Is Bitcoin Money or Currency - page 27.

fullhdpixel

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Quote from: iGotSpots on April 08, 2015, 01:41:33 PM

Feels like more of a commodity to me than either of those, so I guess I'd go with currency as it essentially serves the same purpose

It cant be called as a currency unless announced by government. Hence in my view its just a store of value but neither money nor currency. It can be called as an asset as its an investment and trading pair like gold, shares , etc. .

Countries are regulating bitcoin and other cryptos. The one that have made it legal have the right to call it a currency but for the rest its just an asset and nothing more.

futile-resistance

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Quote from: magic ice on April 08, 2015, 08:31:11 AM

mon·ey (noun)

- a current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.
---

cur·ren·cy read as ˈkərənsē (noun)

-a system of money in general use in a particular country.

So, is bitcoin money or currency?

Bitcoin is used as currency in some countries such as japan. Bitcoin was originally created for being a currency that is on decentralized platform and is not controlled by anyone. But seeing the current situations, I will say that bitcoin is neither money nor it is currency.

Bitcoin and all the other crypto are assets. That are mostly used for either trading or as an investment same as shares and gold. Bitcoin can be currency in some countries but to many it will be an asset and nothing more.

reality18

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Quote from: magic ice on April 08, 2015, 08:31:11 AM

mon·ey (noun)

- a current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.
---

cur·ren·cy read as ˈkərənsē (noun)

-a system of money in general use in a particular country.

So, is bitcoin money or currency?

Bitcoin goes beyond just being money or currency - it is an asset which can breed huge sums of money just as gold. Not really considered a currency because it skips the definition of money set by our fellow economist.

jak3

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According to me, Bitcoin is just another form of money which cannot be completely used as currency right now but has a great potential to compete on the future currency. Bitcoin has brought the concept of the new generation as a message that monetary system should be upgraded with time as because we were ignoring it for a long time.

hagiyatmaz

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Bitcoin is money for the Internet. It is a scarce digital commodity used as money by millions around the world. People buy coffee with Bitcoin at local shops. Others get paid in Bitcoin and use it to shop online. Friends use it to settle with whoever paid for dinner. Workers send Bitcoin back home to help family, regardless of where they live.Bitcoin is more than a system to store and transfer value from one person to another. Bitcoin is a protocol, a computer network, and much more.

yoseph

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Quote from: Bitbitmaker on March 07, 2018, 01:40:06 PM

Bitcoin is a digital currency, you can exchange it to a real money. Just my thought.

A US judge recently came to the conclusion that Bitcoin is a commodity backing acase brought out by the CFTC against Mr Kerry McDonnell a cryptocurrency businessman. So in this case It is a commodity as well as an asset.

BeeKeeoEr

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digital coin that is neither, it is a new form of people's distrust of financial independence

Bitbitmaker

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Bitcoin is a digital currency, you can exchange it to a real money. Just my thought.

fuding12

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If you follow the instructions you mentioned, then, the answer is simple. Bitcoin is not money, because it is not in the form of coins or paper. So, bitcoin is the currency, because it is used generally in certain countries.

alexmuro

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Quote from: meowball on April 15, 2015, 12:46:01 AM

Bitcoin is a form of money, just like the USD, that can be used to exchange for things like goods and products. The difference is that currencies like the USD is affiliated to a particular state (for USD, it would be the United States), while Bitcoin has no official affiliation to a particular state. Bitcoin is in the family of digital currency or more appropriately crypto-currency that is controlled by cryptography, allowing it to be untouched and unregulated by a particular political or financial entity.

So yes, Bitcoin is a currency which is a form of money.

Yes, I agree. Bitcoin is not actually money, its just only a representation of money. That is why it is so called a digital currency. It functions like money but it is use only through internet. It has no physical appearance like money.

Somratbd

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Bitcoin money means both money or currency. Bitcoin can be kept in the bank and bought in the bank and bitcoins can be bought, bitcoins are provided for many. Bitcoin sales earn money

GreatBug

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I think nowadays it is just falling on both sides cause it has some things from normal money like payment methods or just that bitcoin has it value but it will be always a crypto currency.

recycleembarrassM

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Bitcoins are not currency but it can only be used for trading.

enwi

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In my opinion, bitcoin is not money but only as currency because bitcoin is not real, I mean bitcon is just a digital currency that requires internet access to use it while money is real and we can use it directly.

btrice7

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Bitcoin and other altcoins is a kind of money because it can become a medium of exchange while the currency you're saying is the Cryptocurrency which is the system itself.

Sengoko

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Quote from: Ron~Popeil on April 08, 2015, 08:55:54 AM

I would consider it to be money right now. As more and more people use it it will be a currency. It is more than either option though. It is a technology that can and will change everything from elections to contract law.

It can never be a currency even if more and more people start using it. It can only be currency if the government of that particular country declares it to be so such as japan. But as far as I see, most of the countries call them crypto assets and not as cryptocurrencies or money. Yes the blockchain technology will change everything but anything that is decentralized cannot replace bank at this moment. Revolutions usually take time.

sachdientugoogle

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Bitcoin refers to two things: Bitcoin is a payment network similar to Mastercard or Paypal, and bitcoins (the currency) are the medium of exchange on the bitcoin payment network. Bitcoin is a global currency, which is traded person to person without any need for a bank in the middle.

swscowods

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Quote from: ChuckBuck on April 08, 2015, 09:20:07 AM

Quote from: magic ice on April 08, 2015, 08:31:11 AM

So, is bitcoin money or currency?

Bitcoin is money, currency, AND probably the most relevant and best feature...a protocol.

Bitcoin's Blockchain sets it apart from the fiats and golds...

Yes indeed. Bitcoin blockchain technology sets it far apart and unique from the fiat currencies and gold. Blockchain technology can be used to create projects that can like community information and daily life with a digital experience. It also provides security of the information and maintains privacy.

The transactions occurring via blockchain are rather fast, secure and exclude interference of any third party thus making it unique and useful. Bitcoin and blockchain will go on improving and developing digital concept.

mcqueen95

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Like all major currencies, Bitcoin derives worth from the simple nation that many people accept it as a store of value. All major national currencies operate similarly: none of them are backed by physical communities. Government-issued currencies derives their value from each holders faith in that particular country. Bitcoin derives their value from each holders faith in the global network. just like any other currency, as long as people continue to accept it as a store of value, it will continue to be money.

Money is anything widely accepted as a store of value. the idea of money exists in many forms such as currencies and commodities like dollars,yen, or gold since Bitcoin is a widely-accepted, it too is m oney.

Dawnpercy19

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Currency and it use a lot of peoplein the world because bitcoin is most use in online transaction and its very useful.

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