Is Bitcoin money?

[Chanock]

Bitcoin is not considered as money. It because bitcoin is unknown source and the only used of it is for digital transaction. You can used it to buy anything but you need it to exchange in fiat.

[Barbarian]

Bitcoin is a virtual currency. i think, when it is accepted more widely as payment for goods and services. then,we should call bitcoin  as money.

Therefore since it is a virtual currency, bitcoin is money.

And it is not just a money, there's a lot of use for bitcoin. Trading , investment, asset or name it that I didn't mentioned.

But perhaps this is the main reason why bitcoin can not be defined according to the original concept of money. Money can only be used to acquire goods or services through a currency to which the community assigns a value equivalent to that of the good. But bitcoin is much more than that, and even its possibilities are widened more when we understand bitcoin as a byproduct of the blockchain, a situation that adds more complexity to the definition of bitcoin in financial terms. Perhaps it is something so novel in the history of humanity that there is not yet a suitable term that defines it perfectly ... well, maybe there is only one word that can define this: Bitcoin.

Bitcoin is money but it can be a lot more, that is why a lot of people have problems defining what is bitcoin, since bitcoin can be a an investment, it is also a new technology and can be used for a lot of stuff, if I remember correctly smart contracts are also possible on bitcoin but its is more difficult to create them compared to ETH.

[Cold-Heart]

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?

actually it isn't a real money, however it could be if you convert it. The only thing that differs it to the real money is that you can earn it virtually and tax free, this shows us that we can do other things to earn money in a virtual and reality. Virtual are just codes numbers and more, this may increase or decrease in any time and any moment. But for the real money, it is a fastest and the important way to buy food drinks and more, this can be aquired in an instant just by receiving you salary on your job. But most important thing about this is that you should think first before proceding with a virtual money instead of real money. Because we live in the reality and not in a vertual reality.

[Rinaze]

I believe Forbes rank Bitcoin as an asset rather than currency so in that very sense, BTC like your deduction probably isn't considered as "money" at this point of time. The Forbes top 100 richest man ranking might shift a lot if they do take currency coins into account!

[Manuj]

I believe Forbes rank Bitcoin as an asset rather than currency so in that very sense, BTC like your deduction probably isn't considered as "money" at this point of time. The Forbes top 100 richest man ranking might shift a lot if they do take currency coins into account!

I would rather look at the available uses rather than on that rank. BTC is indeed an asset but it does not mean that people holding BTC are not really spending them. Yes, most are only keeping them as treasures for the value to grow overtime but many are spending them as well. I myself spend my bitcoins for stuff such as payment for various bills.

[jalaaal]

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?

actually it isn't a real money, however it could be if you convert it. The only thing that differs it to the real money is that you can earn it virtually and tax free, this shows us that we can do other things to earn money in a virtual and reality. Virtual are just codes numbers and more, this may increase or decrease in any time and any moment. But for the real money, it is a fastest and the important way to buy food drinks and more, this can be aquired in an instant just by receiving you salary on your job. But most important thing about this is that you should think first before proceding with a virtual money instead of real money. Because we live in the reality and not in a vertual reality.

no even if you say that it is a virtual money it is still called money. money used in online transactions, even if its just virtual used it is actually money. the question is if bitcoin was money, not physical money, so it is actually a money that can be used by anyone.

[MissHope]

I don't think that nowadays we can call Bitcoin money. May be in some countries like Japan, but not at all. I think it will become money when all countries and banks will accept it.

[Xester]

I don't think that nowadays we can call Bitcoin money. May be in some countries like Japan, but not at all. I think it will become money when all countries and banks will accept it.

You have a point here.  We cannot call it as money because we cannot use it regularly just like cash.  Though it is like a cash as it can gives us real money but only online.  Japanese are so lucky to have bitcoin as part of their daily lives.  I wish that our country will accepts bitcoin and legalize it. 

[Zeke_23]

I don't think that nowadays we can call Bitcoin money. May be in some countries like Japan, but not at all. I think it will become money when all countries and banks will accept it.

it is still money for us, even if you cant use it in the outside world you are still able to spend your bitcoin or what we so called virtual money or the bitcoin. its the most important thing as long as you can use it to purchase things or anything even through internet it is called money.

[yohan09]

Bitcoin and Money are both valuable.. Bitcoin is a cryptocurrency widely used in digital world, it could not be touched,compared to money has its physical composition.. Bitcoin has a larger value compared to money and for me it is much valuable than gold. Perhaps this will be our future money soon.

[TeamButtcoin]

I think that Bitcoin is becoming more and more known but it's not in the point where it can be considered money , you can change them in USD or EUR or other coins , maybe in future when all banks will become friendly Bitcoin , then it will be considered money , but obvious there are online stores that accept payment with bitcoin.

[resty]

Anything that is being used as a medium of exchange is money. Bitcoin, like gold, is money.

i think is yes, bitcoin is something difference, this is not really kind of actual business it is kind of investment being use by the people through computer or cellphones who give their opinions, sharing of knowledge giving advise to other people and later on it will become a money in exchange of eagerness

[valov88]

I believe bitcoin is convertible to what we usually accepts as money, in our country, I assume bitcoin cannot be directly use to buy goods or services, it needs to be instored in a onlinewallet and convert it to banks to yield the so called acceptable money. But I heard proposals that can directly use bitcoin so I guess sooner or later this can fully be the money we can use on our daily basis.

I also think that BTC will be accepted as a payment method quite soon. There is a car dealership in Slovenia that accepts Xaurums as payment for cars and other services they provide. Therefore, why not BTCs

[dindasulis]

So is Bitcoin money? Yes,
in my opinion it’s the best form of money ever created. So now we can just say that “cryptocurrency” is the best form of money, and this includes Bitcoin bitcoin is form of future money.

[lukmandog]

Bitcoin is superior to money itself. Because its value continues to grow with limited supply. While in money, value always decreases from year to year. So, if we still want money then bitcoin is the best tool and place.

[godrey123]

bitcoin is the new type of money/currency. It is made up of Algorithm in order to perform a transaction. You can buy using bitcoin, you can pay bills using bitcoin and it has a value again another currency. That is why bitcoin is money.

[左]

It's worth money but has so many different properties I wouldn't call it money.

[skysun]

I believe bitcoin is convertible to what we usually accepts as money, in our country, I assume bitcoin cannot be directly use to buy goods or services, it needs to be instored in a onlinewallet and convert it to banks to yield the so called acceptable money. But I heard proposals that can directly use bitcoin so I guess sooner or later this can fully be the money we can use on our daily basis.

I also think that BTC will be accepted as a payment method quite soon. There is a car dealership in Slovenia that accepts Xaurums as payment for cars and other services they provide. Therefore, why not BTCs

You mean AutoBroker?
I think that is only matter of time when BTC will become one of official payment solutions in some countries and after them, more and more countries will follow them.

[The Monkey King]

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?

Probably, bitcoin is the new type of money. It is more like a cryptocurrency. It can also be converted into a real kind of money. Practically, it is an online kind of money that is earned inside the bitcoin organization through the use of internet connection. By posting some thoughts and opinions in the bitcoin, people that are active users and active member can gain or earn some bitcoins. It can also became a true cash through the use of some remittance centers or banks where you can cash out all your bitcoins.

[valentin68]

 2000 years ago  there were no money or little money. Peple were using barter, that is you gave some object and receive another object for what you gave. Money have been invented to replace that object with something else. You now give an object and receive money, or these days  you give some money and receive other money. Bitcoin does not follow the definition of classic money, little people give an object for bitcoin, instead they give some old type of money, and receive bitcoin. Thus bitcoin follows the second definition, and we could say that it is money.