Is Bitcoin money?

[eleah24]

Well, Bitcoin is a money except that it is an online money a crytocurrency. What I am trying to say is that bitcoin is not like typical money that you can touch or you can have with your barehands. Well, you can use it but you can only store it by the use online wallets and can be used for transactions online. You can exchange it with your respective currencies.

[bitcoinsocial09]

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.

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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 yeah, Bitcoin is a type of money merely it is an online money or sometimes called a crytocurrency. What I am really trying to say is that, bitcoin is not like a typical money that people can touch or people can have with their barehands. Well, you can use your bitcoin but you can only store it by the use of online wallets like coins.ph and can also be used for transactions online and or trades online.

[MaNdAR_10]

Yes,
There is no doubt i strongly agree with your point that bitcoin is a form of currency and its the future of digital currency. There are many platform where bitcoin is accepted as the mode of payment but it is not completely accepted everywhere are many companies and trading gaints which are not accepting bitcoin as the mode of payment. Because They are not aware of the advantages of bitcoin over the Fiat money.

[Zoomber]

For me bitcoins are real money because I have ATM's here and I can easily buy some bitcoins and sell them too. Added to this they give me freedom because i don't have to worry about ID proofs being asked by wallets like paypal and others.

[Sanchoni25]

Bitcoin is the best money Planet Earth has seen so far:

- because laws in your country don't force you to use Bitcoin (unlike the currency in your native country in which gov forces you to use the local fraud fiat money)
- because it has a limited supply and every change made to the protocol has to be decided by democratic voting of the users involved (fiat money: infinite supply, you have no right to decide on anything that happens, normal citizen will get fucked over and over again [see bank bail-outs/ESM in Luxembourg])
- because there is no more need for banks (who are the biggest frauds in the world anyways which create money out of thin air backed by nothing more than a promise [see bank lending/granting credit]
- because there is neither debt nor interest in Bitcoin (you can't owe Bitcoin to anyone cause the lowest amount you can hold is 0 satoshi - even in the 3 big monotheistic religions Christianiy/Islam/Judaism charging interest [usury] is according to their holy writings one of the biggest sins)
- because Bitcoin does not get used to finance wars (unlike that shit Petrodollar)

The list goes on and on and on

[DainSLane]

It just depend on the person, what they think of bitcoin why they are working for it but for me bitcoin is not just money but it also helps me in many other things, and i want here in my country that bitcoin will be legalize so i can use it in my local store and i want people here to be aware what is bitcoin.

[Intersan]

Bitcoin is cryptocurrency and currency means money so, yeah bitcoin is money! It is a currency in its initial stage which has started to gain more popularity recently. Bitcoin serves as money to buy and sell things, but it is better than fiat as its price is increasing which is profitable.

I agree with you, because bitcoin is one stuff to earn a money. Bitcoin is another form of currency because it can use also in paying like loads online, and actually in trading that needs to pay the fee and I'm sure that the owner of that exhanger have an income.

And now it is another form of money cause it can earn through online and give a huge profit to the user who work hard in the crypto world.

And another proof is the other exchanger who accept dollar and use to exchange, which is a currency also. In that exchanger they have also a bitcoin and other currency.

[Irfanmsa]

Bitcoin is a virtual currency developed in 2009 by someone under the pseudonym of Satoshi Nakamoto. This currency is like Rupiah or Dollar, but it is only available in the digital world. The concept may sound like eGold, although it is actually much different...

[aryaadikariyansyahsuwarto]

can be said money but formless, can be said digital currency. I think that bitcoin means both. the most noticed is bitcoin has value and price, so for that reason I can argue that bitcoin is the currency.

[uchiha_2]

the many benefits of the bitcoin digital currency. you have called it very well. in my opinion bitcoin is the currency that is suitable for long-term investment. if you buy bitcoin today then in the future you will benefit from bitcoin results. you will earn money easily if you have bitcoin. for me bitcoin exceeds fiat money. because bitcoin also we can use to make sale and purchase transactions. so if you buy something then you just need bitxoin to pay it ..

[UCHCHILD]

The bitcoin is definetely a money firstly we have to convert it to  fiat first to spend in market, because it cannot accept if it is in ecurrency since in my country emoney is still not accepted  but I consider bitcoin as real money.

[NewBet]

Firstly, gold is money. That is a fact. It is the only form of true money (along with other precious material) going back thousands of years.

Now, Bitcoin is the exact same as gold except in this current age of technology we are able to have a blockchain, therefore it becomes virtual gold. I do not expect the blockchain to go away any time soon, therefore as long as it stays it means that Bitcoin will continue to have value.

[Bayrem]

bitcoin is a virtual money that can help you to buy many things online or you can even have cush if you convert the bitcoin to dollars and with a master card you can make it cush and use it for real life

[Kaller]

The more time that goes on, the more people will realize Bitcoin truly is money. It is just people who do not understand it who think it isn't money. Sucks to be them.

[james-selfpay]

If you can agree with others to trade bitcoin for goods and services, then sure, it can be classified as money

[LuciferAB]

Yes,  bitcoin is one type of hidden online currency. It one kind of virtual money which help us for trading goods. It can also convert in to real money. Bitcoin can convert any currency you want like dollar, rupees, euro etc. Bitcoin is widely accepted money in todays society.

[siti25]

I do not think I do not think of bitcoin as money. I think bitcoin is something of great value. Bitcoin is something of great value if it is in exchange for money. Just like gold, gold is something of high value if in money. But bitcoin is not visible a.k.a virtual. I think money is money, bitcoin is bitcoin.

[mickeybuddy27]

Bitcoin is money that us for me. I get to use it like money which I can buy something or sell something in exchange of Bitcoin. Though everybody else have its different versions of definition that is either by self, dictionary, or in legal terms.

through bitcoin we can make money. converting Bitcoin into fiat to buy things. Bitcoin is like a dollar that needs to convert in order to accept on the country because that currency cannot accept as payment for stores not like in having transaction in the company who are aware about bitcoin and accepts it.

[NoNetwork]

I do not think I do not think of bitcoin as money. I think bitcoin is something of great value. Bitcoin is something of great value if it is in exchange for money. Just like gold, gold is something of high value if in money. But bitcoin is not visible a.k.a virtual. I think money is money, bitcoin is bitcoin.

You compare Bitcoin as it was Gold because it is not money because it was like a thing that can have a value when converted to fiat, is this the way you see Bitcoin? Well personally, you might have a point, but if you would think about its a currency, that's why it is called a cryptocurrency because it is a currency existed digitally.

[Barbarian]

I think better than money, even better than gold. this is because the price or bitcoin value continues to increase, then it is time we invest our money into bitcoin because it proved very profitable.

Bitcoin is better than money, not only is money, a store of value, an investment, bitcoin can be used for anything you could build an app on top of it that keep the records of anything you wished, so bitcoin can be used for a lot more than any traditional currency that is what makes bitcoin so powerful.