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Topic: Is Bitcoin money? - page 88. (Read 112172 times)

hero member
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September 03, 2017, 12:41:26 PM
If you ask me, bitcoin is just an asset in today's world but it can be money in the coming future when everything would be paperless and all of us will be having RFID chips fitted in us for identification and spying on us.

Many government wants to implement the cashless society. Some of them accepted bitcoin as their Currency now.It also accept by USA too.If that happen, the bitcoin will reach the maximum value and at last replace the dollar. Then it will replace the entire bank system.
legendary
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September 03, 2017, 12:35:18 PM
If you ask me, bitcoin is just an asset in today's world but it can be money in the coming future when everything would be paperless and all of us will be having RFID chips fitted in us for identification and spying on us.
full member
Activity: 378
Merit: 100
September 03, 2017, 12:14:58 PM

I think bitcoin is a currency too like gold while it takes longer the price is increasing to if i am i will keep bitcoin for the future
full member
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September 03, 2017, 11:34:30 AM
YA, it can be said that way even some of the big people believe Bitcoin to be the future. I think that anything used for exchange of any commodity or giving  something of the same value for a certain commodity I guess can be called as money.
sr. member
Activity: 415
Merit: 250
September 03, 2017, 11:20:37 AM
Bitcoin is superior to money itself. Because its value continues to grow with limited supply. While in money, value always decreases from year to year. So, if we still want money then bitcoin is the best tool and place.

Bitcoin is both the money and a commodity. Look it can used to sell / buy things online and yet it is the most traded thing with USD as its value is fluctuating all the time. But in future, when there will be no fiat, only then we can say that Bitcoin is purely a money.
sr. member
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September 03, 2017, 11:15:04 AM
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, Bitcoin is a new virtual currency, however it is not a commodity because it is not real. On the other hand, maybe Paypal will not accept Bitcoin but just see it as a competitor because Bitcoin may overtake Paypal in the near future as Bitcoin is more and more popular.
sr. member
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September 03, 2017, 11:11:26 AM
Bitcoin is not in physical form but bitcoin has all those features as fiat money, we can use it to buy things in online shops, we can use it for payment and for investment in any business, and in the money concept dont matter how many peoples really use this as money.
hero member
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September 03, 2017, 02:05:52 AM
2000 years ago  there were no money or little money. Peple were using barter, that is you gave some object and receive another object for what you gave. Money have been invented to replace that object with something else. You now give an object and receive money, or these days  you give some money and receive other money. Bitcoin does not follow the definition of classic money, little people give an object for bitcoin, instead they give some old type of money, and receive bitcoin. Thus bitcoin follows the second definition, and we could say that it is money.
 
I guess that there is now a new definition for money and that is money is now considered as a medium of exchange in the majority of the population. And Bitcoin by definition is a currency in which many people in the internet knows what it is. But the bad thing is that we are seeing Bitcoin as a kind of investment because of its growth potential and nothing it wrong with that as it is still accepted as a kind of currency. Also barter or trading until now is still being practiced from shoes to cars everything that they can exchange without adding money is up to them.
full member
Activity: 196
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September 03, 2017, 02:00:08 AM
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."


A very good read I must say, makes perfect sense
sr. member
Activity: 638
Merit: 300
September 03, 2017, 01:58:35 AM
bitcoin is not a money but it can be converted into a money or cash through your wallet. In my country I can use it to pay bills, like electricity and even buy stuffs online and even I can send money to my family using bitcoins.
newbie
Activity: 47
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September 03, 2017, 01:52:03 AM
 its same like finicial shares you can buy and sell and that amount increased or not for that process you can get profits
full member
Activity: 459
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September 03, 2017, 01:45:05 AM
 2000 years ago  there were no money or little money. Peple were using barter, that is you gave some object and receive another object for what you gave. Money have been invented to replace that object with something else. You now give an object and receive money, or these days  you give some money and receive other money. Bitcoin does not follow the definition of classic money, little people give an object for bitcoin, instead they give some old type of money, and receive bitcoin. Thus bitcoin follows the second definition, and we could say that it is money.
 
full member
Activity: 284
Merit: 100
September 03, 2017, 01:38:51 AM
    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?





    Probably, bitcoin is the new type of money. It is more like a cryptocurrency. It can also be converted into a real kind of money. Practically, it is an online kind of money that is earned inside the bitcoin organization through the use of internet connection. By posting some thoughts and opinions in the bitcoin, people that are active users and active member can gain or earn some bitcoins. It can also became a true cash through the use of some remittance centers or banks where you can cash out all your bitcoins.
    jr. member
    Activity: 55
    Merit: 10
    September 03, 2017, 01:22:56 AM
    I believe bitcoin is convertible to what we usually accepts as money, in our country, I assume bitcoin cannot be directly use to buy goods or services, it needs to be instored in a onlinewallet and convert it to banks to yield the so called acceptable money. But I heard proposals that can directly use bitcoin so I guess sooner or later this can fully be the money we can use on our daily basis.
    I also think that BTC will be accepted as a payment method quite soon. There is a car dealership in Slovenia that accepts Xaurums as payment for cars and other services they provide. Therefore, why not BTCs
    You mean AutoBroker?
    I think that is only matter of time when BTC will become one of official payment solutions in some countries and after them, more and more countries will follow them.
    sr. member
    Activity: 476
    Merit: 250
    September 02, 2017, 10:34:49 AM
    It's worth money but has so many different properties I wouldn't call it money.
    member
    Activity: 188
    Merit: 10
    September 02, 2017, 10:28:37 AM
    bitcoin is the new type of money/currency. It is made up of Algorithm in order to perform a transaction. You can buy using bitcoin, you can pay bills using bitcoin and it has a value again another currency. That is why bitcoin is money.
    sr. member
    Activity: 630
    Merit: 250
    September 02, 2017, 10:20:11 AM
    Bitcoin is superior to money itself. Because its value continues to grow with limited supply. While in money, value always decreases from year to year. So, if we still want money then bitcoin is the best tool and place.
    member
    Activity: 106
    Merit: 12
    September 02, 2017, 09:56:13 AM
    So is Bitcoin money? Yes,
    in my opinion it’s the best form of money ever created. So now we can just say that “cryptocurrency” is the best form of money, and this includes Bitcoin bitcoin is form of future money.
    member
    Activity: 94
    Merit: 10
    September 02, 2017, 09:01:47 AM
    I believe bitcoin is convertible to what we usually accepts as money, in our country, I assume bitcoin cannot be directly use to buy goods or services, it needs to be instored in a onlinewallet and convert it to banks to yield the so called acceptable money. But I heard proposals that can directly use bitcoin so I guess sooner or later this can fully be the money we can use on our daily basis.
    I also think that BTC will be accepted as a payment method quite soon. There is a car dealership in Slovenia that accepts Xaurums as payment for cars and other services they provide. Therefore, why not BTCs
    full member
    Activity: 501
    Merit: 147
    September 02, 2017, 08:56:33 AM
    Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.


    i think is yes, bitcoin is something difference, this is not really kind of actual business it is kind of investment being use by the people through computer or cellphones who give their opinions, sharing of knowledge giving advise to other people and later on it will become a money in exchange of eagerness
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