As i know when bitcoin launched in 2009 bitcoin is no value some told that bitcoin is scam and i think only some believe in bitcoin. So they are lucky now bitcoin is money if you got bitcoin in the year 2009 you are very rich now and you’re a millionaire.
that’s quite some nonsense… I mean if you got some bitcoins back in 2009 it does not mean that you are a millionaire because you might have a small amount from faucets as well, also even it was alive for just one year it already had the value, just it was really small.
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 is a cryptocurrency, maybeb you have a doubt because you never see it grow in reality but the real thing is bitcoin is a coin that you may earn in the internet , you may withdraw that too, it will have a profit or it may be lost also. it is real money for me.anything that can be converted to other currency we can call it a money or a currency too
Yes, I agree that bitcoin fulfills the function of money. But you can not say that bitcoin is money. He has a great potential, which is not at fiat money
we definitely CAN say that bitcoin is money because with it you can buy products, you can convert it to other fiat currencies. And in the future bitcoin is only going to go bigger and bigger over time, it will become so big, that it might replace some of fiats that we have in different countries right now.
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Jr. Member Offline
Activity: 37
Yes bitcoin is money, we use it to trade to something that we need. It is a digital money, that is what we called cryptoCURRENCY, we trade using this bitcoin. And we can easy how easy life is when we have it and legalize by the government. Support is what we now beed from them so we can have it all with no worries.
Newbie Offline
Activity: 3
For me bitcoin is more than money, it is something innovative, it is the future.. Money is the root of all evil, bitcoin is the beginning of the good..
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 money, a virtual money, or can be also a paper money if we are going to convert it into fiat, we could also use bitcoin in buying stuffs in stores that accepts bitcoin or only accepts bitcoin, mostly online shop, because most of the stores in the real world don’t accept yet bitcoin as a payment processor.
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