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[quote user="Anenome"]I've never bought anything with the Chinese Yuan. Does that mean it's not money?[/quote] Are billions of people using Bitcoins to purchase goods and services like they are with Chinese Yuan? Didn't think so.
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[quote user="Anenome"] The 'commonly accepted' argument is not a great argument, and if it's your main or only or pillar-argument against bitcoin then you will likely become a bitcoin supporter soon (unless you're a SD sock). What does it really mean to be 'commonly accepted'? It just means that many people will accept
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I'll check back every so often to see if you've told us a few things that you've purchased with Bitcoins. :)
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Malachi, I have never ever seen Bitcoin used as a medium of exchange. Ever. I've never even read of it being used as a common medium of exchange. Ever. I asked you to tell me the last 20 transactions you've made using it, for clarification of this, and you came up with some hocus pocus to avoid doing that. This whole Bitcoin thing is starting
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I'll just take that as, "I've never actually used a Bitcoin to pay for anything."
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The USD was an example, my friend. My point is, where I live, there are thousands upon thousands of different types of goods and services that I can pay for and I do not have to worry about anyone NOT taking USD from me as a form of payment. There isn't a single one that accepts a Bitcoin, though. I don't know how else to explain this to you
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Ok but my point is, until I can go almost anywhere and use a specific something as a medium of exchange, that specifc something won't be considered money. There are thousands of different businesses in the area that I live (Philadelphia). I don't know of a single one that I can walk into and pay for something with Bitcoins. It's not money
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I don't believe it is money because it is not a commonly used medium of exchange right now, as money is defined to be. I have yet to see it used or accepted as a form of payment for a service or good even once, at any of the merchants I have frequented since bitcoin's inception. I use the internet to pay for or buy things a lot as well and have
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Ok, I see where you are coming from. Maybe I need to be more specific because I don't believe I was earlier. I was talking along the lines of bitcoins being used more widely as a medium of exchange to the point of being money. I don't see that being the case or ever becoming the case. This is really my only argument against bitcoin and others
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[quote user="Graham Wright"]Why do people use bitcoin as a medium of exchange? Because it lowers their transaction costs. What else do you need explaining?[/quote] Is it really being used as a medium of exchange though? From what I gather, more people are holding on to bitcoins rather then passing them around as a medium of exchange but maybe