Bitcoin is an easily transferable and acceptable commodity, not exactly a cash but not exactly anything else.
Why is it a commodity and not a currency? I think it fits the mold of what cash is, but has just redefined the definition.
Topic: Is Bitcoin cash? (Read 3581 times)
Why is it a commodity and not a currency? I think it fits the mold of what cash is, but has just redefined the definition.
Bitcoin is an easily transferable and acceptable commodity, not exactly a cash but not exactly anything else.
Why is it a commodity and not a currency? I think it fits the mold of what cash is, but has just redefined the definition.
Bitcoin can be cash if you use it or treat it like it is.
It can be a payment or wire system also, like a Paypal or Western Union.
It can also act like a commodity or tradeable asset, as it has price fluctuations and is easily traded on various exchanges.
It can be a way to notarize or record an important event, as evidenced by the Blockchain ledger.
That is the beauty of Bitcoin, and advantage, over traditional cash...it has many layers, utilities, and functions.
It can be a payment or wire system also, like a Paypal or Western Union.
It can also act like a commodity or tradeable asset, as it has price fluctuations and is easily traded on various exchanges.
It can be a way to notarize or record an important event, as evidenced by the Blockchain ledger.
That is the beauty of Bitcoin, and advantage, over traditional cash...it has many layers, utilities, and functions.
Is bitcoin cash?
Paper wallets are pretty close, but that's the wrong question. The question you need to ask yourself is, "how much is the cash in my hand REALLY worth if it doesn't have at least three confirmations on the blockchain?"Because sooner or later, the answer will be zero.
Paper wallets are the same in practice than any other wallet, because it all ends up in the blockchain.
But it doesn't need bags to carry.
then what if you are outside? still need something to carry out the transaction, at least in android
maybe if the whole world legalize it, yes bitcoin deserves to be called cash
I was wondering that, since a lot of people say, Bitcoin is like cash, so I looked it up on Wikipedia:
"In bookkeeping and finance, cash refers to current assets comprising currency or currency equivalents that can be accessed immediately or near-immediately (as in the case of money market accounts).
https://en.wikipedia.org/wiki/Cash
So, Bitcoin is definitly cash, per defintion.
So, please stop saying "Bitcoin is like cash"
Bitcoin is cash in your computer. Currency Bitcoin is a peer-to-peer (p2p) latest digital that can be used to replace cash in buying and selling online. Unlike other online currency associated with the bank and use payment systems such as PayPal, Bitcoin is directly distributed between users without the need for intermediaries. "In bookkeeping and finance, cash refers to current assets comprising currency or currency equivalents that can be accessed immediately or near-immediately (as in the case of money market accounts).
https://en.wikipedia.org/wiki/Cash
So, Bitcoin is definitly cash, per defintion.
So, please stop saying "Bitcoin is like cash"
Well, very interesting question.
In traditional way of banking, cash is issued by bank and you receive it in paper.
Over time this changed because now we can pay with credit cards but still everything is regulated by banks.
So, in traditional way, bitcoin is not cash.
There is no bank behind BTC, no central office, no paper etc.
but, already with some merchants you can use btc and spend it, for different digitakl products etc.
you can even exchange your BTC to paper currency (USD, Euro...) and cash out.
It's true that mostly people still see BTC as investment only but this may change when ''big'' merchants'' like Google and FB accept bitcoin.
In traditional way of banking, cash is issued by bank and you receive it in paper.
Over time this changed because now we can pay with credit cards but still everything is regulated by banks.
So, in traditional way, bitcoin is not cash.
There is no bank behind BTC, no central office, no paper etc.
but, already with some merchants you can use btc and spend it, for different digitakl products etc.
you can even exchange your BTC to paper currency (USD, Euro...) and cash out.
It's true that mostly people still see BTC as investment only but this may change when ''big'' merchants'' like Google and FB accept bitcoin.
Is bitcoin cash?
Paper wallets are pretty close, but that's the wrong question. The question you need to ask yourself is, "how much is the cash in my hand REALLY worth if it doesn't have at least three confirmations on the blockchain?"Because sooner or later, the answer will be zero.
Is anonymity required for something to be cash? That's the citation I'm talking about.
Generally yes. Cash is able to be transferred from one person to another without any record as to who was transferring it to whom. Technically speaking bitcoin allows for the same feature (although it would be a horrible security practice) as someone can transfer their private keys from person to person
You say it's able to be transferred without any record, but is it required for something to be cash?
No citation needed. Cash = totally anonymous. Bitcoin uses a public ledger, the blockchain, Monero doesnt.
Is anonymity required for something to be cash? That's the citation I'm talking about.
Technically speaking bitcoin allows for the same feature (although it would be a horrible security practice) as someone can transfer their private keys from person to person
Bitcoin is not cash, it is gold
Ha, like petroleum/oil is black gold, platinum is white gold, bitcoin shall be the Internet's own gold.Internet gold or fool's gold?
No , bitcoin is A Peer-to-Peer Electronic Cash System as told in the bitcoin white paper :
- https://bitcoin.org/bitcoin.pdf
Oh, damn, it is already in the Whitepaper. - https://bitcoin.org/bitcoin.pdf
My extended reasearch was pointless
To really understand the Economics of Bitcoin:
http://nakamotoinstitute.org/shelling-out/
Bitcoin acts as a commodity:
http://unenumerated.blogspot.ca/2008/06/commodity-hysteria-overview.html?m=1
Bitcoin is a scarce object:
http://szabo.best.vwh.net/scarce.html
Bitcoin enables trust & security concerning money:
http://szabo.best.vwh.net/ttps.html
http://szabo.best.vwh.net/securetitle.html
Bitcoin is not cash, it is gold
Ha, like petroleum/oil is black gold, platinum is white gold, bitcoin shall be the Internet's own gold. 
Bitcoin is not cash, it is gold
I define cash or currency as an asset that holds value either through literary form(gold), governmental-induced(which means the currency is worth less to be produced than it's preceding value, like fiat) or a widely accommodated item(albeit decentralized) that holds sufficient user awareness and adoption to give itself it's value(bitcoin). Just my own definition. Bitcoin fits the bill nicely.
Well, it depends on what you consider for it to be,
Some consider it as cash, some as tradable currency.
Some consider it as cash, some as tradable currency.
Personally I think bitcoin is the evolution of cash and has redefined the very definition of money. I'm sure even if it's not bitcoin were using in the future it certainly wont be paper money or what we now think of or accept as cash.
No citation needed. Cash = totally anonymous. Bitcoin uses a public ledger, the blockchain, Monero doesnt.
Is anonymity required for something to be cash? That's the citation I'm talking about.
Yeah, I agree it is not cash yet. Cash meaning money and money has defined properties that Bitcoin cannot yet obey.
No citation needed. Cash = totally anonymous. Bitcoin uses a public ledger, the blockchain, Monero doesnt.
Is anonymity required for something to be cash? That's the citation I'm talking about.
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