Topic: Is Bitcoin money? (Read 112091 times)
yes bitcoin it is money. you can use bitcoin to make payments for a transaction more quickly, safely, and practically
Is it money likely any other currency but digital , with a price based mostly on the supply and demand on the market.
The fact that banks ain't accepting BTC or crypto as currency has to be with it taking what's has been doing only by them.
The fact that banks ain't accepting BTC or crypto as currency has to be with it taking what's has been doing only by them.
Bitcoin is something radically new. Nothing like Bitcoin has been possible until now. I would go so far as to consider it sui generis; "in its own class". This makes it important to understand what Bitcoin actually is before we try to describe it to others.
We're getting a good handle on the code, and of course on Bitcoin's function and utility, but what words should we use to describe Bitcoin itself? There has been some debate in other threads [mostly my doing] over how it is like/not like money, cash, dollars, etc. I'd like to start this thread by focusing on the term "money", and play Devil's avocate by asking for your best arguments that Bitcoin IS money.
My legal dictionary states "In usual and ordinary acceptation it [money] means gold, silver, or paper money, used as circulating medium of exchange, and does not embrace notes, bonds, evidences of debt, or other personal or real estate." [cites omitted]
Wikipedia says "Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment." [cited omitted]
Webster's Online Dictionary defines money as:
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I maintain that per these definitions, Bitcoin cannot possibly be described as "money". And further, I think that those who do describe Bitcoin as "money" are doing this community a disservice.
But that is just my point of view. Are there any that can convincingly argue otherwise, that Bitcoin IS money?
Yes bitcoin is a big big amount of money,it triples your money anyways when you are investing to bitcoin We're getting a good handle on the code, and of course on Bitcoin's function and utility, but what words should we use to describe Bitcoin itself? There has been some debate in other threads [mostly my doing] over how it is like/not like money, cash, dollars, etc. I'd like to start this thread by focusing on the term "money", and play Devil's avocate by asking for your best arguments that Bitcoin IS money.
My legal dictionary states "In usual and ordinary acceptation it [money] means gold, silver, or paper money, used as circulating medium of exchange, and does not embrace notes, bonds, evidences of debt, or other personal or real estate." [cites omitted]
Wikipedia says "Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment." [cited omitted]
Webster's Online Dictionary defines money as:
- 1. The most common medium of exchange; functions as legal tender; "we tried to collect the money he owed us".
- 2. Wealth reckoned in terms of money; "all his money is in real estate".
- 3. The official currency issued by a government or national bank; "he changed his money into francs".
- 4. A piece of metal, as gold, silver, copper, etc., coined, or stamped, and issued by the sovereign authority as a medium of exchange in financial transactions between citizens and with government; also, any number of such pieces; coin.
- 5. Any written or stamped promise, certificate, or order, as a government note, a bank note, a certificate of deposit, etc., which is payable in standard coined money and is lawfully current in lieu of it; in a comprehensive sense, any currency usually and lawfully employed in buying and selling.
- 6. In general, wealth; property; as, he has much money in land, or in stocks; to make, or lose, money.
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I maintain that per these definitions, Bitcoin cannot possibly be described as "money". And further, I think that those who do describe Bitcoin as "money" are doing this community a disservice.
But that is just my point of view. Are there any that can convincingly argue otherwise, that Bitcoin IS money?
Firstly, by the word itself "Coin" it really is money - a medium of exchange. "Bit" by definition is a binary digit, commonly used on computers. Combining the two words would mean "a digital currency" since transactions were done using computer. Unlike the money we used this is intangible and can only be operated and accessed like I already thru computers. Aside from Bitcoins there are others digital currencies (alternative coins) used and their denomination varies. Hope this helps.
Bitcoin, tbh, should really not be considered as money, but something that has been given a monetary value in terms of usage for anything from goods to services and as there is too much speculation in this, it can be termed as an "investment instrument" or "asset" or "stock" that gets traded for the purpose of making profits. Trust me, most people are in Bitcoins just to grow their capital, having more Bitcoins means having more "money" in your pockets due to its value, but still it cannot be termed as money.
bitcon is not money ,its more a cryptocurrency and a worldwide payment system,it is a virtual currencies ,you also can say it is a innovative payment nework.
Yes, Bitcoin is absolutely money because you can trade, sell and cash it out and used it as a means of payments. Bitcoin is a money because there is money in bitcoin and it is an online crypt o currency. We can now buy things using bitcoin and in purchasing goods for our family needs.
Theoretically Bitcoin is not money, its a commodity which can be traded in lieu of money or similar commodities. But, practically, this is a crypto currency and most of the people count it as money/ digital currency. We can exchange bitcoin to USD and USD is a hard core money.
Very recently, I read 2 hotels have started accepting Bitcoin as payment.
Very recently, I read 2 hotels have started accepting Bitcoin as payment.
Bitcoin is a virtual currency, a leeway for digital transactions. It can be said that it is used as a money, but it really doesn't fa under the category of money.
yes bitcoin it is money. you can use bitcoin to make payments for a transaction more quickly, safely, and practically
Yes, bitcoin is something that is a digital money. Yes it is really a money. A money from the internet which are able to help many people on their living. It is a money in the internet that is safe because it can hide your identity. You can exchange a bitcoin in a real money. We never seen bitcoin before or in old times.
Yes, bitcoin is money. You can sell bitcoin in exchange for real money. Bitcoin is no different then a travel currency.
Bitcoin is something new in the digital world, bitcoin offers something new that we have never seen before. Bitcoin can be either money or a means of payment, bitcoin can also be a valuable digital asset in the future.
+1 agree that it is not money. However, if it was a pure commodity then it would necessarily require some (even minimal) use value, beyond an exchange value. Right now bitcoins have a 0% use-value and a 100% exchange value (eg, if they could not be exchanged for something else, they would merely be taking up space on our harddrives and are inherently useless, like random chunks of data).
Everything that have a value is money. Just like bitcoin, it also money the diffirence is it is digital currency but you can also exchange to real money but its expensive one to exchange. But you can also used it online by buying your needs in online shop or paying bills. bitcoins are just like shells or furs in ancient times - of course they are not banknotes or coins, but it's money, because they have all the functions of money
Yes bitcoin is money, because they have value and high value so its real money. And you can used also for online. Even its digital currency but its money so every people are like bitcoin and they used it also.
I think if bitcoin money is as long as it has real dollars value and it can be converted to real FIAT currency I think it can be considered money. As long fiat money involved in bitcoin we can call it as money. We can cash out and earn money, buy anything, and paying defferent kind of bills. In fact is better than regular currencies cause it can be spent anywhere in the world without restrictions. Printing more money technology can never fool the bitcoin network like with the central banks that fools the people, so it is money which in fact is better than regular FIAT money.
Bitcoin is money unarguably! Just like a friend was looking at someone's wallet today and was asking if it was real money. I simply told him of how real it was through a practical procedure. So, believe it, it is for real.
They don't understand that bitcoin itself is money. The fact that you can trade with it, buy with it, save with, and earn with it makes it similar to dollar. It has a future but its still not accepted and adopted by all. In my opinion, it will dollar.
money stored in the wallet or also called private kay name, can be stored as much as possible from there we follow the signature if successful but if it fails only empty wallet,
Bitcoin can be considered as a form of money. Bitcoin goes beyond that aspect as we all know but there is a one problem with bitcoin. Bitcoin is not legal money and many countries don't expect it like real money.
Personally I think, what is and what isn't money is more of a legal definition than a theoretical one.
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