Topic: Is Bitcoin money? - page 85. (Read 112172 times)
Yes its pretty much accepted as money by huge community. It has fundamentals of money and its effective by that cause of fixed supply.
i think Bitcoin is not money, but Bitcoin is a new way to earn money, like we plant rice and then we sell to earn money, gold mining then we sell to earn money, and that's how we are today, looking for bitcoin and then sold for money , i think so
For God's sake mate, do you even realized why Bitcoin belonged as one of the cryptocurrencies? Because it is money, a different kind of money, a digital money to be precise. Digitally speaking, Bitcoin is like data that is being gathered in order to make reliable information, we mine it and can be earned by using different platforms. As we gather these data we combine all sorts of data and create an information, now that is profit. As we go on and learn how to make information we make that information somehow be readable by the users, so we convert that information and become the graphical user interface or what we called money. And as we are using that GUI - since it is understandable by the users the transactions will be easier for them. 
By definition, money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular 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, sometimes, a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered as money(https://en.wikipedia.org/wiki/Money). With the given definition above I can say that bitcoin is money, it satisfies all the functions which state that a money should posses.
What if I can’t fully wrap my brain around cryptocurrencies like bitcoin and ether?
i think Bitcoin is not money, but Bitcoin is a new way to earn money, like we plant rice and then we sell to earn money, gold mining then we sell to earn money, and that's how we are today, looking for bitcoin and then sold for money , i think so
But we already have shops where accept bitcoins, and if we have a real use and adoption of this, we can say we have a new currency there, and i agrre with you in the part where the most of peoples buy bitcoin only for sell later to make profit, but is not everyone.
I think better than money, even better than gold. this is because the price or bitcoin value continues to increase, then it is time we invest our money into bitcoin because it proved very profitable.
I don't agree if you strongly conclude that BTC is better than Gold. The Gold value will rise together with money. If ever the world don't use money anymore but Gold is Gold, "precious than knowledge" as they say.
i think Bitcoin is not money, but Bitcoin is a new way to earn money, like we plant rice and then we sell to earn money, gold mining then we sell to earn money, and that's how we are today, looking for bitcoin and then sold for money , i think so
Money is an option for trading and exchanging items to both parties and so as BTC. It is a money in all aspects as you convert into in both ways.
Yes, BTC is money
Yes, BTC is money
Bitcoin is intended to be used as money. The extent to which it differs from the various definitions of money is primarily due to its unpopularity and lack of government sanction, which in my opinion should not matter when speaking about it as "money."
Yes, there is no harm if we consider that bitcoin is the same as the money will be different but the shape is called a digital currency. If the money we can use in the real world and directly but if bitcoin it could only be used in the internet world. but in the end it also endowed a bitcoin can we use to help our real life needs. with bitcoin we can make money is useful in the future.
Cash performs many features. They are utilised not only as payment. For common men and women, they are deemed only as payment. For the economic system of the country - this is an essential resource. Bitcoin does not have the features of supporting the economy. Therefore, it can not be referred to as complete-fledged cash in the feeling that exists now
The type of each currency is quite the same, but the existence, not so much. Also there are so many things that differ cryptos to Fiats don't you think? There are still few countries that have accepted Bitcoin as means of payment so for sure you could say that they have the aspects as Fiats, but also consider also that there are still many things that can not be covered by Bitcoin, especially in the governments premises.
Well depends what you consider "money". If you can buy something with it then for me its as real as printed paper.
I believe Forbes rank Bitcoin as an asset rather than currency so in that very sense, BTC like your deduction probably isn't considered as "money" at this point of time. The Forbes top 100 richest man ranking might shift a lot if they do take currency coins into account!
I would rather look at the available uses rather than on that rank. BTC is indeed an asset but it does not mean that people holding BTC are not really spending them. Yes, most are only keeping them as treasures for the value to grow overtime but many are spending them as well. I myself spend my bitcoins for stuff such as payment for various bills.
There are many similar threads on this forum, only difference is the form. I have strong stand here, bitcoin can be money and can be investment, it can be what ever you wish to be. Forbs and
others can try to label it, but bitcoin can represent some new form that can combine some economy terms like currency or investment. Clearly is that bitcoin is used for traditional trading selling/
buying all sort of illegal/legal things, modern types of trading like trading stock markets, and bitcoin is used as investment.
I did not know that I can trade from my computer and earn from that until I came here, like on stock market. I did not know that I can use bitcoin for buying all sorts of things, and I did not know
that I can invest in bitcoins, then invest bitcoins in some bitcoin businesses, and that is exactly what am I doing now. Is bitcoin money, yes it can be money if you wish it to be.
I believe Forbes rank Bitcoin as an asset rather than currency so in that very sense, BTC like your deduction probably isn't considered as "money" at this point of time. The Forbes top 100 richest man ranking might shift a lot if they do take currency coins into account!
I would rather look at the available uses rather than on that rank. BTC is indeed an asset but it does not mean that people holding BTC are not really spending them. Yes, most are only keeping them as treasures for the value to grow overtime but many are spending them as well. I myself spend my bitcoins for stuff such as payment for various bills.
I think anything you can use to trade it for another good can be money.
That is what you think and guess what, you are correct that is exactly the definition of money, money is anything that you can use to get others people products and since you can do that with bitcoin then bitcoin is money, it is as simple as that.
I think better than money, even better than gold. this is because the price or bitcoin value continues to increase, then it is time we invest our money into bitcoin because it proved very profitable.
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:
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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 also a kind of money. Although it is not tangible like Fiat money it also has a value that can be exchange in anyone, anytime and anywhere. Change happen anywhere in which money is also not definitely change but it adopt in its environment in which people use Internet everywhere so that Fiat money is just like evolve to Cryptocurrency so that it has a Bitcoin today. 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.
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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?
Technically, anything used as medium of exchange is money. It is earned by signature campaigns and potentially will be used as medium of exchange on hotels or transportation so it is definitely a money. It is a counterpart or a substitution.
Yes bitcoin is money.. Generally speaking bitcoins and money have the same characteristic, commonly used in conversion of goods and services. The difference between the two is that bitcoin widely used in digital environment it is intangible, while money is a tangible thing commonly used in outside world.
Bitcoin is not money that we all like, but it has many advantages. Specifically the convenience to buy or pay something . It’s a digital currency which we can use it anytime and anywhere via Internet.
The main purpose of bitcoin was for trading and investment like gold but as you mentioned that it has many advantages, we can by things, pay bills and transfer it to others while in case of gold or other commodity you have to convert it to fiat first. Bitcoin is deemed as money because of its advantages and as it is now a medium of exchange so the answers is "Yes Bitcoin is Money".
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