Topic: Is Bitcoin money? - page 11. (Read 112095 times)
Basically its a money because we can exchange it for goods, as a payment also.. though we cant see it..:-)
It's hard to say bitcoin is money because bitcoin uses a decentralized system so no one can control, bitcoin is more deserved to be said as an asset or commodity.
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:
[/list]
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?
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.
[/list]
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?
Bitcoin is another mode of exchange wherein we can use it for payment of our monthly bills thur online such as water, electricity, telephone, insurance and many more, wihout any hassle and fee of charge.
We can use it in when we buy in a participating store that accepts Bitcoin as payment. This is being done thru fund transfer via cellphone to cellphone.
Most specially, I want to use Bitcoin in trading so that I can earn additional income for my future.
This is the best time to buy because the price is still low and then hold it until the price increases.
i would say yes, when bitcoin pass into the medium exchage and convert into our local money, then bitcoin is really a money.
Bitcoin is more than a system to store and transfer value from one person to another. Bitcoin is a protocol, a computer network, and much more.
Bitcoin and gold also have value in use but not exchange rates. Maybe one day bitcoin can be used as an exchange rate. With so many people enthusiastic with bitcoin, perhaps the government will one day validate bitcoin as an exchange rate. So I think the bitcoin money is the same as the exchange rate Both are the same can be used but bitcoin money can not be used directly.
bitcoin is money, job, investment and the future of money.
bitcoin make sending money very easy and all can get them btc
bitcoin make sending money very easy and all can get them btc
Bitcoin is indeed money. In fact, Global money ! 
And how can you say that? Since a lot of people are using bitcoin and been sending from country to country? Bitcoin may be used by a lot of people world wide but I don't think it can be described as a "Global money" or even money. Money are issued mostly by the government, it is used as the blood flow of one's country, without it, it will die and bitcoin, even without flowing in a country, will not affect the country unlike real money.
Bitcoin is a digital currency, if you used it to buy goods or something that you acquired or being sold unto you can be considered as money. If you buy by using cryptocurrency, both the seller and the buyer come up as an exchange of benefits in which the seller gains and the consumer obtains can be called barter but the root of it is that it has a value, btc has a value it can be used as a money.
interesting article for newbies like me
Over the centuries, gold has been considered as an object of value by many different groups of people all over the world. It’s important to note that gold in itself has no value - it’s just a piece of shiny metal. Its value comes from the (somewhat perplexing) fact that everyone just agreed that it has value, and therefore it becomes valuable. The reason they chose gold versus other objects is important - gold has certain characteristics that make it a better ‘store of value’ (as it is commonly known) than other objects:
For one, it is rare, which means it has limited supply(there is only a certain amount of gold in the world - if it was too abundant everyone would have it and then it would have no value). It is malleable (it can be melted and made into smaller units i.e. coins, and importantly the per unit value doesn’t change when you break it into smaller pieces, unlike things like diamonds). It is stable and doesn’t degrade, it’s easy to recognise and very importantly, difficult to counterfeit.
As it turns out, Bitcoin has all of these same characteristics, and more. It has limited supply (only a specific amount of Bitcoin exists and will ever be produced). It can be made into smaller units without losing unit value (1 Bitcoin = 100,000,000 Satoshis - the smallest unit into which a Bitcoin can be broken down to, similar to the cents in a Dollar or pennies in a pound; this is also why one can buy less than one Bitcoin at a time). Its technology makes it very stable, it won’t degrade, and it’s impossible to counterfeit. On top of this, and unlike gold, you can move Bitcoin to any place on earth within minutes, no matter how big or small the amount. That’s why many people say that Bitcoin is not just digital gold, but a better version of gold.
On top of that, Bitcoin has value as a payment system in itself, which gives it even more value. The more people use Bitcoin for payments, the more valuable this system becomes. It’s a bit like buying shares in Visa and then using those shares to buy a coke at your local 7-11. Because you used the Visa shares to pay, Visa (the payment system) becomes more valuable, and Visa shares become worth more. In this way, the value of Bitcoin comes from both its gold-like characteristics as well as its payment system abilities.
Over the centuries, gold has been considered as an object of value by many different groups of people all over the world. It’s important to note that gold in itself has no value - it’s just a piece of shiny metal. Its value comes from the (somewhat perplexing) fact that everyone just agreed that it has value, and therefore it becomes valuable. The reason they chose gold versus other objects is important - gold has certain characteristics that make it a better ‘store of value’ (as it is commonly known) than other objects:
For one, it is rare, which means it has limited supply(there is only a certain amount of gold in the world - if it was too abundant everyone would have it and then it would have no value). It is malleable (it can be melted and made into smaller units i.e. coins, and importantly the per unit value doesn’t change when you break it into smaller pieces, unlike things like diamonds). It is stable and doesn’t degrade, it’s easy to recognise and very importantly, difficult to counterfeit.
As it turns out, Bitcoin has all of these same characteristics, and more. It has limited supply (only a specific amount of Bitcoin exists and will ever be produced). It can be made into smaller units without losing unit value (1 Bitcoin = 100,000,000 Satoshis - the smallest unit into which a Bitcoin can be broken down to, similar to the cents in a Dollar or pennies in a pound; this is also why one can buy less than one Bitcoin at a time). Its technology makes it very stable, it won’t degrade, and it’s impossible to counterfeit. On top of this, and unlike gold, you can move Bitcoin to any place on earth within minutes, no matter how big or small the amount. That’s why many people say that Bitcoin is not just digital gold, but a better version of gold.
On top of that, Bitcoin has value as a payment system in itself, which gives it even more value. The more people use Bitcoin for payments, the more valuable this system becomes. It’s a bit like buying shares in Visa and then using those shares to buy a coke at your local 7-11. Because you used the Visa shares to pay, Visa (the payment system) becomes more valuable, and Visa shares become worth more. In this way, the value of Bitcoin comes from both its gold-like characteristics as well as its payment system abilities.
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:
[/list]
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?
no its not a money but we can call it a crypto currencies,, in crypto currencies you can make and earn money but it depends on your effort patient and behavior, some of store accepting bitcoin as payment but we cannot say that the bitcoin is money bitcoin is a crypto currency. 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.
[/list]
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?
Indeed it's money, but in a different way because of digital money. But bitcoin is precisely money.
Bitcoin money for me is a very popular and very expensive digital type of money, and bitcoin is a money that can buy an item online and bitcoin is a place for investment, and bitcoin is known for its very expensive and very popular digital money.
Bitcoin is indeed money. In fact, Global money !
And how can you say that? Since a lot of people are using bitcoin and been sending from country to country? Bitcoin may be used by a lot of people world wide but I don't think it can be described as a "Global money" or even money. Money are issued mostly by the government, it is used as the blood flow of one's country, without it, it will die and bitcoin, even without flowing in a country, will not affect the country unlike real money.
True enough. Explained well. Bitcoins are not technically money and people think that bitcoins are actually money. We don't use on a day to day basis and there is no actual value to it. Meaning there is no gold reserves for it. It is technically an asset. Bitcoins are not government-issued as well. That is the nail to the coffin.
I think it's "money"... I mean, I've cashed out a lot from bitcoin and had the physical cash in the end, so yeah for me I guess it is considered real money.
Bitcoin is the world's first decentralized digital currency. This currency is fundamentally different from all previously created electronic currencies and payment systems. It is not tied to any physical assets or "official" currencies, and the price of the digital coin — bitcoin — is regulated solely by market supply and demand.
Definitely yes, it is obvious that bitcoin is a money. A money that is good for different business transaction. Bitcoin itself proves the it is a money by its own characteristics which is credebility. Bitcion like money is now can be use for buying and selling online products. Bitcoin is surely a money for its benefits to people.
Bitcoin is indeed money. In fact, Global money !
Bitcoin is money. But for the moment it is very expensive and slow. If the problems are corrected, we will use it as currency in the coming years, not as an investment instrument.
Bitcoin has the main features of the world currencies like dollar or euro. Bitcoin is widely circulated, it has millions of followers and no full background in the real economy like dollar for example.
I think Bitcoin is considered as an investment or an property so properly we can consider it as money.
In my opinion, bitcoin can also be said with money because we can use it to buy something and bitcoin is a digital currency which of course also applies online.
it's applied as a currency since we are using it to pay our bills online and we can transact using this system, if most people only learned and realizehow we can take advantage with this new currency then it can be adopt all over the world and let people be liberated and have its freedom to enjoy
the easy transaction process.
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