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Topic: Is Bitcoin money? - page 142. (Read 112169 times)

hero member
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April 03, 2017, 01:06:03 PM
Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.

Bingo!

Correct! as long as is being used as payment it is considered as Money, only the difference of bitcoin compare to physical money was  that so far bitcoin is not accepted as payment in the majority of the public business. But what good thing about it bitcoin was being used already in exchanges platform in bitcoin industry.
hero member
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April 01, 2017, 02:31:57 AM
Bitcoin is similar to money that we use for day to day needs. Only the acceptance aNd awareness about such existence of cryptocurrencies were found low. This will eventually grow as more stores and countries are into plans of regulating digital currencies.
hero member
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April 01, 2017, 02:10:48 AM
It is right, bitcoin is a digital currency, but when we convert it into dollar than no doubt bitcoin make us money. In technical point of view, most of the argues will come in this discussion. But for me, Bitcoin is bitcoin and it is introduce as a crypto currency and when we want to use it, than simply way to convert it into dollar and use it as a money.
But i think bitcoin is already money, and now we can use bitcoin directly for shopping. and we do not need to convert it in to USD or local currency. but currency the use of bitcoin is not present every where.

Yup, totally depends on the individual perception about BTC. One has the option to use it as money or as Investment. But the market for accepting Bitcoin for Goods/Shopping is not yet enough versatile. But it is on its way, though recently some countries deemed BTC as illegal, whereas some accepted it as legal, so this speculations is only holding the versatility of Bitcoin.
For me, bitcoin is not money but it is just a system where it can help to fast track transaction and to do away with the regulations of the government.
The only difference with real money is its decentralized nature, we can transact anytime we want and we all have the freedom to use it in legal or illegal activities.Some countries ban bitcoin because they simply does not have the capacity to control it but if it is fully regulated up to the extent only not to compromise our freedom, I think it will be very helpful for all of us. The system is great and if use for good purpose, there is no doubt it will be the best online currency in the future as we call it.
hero member
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April 01, 2017, 01:53:15 AM
As long as it has real dollars value and it can be converted to real FIAT currency I think it can be considered money. 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.
Yeah your are right  but still the bitcoin is not money . While we are making a lot of earning through the bitcoin and also we are making a lot of opportunities to get our free time into job and that results into the profit but here the main thing that I realized that it is not the money but it is a online written data which has a better amount of value in the Fiat of the countries .
So here if you will say bitcoin is money that probably you may be right but in reality the bitcoin is like a money and can be use as money .
legendary
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April 01, 2017, 01:02:23 AM
As long as it has real dollars value and it can be converted to real FIAT currency I think it can be considered money. 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.
sr. member
Activity: 1232
Merit: 250
April 01, 2017, 12:58:09 AM
It is right, bitcoin is a digital currency, but when we convert it into dollar than no doubt bitcoin make us money. In technical point of view, most of the argues will come in this discussion. But for me, Bitcoin is bitcoin and it is introduce as a crypto currency and when we want to use it, than simply way to convert it into dollar and use it as a money.
But i think bitcoin is already money, and now we can use bitcoin directly for shopping. and we do not need to convert it in to USD or local currency. but currency the use of bitcoin is not present every where.

Yup, totally depends on the individual perception about BTC. One has the option to use it as money or as Investment. But the market for accepting Bitcoin for Goods/Shopping is not yet enough versatile. But it is on its way, though recently some countries deemed BTC as illegal, whereas some accepted it as legal, so this speculations is only holding the versatility of Bitcoin.
hero member
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March 31, 2017, 11:48:40 PM
It is right, bitcoin is a digital currency, but when we convert it into dollar than no doubt bitcoin make us money. In technical point of view, most of the argues will come in this discussion. But for me, Bitcoin is bitcoin and it is introduce as a crypto currency and when we want to use it, than simply way to convert it into dollar and use it as a money.
But i think bitcoin is already money, and now we can use bitcoin directly for shopping. and we do not need to convert it in to USD or local currency. but currency the use of bitcoin is not present every where.
hero member
Activity: 1666
Merit: 502
March 31, 2017, 11:43:11 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?





    I think bitcoin already exists in points 1 and 6. we life in the modern era where digital is considered something of value then bitcoin also exists in points 2 and 4. bitcoin users covers almost the entire world and the nature of bitcoin is more to personal so long as the transaction if both parties ( the seller and the buyer) approve bitcoin as the payment then also bitcoin in points 3 and 5
    legendary
    Activity: 1428
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    March 31, 2017, 11:41:41 PM
    Bitcoin is a peer to peer electronic payment system.Some say it as a commodity since most of people buy it as an investment.But since we are able to buy some goods using bitcoins,we can say bitcoin as a money,digital cash,virtual currency.But at the same time,it also gives returns to its holders as an asset in long term basis.

    It is not only just a digital currency but also a real currency because you can easily convert it into fiat currency with a small fee. So it is mainly a real currency in a different format, and very important thing is an investment. Just buy a keep it for sometime later you can surely sell it for higher prices. But for payments wise some limitation like we can't send someone without using an escrow. So to send known person I usually prefer to send money through Paypal than bitcoins.
    sr. member
    Activity: 381
    Merit: 250
    March 31, 2017, 11:01:13 PM
    Yes bitcoin is a money.
    You can use it as a payment
    in online transactions.
    hero member
    Activity: 490
    Merit: 500
    March 31, 2017, 09:51:03 PM
    Bitcoin is a peer to peer electronic payment system.Some say it as a commodity since most of people buy it as an investment.But since we are able to buy some goods using bitcoins,we can say bitcoin as a money,digital cash,virtual currency.But at the same time,it also gives returns to its holders as an asset in long term basis.
    sr. member
    Activity: 812
    Merit: 253
    March 31, 2017, 08:39:53 PM
    Probably in 2010 it wasn't considered money because its value wasn't that much. But as of the present (2017), the value is higher than that way back in 2010. I came from a third world country and I exchange bitcoins to our currency. I can pay my bills with it, shop online, buy load or even convert it to cash. So basically it can be exchange to real paper money per conversion; so it is money.
    If Bitcoin wasn't considered money back in 2010 then I don't know why something like copper could be considered as money (although very inexpensive and space-heavy for any viable amounts of wealth). The amount something is valued at doesn't determine whether or not it is money, to my knowledge money is any sort of a store of value. So PMs fit this description, gemstones could be considered money under the right circumstances, etc.

    I was referring to a post I've read that Bitcoin was not considered as money way back in 2010, but what I'm saying is anything that has monetary value or can be traded is considered money. And you are right and I agree with you, even gemstones could be considered money. There were some who argued that since Bitcoin had a low value before they didn't consider it as money, probably it was because it had just started and it wasn't popular unlike now.
    hero member
    Activity: 812
    Merit: 500
    March 31, 2017, 07:24:03 AM
    It is right, bitcoin is a digital currency, but when we convert it into dollar than no doubt bitcoin make us money. In technical point of view, most of the argues will come in this discussion. But for me, Bitcoin is bitcoin and it is introduce as a crypto currency and when we want to use it, than simply way to convert it into dollar and use it as a money.
    legendary
    Activity: 1218
    Merit: 1007
    March 27, 2017, 10:34:50 PM
    Probably in 2010 it wasn't considered money because its value wasn't that much. But as of the present (2017), the value is higher than that way back in 2010. I came from a third world country and I exchange bitcoins to our currency. I can pay my bills with it, shop online, buy load or even convert it to cash. So basically it can be exchange to real paper money per conversion; so it is money.
    If Bitcoin wasn't considered money back in 2010 then I don't know why something like copper could be considered as money (although very inexpensive and space-heavy for any viable amounts of wealth). The amount something is valued at doesn't determine whether or not it is money, to my knowledge money is any sort of a store of value. So PMs fit this description, gemstones could be considered money under the right circumstances, etc.
    sr. member
    Activity: 812
    Merit: 253
    March 27, 2017, 10:30:07 PM
    Probably in 2010 it wasn't considered money because its value wasn't that much. But as of the present (2017), the value is higher than that way back in 2010. I came from a third world country and I exchange bitcoins to our currency. I can pay my bills with it, shop online, buy load or even convert it to cash. So basically it can be exchange to real paper money per conversion; so it is money.
    full member
    Activity: 235
    Merit: 250
    March 27, 2017, 05:45:09 AM
    Bitcoin is money
    we are in  2017  . btc ---------1300 usd
    Yeah . It is money and profit
    If you did not rush
    bitcoin .you  must patience
    although many users said that bitcoin is money but there are still many users who have difficulty spending bitcoin in the real world? #nicequestions Lol
    Yeah more and more users have been considering bitcoin similar to real world money. As mentioned these days only few countries have got increased usage accessibility of bitcoin same as that we use traditional currency. So it will continue to serve as an alternate for traditional currency.
    i do not think that bitcoin is available in few country because bitcoin is available in any where and bitcoin is now acceptable in anywhere for online shopping and i hope one day all people will adopt bitcoin as normal currency.
    yes bitcoin is available everywhere, we can see that even in backward countries  people are using bitcoin and getting benefit from it, hope that in future bitcoin will become more and more popular.

    I live in a backward country. And I can not use bitcoin as money. I can use it as an investment. But I hope that in the future this situation will change
    sr. member
    Activity: 658
    Merit: 251
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    March 27, 2017, 05:25:17 AM
    Bitcoin is money
    we are in  2017  . btc ---------1300 usd
    Yeah . It is money and profit
    If you did not rush
    bitcoin .you  must patience
    although many users said that bitcoin is money but there are still many users who have difficulty spending bitcoin in the real world? #nicequestions Lol
    Yeah more and more users have been considering bitcoin similar to real world money. As mentioned these days only few countries have got increased usage accessibility of bitcoin same as that we use traditional currency. So it will continue to serve as an alternate for traditional currency.
    i do not think that bitcoin is available in few country because bitcoin is available in any where and bitcoin is now acceptable in anywhere for online shopping and i hope one day all people will adopt bitcoin as normal currency.
    yes bitcoin is available everywhere, we can see that even in backward countries  people are using bitcoin and getting benefit from it, hope that in future bitcoin will become more and more popular.

    Bitcoin is everywhere in the world, but only a few people are using it because many people are following government rules and regulations. Those who are using they are getting benefits from it. Sooner or later, many people will join in bitcoin community and start benefiting from it.
    hero member
    Activity: 1498
    Merit: 586
    March 27, 2017, 05:05:16 AM
      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?






      definitely yes, we can use bitcoin in many ways , we can use it in our everyday needs. we can buy all out stuffs. we can buy food , we can buy dresses, we can buy our neccessities with it. We can do whatever we are wanted like what we are doing with our physical money.
      hero member
      Activity: 644
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      Transact Safer / Chase Better
      March 27, 2017, 05:01:51 AM
      Bitcoin is money because it does everything that physical money does plus payment processing. I'm convinced that it's money and should be treated as such.

      As a bitcoin community member, i can accept bitcoin is money like fiat, but there many people who still don't consider bitcoin as money. Some people don't have complete hope on bitcoin because it is completely digital currency and many people are using for illegal activities.
      sr. member
      Activity: 1400
      Merit: 269
      March 27, 2017, 04:49:02 AM
      I treat bitcoin as a real money and a digital currency that exactly has good value in the market maybe in the future it will hold a great value so better save some bitcoins right now before it's to late.
      As bitcoin has many use and th user doesn't need to give any personal information in the transactions.
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