Does Bitcoin not meet that criterion? Of course, it does.

What are your definition or real money btw?
Is it something tangible? Can be accepted in shop and supermarket? Well, I can say my local fiat currency is not acceptable is the USA. Does my local fiat currency not real money? Same goes for the Dollars here in my country, it is not acceptable to majority of the stores, shops, and market coz people around here always prefer the local currency.
Would you mind giving me your Btc? It's not really money for you anyway lol.