Topic: Is Bitcoin money? - page 7. (Read 112189 times)
Bitcoin is a pretty good digital money selling its value in the international market so many people are reaching to bitcoin.Thanks #CIIW
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?
I thought of the bitcoin is not yet money because this is a job where you can pay a lot of money and can save from this bitcoin. So the bitcoin is not yet money because this is a job that needs focus to make money. If so is there a bitcoin. The bitcoin is something needed values do. So the bitcoin is a job that will need to improve and to be patient about it will pruduce many 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?
Functions of Money:
1. A Medium of Exchange: +
2. A Measure of Value: +
3. A Store of Value (Purchasing Power): +
4. The Basis of Credit: -
5. A Unit of Account: +
6. A Standard of Postponed Payment: +
1. A Medium of Exchange: +
2. A Measure of Value: +
3. A Store of Value (Purchasing Power): +
4. The Basis of Credit: -
5. A Unit of Account: +
6. A Standard of Postponed Payment: +
Legally Bitcoin is not money, at least not in 99% of the world. Practically, if it ever was it has stopped to be when it has become an asset, a store of value.
Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
yes i agree bitcoin like gold is money, these is the best form of money that we have ever used
I can consider bitcoin as money though it is only a digital currency. Bitcoin has a value. Though you may have to convert it to fiat money to be able to buy other things, since bitcoin is not yet accepted everywhere, still, if you have bitcoin, it can be considered that you have money. You can earn income through bitcoin, pay for expenses, buy/pay things online, so it is considered as a money.
Finally, FIAT is still the best monetary system for present, IMO.
* Unless we know better monetary or cryptocurrency better than Bitcoin can keep the value stable.
Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
yes i agree bitcoin like gold is money, these is the best form of money that we have ever used
I can consider bitcoin as money though it is only a digital currency. Bitcoin has a value. Though you may have to convert it to fiat money to be able to buy other things, since bitcoin is not yet accepted everywhere, still, if you have bitcoin, it can be considered that you have money. You can earn income through bitcoin, pay for expenses, buy/pay things online, so it is considered as a money.
Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.
yes i agree bitcoin like gold is money, these is the best form of money that we have ever used
Of course , because bitcoin can be change to money.
Yes Bitcoin is a money because anything that is being used as a medium of exchange is money.
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.
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.
Bitcoin is only money because people want it to be as dollar is only fiat because people want it to be, money is trust.
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?
Money is the other terms of bitcoin,because for me there is no difference of traditional currency and digital currency,only different of them is the physical appearance,only we can see the fiat money while the bitcoin is mostly digital numbers that we can seen through technology,but in terms of used they are disame especialy in doing transaction or paying bills,bitcoin is can used as payments.
Yes bitcoin is a money. In a digital cyrptocurrency world. And bitcoin may use to exchange to real money. We hope in the future, bitcoin will be used us a universal payment all over the world. Bitcoin is a money because you may use this us a money to paybills to buy a load and any thing. So bitcoin is a money. Bitcoin is a money in a form of digital. It is a new form of money where the price is volatile. Since we are entering the new age where innovation and development occur the evolution in money has been enhance that we call now Bitcoin. As of now the service of it is limited but it is developing through time and might replace the money in the future.
Bitcoin is definitely money and at the same time, investment. Bitcoin before was merely an application that most people thought have no future but nowadays, a lot of people are investing in bitcoin because they see some future, a high potential for growth in value. Because of bitcoin's value's ability to increase, most people see it now as an opportunity for financial growth.
Bitcoin is definitely money and at the same time, investment. Bitcoin before was merely an application that most people thought have no future but nowadays, a lot of people are investing in bitcoin because they see some future, a high potential for growth in value. Because of bitcoin's value's ability to increase, most people see it now as an opportunity for financial growth.
Bitcoin is definitely a money but in another form or medium because if not, we are all not here spending out time and effort in front of the monitor. Bitcoin can be used as an investment so the money does, Bitcoin can exchange goods and can buy any items or properties so the money does.
Being a digital currency where you can not touch it doesn't already mean that it is not money. That's what the notion of others because they are always referring to fiat money where they can touch it. Bitcoin is the opposite by means of form but it is still money because you can use it to pay goods and services and of course, you can convert bitcoin to fiat.
I think bitcoin is money but in digital form and can only be used online, we can do sale and purchase transactions using bitcoin, of course if they also provide in bitcoin
Bitcoin is a money but it is not a pure money because people are not still using it as their secondary option for doing transaction because of the problem of the congested blockchain that resulted into a slow confirmation time and because of the expensive fee that bitcoin have compare to the lower fees altcoins that are available.
Yes bitcoin is a money. In a digital cyrptocurrency world. And bitcoin may use to exchange to real money. We hope in the future, bitcoin will be used us a universal payment all over the world. Bitcoin is a money because you may use this us a money to paybills to buy a load and any thing. So bitcoin is a money.
Yes, bitcoin is a money. Bitcoin is used to currency or exchange to money value. This currency is fundamentally different from all previously created electronic currencies and payment systems. Though we are hoping that in the future it will be used by the majority.
I think bitcoin is money but in digital form and can only be used online, we can do sale and purchase transactions using bitcoin, of course if they also provide in bitcoin
Jump to: