Bitcoin not a currency

Pekelo · Aug 14, 2016

mlawson71 said:
interpretation of what money is?

What is YOUR definition? Also can something be money that has to be pegged to other currencies constantly because no one using it solely as a medium of exchange?

Is my baseball card collection money? Just because we (with my friends) use it occasionally as medium of exchange of value tied to the dollar, that doesn't make it money...

mlawson71 · Aug 15, 2016

Pekelo said:
What is YOUR definition? Also can something be money that has to be pegged to other currencies constantly because no one using it solely as a medium of exchange?

Is my baseball card collection money? Just because we (with my friends) use it occasionally as medium of exchange of value tied to the dollar, that doesn't make it money...

I think that what is and isn't money should be a definition mandated by the state, since the state is the one guaranteeing their value.

By that logic, obviously, Bitcoin isn't money. Whether the definition will expand remains to be seen.

My problem was simply with the judge's reasoning and your example with your cards actually illustrates it pretty well. Your cards have value and you can shove them under your mattress, so by that judge's logic they are money, and they obviously aren't.

Pekelo · Aug 15, 2016

If I remember correctly, the judge used the state's definition. Also if it was money, the US would try to ban it, because:

"Thou shall not make a competing currency to the almighty petro dollar..."

bublu · Oct 13, 2016

mlawson71 said:
By that logic, obviously, Bitcoin isn't money. Whether the definition will expand remains to be seen.

Agreed but this bitcoin has already become a commodity and is exchanged against USD and many forex brokers are accepting it now as a payment deposit method.

Xela · Oct 13, 2016

bublu said:
many forex brokers are accepting it now as a payment deposit method.

Not so, I think. Not genuine brokers - only dodgy counterparty market-makers who trade against their own clients.

radex78 · Oct 13, 2016

bublu said:
Agreed but this bitcoin has already become a commodity and is exchanged against USD and many forex brokers are accepting it now as a payment deposit method.

Yes I have seen many broker also use bitcoin as payment to deposit and withdraw money, and also some broker already use bitcoin as instrument trading like as btcusd,

stevegee58 · Oct 13, 2016

I can buy things on Amazon with BTC using purse.io. Sounds like money to me.

radex78 · Oct 14, 2016

stevegee58 said:
I can buy things on Amazon with BTC using purse.io. Sounds like money to me.

I am never buy product on amazon, if this can use bitcoin as payment method I think also will increasing bitcoin used on many online business

Xela · Oct 14, 2016

radex78 said:
I have seen many broker also use bitcoin as payment to deposit and withdraw money

However many times you say this, you can't make it true - and it isn't true.

As we've seen before in many other threads, your confusion comes from not understanding what a "broker" is. Those are not brokers: they're counterparty market-makers who trade against their own customers. Genuine brokers don't accept Bitcoin as deposits.

bublu · Oct 17, 2016

Xela said:
Genuine brokers don't accept Bitcoin as deposits.

Agreed to some extent as there are brokers which does not accept bitcoin neither offers it as a trading pair. However there are many brokers which is offering it as payment deposit method as well as trading pair too but as i haven't used a broker who accepts bitcoin so i can not classified all of them as shady, i just shared my knowledge and opinion above and now.