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Topic: Is Bitcoin money? - page 18. (Read 112172 times)

member
Activity: 336
Merit: 10
January 08, 2018, 08:24:41 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?





    Bitcoin is a virtual currency developed in 2009 by someone under the pseudonym of Satoshi Nakamoto. This currency is like Rupiah or Dollar, but only available in the digital world. The concept may sound like eGold, though it is actually much different.
    copper member
    Activity: 658
    Merit: 284
    January 08, 2018, 08:17:51 AM
    Bitcoin has been classified in to few different things:

    1. A peer-to-peer digital currency.
    2. A digital store of value.
    3. A digital commodity.

    These are the very best meaning of bitcoin, so far.
    newbie
    Activity: 21
    Merit: 0
    January 08, 2018, 06:46:51 AM
    yes... if you see in reality off course bitcoin is mony... if you have bitcoin and you go to shops mall and you have a card you give card to sellers they accept  your bitcoin as mony.
    newbie
    Activity: 133
    Merit: 0
    January 08, 2018, 06:35:01 AM
    Yes bitcoin is money because is a medium of exchange, and bitcoin fufilfils that purpose.
    member
    Activity: 105
    Merit: 10
    January 08, 2018, 06:33:32 AM
    In economic theory there is a definition of the concept - Money.
    Bitcoin corresponds to all characteristics of money. We make a conclusion-bitcoin Money.
    I will not agree. The money can be adjusted and according to the definition it is the basis. BTC no. We have a certain amount of BTC.
    Bitcoin is money. It is just that it has a different form. Just because it exists in digital form doesn't mean it is not a currency. You see people address it as digital currency. Though Crypto coins are also known as the digital assets but that is also true in its own sense. The simplest definition of money is medium of exchange and Bitcoin is used this way so for me Bitcoin is absolutely money.
    hero member
    Activity: 2562
    Merit: 586
    January 08, 2018, 02:28:19 AM
    I don't agree. If it is money, then the changing value should reflect the overall economic status in the real world. As we see from it, it is not true. As my standpoint, it is more like a collection. People has unbelievable enthusiasm on it which make it surge. The rapid rising and great variation make it valuable asset not good usage as money.
    IMO also, bitcoin is money as well as an asset. How is this money? Because it serves the purpose of money. It is used as a medium of exchange. People can buy things by paying in bitcoin.

    The only thing new is that it exists in digital form and due to this form, all the characteristics that it possesses are totally different form the paper money. Holding this digital asset has its own perks. It is also known as the future of money.
    newbie
    Activity: 24
    Merit: 0
    January 07, 2018, 02:35:41 PM
    For me I preferred this is like a atm or debit card. But we dont need to use for buy things without card but with security identification.
    legendary
    Activity: 1596
    Merit: 1034
    January 07, 2018, 02:34:55 PM
    The existence of exchange services that make bitcoin called money because with the exchange service we can enjoy bitcoin as a function of money. So, it's not everyone's saying that bitcoin is money.
    member
    Activity: 462
    Merit: 13
    January 07, 2018, 02:13:56 PM
    It is considered to be a currency or asset in many countries,you cant call it money because bitcoin was created to remove the fiat system or centralization.
    I believe it can be called money, since it is used as a means of exchange. Moreover, take a look at the legalization if bitcoin in UK as a means of exchange.
    member
    Activity: 258
    Merit: 12
    January 07, 2018, 02:11:00 PM
    It is considered to be a currency or asset in many countries,you cant call it money or a physical currency because bitcoin is a digital asset created to remove the fiat system or centralization of the banks and the governments,but some of the cryptocurrencies arent following what bitcoin's really intended to achieve for example XRP is a cryptocurrency that is purely centralized and being controlled by the bankers.
    full member
    Activity: 1008
    Merit: 101
    January 07, 2018, 01:48:38 PM
    This is a new generation of decentralized digital currency, created and operating only on the Internet. It is not controlled by anyone, using programs to calculate mathematical algorithms. This is the essence of bitcoin.
    Yes it’s a money you can use it for different things such as buying food and clothes and also I’m suing bitcoin in different restaurants and also I pay all my bills and from last one year I’m using bitcoin in my tuition fees so we need to support bitcoin because its then only currency which is playing a very great role for its users you can use it as money and also it can play a role as an asset so bitcoin is all in one and can help us anytime.
    member
    Activity: 196
    Merit: 10
    Open and Transparent Science Powered By Blockchain
    January 07, 2018, 09:34:15 AM
    Bitcoin can be exchanged for French currency, but more often than not, it's just an object. It's hard to call it a fiat currency, and that's my point.
    jr. member
    Activity: 37
    Merit: 7
    January 07, 2018, 09:28:02 AM
    Most of us use bitcoin only as investment and then exchange it into local money.
    it is money more than this but high fee make us use it like that
    jr. member
    Activity: 200
    Merit: 6
    January 07, 2018, 07:48:07 AM
     But I think my bitcoins are interesting and fun fill. Bitcoin is a new and different kind of money
    member
    Activity: 61
    Merit: 10
    January 07, 2018, 06:24:16 AM
    Yes Bitcoin is definitely a currency but if your bitcoin is in exchanges it is paper value. Anything can happen anytime and it is not as safe as storing it yourself. That said, being a young currency bitcoin is still volatile so putting all your assets into bitcoin is not recommended at all.
    newbie
    Activity: 65
    Merit: 0
    January 07, 2018, 06:20:50 AM
    Bitcoin is a digital money. We can use and earn it just like any other fiat. So I guess bitcoin is just any money we use but only in digital world.
    newbie
    Activity: 42
    Merit: 0
    January 07, 2018, 06:17:32 AM
    Bitcoin is a digital currency which is accepted worldwide just like real money. Bitcoin can also be exchanged for real money anytime one wants to.
    newbie
    Activity: 112
    Merit: 0
    January 07, 2018, 05:55:06 AM
    I think money and bitcoin is similar.
    Bitcoin is also a currency like a money and we can use it in many ways ..
    member
    Activity: 203
    Merit: 10
    January 07, 2018, 05:52:08 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?





      Yes!bitcoin is also a money.in other countries this kind of currency was already been used to any transactions and transportations anyway.and we here in the Philippines bitcoin is money also because bitcoin can transfer to our own currency as peso.thats why I can says that bitcoin is a money.
      newbie
      Activity: 15
      Merit: 0
      January 07, 2018, 05:40:44 AM
      I think it is. You may argue becaouse it's don't have any type of physical form but when You have money on your bank account it's also just the string of numbers just like BitCoin Smiley
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