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Topic: Is Bitcoin money? - page 139. (Read 112173 times)

hero member
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April 09, 2017, 05:57:21 AM
We are in a country which may declare cryptocurrency to be illegal in a few years. Till then we cant really make sure to spend bitcoin anywhere except trade on it. For us and many others bitcoin is a trading commodity and not much of a currency anymore.
I believe you never need to worry about your government's stand on bitcoin. Because governments will be incapable of controlling bitcoin even by banning it. Over time governments will start understanding about the ability of bitcoins to withstand beyond the control of government regulations and its real potentials.

So you can keep on holding your bitcoin and hopefully your country also will be having enough merchants/bitcoin ATMs, to get you the chances of using bitcoins as the real money.
legendary
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So anyway, I applied as a merit source :)
April 09, 2017, 05:35:28 AM
Bitcoin is money because it is now a financial system. We can cash out it on ATM machine with card or cardless through conversion to fiat money. The best thing about it is we have the opportunity to buy it when the price fell down and sell when it gets higher in short or long period of time.

The popularity of bitcoin ATMs and all is not very big and they are non existent in my country. We are in a country which may declare cryptocurrency to be illegal in a few years. Till then we cant really make sure to spend bitcoin anywhere except trade on it. For us and many others bitcoin is a trading commodity and not much of a currency anymore.
hero member
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April 08, 2017, 10:18:01 AM
Bitcoin is money because it is now a financial system. We can cash out it on ATM machine with card or cardless through conversion to fiat money. The best thing about it is we have the opportunity to buy it when the price fell down and sell when it gets higher in short or long period of time.
legendary
Activity: 2898
Merit: 1253
So anyway, I applied as a merit source :)
April 08, 2017, 10:10:52 AM
In my view, basically bitcoin made for earn money and save money and use for money wise. SO i started to use bitcoin, because i want to earn from it, and bitcoin give me other benefits, like using it all over the online world. That's why i don't want to discuss it, Is it money or not.
If Bitcoin is not money then there won't be people interested. Because money
is something valuable, its value and its system. So I think, Bitcoin is money,
but that's not a official money, because the government has not yet been inaugurated.
Maybe for the future any country will adopting this cryptocurrency as official currency. I very hope that.
Never keep hope on governments. They need centralized currency which they can have hold of not something which is in independent people's hands.
Anything using which you can buy stuff or let others buy stuff or which is having a value is money. And Bitcoin has huge value.
It's just that there is no physical form to Bitcoin that's why people get confused. Bitcoin is more than money.

I agree governments shouldn't adopt bitcoin as official currency, if they do it they would want to control bitcoin and to set new rules for us when using the currency, the fees would be higher as we would need to pay miners + government fees and very probably to have the pseudo anonymously finished.

Of course governments if they take bitcoin into their hands it would be nothing more than fiat money. However this will never happen as bitcoin has got no central authority system. What governments do is declare bitcoin as an illegal currency in order to stop people from using it.

Again bitcoin is more of a trading commodity even though the currency usage is also there. Mainly people are attracted to the price of bitcoin and are willing to buy it in order to sell it in future. Much like how gold had started as a currency and ended up as a trading commodity.
hero member
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April 07, 2017, 11:40:05 PM
Technically, bitcoin is not a money but some of it's functions is like money. Just like it's function for currency exchange. Bitcoin can be use as a medium of exchange. It can also be use as payment for salary. Bitcoin is now considered as the future money.
I agree with you also right now bitcoin is not good become money because of the problem of block size,
so the fees transaction is increasing and not good be used for small amount of transaction
but if the problem of block size can be fixed soon or slow bitcoin will become money in the future.
hero member
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Bitcoin- in bullish time
April 07, 2017, 11:30:26 PM
Technically, bitcoin is not a money but some of it's functions is like money. Just like it's function for currency exchange. Bitcoin can be use as a medium of exchange. It can also be use as payment for salary. Bitcoin is now considered as the future money.

true. it may not be just like usd, euro or any other currency that it is been in the community for a long time, bitcoin has te same function like them too..
bitcoin already have a lot of functions, as well as investment bitcoin also has a function as a means to pay and it is already a requirement for a currency right ?
Yes bitcoin is already a currency because even in the first place it is already known as currency, A currency is a  thing that you use to make transactions like buying or using it as a exchange item for another one. In bitcoin it is a advance currency because at the same time it is a investment where you can earn money and you can use it as a currency to buy things online or to pay transactions that you made even offline or online. So i think it is fair to call bitcoin as an advanced money/currency.
member
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April 07, 2017, 10:10:10 PM
    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:
    • 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.
    [links omitted]
    [/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?









    absolutely YEs bitcoin is a virtual currency which you can use for buying in many stores that accepting bitcoin for payment that means you can use bitcoin as a money also cryptocurrency of the bitcoin is so high so you can exchange a bitcoin for a lot of money so in other words it is also a money its just a electronic money that is in your wallet which cannot be stolen from like a physical money so better for u to earn bitcoin Smiley/..,
    sr. member
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    April 07, 2017, 08:36:00 PM
    I think Bitcoin is no money in tangible form, but the function and use bitcoin same as real money,even with bitcoin we can make a good deal for payments such as paying bills and electricity bills, etc. as well as grocery shopping our day, but it all depends on a country where we are because we know there are some countries that prohibit about the existence of bitcoin, other than that bitcoin is able to create a good business opportunity in trading or investing.
    legendary
    Activity: 1372
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    April 07, 2017, 08:19:28 PM
    Technically, bitcoin is not a money but some of it's functions is like money. Just like it's function for currency exchange. Bitcoin can be use as a medium of exchange. It can also be use as payment for salary. Bitcoin is now considered as the future money.

    true. it may not be just like usd, euro or any other currency that it is been in the community for a long time, bitcoin has te same function like them too..
    bitcoin already have a lot of functions, as well as investment bitcoin also has a function as a means to pay and it is already a requirement for a currency right ?
    sr. member
    Activity: 378
    Merit: 250
    April 07, 2017, 08:02:14 PM
    Technically, bitcoin is not a money but some of it's functions is like money. Just like it's function for currency exchange. Bitcoin can be use as a medium of exchange. It can also be use as payment for salary. Bitcoin is now considered as the future money.

    true. it may not be just like usd, euro or any other currency that it is been in the community for a long time, bitcoin has te same function like them too..
    hero member
    Activity: 896
    Merit: 500
    April 07, 2017, 07:52:35 PM
    In my view, basically bitcoin made for earn money and save money and use for money wise. SO i started to use bitcoin, because i want to earn from it, and bitcoin give me other benefits, like using it all over the online world. That's why i don't want to discuss it, Is it money or not.
    If Bitcoin is not money then there won't be people interested. Because money
    is something valuable, its value and its system. So I think, Bitcoin is money,
    but that's not a official money, because the government has not yet been inaugurated.
    Maybe for the future any country will adopting this cryptocurrency as official currency. I very hope that.
    Never keep hope on governments. They need centralized currency which they can have hold of not something which is in independent people's hands.
    Anything using which you can buy stuff or let others buy stuff or which is having a value is money. And Bitcoin has huge value.
    It's just that there is no physical form to Bitcoin that's why people get confused. Bitcoin is more than money.

    I agree governments shouldn't adopt bitcoin as official currency, if they do it they would want to control bitcoin and to set new rules for us when using the currency, the fees would be higher as we would need to pay miners + government fees and very probably to have the pseudo anonymously finished.
    Yeah that is the negative side if Bitcoin already was inaugurated by Government as the official currency.
    They will control the bitcoin with their system, there is a tax for their, etc. But the positive side is the people will be
    more in love with Bitcoin even I believe the user of Bitcoin will be increased considerably, Surely will be easy SEC accept Bitcoin.
    sr. member
    Activity: 652
    Merit: 257
    April 07, 2017, 07:44:17 PM
    Technically, bitcoin is not a money but some of it's functions is like money. Just like it's function for currency exchange. Bitcoin can be use as a medium of exchange. It can also be use as payment for salary. Bitcoin is now considered as the future money.

    I would say that Bitcoin definitely is a form of money, but only if we perceive it that way. It can hold value, store it and transfer it to others. It is indivisible and works universally around the world.

    The great thing about BTC is that it is extremely fungible. It can be spread apart into literally hundred millionth's of a Bitcoin which can have many purposes in the future.
    hero member
    Activity: 1176
    Merit: 509
    April 07, 2017, 07:15:22 PM
    Technically, bitcoin is not a money but some of it's functions is like money. Just like it's function for currency exchange. Bitcoin can be use as a medium of exchange. It can also be use as payment for salary. Bitcoin is now considered as the future money.
    hero member
    Activity: 630
    Merit: 500
    April 07, 2017, 03:23:48 PM
    Bitcoin is a product that can be traded for good and services. Much the same as tulips, jewels, auto, silver, gold, orange juice, pretty much anything you can consider. But, can we think of it as money?

    No, we can't. Bitcoin is a denominated commodity that is electronically tradable. It is not electronic dollars. It is more similar to digital gold or digital wheat for that matter. There are 21 million of them. Each can further be divided into 100,000,000 subsections (8 decimal places). That is 2,100,000,000,000,000 bitcoins, or 2.1 quadrillion pieces.
    then can you buy a cup of coffee with a silver? you can buy t-shirt, laptop, house and almost anything with bitcoin. for me as long as it could be used to buy something then it's a money. bitcoin even more than just money, it's a revolutionary money that unusual but become popular nowadays as an investment but also a lot of people used it to shopping onlin , trade online etc.
    Yes that is one of the benefits of using bitcoin is you can use it as a secondary money and buy the things that you want online or in the real world if you like to. Bitcoin can be the future of money because the government might make a digital money to use it online and transfer remittances online and that is what bitcoin have.

    Bitcoin can be the future currency system in the world. I dont expect governments to accept bitcoin because its harmful to them but even then I think the people using bitcoin know about the advantages it has over fiat currency. Hence bitcoin is used popularly as a currency but more as a trading investment these days due to the rise in prices. People are hopeful of the price of bitcoin and that it will rise in future as well.

    Bitcoin is a digital currency whose value will always go up every year, in broad outline we can mention bitcoin as the people's money, because it really isn't controlled by anyone, but I think we don't have to be like this forever, we also need to purchase electronic equipment and daily needs in big supermarket, or pay monthly bills by debit bitcoin. But anyway I think this progress is still needed high argument because I actually have a positive belief in it.
    yes if we study the progress of bitcoin we can conclude that the price of bitcoin is continuously increasing. although some time we ca see a little down fall bu tit is a temporary down fall and very soon the price stat
    hero member
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    April 07, 2017, 02:39:19 PM
    BTC is not money. But it's use is same as money. We can purchase anything using bitcoin.
    yeah but bitcoin consider a digital money we can buy anything with bitcoin through internet and it very useful and acceptable in anywhere and maximum people are using bitcoin in huge amount.
    hero member
    Activity: 891
    Merit: 500
    April 07, 2017, 02:31:58 PM
    I don't call Bitcoin money because if Bitcoin was money then the Government wouldn't have that much of an issue with integrating it into their Currency list. You don't really see Russia trying to ban ZAR or other Currencies as much as they do with Bitcoin lol.
    The only money that I would consider would be a physical item like Gold. Since almost everything revolves around bartering the whole money thing is a poor monopoly.
    newbie
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    April 07, 2017, 02:14:28 PM
    BTC is not money. But it's use is same as money. We can purchase anything using bitcoin.
    hero member
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    April 07, 2017, 01:34:10 PM
    Not actually.

    Bitcoin is basically a commodity already its proved. But still user having bitcoins can use for exchange of good and services which can be get evaluated in money(fiat currency globally) directly. And I think this is the best feature of bitcoin.

    We must have to consider bitcoin as commodity because price of bitcoin is going skyrocket and will climb much higher in coming years.

    Now its totally depends upon user of bitcoins, that how they wish to use them as commodity or money.
    hero member
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    April 07, 2017, 01:17:35 PM
    how about it when salt was scarce and people were using it instead of money?
    was that money? you you'd call it trading?
    because if so, then using money is still trading - you just give value and use it to get commodities.
    hero member
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    April 07, 2017, 01:07:19 PM
    In my view, basically bitcoin made for earn money and save money and use for money wise. SO i started to use bitcoin, because i want to earn from it, and bitcoin give me other benefits, like using it all over the online world. That's why i don't want to discuss it, Is it money or not.

    You do not want to discuss about bitcoin is the money or not but this thread has been opened to discuss about that only. If it's not fit for the discussion, then soon moderators will remove this thread out to off topic.
    Then, you have chose right platform the make money because is the most digitalized way of earning money with simple effort and you can use it payment mode or payment for global transactions with low fees.

    Yeah, but i think people don't want to discuss about the confuse-met that bitcoin is money or if bitcoin is not money than what is actually?
    But he is right, if bitcoin is money or not, but instead of it, it give us money and help us to earn money. So it doesn't matter for us, because we have a chance to make money from bitcoin.
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