Is Bitcoin money?

[Qunenin]

The law states it is a commodity. Simple research will tell you that. It is something that will make or break you, so learn to do that diligence and get the information yourself or you will never make it in the trading markets. Bitcoin was deemed legally a commodity in Florida and in few other US States courts.

[Surrapatt]

Yes, until now bitcoin is better regarded as commodity although able to play better than money because bitcoin also has a universal value.

[daarul50]

bitcoin is not money, but bitcoin can serve as money. Why? because bitcoin has a value, and bitcoin is also very limited because the limit is bitcoin has a value so that bitcoin can function as money.

[GreatOrchid]

More than 100 pages saying the same hahah, but it is okay, it is obviously that bitcoin was not being considered as "money" a few years ago. But it has a lot of value right now, and its price has been set because of its demand, so yes, we can say that bitcoin is money, and that we can use it for buying things, or just use it like if it was paper money. Bitcoin is incredible

[daringdiscovered]

bitcoin is not money, but bitcoin can serve as money. Why? because bitcoin has a value, and bitcoin is also very limited because the limit is bitcoin has a value so that bitcoin can function as money.

This is insane, most of the people do only think one think when someone says "money", the first thing that came up into their minds is fiat which is not right. The "money" term have different meaning depends on where you are going to use it, for example is here in bitcoin, let me clear things up to you folks, maybe this is just a misunderstanding of some people here in this forum. Bitcoin is a money, but not the money which we are spending in our everyday lives, but the money that we could use online and that is what you called virtual money. Bitcoin also have physical appearance like fiat, the only difference is bitcoin is advanced and fiat is not.

[winterland]

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?

A general dictionary is not the best place to look for specialized knowledge, which definition will you trust, the definition of a term that has to do with physics from a general dictionary or one from a book of physics, in this case the one that is going to be closer to being accurate is going to be the one that is in the specialized book about physics.

[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.

[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, bitcoin is a money. Because it is an online currency, a digital currency or cryptocurrency. So it is actually a money but you cannot buy or use it just everywhere because it is not legalized in the local area or even in your own country. Bitcoin is a money which you can trade for the real life money and people can only use bitcoin in the local area if he/she will cash out those bitcoin in a bank or remittance center.

[Text]

Bitcoin is money because it a medium of exchange, we can convert it to fiat currency and trade to other altcoins. Yeah it is money because it has value, and we can use it to purchase products and services online that accepts BTC as payment. We can also put it on as investment to gain profits.

[domgamer]

I think bitcoin is considered money for us who knows cryptocurrency

[nskendrovic]

Why not? It is valued more than any other currency or asset because people believe that, and if they believe that they do so for a reason.

[josephinerosdy]

yea. bitcoin is money because have value and can be change to fiat money.
everything who have values i can call it money.

[gilangIDR]

For me bitcoin is more than money. Bitcoin is also a very profitable investment. Because bitcoin today I can get a much better life than ever before .. Bitcoin has changed my life a lot better and I feel that bitcoin is a miracle in my life. This is why I consider bitcoin to be part of the life I live.

[Kotone]

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 a sense bitcoin is money though electronically and paperless. It grows just like money. It can be invested like moneybut more importantly you can soend it just like in money resources. That is why even if it a new currency then you can still get on it as it is new.

[poetra2501]

Why not? It is valued more than any other currency or asset because people believe that, and if they believe that they do so for a reason.

If all countries assume Bitcoin is money, then it will be very beautiful this life for Bitcoiner. But there are still many countries that are not known yet about Bitcoin properly. They still think of the negative side of the Bitcoin, although Bitcoin have so much the positive side.

[Senpai17]

Bitcoin, would qualify as money or currency; it is a medium of exchange and a unit of account. It just has no link to a particular sovereign.

[itzong17]

Popular definitions of money also focus on the idea of a purchasing unit—often denominated in bills and coins that can be used to purchase goods and services. so Bitcoin can use for transactions

[vvong]

It is clear that Bitcoin can be used as money,. “It can be used to purchase goods or services, used to pay for individual living expenses

[TracyTStump]

Bitcoin is money on the internet, but most people consider it a tool for gambling, or trading tools. You can use it the same way. Bitcoin is new and it has many things that make it different from the kind of money that we usually use in these years. Bitcoin can be a source of cash for your needs, just like your income from work. Yes in your country of residence. But you can use bitcoin in the transaction using wallet like coin.ph in this you can make transactions like bill payment, purchase or even convert your bitcoin.

[Bitshan]

Bitcoin is more than a system to store and transfer value from one person to another. Bitcoin is a protocol, a computer network, and much more.

[vinceey]

Bitcoin is money for the Internet. It is a scarce digital commodity used as money by millions around the world. People buy coffee with Bitcoin at local shops. Others get paid in bitcoin and use it to shop online. Friends use it to settle with whoever paid for dinner. Workers send Bitcoin back home to help family, regardless of where they live.