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Topic: Is Bitcoin money? - page 95. (Read 112172 times)

sr. member
Activity: 728
Merit: 250
August 19, 2017, 02:09:35 PM
It became all clear, the Russian billionaire Herman Sterligov bought bitcoins before the opening of his store for their sale, that's the course and grew, and it is further unlikely

Day by day, we hear new positive things for bitcoin adoption. Some millionaires and billionaires are buying bitcoin or at least there is a rumor of this. Even the rumor will make bitcoin more valuable for the society. Bitcoin will be better than money...
I do not think this is accurate, bitcoin is all what money should be in the first place, gold is great but to pay big amounts of money like what governments do it is very cumbersome, then fiat appeared and it brought some disadvantages especially inflation, then electronic money appeared but it had the same problems as fiat, then bitcoin appeared and it does everything the previous incarnations of money did only better.
legendary
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August 19, 2017, 09:38:08 AM
I think that with bitcoin we need new ''definition'' of money.
In traditional way, bitcoin is not money because there is no country or bank behind btc.
Still, you can buy many staff with bitcoin, not only online but also offline and it's easy to withdraw bitcoin.
According to the official statement from central bank in my country, bitcoin isn't money or financial asset.
I think that soon they will have to accept new reality and change their opinion.


It doesn't having any banking network or an government behind it is the one that makes it to be a successful asset that grows in value. If it's  in tie up with banks it could have not reached such a high level. As mentioned countries haven't described it as an currency or financial asset rather than few exceptions who are growing good through technology.
full member
Activity: 395
Merit: 100
August 19, 2017, 09:28:42 AM
Bitcoin is one of the biggest invention in the century, it is more than money, it can be used to transfer and store from one person to another person. The transactions can be done anywhere in the world without any hinderence.Like fiat currencies this cryptocurrency is used as medium of exechange.
newbie
Activity: 5
Merit: 0
August 19, 2017, 09:27:08 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?







    Well, I understand your point of view but don't agree. Money is a term that can be used in several contexts and is hard to define. However, currencies are something that is easier to talk about, and they are accepted as being money. Are bitcoin a currency or an asset?

    I would argue that bitcoin has all the features as a currency and therefore is money. This site goes into details on what money, currency, and bitcon is: https://cryptorunner.com/what-is-bitcoin/ There you see the distinct features of a currency which are:

    "1. It should act as a means of payment. The fact that Bitcoin serves as a means of payment is proven because you can transfer Bitcoins between digital wallets in just a few minutes around the world. For example, it may take several days or not work at all to transfer money between different countries with regular currencies.

    2. It should act as a counting unit. Unlike common currencies that only can be divided into cents (0.01) at most, Bitcoin can be divided into what is called satoshi, which is currently one hundredth of a million (0.00000001). The Bitcoin protocol can also be updated in the future for an even smaller breakdown.

    3. It should preserve the value. As we have said, central banks can manipulate their fiat currency by changing the amount and thus also the value. This doesn’t work with Bitcoin as the supply is limited with a certain amount of Bitcoins (21 million) that will be created until 2140."

    I think that most people would agree that bitcoin is a currency and therefore also money. The only valid argument against that is that bitcoin doesn't act as a means of payment everywhere. However, all fiat currencies neither work as a payment everywhere on earth. In most cases, you have to convert your currency to the local "money".

    If someone has another valid argument against bitcoin being money, please share it!
    hero member
    Activity: 826
    Merit: 529
    August 19, 2017, 08:56:03 AM
    I think Bitcoin is a system of money. at present, Bitcoin is using in many purposes like as payment method, saving and investment purposes, shopping purposes and so on. so it can be said that Bitcoin is a money. because Bitcoin works as a function of money. Basically, Bitcoin is a virtual currency. but when it works as like as money then there is no barrier to call it as a money.
    honestly speaking, Bitcoin is more than a money or currency for me. because it is the most profitable system at now.
    full member
    Activity: 434
    Merit: 168
    August 19, 2017, 08:53:49 AM
    Ithink bitcoin is not money but you can convert it into a real money just you need is earn a lot of bitcoin . then you can cash out if you earn a lot of bitcoins. but for many people theyre doing is invest or trading to get high profit.
    legendary
    Activity: 3374
    Merit: 1824
    August 19, 2017, 08:51:23 AM
    I think that with bitcoin we need new ''definition'' of money.
    In traditional way, bitcoin is not money because there is no country or bank behind btc.
    Still, you can buy many staff with bitcoin, not only online but also offline and it's easy to withdraw bitcoin.
    According to the official statement from central bank in my country, bitcoin isn't money or financial asset.
    I think that soon they will have to accept new reality and change their opinion.

    member
    Activity: 95
    Merit: 10
    August 19, 2017, 08:50:46 AM
    Really bitcoin not money but he is best than money u can change it to gold or money or buy any thing you need anything in the world can u buy with it so i think bitcoin best than money  Embarrassed
    sr. member
    Activity: 644
    Merit: 252
    August 19, 2017, 08:29:28 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?







      Is bitcoin money?
      Yes! For me bitcoin is money and this is how I define bitcoin in my life. I believe that it is how the people see and treat bitcoin. Every person does not have the same meaning for every thing. I respect what you have said that bitcoin is not money. Very well said and I honestly say that you have a point. But it dont make me change my mind the way I see and treat bitcoin.
      I can say that bitcoin is money because by now it is where my income came from. Through bitcoin I can buy things for my everyday needs (bitcoin converted to my currency). Not only that, I can also save through it. Even the time passes, I think I will not see bitcoin in different way.
      sr. member
      Activity: 462
      Merit: 250
      August 19, 2017, 08:16:24 AM
      Well, at the very least, if it isn't money you can easily convert them to money. They are a very liquid asset. But it is true that not many regular people would accept them as a payment.

      The fact that people accept them as a payment, we can say that it is also considered as a money by most of the people. But the thing about this Digital currency is that only a few stores accept them. Even there is a lot of bitcoin users, still there small population of stores that accepts them because they are so volatile.

      The reason why that some stores don't accept or use bitcoin as a payment is that they don't considered it as a money they think that it is to difficult to convert unlike as a money that they receive that they will already have it so just my idea I will accept money to although I have some knowledge here in bitcoin.
      sr. member
      Activity: 616
      Merit: 250
      August 19, 2017, 08:12:26 AM
      bitcoin is not yet become money in real life but if the government make regulations about bitcoin, then bitcoin can be new currency. bitcoin for now is for online money which we can use to buy something in internet. but there any offline store that is accepting bitcoin as payment but its not too many and only in a few places in all over the world.
      It seems to me that it is still too early to call bitcoin money. He is still only in its infancy. People kept their coins, and therefore, offers of sale of goods with bitcoins too few. The main turnover of bitcoins is on the currency markets. Maybe someday trade performance will equal, with these revolutions?
      I agree. But we need to know that bitcoin can be converted into fiat money that everyone can receive it   Grin .
      I do not agree that bitcoin is money but the bitcoin can work like money.
      full member
      Activity: 245
      Merit: 107
      August 19, 2017, 08:02:30 AM
      Well, at the very least, if it isn't money you can easily convert them to money. They are a very liquid asset. But it is true that not many regular people would accept them as a payment.

      The fact that people accept them as a payment, we can say that it is also considered as a money by most of the people. But the thing about this Digital currency is that only a few stores accept them. Even there is a lot of bitcoin users, still there small population of stores that accepts them because they are so volatile.
      full member
      Activity: 182
      Merit: 100
      August 19, 2017, 08:00:10 AM
      As of now, I don't think if I have enough knowledge about bitcoin but in my own opinion I think that bitcoin is not consider as money yet but it can turn into a money. It looks like it's a thing like gold or whatever some things that you need to sell before it becomes money.
      full member
      Activity: 409
      Merit: 100
      August 19, 2017, 07:45:00 AM
      I think so, thats the reason why i joined on the bitcoin forum sooner i can catch the moon using bitcoin. Just kidding.
      as i understand on it bitcoin is a source of income that bring yourself in a good way. Just trust and be wise if you earned bitcoin
      hero member
      Activity: 770
      Merit: 500
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      August 19, 2017, 07:05:47 AM
      Well, at the very least, if it isn't money you can easily convert them to money. They are a very liquid asset. But it is true that not many regular people would accept them as a payment.
      sr. member
      Activity: 434
      Merit: 252
      August 19, 2017, 07:03:48 AM
      bitcoin is not yet become money in real life but if the government make regulations about bitcoin, then bitcoin can be new currency. bitcoin for now is for online money which we can use to buy something in internet. but there any offline store that is accepting bitcoin as payment but its not too many and only in a few places in all over the world.
      It seems to me that it is still too early to call bitcoin money. He is still only in its infancy. People kept their coins, and therefore, offers of sale of goods with bitcoins too few. The main turnover of bitcoins is on the currency markets. Maybe someday trade performance will equal, with these revolutions?
      hero member
      Activity: 2912
      Merit: 541
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      August 19, 2017, 06:54:24 AM
      bitcoin is not yet become money in real life but if the government make regulations about bitcoin, then bitcoin can be new currency. bitcoin for now is for online money which we can use to buy something in internet. but there any offline store that is accepting bitcoin as payment but its not too many and only in a few places in all over the world.
      hero member
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      August 18, 2017, 10:02:13 PM
      Yes Bitcoin is money for me.Bitcoin is a online money.Bitcoin is very useful for me.There are many online shop accept Bitcoin for payment.If you invest bitcoin you can get more interest.Bitcoin is a very good way for earning.Bitcoin is very important for me.
      Not just for you, but we all also think that bitcoin is very important. Even more so that bitcoin has a high price. Well, for me bitcoin can mean money, but it can not, because it's like a trading tool, or an investment when viewed from its ever-volatile price.
      sr. member
      Activity: 357
      Merit: 260
      August 18, 2017, 10:01:03 PM
      Yes, bitcoin is money, it is another type of cryptocurrency that we could also exchange in a real money or fiat. Bitcoin is something like gold, it could also be mine. Bitcoin is decentralized currency unlike fiat we couldn't hold it by our hand. Bitcoin is money because I've already earn bitcoin here int this forum by joining in signature campaign, then I would rather trade this bitcoin or wait for a while.
      hero member
      Activity: 966
      Merit: 500
      August 18, 2017, 09:53:57 PM
      Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.

      yes. I thought so. Because they have the same transaction system. And this bitcoin difference is faster and transparent because it uses blcokchain technology.
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