Topic: Is Bitcoin money? - page 150. (Read 112169 times)

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?

For me Bitcoin is more than money, it is something innovative, it is the future..
Money is the root of all evil, Bitcoin is the beginning of the good..

For me Bitcoin is more than money, it is something innovative, it is the future..
Money is the root of all evil, Bitcoin is the beginning of the good..

In my point of view Bitcoin is can be consider as money already, base on my experience now all my expenses honestly speaking was came all into bitcoin, even my savings, and I also used as mode of payments in terms of my billings every month. And we had also here several merchants who accepted bitcoin as payment whether restaurant, coffee shop, convenient store outlet, and travel tour online and shopping online too.

In my point of view Bitcoin is can be consider as money already, base on my experience now all my expenses honestly speaking was came all into bitcoin, even my savings, and I also used as mode of payments in terms of my billings every month. And we had also here several merchants who accepted bitcoin as payment whether restaurant, coffee shop, convenient store outlet, and travel tour online and shopping online too.

In my point of view Bitcoin is can be consider as money already,

Yes it is, bitcoin is kind of money but it is not tangible. Bitcoin is money because it like money it has a value. Bitcoin is just like a dollar that you will convert it to other currency. For example, ( the currency in my country is peso) you have dollar(think it as bitcoin) and then you will convert it to peso because in our country some mall is not accepting dollar as payment. That's all i can share for now thank you 

As i know when bitcoin launched in 2009 bitcoin is no value some told that bitcoin is scam and i think only some believe in bitcoin.  So they are lucky now bitcoin is money if you got bitcoin in the year 2009 you are very rich now and you're a millionaire.

Yes, I agree that bitcoin fulfills the function of money. But you can not say that bitcoin is money. He has a great potential, which is not at fiat money

Yes it is a cryptocurrency, maybeb you have a doubt because you never see it grow in reality but the real thing is bitcoin is a coin that you may earn in the internet , you may withdraw that too, it will have a profit or it may be lost also. it is real money for me.anything that can be converted to other currency we can call it a money  or a currency too

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?

Bitcoin cant be counted as a money but it is an alternate means of transacting it and making use of it as substitute. People  as we are we seek for other alternatives which is more accessible to us without making a lot of effort in doing such. We should not deny the fact that we have this characteristics which are really not a good thing, such us, being lazy depending on technology and etc. But in the end it will depend on the individual to conclude if bitcoin is a money or not.