Topic: Is Bitcoin money? - page 58. (Read 112169 times)
Ofcourse bitcoin is money, as we know, it is a cryptocurrency or digital money. Also many people are already using bitcoin to buy things online.
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?
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?
Bitcoin really is a form of money. Thank you for the list you have provided above. From the abovementioned list, Money is considered as the most common medium of exhange.. so if we use bitcoin ay payment for services rendered or products aquired, then it is money. It is just that definitions of it nowadays are limited to paper fiat. This still needs to be updated as we are entering the digital age,
Money is a legal tender which a country uses as a means of exchange for goods and services.It is not only used in the country but must be internationally recognized and accepted, for transactions, trading and other services. Bitcoin can not be directly accepted as money due to its popularity and acceptability which is just on course in reaching out to most developed countries including Africa. Bitcoin is a digital currency that needs a process for transactions to be carried out.So since it can be used in countries that recognize bitcoin and uses it for trading and investment, to such people it is money, but in areas where technological involvement will be involve, to such it will not be accepted as money.
Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
Bingo!
I second emotion that any current medium of exchange is considered as money its just that were not used to something that we don't actually see or hold on to but I think bitcoins can be considered a money also. But still I'm wondering then even ideas are considered money too? Because we sometimes use it as a medium of exchange also in return for something valuable. Maybe I'll research a more concrete definition but for me bitcoin is still a money even its logo is like a currency.
I think Bitcoin is not money but it is digital payment system.But the bitcoins can changes to money.The prices also expensives and valueable eventhough it look like small amount. 1Btc cost 4641 in dollars money.
If bitcoin was just a payment system then we will need a unit to act as a currency, for example, paypal is nothing more than a payment system because they do not use their own currency they use dollars and many other international currencies, bitcoin uses its own units so bitcoin is a lot more than a payment system.If we want to see bitcoin to be regulated then we have to rely on the decision of the government and they would not allow it to be more powerful than their own currency.
Of course Bitcoin is money, I have no doubt about this fact. It is even better than fiat currencies in many ways. You can using Bitcoin to sell and buy things online and you can also convert it into cash anytime. So it is a real money.
Well for me Bitcoin is money although not being accepted as legal tender in some countries. But presently it is used as a means of exchange for goods and services. Therefore that qualifies it as MONEY...
Bitcoin is somewhat like what you can exchange
to make it a money. Like gold..you can exchange
it as a money in some shop.. Just like Bitcoin
it is also acceptable in some shop or business
to accept it if you convert it into Cash. You can remit
it. It is not really a money or a note but rather
an instrument that can be converted into cash
or can be converted as a payment on some bills.
Like Meralco,telephone bills.,restaurant bill.,tickets
online games etc.
to make it a money. Like gold..you can exchange
it as a money in some shop.. Just like Bitcoin
it is also acceptable in some shop or business
to accept it if you convert it into Cash. You can remit
it. It is not really a money or a note but rather
an instrument that can be converted into cash
or can be converted as a payment on some bills.
Like Meralco,telephone bills.,restaurant bill.,tickets
online games etc.
To use bitcoin as money it needs to be widely accepted by merchant, the current entry barriers and high fee is preventing it from being a day to day clearing currency. It's more like gold, it has perceived value and could be used as a value storage.
well, actually, I doubt that there is a person who uses bitcoin as a type of money and trade it with merchants. The price of bitcoin is high right now and it is insane to pay a huge fee in order to use bitcoin. Moreover, holding bitcoin will make you have more money in the future. Do not use your bitcoin in this year and the next year. Bitcoin will increase more and more and become even stronger
I think Bitcoin is more valuable than money due to its limit. Other currencies are just printed off and don't have a hard limit like Bitcoin.
I agree bitcoin has lots of use nowadays, as long as bitcoin is accepted and being used by many people I consider it as money. 
yes of course Bitcoin is real money for the Internet . People can buy and sell anything with Bitcoin . People buy coffee with Bitcoin at local shops. Others get paid in Bitcoin and use it to shop online.
To use bitcoin as money it needs to be widely accepted by merchant, the current entry barriers and high fee is preventing it from being a day to day clearing currency. It's more like gold, it has perceived value and could be used as a value storage.
I agree bitcoin has lots of use nowadays, as long as bitcoin is accepted and being used by many people I consider it as money.
yes of course Bitcoin is real money for the Internet . People can buy and sell anything with Bitcoin . People buy coffee with Bitcoin at local shops. Others get paid in Bitcoin and use it to shop online. Yes but its somehow different from money because traditional money is in the form of paperbills or coins.. but I believe in our modern ages it is what we called the new generation of money that is ccepted around the world.
Bitcoin is money and in fact the only difference is that bitcoin is online money while fiat can online be use as for offline purposes, we can also expect that in future bitcoin will also be use in our local shops also. But it is depending on the number of bitcoin users, if the number of bitcoin users will increase then it will take comparatively low time. Because shopkeeper also need to have good knowledge about bitcoin so that they can also understand the importance of bitcoin. 
Bitcoin is not a money it is used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value😉😉😉
I'm sorry mate but I am not agree of your thoughts that bitcoin is not a money. Correct me if I'm wrong but I say bitcoin is money in such a way that people used it as payment for sold or being bought goods or products. Speaking of money, well this is of course not in fiat a form but this is just a digitized money which being used by people specially the businessman or an investors as an exchanged for any transactions they made.
I agree bitcoin has lots of use nowadays, as long as bitcoin is accepted and being used by many people I consider it as money.
I believe that the statement: "bitcoin is new kind of money" passes the duck test.
Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.
If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.
Yes ofcourse bitcoin is money. It is a digital currency. And needs to access through internet and also with the help of you gadgets. You can earn here thorugh joining ina a signature campaing or by investing. Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.
If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.
I am agreeing with this argument, bitcoin can't be treated as a money. For a money it should have a constant and stable value.Bitcoin is a crypto currency. Which its value has been fluctuation in every moment of time. Wikipedia is needed to change their definition of money.
Yes but its somehow different from money because traditional money is in the form of paperbills or coins.. but I believe in our modern ages it is what we called the new generation of money that is ccepted around the world.
I believe that the statement: "bitcoin is new kind of money" passes the duck test.
Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.
If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.
Yes ofcourse bitcoin is money. It is a digital currency. And needs to access through internet and also with the help of you gadgets. You can earn here thorugh joining ina a signature campaing or by investing. Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.
If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.
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