Is Bitcoin money?

[Mayora143]

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]
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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 bitcoin is a type of curreny to start with, but it exists in the cyber world. It may exist in the internet but we can receive the worth of our bitcoins in real world through remittance centers, banks or by simply linking our credit cards to our bitcoin wallet so in that way we won't have to withdraw money and risk getting robbed from the atm. Bitcoin is also a good way to transact with other people far away without anyone leaving their place and pay by bitcoins and their product to  be delivered. It truly is a wonderful invention because bitcoin has made many people's lives easy.

[gulshan1]

Bitcoin is a big money of a whole world and not of a particular country. Bitcoin is exist on the base of every country currency and without any physical currency bitcoin have a zero value. Due to new technology and modem advance time bitcoin is using as digital money online.

[kpcian]

Basically, Bitcoin is a payment system which costs a low fee and it requires less formalities. Bitcoin is called also a decentralized digital money which can be transacted staying at home. Bitcoin is the open source which is open for all. you can use Bitcoin for the purpose of purchasing whatever you want. so it must be called a newly invented money.

[megynacuna]

So far as Bitcoin can be converted into any other money(fiats) and vice versa I think it's money. It has all the properties of money and even more through the decentralized blockchain technology backing its usage.

[Chrystora123]

I think that bitcoin is not money, bitcoin is a new way of earning money, bitcoin is the same as gold or mine, miner miner bitcoin, then bitcoin they can buy, and there is an exchange

[theblack_cat]

I think bitcoin is a digital currency that can serve as a way to multiply money by way of investing, trading, mining, or other ways that can double our money and I am very happy with it and I really hope that bitcoin will continue to increase

[Heni23]

Bitcoin is an electronic money made in 2009 by Satoshi Nakamoto. The name is also associated with the open source software that he designed, and also uses a peer-to-peer network without centralized storage or a single administrator where the US Treasury calls the bitcoin of a decentralized currency....

[Yarsk]

I believe in the future of bitcoin and the question if bitcoin is money my answer is yes. Cause why money is defined as what ever that is generally accepted as a means of payment for goods and services and in this time bitcoin is generally accepted as means of payment so bitcoin is money to me and to some other people who share the same views as mine.

[princespiglet]

Not really - I mean, think of something you'd like to buy right now, and try and use Bitcoin. Mostly, you can't. It's mostly a store of wealth like gold, although it's somewhat more usable than gold, but that's probably mostly because it's connected to the internet rather than being a lump of metal in a safe.

[inevertell]

Bitcoin it is not a money rather it is like a gold

[NoNetwork]

So far as Bitcoin can be converted into any other money(fiats) and vice versa I think it's money. It has all the properties of money and even more through the decentralized blockchain technology backing its usage.

Then how would answer about Gold then? Its value can be converted to Fiat and also vice versa. It doesn't have all the properties of money since it is 'decentralized', I don't know why even said that. Bitcoin is somewhat more close to Gold than being money. It is an intangible object that has its value whenever we convert it to Fiat, we can also mine it; trade like gold. But as I've analyze it, its somewhat like  a hybrid of the two, I mean combining Gold and Money is equals to Bitcoin.

[BJFC1402]

in my city we have BTC exchange point. So money - yes. Only money - no

[The daddy]

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?

In my own opinion, bitcoin is an electronic money and or sometimes called as the cryptocurrency inside the internet. It was made last 2009 by Satoshi Nakamoto. The word "bitcoin" is also associated with the open source software that he had designed. And this bitcoin also uses a peer-to-peer network without centralized storage or a single administrator.

[citizenh-ssd]

Bitcoin is a new kind of money that can be used as an investment and make good money. In addition, they can use absolutely everything without age restrictions.

[Best Dreams]

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.

Yes it is money if it’s not money that how are going to buy things or how you change in to cash if still no one believe that bitcoin is money so try to buy and then cashed it hope it will be enough to them to understand.

[Praesidium]

Bitcoin can be considered money because it is a cryptocurrency. Bitcoin is a digital currency that enables you to trade things with maximum privacy it cant be tracked. Bitcoin can be considered money because it has marketvalue, economyvalue and can use to purchase things.

[winterland]

Court records are public access and you should have tried there first. Florida court declared that Bitcoin is a commodity and that was almost two years ago. It is all over the place and not hard to find. This is the key to making money, research and the ability to find information without help.  Bitcoin can be seen as money or a tool to make money.

The status of bitcoin varies from country to country so it is not easy to give a definitive answer besides it does not matter the legal definition that bitcoin may have if the reality is different, in Florida bitcoin can be declared a commodity but we know that bitcoin is money, there is no way around that.

[Granxis]

It's not exactly a currency, but it's better to say a digital commodity, not a currency, I do not think it's a mission. The important thing is to make our life easier.

[rudox]

Bitcoin is money. It is a medium of exchange and answer to needs. It can be exchange to any world  currency.

[BabyBoss]

Ofcourse Bitcoin is money the different of bitcoin in cash is that bitcoin is digital while cash is paper. They are both important to all of us. Bitcoin can stored in wallet and it will become double to triple after how many months or years while paper money can stored to but it will not become double or triple even how many years unless you will invest it or save it in bank, atleast there is interest.