Topic: Is Bitcoin money? - page 27. (Read 112173 times)
If it's based on the contextual meaning of money then yes, bitcoin is not money. But it IS money in another form. But I believe bitcoin is clearly better than money in it's own right. It's entirely relative but if I have to say one thing about this issue, then it's "Bitcoin can make money".
Money is primarily a medium of exchange. It enables a person to trade what he has for what he wants. Ideal money has three critical characteristics: it acts as a medium of exchange; it is an economic good; and it is a means of economic calculation.
The best approach is to let the people decide what they want to use as money. There is no need for a central bank, government control, or legal tender laws. History has shown that, when left up to the people, silver and gold tend to gravitate to the role of money for the reasons that it is scarce, durable and therefore great store of value, divisible and therefore tradable, portable, proven and has use value.
Bitcoin is a new invention, or creation, designed to address this market demand for a better medium of exchange. As a new creation, with its own use value, it becomes a new commodity.
The several features and benefits that make bitcoin a highly desired medium of exchange and a run away success are privacy, lower transaction cost, person to person payment functionality, limited supply, portable, compact, decentralised and free from centralised control.
Whether Bitcoin is a money or not depends upon the jurisdiction we are talking about. In Japan it is money because it has been given recognition as a legal tender or as a legitimate medium of exchange. In India it is not money because in India one cannot use it as a medium of exchange for goods and services. But it is being increasingly used as an investment option in various jurisdictions even where it is not being recognized as money.
The best approach is to let the people decide what they want to use as money. There is no need for a central bank, government control, or legal tender laws. History has shown that, when left up to the people, silver and gold tend to gravitate to the role of money for the reasons that it is scarce, durable and therefore great store of value, divisible and therefore tradable, portable, proven and has use value.
Bitcoin is a new invention, or creation, designed to address this market demand for a better medium of exchange. As a new creation, with its own use value, it becomes a new commodity.
The several features and benefits that make bitcoin a highly desired medium of exchange and a run away success are privacy, lower transaction cost, person to person payment functionality, limited supply, portable, compact, decentralised and free from centralised control.
Whether Bitcoin is a money or not depends upon the jurisdiction we are talking about. In Japan it is money because it has been given recognition as a legal tender or as a legitimate medium of exchange. In India it is not money because in India one cannot use it as a medium of exchange for goods and services. But it is being increasingly used as an investment option in various jurisdictions even where it is not being recognized as money.
Yes bitcoin is also a money, although it is just a electronic money, we can exchange it in one's currency like here in Philippines, Pesos. It is better for me to have electronic money rather than physical ones since money in electronic is not stable meaning your money may rise or it may badly goes down.
Anything that is being used as a medium of exchange is money. The function of money is to serve as medium of exchange, store of value, and more. Bitcoin serve that activity, thus pass the "duck" test.
in my opinion bitcoin is real money like gold which bitcoin supply in limit ..
but since there was a shift in the meaning of bitcoin changed because a lot of money laundering used thether(USDT) to buy another bitcoin or ctpytocurreny
but since there was a shift in the meaning of bitcoin changed because a lot of money laundering used thether(USDT) to buy another bitcoin or ctpytocurreny
Bitcoin is money in digital form.
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:
[/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?
First of all there are real life btcs their value is even higher then digital btc, and of course I know that they are for collectors and that they are rare.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.
[/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?
As you mentioned money is term for value for every living and unliving item except air ( for now and gulp) which means that money is not just paper (money is all around us but we don't know how to use it) and its meant for buying selling or trading (I'm kinda describing the term money ) so if you can trade that digital BTC for $ that means that it can be called money. They are trying to make something like credit cards (my humble opinion) in near future to make transactions easier or to make it world wide currency ,for as we all know about technology importance in today's world and as it highly relays on it will be a big part of the future.
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:
[/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?
First of all there are real life btcs their value is even higher then digital btc, and of course I know that they are for collectors and that they are rare.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.
[/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?
As you mentioned money is term for value for every living and unliving item except air ( for now and gulp) which means that money is not just paper (money is all around us but we don't know how to use it) and its meant for buying selling or trading (I'm kinda describing the term money ) so if you can trade that digital BTC for $ that means that it can be called money. They are trying to make something like credit cards (my humble opinion) in near future to make transactions easier or to make it world wide currency ,for as we all know about technology importance in today's world and as it highly relays on it will be a big part of the future.
Is gold money?
The answer to the question is the exact same answer for bitcoin. Some people believes gold is as good as money, while other's dont. The EXACT same situation exists with bitcoin.
The answer to the question is the exact same answer for bitcoin. Some people believes gold is as good as money, while other's dont. The EXACT same situation exists with bitcoin.
Agree with post. My personal opinion is that actually Bitcoin is intangible money but it has a acceptable power over the world.
Yes, I agree. Bitcoin is a money from the internet where you can use through paying your bills and purchase something you wanted. It is also converted into money that we can use to buy something. Bitcoin is intangible kind of money, but it has a power. It helps many more people who knows this. It can help people to secure their future lives or change their lives forever. Bitcoins price continue on increasing, so it continue on helping others.+1 agree that it is not money. However, if it was a pure commodity then it would necessarily require some (even minimal) use value, beyond an exchange value. Right now bitcoins have a 0% use-value and a 100% exchange value (eg, if they could not be exchanged for something else, they would merely be taking up space on our harddrives and are inherently useless, like random chunks of data).
Bitcoin is not money but the fact is bitcoin can have a money and can give you money, its a kind of organization that can gives us money if we used to be, bitcoin is just the group of program that link's all of us so that we can manage true net of what we've transacted here in bitcoin
In my opinion, bitcoin is real money , better than lots of currencies.
Actually it could be consider as a money since it has a value and could be converted in different country's currency.Since money is originally used as a medium of exchange for goods and services with that money has no difference with bitcoin since it is usually use as a digital currency made for online trading and transactions.We could say that bitcoin is the advance way of exchanging goods and services
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:
[/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?
Though digital, Bitcoin is a currency being used for payments, exchanges, and trading. Pretty much the same features as cash. So is it money? I believe it is considering these factors. 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.
[/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?
Actually bitcoin cannot be described as money but in the other way round it plays the role of money. Nowadays bitcoin is even valuable more than Gold not to talk of the money itself. In conclusion and to my own opinion I will say bitcoin is money because it play all the role money play even more than that.
That's the proper definition, bitcoin is money because it's precious and it has a good value.As long as we can use it to transact online, buy things and services then it will fall to the definition of money, it's not a regulated money
but it has a value like a money.
For me, yes, bitcoin is money. Earning bitcoin was also an equivalent to earning money. Even though btc was an online currency, you may convert it into paper money.
Short Answer: Yes!
Bitcoin is money for the Internet. It is a scarce digital commodity used as money by millions around the world. People buy coffee with Bitcoin at local shops. Others get paid in Bitcoin and use it to shop online. Friends use it to settle with whoever paid for dinner. Workers send Bitcoin back home to help family, regardless of where they live.
Bitcoin is money for the Internet. It is a scarce digital commodity used as money by millions around the world. People buy coffee with Bitcoin at local shops. Others get paid in Bitcoin and use it to shop online. Friends use it to settle with whoever paid for dinner. Workers send Bitcoin back home to help family, regardless of where they live.
Bitcoin is not in physical form, but has all the functions of money, we can use it to buy things in online stores, we can use it to pay and invest in any business, and in the concept of money it doesn't matter how many peoples really use it as money
Yes bitcoin is money. The main function of the money is that can give you your dreams and fulfil your needs. Bitcoin have both qualities and also it is an asset for the future. Bitcoin is high value due to which we can make more money from it instead of other fait money.
Actually bitcoin cannot be described as money but in the other way round it plays the role of money. Nowadays bitcoin is even valuable more than Gold not to talk of the money itself. In conclusion and to my own opinion I will say bitcoin is money because it play all the role money play even more than that.
Agree with post. My personal opinion is that actually Bitcoin is intangible money but it has a acceptable power over the world.
Yes, I agree. Bitcoin is a money from the internet where you can use through paying your bills and purchase something you wanted. It is also converted into money that we can use to buy something. Bitcoin is intangible kind of money, but it has a power. It helps many more people who knows this. It can help people to secure their future lives or change their lives forever. Bitcoins price continue on increasing, so it continue on helping others. Jump to: