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Probably in 2010 it wasn’t considered money because its value wasn’t that much. But as of the present (2017), the value is higher than that way back in 2010. I came from a third world country and I exchange bitcoins to our currency. I can pay my bills with it, shop online, buy load or even convert it to cash. So basically it can be exchange to real paper money per conversion; so it is money.
If bitcoin wasn’t considered money back in 2010 then I don’t know why something like copper could be considered as money (although very inexpensive and space-heavy for any viable amounts of wealth). The amount something is valued at doesn’t determine whether or not it is money, to my knowledge money is any sort of a store of value. So PMs fit this description, gemstones could be considered money under the right circumstances, etc.
I was referring to a post I’ve read that bitcoin was not considered as money way back in 2010, but what I’m saying is anything that has monetary value or can be traded is considered money. And you are right and I agree with you, even gemstones could be considered money. There were some who argued that since bitcoin had a low value before they didn’t consider it as money, probably it was because it had just started and it wasn’t popular unlike now.
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 already exists in points 1 and 6. we life in the modern era where digital is considered something of value then bitcoin also exists in points 2 and 4. bitcoin users covers almost the entire world and the nature of bitcoin is more to personal so long as the transaction if both parties ( the seller and the buyer) approve bitcoin as the payment then also bitcoin in points 3 and 5
It is right, bitcoin is a digital currency, but when we convert it into dollar than no doubt bitcoin make us money. In technical point of view, most of the argues will come in this discussion. But for me, bitcoin is bitcoin and it is introduce as a crypto currency and when we want to use it, than simply way to convert it into dollar and use it as a money.
But i think bitcoin is already money, and now we can use bitcoin directly for shopping. and we do not need to convert it in to USD or local currency. but currency the use of bitcoin is not present every where.
Yup, totally depends on the individual perception about BTC. One has the option to use it as money or as Investment. But the market for accepting bitcoin for Goods/Shopping is not yet enough versatile. But it is on its way, though recently some countries deemed BTC as illegal, whereas some accepted it as legal, so this speculations is only holding the versatility of bitcoin.
It is right, bitcoin is a digital currency, but when we convert it into dollar than no doubt bitcoin make us money. In technical point of view, most of the argues will come in this discussion. But for me, bitcoin is bitcoin and it is introduce as a crypto currency and when we want to use it, than simply way to convert it into dollar and use it as a money.
But i think bitcoin is already money, and now we can use bitcoin directly for shopping. and we do not need to convert it in to USD or local currency. but currency the use of bitcoin is not present every where.
Yup, totally depends on the individual perception about BTC. One has the option to use it as money or as Investment. But the market for accepting bitcoin for Goods/Shopping is not yet enough versatile. But it is on its way, though recently some countries deemed BTC as illegal, whereas some accepted it as legal, so this speculations is only holding the versatility of bitcoin.
For me, bitcoin is not money but it is just a system where it can help to fast track transaction and to do away with the regulations of the government. The only difference with real money is its decentralized nature, we can transact anytime we want and we all have the freedom to use it in legal or illegal activities.Some countries ban bitcoin because they simply does not have the capacity to control it but if it is fully regulated up to the extent only not to compromise our freedom, I think it will be very helpful for all of us. The system is great and if use for good purpose, there is no doubt it will be the best online currency in the future as we call it.
Published at Mon, 03 Apr 2017 18:06:03 +0000
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