Topic: Is Bitcoin money? - page 124. (Read 112169 times)
just the same virtual money in yhe Internet
Slowly legal acceptance of bitcoin as a currency is increasing all around. Users have difference in opinion, some give importance as an investment, some for the gambling need and in such a manner there are few people who buy it hold and spend as a currency when the value increase than the price they spend on buying the same.
I am able to convert my bitcoin into money right away using cardless atm machine so I can say that even if some do not consider it as money, it is as good as any other currency we have around. If there are no nearby locations to use bitcoin, one can always just convert his bitcoin into fiat and buy what ever he desires.
Bitcoin is money and everybody consider that, bitcoin is just like another kind of advanced currency because it is virtual and it has a lot of features unlike in traditional currencies that don't even have one like bitcoin. I think soon we can use bitcoin just like the traditional currency but we need more adoption especially in our particular place so we don't need to convert our bitcoin to fiat.I am able to convert my bitcoin into money right away using cardless atm machine so I can say that even if some do not consider it as money, it is as good as any other currency we have around. If there are no nearby locations to use bitcoin, one can always just convert his bitcoin into fiat and buy what ever he desires.
Bitcoin is money and everybody consider that, bitcoin is just like another kind of advanced currency because it is virtual and it has a lot of features unlike in traditional currencies that don't even have one like bitcoin. I think soon we can use bitcoin just like the traditional currency but we need more adoption especially in our particular place so we don't need to convert our bitcoin to fiat. 
States recognize it as money, some country recognize it as money and payment method, Bitcoin maybe a good store of value but merchant accept it as payment so definitely bitcoin is money. Even if we view it the other way, when the properties of money is observed in bitcoin then we can not deny that bitcoin is money itself.
Absolutely, what you can spend to buy items, merchandise, and any other services or materials is considered as money. It is the same with bitcoins since the coin itself is already an alternative means to pay something like online products and gaming, paying bills, loading up mobile data on prepaid.
So there's no other important reason that it can't be considered as a money aside from it being a virtual currency.
I am able to convert my bitcoin into money right away using cardless atm machine so I can say that even if some do not consider it as money, it is as good as any other currency we have around. If there are no nearby locations to use bitcoin, one can always just convert his bitcoin into fiat and buy what ever he desires.
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?
I would make a question to OP: Are you able to buy everything with bitcoin? And yet another one: Are you able to use bitcoin for something else except to buy something? Both the answers of these question give a clear answer about what is bitcoin. As for dictionaries they are made from the people to serve the people. And are the people who can change them without any problem.
Bitcoin can be used to send and receive money, I can also buy things using bitcoins can pay my bills and recharge my cell phone so for me its a money as after spending it I am getting the things that I want in return so for me both are the same form of money.
Yes, bitcoin is money but as of now, it is very limited for purchases when compared to other currency like USD. Even now I am doing recharges with bitcoin and other bills. In coming days we can store accepting bitcoin as a payment method where storekeepers can accept it.
Bitcoin can be used to send and receive money, I can also buy things using bitcoins can pay my bills and recharge my cell phone so for me its a money as after spending it I am getting the things that I want in return so for me both are the same form of money.
It has a lot of features, it is not just a simple digital money, it has also a feature of you can use it for sending and receiving. You don't have to use any other third party websites just for sending your balance but as long as you can send it to the right wallet then you are doing it the right way. I just recently used bitcoin by buying my prepaid load.
Bitcoin can be used to send and receive money, I can also buy things using bitcoins can pay my bills and recharge my cell phone so for me its a money as after spending it I am getting the things that I want in return so for me both are the same form of money.
It has a lot of features, it is not just a simple digital money, it has also a feature of you can use it for sending and receiving. You don't have to use any other third party websites just for sending your balance but as long as you can send it to the right wallet then you are doing it the right way. I just recently used bitcoin by buying my prepaid load.
States recognize it as money, some country recognize it as money and payment method, Bitcoin maybe a good store of value but merchant accept it as payment so definitely bitcoin is money. Even if we view it the other way, when the properties of money is observed in bitcoin then we can not deny that bitcoin is money itself.
Bitcoin can be used to send and receive money, I can also buy things using bitcoins can pay my bills and recharge my cell phone so for me its a money as after spending it I am getting the things that I want in return so for me both are the same form of money.
Bitcoin is money but in the type of crypto currencies, I call money because it can be used to transact in terms of our daily lives
it is digitally money, we can use it on doing transactions and payments for some basic needs like electricity and water,though if it refer to being use in daily life,I think there's a need for cashing it out first since few shops accepts bitcoin.
Yeah bitcoin can be used like paper money so I don't that there is any difference between bitcoin and real money as you can use it for online shopping and you can also use it at physical places by converting them to fiat currency so it has the same features that paper money has.
Not really it is same with fiat money, Bitcoin is a Digital Currency which is not regulated by the Government. Not like fiat money, we consider it as a money because the government say so. And if we don't like it anymore, it has no value. But, the functions of Bitcoin and fiat has similarities, we use money in exchange with the services rendered to us to pay for that, and so with Bitcoin. We use money for buying/selling goods etc, and so with Bitcoins. We exchange our money with different currency, and so with Bitcoin.
Based on that, I can say that Bitcoin is money since we are using it in every transactions that we are doing online. Although we cannot use it everywhere. Soon and very soon it will be possible.
Can actually someone may explain me why some people do not consider bitcoin as money?
For me, there is no difference, except this one that BTC is only something digital, used in the Internet for a payments. But there are obviously more things to do with it.
Personally, I love the opportunities that bitcoin has given to every single person: you can just pay your friend through the web without any problem at all.
I have had such a situation, where my friend from abroad have made me some kind of a graphics. Using bank transfer system would be annoying, and I have payed him almost instantly with bitcoin!
For me, there is no difference, except this one that BTC is only something digital, used in the Internet for a payments. But there are obviously more things to do with it.
Personally, I love the opportunities that bitcoin has given to every single person: you can just pay your friend through the web without any problem at all.
I have had such a situation, where my friend from abroad have made me some kind of a graphics. Using bank transfer system would be annoying, and I have payed him almost instantly with bitcoin!
Bitcoin is money but in the type of crypto currencies, I call money because it can be used to transact in terms of our daily lives
it is digitally money, we can use it on doing transactions and payments for some basic needs like electricity and water,though if it refer to being use in daily life,I think there's a need for cashing it out first since few shops accepts bitcoin.
Yeah bitcoin can be used like paper money so I don't that there is any difference between bitcoin and real money as you can use it for online shopping and you can also use it at physical places by converting them to fiat currency so it has the same features that paper money has.
People can use bitcoin for shopping. Bitcoin is a digital currency.
No.
To be honest we can say it as COMMODITY.
As per consideration of inflation of price of bitcoin we cannot use bitcoin as money or as asset for exchange.
As Bitcoin is programmed in manner, we must have to think for future. As many new altcoins as Dogecoin, ETH, Litecoin, Ripple, Stellar and few other are being used for micro transactions globally. So...
Saving Bitcoins can give good returns in future as comparing to fiat currency globally.
To be honest we can say it as COMMODITY.
As per consideration of inflation of price of bitcoin we cannot use bitcoin as money or as asset for exchange.
As Bitcoin is programmed in manner, we must have to think for future. As many new altcoins as Dogecoin, ETH, Litecoin, Ripple, Stellar and few other are being used for micro transactions globally. So...
Saving Bitcoins can give good returns in future as comparing to fiat currency globally.
Bitcoin is money but in the type of crypto currencies, I call money because it can be used to transact in terms of our daily lives
it is digitally money, we can use it on doing transactions and payments for some basic needs like electricity and water,though if it refer to being use in daily life,I think there's a need for cashing it out first since few shops accepts bitcoin.
maybe bitcoin the same a gold?
Not maybe. Bitcoin is digital gold and it has many things alike to gold than to fiat. I see that you are a newbie here. My advice to you is to read thread for newbies on the forum. this way you will find a lot of information about bitcoin which will help you to understand what bitcoin really is. I wish you lot of luck in the bitcoin's world 
Bitcoin is money but in the type of crypto currencies, I call money because it can be used to transact in terms of our daily lives
Jump to: