Topic: Is Bitcoin money? - page 139. (Read 112169 times)

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.

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.

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.

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.

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 ?

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.

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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?

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..

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 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.

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.

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.

BTC is not money. But it's use is same as money. We can purchase anything using bitcoin.

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.