Topic: Is Bitcoin money? - page 6. (Read 112169 times)
Of course, BTC has characteristics of money as medium of Exchange and store of value and it have a lot of more advantages than any other money existed till now. Cash cannot be transferred internationally whereas Bitcoins can be transferred on a peer to peer basis.
If we are to be precise about a definition, for something to be used as money it should hold the following properties:
Scarcity. There needs to be a finite supply so that the currency maintains its value. There will only ever be 21 million bitcoins, no person can create more bitcoins. This is a rule which is baked into the bitcoin network, and has a very high degree of security. The vast majority of the people securing the bitcoin network would have to agree on a change to the network rules for them to change, this is highly unlikely to happen given they would agree to change the fundamentals of the network.
Durability. This is an open and shut case; digital currency does not wear, tear or break. However, you can buy some physical items which have bitcoin addresses stored on them, for more information see opendime and casascius coins.
Fungibility. Is each bitcoin is the same as each other bitcoin? Bitcoin has fungibility problems because technically transactions are traceable. When you make a bitcoin transaction, the coins you spend from your wallet to another wallet have a traceable history back to the point where those coins were mined from the network. If certain services are deemed unfavorable, the history of coins moving through wallets which are associated with unfavorable services could be marked. Therefore in the future some coins could be seen as more valuable because they are clear, meaning they have not been dirtied by touching wallets of unfavorable services. At the current state of the network, bitcoin has fungibility issues, this is a problem which needs to be solved in order to make any bitcoin as valuable as any other bitcoin.
Divisibility. Each bitcoin (or BTC) is divisible down to 8 decimal places. A Millibit is 0.001 BTC, a Bit is 0.000001 BTC and a Satoshi is 0.00000001 BTC. This ensures that even on a global scale people could transact in fractions of bitcoin, if the value is to increase it is likely that casual daily spending will be in bits and milli bits. An example of this would be heading to your local cafe and purchase a coffee for 100 milli bits.
Portability. A bitcoin can be stored on your phone, tablet, computer, or even a bitcoin-specific hardware wallet. It weighs nothing and is frictionless to move around. This is much lighter than lugging around a hunk of gold, or carrying a wallet of cash. It has never before been possible to move significant amounts of value across the world within seconds for almost no cost. This could strengthen relationships in the global economy and make it easier to build global businesses.
As with any new currency, it will take time for adoption to grow. Whether bitcoin has been adopted as a currency or if it is going to be is a topic for another time.
Eight years in bitcoin is still a very young currency, each day it remains active and secure it proves that bitcoin is standing the test of time. Bank notes and credit cards were not made for the internet; cryptocurrency enables digital transactions in the digital age.
Scarcity. There needs to be a finite supply so that the currency maintains its value. There will only ever be 21 million bitcoins, no person can create more bitcoins. This is a rule which is baked into the bitcoin network, and has a very high degree of security. The vast majority of the people securing the bitcoin network would have to agree on a change to the network rules for them to change, this is highly unlikely to happen given they would agree to change the fundamentals of the network.
Durability. This is an open and shut case; digital currency does not wear, tear or break. However, you can buy some physical items which have bitcoin addresses stored on them, for more information see opendime and casascius coins.
Fungibility. Is each bitcoin is the same as each other bitcoin? Bitcoin has fungibility problems because technically transactions are traceable. When you make a bitcoin transaction, the coins you spend from your wallet to another wallet have a traceable history back to the point where those coins were mined from the network. If certain services are deemed unfavorable, the history of coins moving through wallets which are associated with unfavorable services could be marked. Therefore in the future some coins could be seen as more valuable because they are clear, meaning they have not been dirtied by touching wallets of unfavorable services. At the current state of the network, bitcoin has fungibility issues, this is a problem which needs to be solved in order to make any bitcoin as valuable as any other bitcoin.
Divisibility. Each bitcoin (or BTC) is divisible down to 8 decimal places. A Millibit is 0.001 BTC, a Bit is 0.000001 BTC and a Satoshi is 0.00000001 BTC. This ensures that even on a global scale people could transact in fractions of bitcoin, if the value is to increase it is likely that casual daily spending will be in bits and milli bits. An example of this would be heading to your local cafe and purchase a coffee for 100 milli bits.
Portability. A bitcoin can be stored on your phone, tablet, computer, or even a bitcoin-specific hardware wallet. It weighs nothing and is frictionless to move around. This is much lighter than lugging around a hunk of gold, or carrying a wallet of cash. It has never before been possible to move significant amounts of value across the world within seconds for almost no cost. This could strengthen relationships in the global economy and make it easier to build global businesses.
As with any new currency, it will take time for adoption to grow. Whether bitcoin has been adopted as a currency or if it is going to be is a topic for another time.
Eight years in bitcoin is still a very young currency, each day it remains active and secure it proves that bitcoin is standing the test of time. Bank notes and credit cards were not made for the internet; cryptocurrency enables digital transactions in the digital age.
Yes, bitcoin is money. Bitcoin is very smart money. Bitcoins don't have a value outside the context of their use as a medium of exchange. 
Can be said that bitcoin is more than money because its value continues to increase, if we have money $ 1000 and buy bitcoin then its value could reach $ 10,000 for a year, that's a fact that we must understand at this time. 
Correctly stated that money is any object that is used to calculate as payment for goods or services. Therefore, the Crypto currency is quite suitable for this formulation of money. On the other hand, a crypto currency can not be a commodity, since it also performs, in addition to the function of a payment facility, also a function of storing value and a measure of value. These functions are not inherent in the product and are only signs of money.
From a few of the definitions of money, you can asually call Bitcoins money. But unlike other objects like gold or silver is acceptance is still kinda limited right now.
Yes, bitcoin is money. Bitcoin is very smart money. Bitcoins don't have a value outside the context of their use as a medium of exchange.
I think bitcoin is digital currency and it can be said as money but not used as official currency.
bitcoin is a digital currency that has something in common with paper money that can buy goods, but bitcoin can not buy most goods and services with bitcoin,
Yes, the bitcoin in the cryptocurrency is a real money. In fact it has a monetary value so all things you can do to this and can be a medium in all kinds or means of transaction.
It is a wonderful money since it always grow it value even you did nothing about it.
It is a wonderful money since it always grow it value even you did nothing about it.
Yes, bitcoins are money you can use them in buying goods, investment and etc. It has a monetary value so you can use it in all kinds of transaction
Bitcoin have everything to become money and also as bonus have many helpful features and benefits that making bitcoin more than just money. Bitcoin is culture!
bitcoin is a platform where buy or sell digital assets such as ripple, ethereum, bitcoin and others. bitcoin money is virtual.
Undoubtedly, I think that Bitcoin is money. Money of the future. We should not underestimate him, but it is still difficult for many to understand him. 
Bitcoin is only money because people want it to be as dollar is only fiat because people want it to be, money is trust.
Both fiat and cryptos are money, as stated, obviously both of them are currencies. Their differences are on much a deeper explanation or rather on another topic. They are not what they are just because people wanted it the way it should be. But instead, it was created the way how its going to be used.
It is a sort of money not the actual money because you cannot claim it when it is lost. It is only the virtual aspect of money.
Its a digital currency. Well obviously because its decentralized. What do you mean by the virtual aspect of money? Its still money, just another version of it.
I know it bitcoin is a virtual money.it can change our houl life.but do not hard work day by day everybody.bitcoin is converted to money.so bitcoin is currency of good invest money.
What is this crap? Good thing that they've implemented the Merit System. Now we can distinguish people and to identify who're really deserving to rank up.
Yes right that Bitcoin is more an asset than the cash.Bitcoin is the real money.The same type of Gold is Bitcoin
It could be said that the bitcoin is the real money of the world depends on the work of the whole society and not a federal reserve or a world bank that what they do is squeeze the peoples of the world and print and print money from nothing without that the auditen pra to know how many do bitcoin instead are 21000000 but nothing
It is a sort of money not the actual money because you cannot claim it when it is lost. It is only the virtual aspect of money.
Agree on this. Bitcoin is just a virtual currency, but it can use for some payment of services or things. Bitcoin also has a wallet where you can store your bitcoins. Bitcoin is not physical money compare to fiat, for me, I considered bitcoin as a money because bitcoin has a value.
It is a sort of money not the actual money because you cannot claim it when it is lost. It is only the virtual aspect of money.
Agree on this. Bitcoin is just a virtual currency, but it can use for some payment of services or things. Bitcoin also has a wallet where you can store your bitcoins. Bitcoin is not physical money compare to fiat, for me, I considered bitcoin as a money because bitcoin has a value.
Bitcoin is definitely money and at the same time, investment. The most important difference between bitcoin and all other forms of money is decentralization. Because of bitcoin's value's ability to increase, most people like me, see it now as an opportunity for financial growth. t may not be a money to hold or touch but its usefulness are just the same because we can buy goods through bitcoin.
Make a contract. Enforce it in a court.
This is the essence of our discussion: How can we guarantee payment?
The old way: Trade for something of value (silver, gold).
The crooked way: Use government chits, and the government will enforce the payment (U.S. dollar).
The Bitcoin way: Accounts are accurate, honest, and convenient (based on Math).
No one can phoney the books--the system Just Works. It's more voluntary than the other systems, yet has none of their drawbacks.
Note that Bitcoin is just a system of accounting, and could be used for purposes other than trade. To call it money, or cash, or "worth" something is to complicate it needlessly. If someone wants to trade bitcoins for Pesos, or for Yak fur, or just hold on to them, that is their free choice.
All trades are ENTIRELY SEPARATE FROM THE BITCOIN SYSTEM.
Keep it simple, people! There is no reason to put Bitcoin into the commercial arena, with the accompanying legal meathooks. There is no reason to call Bitcoin money, or cash, or to say Bitcoins are "worth" X number of dollars, because they're clearly not; Bitcoin is just a P2P, distributed accounting system. Nothing more.
Why ask for trouble, and invite the crooked Enforcers in where they don't belong? Bitcoin is NOT money, so don't call it that!
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Full disclosure: I am also fresno. I created the fresno persona to handle my political activities while I ran the Silverman site. Now that I am no longer exchanging Bitcoins as a business, "fresno" is no longer active.
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