Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: cryptorakibul on January 17, 2018, 05:32:39 PM
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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?
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From what I have read, money as one major difference from currency. Real money functions to serve as a store of value , currency does not.
Other than that money has all the functionality of currency.
IE: fiat currency ... is really just that, currency. Due to inflation its not a store of value.
Gold, on the other hand is considered money because it has a store of value, it nearly always stands to correct the current inflation status of any given nations currency.
Bitcoin definitely functions as currency, but as far as being a reliable store of value... well time will tell. Sure, it easily can and is designed w/ that aspect in mind, but its so new that it cannot be judged for its store of value 'status'.
Bitcoin's ultimate store of value worthiness will be determined by the demand for its utility to function as insanely an insanely effeciency currency system. So far, that demand lies only w/ nerds & geeks & believers of that system. It needs to reach average joe demand and thats not gonna happen for quite some time ... if ever...
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As far as i know, bitcoin is not a money, it just a one way to use or to make our lives easier.
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Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.
Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.
Many marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Coinbase is a leading exchange, along with Bitstamp and Bitfinex. But security can be a concern: bitcoins worth tens of millions of dollars were stolen from Bitfinex when it was hacked in 2016.
People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 12.5 bitcoins roughly every 10 minutes.
Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by the FDIC.
Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them. That’s why it has become the currency of choice for people online buying drugs or other illicit activities.
No one knows what will become of bitcoin. It is mostly unregulated, but some countries like Japan, China and Australia have begun weighing regulations. Governments are concerned about taxation and their lack of control over the currency.
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Most people call Bitcoin - cryptocurrency.
But in my opinion, at the moment, all coins are more digital assets than digital currencies, at least because of two reasons:
- unpredictably high volatility;
- not enough of regulations and validation from economical institutions.
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Yes its a money but there are steps or a rules that should be follow earn money , and it needs perseverance , time , mind , and determination .
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Bitcoin is a digital currency but for me bitcoin can be an investment because you can get profit to bitcoin and alt coins it can be a short or long investment. Many holders are go for long terms because they believe that the more they HODL the more profit they can have.
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yes that's true but bitcoin is a digital money whose existence exists only in the internet but has real money value even its value is higher than money
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As far as i know bitcoin is a currency but digital currency and not a real money.But if you have a bitcoin you can exchange it into money and the other way bitcoin is a way of life changer because all people known about bitcoin can change themselves easier.
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Yes i also believed that but bitcoin is not a money it's a digital currency that gave them all profits and benefits.And for me bitcoin is like a easy job that gave improve in life all of the people who know about bitcoin because bitcoin is not a money but you can also exchange it into real money.
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No because it is a well known digital currency that many people using it as their assets and investment it is also use by paying bills and transfer money etc. it is a digital currency that u may transfer into real money
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I don't think so "bitcoin" is the way to gain the money to give us what we work on the forum, its part of the crpytocurrency exchange, I think coin is money but bitcoin is a name of currency in the market.
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bitcoin is not real money but bitcoin can make money because bitcoin is type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. you can exchange bitcoin into money/phil.peso
and bitcoin can be likened to gold because gold is expensive, like bitcoin is higher in value than money
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bitcon money is digital money that some countries already accept as currency and legitimate payments. although the shape is still digital but the results we can enjoy in the real world .
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bitcon money is a digital money that was created in the year 2009. now many people who know even country one by one join bitcoin as legitimate payment like banknote .
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I don't consider bitcoin to be money, it's more of a store of value at this point, like gold. Not to say you couldn't use it as money, but technically it becomes bartering at that point.
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Yes, a true money that you can easily change to traditional money and it can be use also as payment in some establishment.
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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. Singapore's first cashless café has officially opened its doors to pay bitcoin to their coffee.
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very good that ,, bitcoin digital currency is nilainnya but not any form, but this currency already recognized and approved in the country and state bank
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bitcon money is digital money although its form has not existed but the result we can enjoy in the real world. even now bitcoin already recognized and accepted by some countries.
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bitcoin is more than money, it is information, and what is our most valuable ? correct information
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Per definition, currency is a medium of with a unit of account that is portable, durable, divisible and fungible. Money on the other hand is all of the definition of currency plus it stores value for over a long period of time. Apart from the fact that bitcoin has a bit of problem about its fungibility, it qualifies to be money than it is to be currency.
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bitcoin is money per my understanding it is definately money. bitcoin is another form of gold and gold is money. this is actualy the digital form of money, so why not say it money.
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i can also say that in this ecosystem , everyone and their understanding of the currency but let not deviate from the fact that bitcoin is actually money in a digital form
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Bitcoin is a digital crypto currency but for me it is an investment because we can get profit to bitcoin and altcoins.It can be a short or long investment.Many holders will go for long terms because they believe that the more they HODL the more profit they can have.Bitcoin is like an easy job that gave improve in life all of the people who know about bitcoin because it is not a money but we can also exchange it into real money.
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Bitcoin is the world's first cryptocurrency, a form of electronic cash. It is the first decentralized digital currency: the system was designed to work without a central bank or single administrator. But It doesn’t matter if Bitcoin is money or not. What matters is its utility, not its definition. It’s like asking whether or not emails are letters or webpages are newspapers.
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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?
Bitcoin is similar to currency. It is used to pay for things electronically but it differs from currency .Bitcoin is a new invention, or creation, designed to address this market demand for a better medium of exchange. As a new creation, with its own use value, it becomes a new commodity.
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Bitcoin is more like digital gold than a currency.. the obvious reasons are its too volatile to be considered a currency and it doesn't scale well enough for money, but as far as a store of value from one country to another in a few confirmations it can't really be beat.. I think bitcoin will travel north of 100k over the next few years, and it buying a cup of coffee isn't needed for that sort of price action... I know a lot of people don't see it that way.. but you don't take gold bars to do everyday transactions.. nor does gold's use case justify its price... its just a store of value and the price is determined by what people are willing to pay.
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Bitcoin and all digital money is called currency that use to purchase something through internet or crypto to crypto and also crypto to USD. In this reason I can say that yes it is a money but a new kind that will bring new system also.
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bitcoin is digital money Although the shape is still not there just form and digital but the results we can enjoy in the real world like a banknote .
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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?
Yes, Bitcoin is an asset. Bitcoin is digital money and the future technology.
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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?
Yes, It's true. Bitcoin is digital money. Bitcoin is not real money.
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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?
No, It is digital currency, Bitcoin is the best of crypto currency. Maybe in the future bitcoin can be money.
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Bitcoin is a currency that is used for transactions in the crypto community. It is based on blockchain technology that helps to introduce new systems to help make people's lives better.
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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?
yes, bitcoin is a money and you can easily exchange it anytime and the good thing for bitcoin is while saving in the wallet bitcoin still earning once the the market will goes up.
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Bitcoin adalah mata uang digital yang paling mudah untuk berinvestasi karena tidak banyak persyaratan nya
Bitcoin sangat cepat pergerakan nya sehingga kita kalau berinvestasi sangat cepat untuk mendapatkan keuntungan
Jadi tidak heran kalau bitcoin sekarang menjadi topik di masyarakat
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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?
I think bitcoin is not money, Bitcoin is payment system.It is my opinion.
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Bitcoin is an innovative payment network and a new kind of money, https://bitcoin.org/en/
I think bitcoin is money because it has the criteria of a traditional money - medium of exchange, as a store of value, and as a unit of account. Besides, we could use bitcoin in much the same way as money.
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From what I have read, money as one major difference from currency. Real money functions to serve as a store of value , currency does not.
Other than that money has all the functionality of currency.
IE: fiat currency ... is really just that, currency. Due to inflation its not a store of value.
Gold, on the other hand is considered money because it has a store of value, it nearly always stands to correct the current inflation status of any given nations currency.
Bitcoin definitely functions as currency, but as far as being a reliable store of value... well time will tell. Sure, it easily can and is designed w/ that aspect in mind, but its so new that it cannot be judged for its store of value 'status'.
Bitcoin's ultimate store of value worthiness will be determined by the demand for its utility to function as insanely an insanely effeciency currency system. So far, that demand lies only w/ nerds & geeks & believers of that system. It needs to reach average joe demand and thats not gonna happen for quite some time ... if ever...
The definitions stated here makes a lot of sense. Whatever that is considered a currency is subject to inflation and it is not a store of value. For this reasons it cannot be considered as money.
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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?
I think bitcoin is more of a digital currency and is an asset if we invest in it
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Bitcoin is term as the internet money which is used as a means of exchange. Personally, I see it as an investment through which I can make profit
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Bitcoin is very fast to move around. We will be very useful to make a profit
So it's no wonder that bitcoin is now a topic in the community. Bitcoin is the easiest digital currency to use because there isn't much needed.
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Yes bitcoin is a money not physical but digiral form of money, regardless the value 'cause we don't really know the exact price, it is somehow similar to cards transactions like savings and credit cards. All this transactions are cashless and work on digital or online.
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of course, bitcoin is money. to buy bitcoin must be with money. bitcon can't be seen by the eye. because bitcoin is a digital currency. bitcoin and money are the same in my opinion.
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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.
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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?
I think Bitcoin is digital currency, It is an assets for investment. Maybe at the coming future Bitcoin will be money.
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I think bitcoin is money, but in digital form. But bitcoin is also a technology designed by its creators to facilitate transactions throughout the country. Other things are easy, bitcoin transaction fees are also cheap. For these two reasons, many people want to be interested in investing in bitcoin.
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I think bitcoin is money, but in digital form. But bitcoin is also a technology designed by its creators to facilitate transactions throughout the country. Other things are easy, bitcoin transaction fees are also cheap. For these two reasons, many people want to be interested in investing in bitcoin.
Yes I believe that bitcoin is considerable us money. Because we can change bitcoin into fiat. And it is also a digital crypto currency that has a big value so foe me if we have btc we Also have money.
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Money is used as a medium of exchange.Bitcoin can be used to purchase,payservices,bill and a lot of things.So I think that bitcoin can also be considered as money.Bitcoin can be converted to fiat money.A lot of people became rich because of bitcoin and it's convenient to use.
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For me, bitcoin is money since this is can able to used to pay some bills and load through our local exchange. It seems like the major factor of all cryptos where as you should buy first bitcoin before some altcoins would like to buy or invest.
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Bitcoin is a digital currency and an easy way to use investment and transactions, and Bitcoin has long been downgraded in the world and is also very popular throughout the world.
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If you look at Bitcoin as a whole, then it seems to me that it looks more like an asset than money, especially now when such a storm is raging on the market and cryptocurrency generally only does what is on wallets!
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What you use to buy something and its accepted is called/classified to be money. Bitcoin is a digital money that is accepted(not generally) by most organizations/sites. It can be converted to real money by exchange it into your native currency. The fact of these all is bitcoin is a digital currency mainly used for the Internet, and internet alone.
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No bitcoin is not a money. It is a digital currency and used for the transaction. Bitcoin is the king of cryptocurrency market.
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Bitcoin is just a decentralized virtual currency not like the normal paper money that can be used in the purchase of goods and services around the globe.
Bitcoin as a currency can only be used in the Cryptocurrency space for transactions.
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I can conclude that for Bitcoin it is an asset.
Like the word I have land that is ready to sell at high prices and buy low prices.
It is certain that the land may not go down in price, but the higher the value of the land.
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Bitcoin is a digital crypto currency and not a money but this coin will still be converted to fiat after the trading in crypto market.This coin will still remain the best crypto coin now and has many investors.
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Of course bitcoin is a money because we can use bitcoin for various purpose.like we can use it for business or buying things and we can also cash bitcoin to our desire currency.
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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.
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I think Bitcoin can be classify as a comidity or let me say a digital commodity, just like gold, the only thing is that bitcoin is digital.