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Topic: Is Bitcoin money? - page 46. (Read 112172 times)

full member
Activity: 323
Merit: 100
November 14, 2017, 10:41:56 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 one of the kind of money that existing in this world. Bitcoin is different from others because it is crypto currency which means you can't hold it. It is a money where can spend through online, you can also spend it in some place by convert it into local currency. In short, the answer is bitcoin is a money.
    newbie
    Activity: 45
    Merit: 0
    November 14, 2017, 10:35:13 AM
    I do not consider gold to be money.  You can't go and buy most goods and services with gold.  Gold is a commodity, dollars are money.

    Bitcoin is a virtual currency.  It has more in common with paypal than it does with dollars or with gold.  I wouldn't really call it money until it is more widely accepted as payment for goods and services.

    I agree, Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, as the system works without a central repository or single administrator. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. And considering bitcoin as money is not surprising but it is really not in that area. But what is important is that bitcoin has value that is very useful in many selected sites, industry and others.
    member
    Activity: 70
    Merit: 10
    November 14, 2017, 10:21:21 AM
    yes right, I think bitcoin is the same as money, what can be bought with money also can we replace with bitcoin. but bitcoin value is better than fiat because bitcoin stock can not be manipulated.
    yes off course bitcoin is a crypto currency and it is easily converted to any other currency if you want. Bitcoin is not acceptable directly in most areas still but you can convert bitcoin to your desire currency through some local exchanges and can used easily and also it is more possible that in future bitcoin will start accepted in various shops and hotels etc.
    member
    Activity: 826
    Merit: 10
    November 14, 2017, 10:10:11 AM
    yes right, I think bitcoin is the same as money, what can be bought with money also can we replace with bitcoin. but bitcoin value is better than fiat because bitcoin stock can not be manipulated.
    legendary
    Activity: 867
    Merit: 1000
    November 14, 2017, 09:38:12 AM
    bitcoin like money, but this is for the cryptocurrency
    not all country accepted bitcoin for the payment, we hope someday bitcoin for the payment in the world.
    full member
    Activity: 256
    Merit: 100
    November 14, 2017, 09:36:21 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 it is, bitcoin is money because you can spend it. People accept things and can buy things through money. Bitcoin is one of their uses have those things so bitcoin is one of the kind of money that people can use.




      full member
      Activity: 1218
      Merit: 105
      November 14, 2017, 09:29:40 AM
      Bitcoin is already called "money" and it is already a money, Almost all over the world bitcoin is already used as money and can be traded for cash and can be used to pay people for their tasks done like doing campaigns.  Smiley
      sr. member
      Activity: 397
      Merit: 252
      November 14, 2017, 09:18:29 AM
      This bitcoin money is not in the form of money coins or paper,but money Bitcoin is true there is in the internet world.
      Bitcoin is the digital currency,heard the word digital certainly does not exist in the real world but we can see it and true money Bitcoin is in the digital world (internet).
      and I think this Bitcoin money will be very popular in the future because of its technology-based system and In the future rich will be many people who have technology so will many people who use Bitcoin.
      newbie
      Activity: 7
      Merit: 0
      November 14, 2017, 04:57:47 AM
      Its actually online money. It is not the money you have like in banks and in your pocket. Everything with bitcoin is online so if you do not have internet you would not access them.

      It is money, but its not like our currency's because its different.
      hero member
      Activity: 798
      Merit: 500
      November 14, 2017, 04:34:47 AM
      Maybe everyone already knows that Bitcoin is a digital currency, because Bitcoin can shop online and also buy electric tokens and more. Maybe Bitcoin will one day become a world currency that makes everyone easy.
      member
      Activity: 280
      Merit: 10
      November 14, 2017, 03:41:32 AM
      Bitcoin is like money. Bitcoin is compared to the tone. All the money is made in betting. Money is available when selling bitcoin.
      full member
      Activity: 392
      Merit: 100
      November 14, 2017, 03:34:57 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?





        Of course yes bitcoin is money we all know that this is a digital currency but if you convert it into real money  it will called money because you can use this to buy anything  .
        newbie
        Activity: 24
        Merit: 0
        November 14, 2017, 03:32:04 AM
        Anything can be considered "money" if it has intrinsic value!  What gives something value.... what people are willing to pay for it.. Supply and demand.
        member
        Activity: 95
        Merit: 10
        November 14, 2017, 03:29:55 AM
        Bitcoin can consider as a digital money. It can convert to a real money. Which is we can use it to buy what we want and can sustain our daily needs. Bitcoin is so popular in online world and it has a high price in online marketing. This is our source of income that has an equivalent exchanged of money.
        newbie
        Activity: 44
        Merit: 0
        November 13, 2017, 11:49:24 PM
        as I think bitcoin is a digital money..
        it is better than money..
        full member
        Activity: 350
        Merit: 111
        November 13, 2017, 11:42:16 PM
        As I understand, bitcoin is a virtual currency. it's still money to be called, but its local currency variance is fair, whereas bitcoin is a digital money.
        full member
        Activity: 448
        Merit: 100
        CRYPTOCITIZEN $CCASH
        November 13, 2017, 10:40:26 PM
        Bitcoin is virtual money. It is digital money. It is so popular money. In online marketing it has high price in market.
        It is better than any other paper money.
        newbie
        Activity: 182
        Merit: 0
        November 13, 2017, 10:29:44 PM
        yes it is. it is a virtual money, digital money. bitcoin is a worldwide cryptocurrency.
        newbie
        Activity: 5
        Merit: 0
        November 13, 2017, 10:27:03 PM
        Bingo!
        hero member
        Activity: 2982
        Merit: 610
        November 13, 2017, 10:20:51 PM
        Yes bitcoin is money we get to work hard to earn bitcoin and exchange it to our local currency and use it to support our daily needs. It is a digital money but can be converted into our real money to be used in anyway we want.
        You can still work even if it's not bitcoin as the mode of payment, there is no difference if you agreed a specific amount as your salary.
        Bitcoin is substitute for money but it cannot be spend alone without being converted to fiat as that will always be the end process.
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