Topic: Is Bitcoin money? - page 153. (Read 112169 times)
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Words' definitions are based on the dictionary which is subjective as its nature oversimplifies terms with complex connotations. Bitcoin is definitely a currency, which is what people generally refer to it as (a cryptocurrency). Bitcoin is money because it is a means of trade, which is what most people actually mean when they use the fluid term 'money'.
Bitcoin is many things. Bitcoin is money, is store of value, is an asset where to invest but in the end it is real money. You can withdraw bitcoin to an exchange and receive FIAT cash when you need it. Bitcoin is money because with it you can pay a lot of digital items, from steam games, subscriptions, IPTV-s, and gambling.
If Bitcoin isn't money then I don't know what Bitcoin is.
If Bitcoin isn't money then I don't know what Bitcoin is.
Bitcoin was not a direct money, its alternative kind of virtual currency. In fact, if we know gold, gold is not a money but it can produce a real money because gold has value which a person are able to sell it, which means its a commodity, just like in bitcoin same thing with gold it has value also, which a person or us are able to sell it and buy it, which is very common in trading.
Yes of course bitcoin is money and its used to spend mostly around the digital world of internet web because its a digital currency type of money, it can also be a source of fiat currency cash. This type of currency can be a sustainable form of income and can be reliable in terms of needs and spending which could also be used in buying goods online, and particularly most of people used this for online gambling which earns bitcoin.
Well that is why Bitcoin is called internet money. It is used as a currency to transact or buy items from online store. Aside from that it also have equivalent value to real money depend on the exchange of Bitcoin to USD. All the characteristics of money is in Bitcoin except that it is decentralized and not regulated by the government.
Everything that has a defined value is money. Bitcoin from the beginning has importance as a store of value. This when used for transaction purposes got authorized as a universal currency having different value on the basis of the country's local currency. As said it has a digital form, if it has got physical form at least it would have got used by 50% of the population.
Moreover I could not find any differences between medium of exchange and money practically when using. A medium of exchange is being accepted based on the assumptions of a definite value at the time of being exchanged. A money will not fluctuate in this case.Bitcoin is fundamentally a medium of exchange but having all the characteristics to suit as a money when we are agreeing some value at certain point of time. That's all. Bitcoin is suitable for being used as money.
Yes of cours bitcoin is a money but it'a virtual money. However you have the possibility to convert your bitcoins in real money so that's good and so you can consider bitcoins as a real money.
being able to convert something to money doesnt qualify as making it "money" while I agree bitcoin is a currency for some, many countries and users regard it as an asset,just like an apartment people buy bitcoin for the ROI it can give them, they buy at low price and sell at higher prices, its not used as a currency as much as it should to be counted as a currency in my opinion, but its on the right track!
Everything that has a defined value is money. Bitcoin from the beginning has importance as a store of value. This when used for transaction purposes got authorized as a universal currency having different value on the basis of the country's local currency. As said it has a digital form, if it has got physical form at least it would have got used by 50% of the population.
Yes of cours bitcoin is a money but it'a virtual money. However you have the possibility to convert your bitcoins in real money so that's good and so you can consider bitcoins as a real money.
no doubt about this we are already using bitcoin as currency not only for online purpose but in physical shops also. although the physical shops are not to much but hope that their number is increasing and very soon the number of bitcoin shops will increase and then we will be able to bitcoin in our local shops, but i think still there is some more time is require for it.
Now is 2017 and I hereby declare that Bitcoin is a virtual currency with real value actually
You can buy a lot of things from Bitcoin
I also like kiba's "Nobody is advocating on how to decide how much bitcoins is worth, what the proper use of bitcoins is, etc al. What people like me are doing is trying to DESCRIBE REALITY aka scientific definition, not prescribe some rules that bitcoiners shold be following." Which is exactly where I am going with this. If we state that Bitcoins are to be traded for dollars, or worse, that Bitcoins are "worth" so many dollars, somebody at some time is going to rely on our own statements and demand performance, in a real court, with some of our members actually sitting there while the issue is decided.
p/s : If you still think in the bitcoin is a scam then you have to go against the times.
You can buy a lot of things from Bitcoin
I also like kiba's "Nobody is advocating on how to decide how much bitcoins is worth, what the proper use of bitcoins is, etc al. What people like me are doing is trying to DESCRIBE REALITY aka scientific definition, not prescribe some rules that bitcoiners shold be following." Which is exactly where I am going with this. If we state that Bitcoins are to be traded for dollars, or worse, that Bitcoins are "worth" so many dollars, somebody at some time is going to rely on our own statements and demand performance, in a real court, with some of our members actually sitting there while the issue is decided.
p/s : If you still think in the bitcoin is a scam then you have to go against the times.
He kept insisting that "if there is no guarantee, it's worthless".
Have you tried showing him that they are already worth around 0,06USD each ?
Actually, try to explain what value is... gold itself has no "guarantee"... nobody can really guarantee people will keep valuing gold.
All you need is to mine a nearby asteroid than BAM! Everyone's faith in gold is gone.
I doubt it. Refined gold "above ground" is already more abundent than refined silver, yet gold continues to be several orders of magnitude more valued. I'm sure that by the time we're mining planetary bodies for resources, gold will likely be valued as a commodity for it's material properties alone. This doesn't mean that it won't still be valuable.
He kept insisting that "if there is no guarantee, it's worthless".
Have you tried showing him that they are already worth around 0,06USD each ?
Actually, try to explain what value is... gold itself has no "guarantee"... nobody can really guarantee people will keep valuing gold.
All you need is to mine a nearby asteroid than BAM! Everyone's faith in gold is gone.
He kept insisting that "if there is no guarantee, it's worthless".
Have you tried showing him that they are already worth around 0,06USD each ?
Actually, try to explain what value is... gold itself has no "guarantee"... nobody can really guarantee people will keep valuing gold.
[ (I have given up trying to explain Bitcoin to my cousin, and he is a frigging FX trader by profession!).
Was mentioning your cousin's work intended to improve our opinion of your cousin's economic education?He kept insisting that "if there is no guarantee, it's worthless". He was quite dogmatic about this and no argument would convince him, no matter how rational. Oh well. Maybe it's easier to explain it to someone who is ignorant in this area and thus unprejudiced.
Well, in some ways that is correct, but fiat currencies have no guarantee either. At least not beyond the ability of the government to honor them, which is not a certainty. It is because of this growing uncertainty in the modern world that gold is hitting new nominal highs with each passing day. Gold, as with any other good money, is it's own guarantee; because it's physical makeup is a useful commodity that can be sold for something even if the institution that minted it into a tradable form no longer exists. This is not the case with fiat currencies, because the paper used to make currency doesn't even make decent toilet paper.
Nor is Bitcoin backed in any rigid way, which is why it doesn't qualify as money, or even as a hard currency. But the difference is that the community has faith in Bitcoin due to it's design strengths. If a fatal flaw is ever found in the system, that could destroy Bitcoin as a currency; but the failure of any singular government or institution would not.
[ (I have given up trying to explain Bitcoin to my cousin, and he is a frigging FX trader by profession!).
Was mentioning your cousin's work intended to improve our opinion of your cousin's economic education?He kept insisting that "if there is no guarantee, it's worthless". He was quite dogmatic about this and no argument would convince him, no matter how rational. Oh well. Maybe it's easier to explain it to someone who is ignorant in this area and thus unprejudiced.
These are all examples of attempts by failing governments to prop up their fiat currency by artificially increasing the demand of same. That is the exact reason that every government that I know of expects payment of taxes within it's own currency.
It is a way of backing the currency (demanding taxes in any form and using that wealth to back the currency they issue to buy stuff does the same thing as demanding taxes to be paid in it).If their goal was to retain said tax wealth in order to actually support the currency, then I would agree with you. But that isn't the goal of taxation. Governments require that taxes be paid in their own currency in order to artifically stir demand by making it very difficult for an individual to live a normal life without needing to earn/exchange in the fiat currency.
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But they neither want to nor do back their currencies more than they have to. They much prefer profit instead. The central characteristic of fiat money is that it is not fully backed by its issuer.
That is a common characteristic, but not a requirement. Of course, the 'legal tender' laws that support a fiat currency would largely be unneccesary if the currency were truly and fully backed by it's issuer.
These are all examples of attempts by failing governments to prop up their fiat currency by artificially increasing the demand of same. That is the exact reason that every government that I know of expects payment of taxes within it's own currency.
It is a way of backing the currency (demanding taxes in any form and using that wealth to back the currency they issue to buy stuff does the same thing as demanding taxes to be paid in it). But they neither want to nor do back their currencies more than they have to. They much prefer profit instead. The central characteristic of fiat money is that it is not fully backed by its issuer. What is the difference between currency and money?
Asked and answered. Either search for "Aristotle" in the search box, or simply start from the beginning of this thread.
My dictionary research yielded that currency is a current medium of exchange and that money is a medium of exchange. Since, people are actually using it as medium of exchange, therefore, it is both money and currency.
I hope you used a law dictionary.
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