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Author Topic: Is Bitcoin money?  (Read 6770 times)

Offline cryptorakibul

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Is Bitcoin money?
« on: January 17, 2018, 05:32:39 PM »
    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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Is Bitcoin money?
« on: January 17, 2018, 05:32:39 PM »

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Offline TiffanyLien23

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Re: Is Bitcoin money?
« Reply #1 on: April 18, 2018, 09:14:05 AM »
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...

Offline Lyfuuuuu

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Re: Is Bitcoin money?
« Reply #2 on: April 19, 2018, 05:16:11 PM »
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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Offline The Black Prince

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Re: Is Bitcoin money?
« Reply #3 on: April 20, 2018, 09:32:55 AM »
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.

Offline Thadeous

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Re: Is Bitcoin money?
« Reply #4 on: April 20, 2018, 02:10:06 PM »
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.
« Last Edit: April 20, 2018, 02:20:52 PM by Thadeous »

Offline richelle13

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Re: Is Bitcoin money?
« Reply #5 on: April 22, 2018, 05:35:01 AM »
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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Offline Lou

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Re: Is Bitcoin money?
« Reply #6 on: April 22, 2018, 12:19:57 PM »
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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Re: Is Bitcoin money?
« Reply #6 on: April 22, 2018, 12:19:57 PM »


Offline Ali muhtar

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Re: Is Bitcoin money?
« Reply #7 on: April 24, 2018, 09:04:48 PM »
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

Offline jullerz

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Re: Is Bitcoin money?
« Reply #8 on: April 25, 2018, 04:08:38 AM »
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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Offline Markjay11

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Re: Is Bitcoin money?
« Reply #9 on: April 25, 2018, 05:51:10 AM »
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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Offline julliandrey

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Re: Is Bitcoin money?
« Reply #10 on: May 18, 2018, 03:18:53 AM »
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

Offline Fighter01

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Re: Is Bitcoin money?
« Reply #11 on: June 25, 2018, 03:49:36 PM »
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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Offline jacqueline

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Re: Is Bitcoin money?
« Reply #12 on: June 26, 2018, 08:13:05 AM »
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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Re: Is Bitcoin money?
« Reply #13 on: June 26, 2018, 08:18:39 AM »
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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Re: Is Bitcoin money?
« Reply #14 on: June 26, 2018, 08:24:26 AM »
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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