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Topic: Is Bitcoin money? - page 49. (Read 112169 times)

full member
Activity: 364
Merit: 100
November 09, 2017, 05:11:40 PM
    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?





    I believe it is. Since it is being used as a medium of exchange and also as payment for trading transactions, and has monetary value, then I would consider it as money  💰. Though digital, Bitcoin has gained a lot of features that is of fiat.
    hero member
    Activity: 1876
    Merit: 524
    November 09, 2017, 04:55:12 PM
    of course it's which is called digital money.
    member
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    Merit: 10
    November 09, 2017, 09:33:13 AM
    the bitcoin was the money anonymous have a price hight up every hourse
    member
    Activity: 154
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    November 09, 2017, 09:27:41 AM
    Bitcoin is a crypto currency, you can consider it money to a certain extent, but at the end of the day it's not ACTUAL money, it's more something you invest in which can make you earn real money.
    newbie
    Activity: 28
    Merit: 0
    November 09, 2017, 09:22:59 AM
    Bitcoin is not equal to money for now, but Bitcoin has been recognized by many financial institutions as a means of payment for many people. Therefore, bit is valuable and has its value.
    member
    Activity: 490
    Merit: 10
    November 09, 2017, 09:17:21 AM
    I'm new to this forum,i also just learned about bitcoin,when i read in the internet i think bitcoin is a digital currency that is quite interested to many people and also very useful for many people,with rapid technological developments i think bitcoin and altcoin will is growing and may someday be available for payment anywhere...
    member
    Activity: 294
    Merit: 16
    November 09, 2017, 08:54:26 AM
    Yeah future version of fiat we use today in day to day life. There comes a time u cant live without BTC waiting for that day Grin Grin
    hero member
    Activity: 826
    Merit: 501
    November 09, 2017, 08:46:18 AM
    Bitcoin can be said money because it can be used for transactions and pay whatever we want, but there is a very clear difference is that bitcoin values continue to rise, while money value continues to drop due to many factors.

    Your thoughts is nice mate, and to add up to this explanation here I can say that bitcoin isn't just a money but already a wealth for us which I can say a living investments. So everything that has value to us which is bitcoin is money, and that is now getting very popular in the internet. In sooner time I can see it accepted on local stores if the current demand and adoption will become visible around the world. Maybe if internet is centralized in the future, well bitcoin implementation is easy for everybody to access.
    hero member
    Activity: 2590
    Merit: 644
    November 09, 2017, 08:41:38 AM
    Bitcoin can be said money because it can be used for transactions and pay whatever we want, but there is a very clear difference is that bitcoin values continue to rise, while money value continues to drop due to many factors.
    The bitcoin is also a money and you are right for the comparison of bitcoin and the money because with bitcoin you can fight the inflation by buying bitcoin and keeping it as an investment and you should learn how to balance things because you still need fiat in doing some purchases because you cannot use bitcoin alone as of now.
    member
    Activity: 162
    Merit: 14
    November 09, 2017, 08:28:13 AM
    of course why not?most people earn bitcoin for money.so many people hold,trade,bitcoin.i think all people goal earn money.and bitcoin just a communication earn for money.
    sr. member
    Activity: 1526
    Merit: 255
    November 09, 2017, 08:25:14 AM
    Bitcoin can be said money because it can be used for transactions and pay whatever we want, but there is a very clear difference is that bitcoin values continue to rise, while money value continues to drop due to many factors.
    member
    Activity: 84
    Merit: 10
    November 09, 2017, 08:04:40 AM
    I consider proper now bitcoins are much more of an asset then cash. To me it will not matter what form my paying electrical power is in wiether it really is in gold bitcoins or sticks. I'm just anxious for the worth and how much it will increase so I use Bitcoin as I think it has the best value then any other form of asset.
    full member
    Activity: 479
    Merit: 105
    November 09, 2017, 05:50:09 AM
    It will be a new form of money, Bitcoin has a value that you can exchange to become a money to spend for. and I think in future Bitcoin will considered also as a legit money that you can pay in stores and others.
    yes you are right that bitcoin is like a new form of money but bitcoin is not money it is basically digital cryptocurrency and there is a huge difference between money and digital currency. people use bitcoin to earn money thats why bitcoin work like money.
    Bitcoin can consider money because it can be use for paying goods we buy online in convenient manner.  It is money in the form of other currency that need to change into a local currency to be used for small enterprises. Bitcoin is like a dollar that need to convert for local currency to be accepted in any store in the country.
    full member
    Activity: 353
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    https://luxantdigitalbank.com/
    November 09, 2017, 05:44:23 AM
    Bitcoin is a digital form of money which can be used in any part of the world that is you can convert it into any real life currency as per the rate in their regions.As per me i see btc more as an investment rather than seeing it as a currency because its value keeps hiking as compared to any other forms of investment where as the value of the money doesn't change this fast like the precentage change in the value.Btc doesn't take years for growth as per the current trend it is taking on few months or days time to show change its value growth so i consider this digital currency more as an asset.Which help improve our wealth.
    newbie
    Activity: 12
    Merit: 0
    November 09, 2017, 05:36:52 AM
    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
    I agreed on this matter, as long as bitcoin being used as payment in online it is considered as money like usd, euro and ¥ which means it shows bitcoin is like a real currency/money.

    The only difference is that we cannot hold bitcoins physically and apart from that there is not much difference between bitcoins and real money as we can spend it anywhere we want like real money so bitcoin is definitely a money to me.

    Correct, as long as I can use it even on a daily basis and trade anywhere and anytime in the world then I will also consider bitcoin as money or even better than money. The only thing I could think about money's advantage about bitcoin is acceptability though bitcoin is not legalize in our country we can still easily exchange it to our currency and use it like just an ordinary money. I also feel much safer in bitcoins than carrying bulky wallets or atm cards that always an eye catcher for thieves.
    I agree with you as long as i can feed off it daily it is money for me and also the part about thieves is also correct how are thieves able to steal your bitcoins? unless you know everything in your head there is no chance they would be able to get in your online wallet.
    Same thing goes for me if you can feed on it i would consider it money it actually is money if you have invested in it and if you are trying to earn it it also is money because if you cash them out and spend it you actually made money.
    True i made bitcoin my daily job that means i earn actually from bitcoin my salary is all paid in bitcoins and salary is money because with my salary i can buy stuff that i need to life like food clothes and even pay my rent with that money.
    I agree with you i think bitcoin is money too because you can trade it for cash what is the difference between these two one is online and one is in your hand but with both you can buy stuff you need to survive.
    full member
    Activity: 336
    Merit: 100
    November 09, 2017, 05:36:45 AM
    I'm my opinion btc much better,btc-is asset (without inflation),today I spend 100$ but after 1 year I can offer less things for 100$,with btc I can offer much more!!!
    newbie
    Activity: 33
    Merit: 0
    November 09, 2017, 05:35:54 AM
    Actually it is not money, virtual money ... which has the same importance such as money : it has a value, a huge one and it has its own markets, transactions, etc ...
    But legalizing it will make it considered as an officiel currency. And why not to have a physical Bitcoin pieces nd papers.   

    That's what I meant, but what is now the difference between money and virtual money, in those times where banks and financial institutions can create and emit debt from nothing? I don't bellieve a physical Bitcoin is necessary, I even think it's one of its major asset to be immaterial.

    "bitcoin is new kind of money".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.



    Why? Can you please elaborate on this?
    full member
    Activity: 294
    Merit: 101
    November 09, 2017, 05:28:22 AM
    yes bitcoin is money, but its shape is different from others, bitcoin is digital while money is in physical form, its function is equal to other money, but bitcoin must first be converted into various currency we need like dollar, eth and others
    full member
    Activity: 358
    Merit: 100
    November 09, 2017, 05:20:30 AM
    its like money sometime, because you can pay some stuff with bitcoin (between seller and buyer have agreement pay using bitcoin). its use to transaction something what you want with other user. but slowly, bitcoin function is deviate. actually if you want bitcoin you can buy it to someone that provide it, but now bitcoin price is unbelievable. and we can earn it not for transaction, but to meet our need
    newbie
    Activity: 29
    Merit: 0
    November 09, 2017, 05:06:29 AM
    "bitcoin is new kind of money".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.
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