Is Bitcoin money?

[wxa7115]

well, bitcoins has lots of characteristics similar to money buy it is definitely not money. one of the characteristics that a money has and bitcoin doesn't is that it has a physical appearance. Bitcoin is not money but an online currency. it has some of the functions the same as money like it has value and transferable or remittable.

Wrong.

First of all, there are Bitcoin physical coins.
Second, nowadays most of money is transferred via online transactions. (Unfortunately) paper cash and physical coins are not so widely used nowadays.

Thus, if you consider popular fiat currencies like € or $, they are mainly send and received online. Just numbers that move from a computer to another one, basically.

I'd like to make a correction

Bitcoin physical coins are certainly not cash since they are more like hardware wallets since if you credit some coins to this wallet address, its balance will increase. Conversely, if you spend coins from this wallet, its balance will go down. And while we are at it, Bitcoin depositary receipts would legitimately count as Bitcoin cash. This is basically what money backed up by precious metals amounted to, e.g. genuine American dollars before the FED were exactly that since they had been fully redeemable for gold

Then How can Bitcoin be equated to real money, if for example the dollar is backed by gold? The fact is that gold itself is a valuable metal and carries already jewelry itself, and Bitcoin in this respect is a little behind. How can we compete or equal to the dollar or gold.

The dollar backed by gold? The dollar is not backed by gold since the Nixon shock on 1971, dollars are only backed by the good faith on the credit worthiness of US government that is all, bitcoin is not backed by anything either but the fact that there is a limit to it make it valuable.

[Magkirap]

I believe that the statement: "bitcoin is new kind of money" passes the duck test.

Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.

If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.

Bitcoin is electronic and digital money in online market that you use in different transaction like paying bills and many more. I guess some people use it in their business to gain much profit and I can say that the bitcoin is money.

[The_prodigy]

I believe that the statement: "bitcoin is new kind of money" passes the duck test.

Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.

If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.

Bitcoin is electronic and digital money in online market that you use in different transaction like paying bills and many more. I guess some people use it in their business to gain much profit and I can say that the bitcoin is money.

bitcoin is money because we can use it to buy everything that we want, it has also a value and a great rank in the market. like cash we can support our need by buying all those stuffs. bitcoin is money, we can buy thru it, it has a value a demand and a supply , therefore i conclude that bitcoin is money , a digital money that we can earn in internet.

[NoNetwork]

I believe that the statement: "bitcoin is new kind of money" passes the duck test.

Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.

If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.

Bitcoin is electronic and digital money in online market that you use in different transaction like paying bills and many more. I guess some people use it in their business to gain much profit and I can say that the bitcoin is money.

bitcoin is money because we can use it to buy everything that we want, it has also a value and a great rank in the market. like cash we can support our need by buying all those stuffs. bitcoin is money, we can buy thru it, it has a value a demand and a supply , therefore i conclude that bitcoin is money , a digital money that we can earn in internet.

I know bitcoin as a currency, not a money, with the bitcoin's value and price, it is not just a fitting way to call it a digital money, it must be digital currency. Ang money is different from currency, money has a smaller value than currency.

[charlescoin]

I believe that the statement: "bitcoin is new kind of money" passes the duck test.

Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.

If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.

Bitcoin is electronic and digital money in online market that you use in different transaction like paying bills and many more. I guess some people use it in their business to gain much profit and I can say that the bitcoin is money.

Its an electronic and digital money yes but its not at all convenient to use for transactions and only a handful of people actually use it on a regular basis to pay for bills directly, most people still convert it first to fiat.

[VitorPl4y]

Money performs many functions. They are used not only as payment. For ordinary people, they are considered only as payment. For the economy of the country - this is an important tool. Bitcoin does not have the functions of supporting the economy. Therefore, it can not be called full-fledged money in the sense that exists now

[BunnyShibe]

I believe that the statement: "bitcoin is new kind of money" passes the duck test.

Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.

If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.

Bitcoin is electronic and digital money in online market that you use in different transaction like paying bills and many more. I guess some people use it in their business to gain much profit and I can say that the bitcoin is money.

Its an electronic and digital money yes but its not at all convenient to use for transactions and only a handful of people actually use it on a regular basis to pay for bills directly, most people still convert it first to fiat.

in fact the use of bitcoin s still not so common, most of the people cannot use bitcoin even online, therefore they mostly convert bitcoin into local currency, I am sure that when they will learn about how to use bitcoin online, or they will have the facilities to use bitcoin in their local shops then they will certainly give preference to bitcoin instead of fiat currency. because bitcoin s more convenient to use.

[mrfreezeh]

bitcoin is money and not a commodity. for a generally accepted commodity is money.
my question what can money do that bitcoin can not do?

Other currency can tax, but Bitcoin (or Crypto) is not
Other currency can management by a country, but Bitcoin can't do that
Other currency need more time and spend a hight fee when you send a huge money between countries, but Bitcoin and Crypto not need that, only spend a small fee to spend for miner and receive money with short time ...

[favila]

Bitcoin is an asset currently though most of us wish it could function like "real" money. Once scaling solutions come online it could very well be classified like real money and that is also when the price is really going to lift off as more people see they can actually use it rather than just storing it.

[wxa7115]

Money performs many functions. They are used not only as payment. For ordinary people, they are considered only as payment. For the economy of the country - this is an important tool. Bitcoin does not have the functions of supporting the economy. Therefore, it can not be called full-fledged money in the sense that exists now

You are trying to add your own twist to what makes something money, for something to be considered money it needs to have several characteristics and bitcoin posses them all, there is no way around that bitcoin is money whether people like it or  not.

[Wesimon]

Yes. Bitcoin is a money.
We all know that bitcoin is convertible to a fiat so there's no need to argu whether bitcoin is money or not. Bitcoin is valuable than any other currency making it more significant than money. We can have atleast convert bitcoin into fiat so that we could buy everything we wanted to have.

[cotton ball]

Yes. Bitcoin is a money.
We all know that bitcoin is convertible to a fiat so there's no need to argu whether bitcoin is money or not. Bitcoin is valuable than any other currency making it more significant than money. We can have atleast convert bitcoin into fiat so that we could buy everything we wanted to have.

It seems that this thread will not make any profit because all the answers about bitcoin are money is "yes" and everyone knows well, until now I treat bitcoin as a currency and financial asset, because bitcoin is able to remove HYIP dominance. A very rampant investment every year, just by storing bitcoin alone can generate more profits when compared to HYIP that always culminates with a scam.

[mk4]

 Bitcoin is not money, but can be used as money as an alternative, just like gold. It's not money, but a type of currency.

[Hammonds]

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 I think bitcoin is money because it has a sale value,

[morata21]

I actually want to know, is it really a money..?
as a beginner member of this platform, i have to make it understand clearly, so far I know, Bitcoin is a virtual currency and it's getting spread out all over the world, I want to learn more about this issue...

[freedomgo]

I actually want to know, is it really a money..?
as a beginner member of this platform, i have to make it understand clearly, so far I know, Bitcoin is a virtual currency and it's getting spread out all over the world, I want to learn more about this issue...

It's money because you can easily exchange your bitcoin into fiat, and also the value is currently increasing
and that is a good sign that more and more people wants to own this limited supply.
If it's not, I don't think people will hold this, it's precious as gold or even more.

[batang_bitcoin]

I actually want to know, is it really a money..?
as a beginner member of this platform, i have to make it understand clearly, so far I know, Bitcoin is a virtual currency and it's getting spread out all over the world, I want to learn more about this issue...

Yes it is really money. Just search what is the meaning of money. And my own understanding to it is that it is something that you can use for purchasing goods and services. And we are using bitcoin for doing it so and not just only it because we can also use it as an investment.

[tn211]

I actually want to know, is it really a money..?
as a beginner member of this platform, i have to make it understand clearly, so far I know, Bitcoin is a virtual currency and it's getting spread out all over the world, I want to learn more about this issue...

Yes it is really money. Just search what is the meaning of money. And my own understanding to it is that it is something that you can use for purchasing goods and services. And we are using bitcoin for doing it so and not just only it because we can also use it as an investment.

The moment you can use it to buy goods or services it can be considered as real money. The fact that you convert it to fiat or vice versa makes it a widely accepted type of currency. So yeah Bitcoin is real money.

And it's gaining popularity.

[chichan13]

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?

Well, I think bitcoin money because some people use it in any kind of transaction like paying bills, shopping online and many more.Bitcoin has value in the market so I think its money.Bitcoin is electronic and digital money in online market. Some bitcoin users use it in their business so I agree that bitcoin is money.

[arcanayou]

I think bitcoin is not money, although there are some online stores and some merchants that use and receive bitcoin as a means of payment, but only a small portion, not much. Even some countries do not allow bitcoin and prohibit it. I consider bitcoin as an investment instrument not as money