Is Bitcoin money?

[Reez]

Bitcoin is money as long as people believe it's money and we use it for money. Right now people are using it as a store of value. Then people will exchange goods and services, and then things will get priced with it.

[Jose21]

Yes, Bitcoin is money . Its like an online job that we can use to earn profit . It is also one of the source of income of some students that is using bitcoin. It is so much helped with us because we can earn not just money but also our financial freedom.

[winterland]

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.

There is no doubt that bitcoin is money people use it as such and even if the price is not very stable bitcoin fits the definition perfectly and at the same time it can do a lot more than just being a currency, maybe that is where the confusion comes from.

[Sengoko]

What if I can’t fully wrap my brain around cryptocurrencies like bitcoin and ether?

Yes bitcoin is money which exist virtually in your digital wallets. People are using bitcoins for sale/purchase of products online from all over the world. Traders use this money for making huge profits in the digital world while investors invest maximum in this crypto currency for long term benefits.

[gokudera]

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, you have a good point. Bitcoin is definitely a type of money. In which it is not tangible. It also called a virtual money. It is mined by the miners in Internet. And it is also a valuable money. It can divided into eight decimal numbers.

[nelsledma]

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.

Bitcoin is money in true sense. It is a medium of exchange. The only thing new about it is the form in which it exists. I am talking about its digital form. But as far as we can buy stuff using anything, it becomes money and so does bitcoin. It is accepted by many as a payment for their offered services.

[Tungsten-1]

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.

There is no doubt that bitcoin is money people use it as such and even if the price is not very stable bitcoin fits the definition perfectly and at the same time it can do a lot more than just being a currency, maybe that is where the confusion comes from.

Bitcoin could actually be considered as a money because of its present usage and market demand .it has become a way of earning more and more capital especially for those people who have been looking for a job that pays off them in accordance to input .Hence, the best available option worth opting is bitcoin being most high rated of all digital currencies available round the globe .I have been into bitcoin trading since past few years and have got a much in return of some serious efforts and hard work.

[brickafterbrickwalldpt]

Yes, of course it is, it's a commodity and it can be exchanged for normal currency.

[Walked_by]

I think yes bitcoin is money

[adjudicator]

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?

Thats true. Bitcoin is a money in which it can be used as a pay for a bill and other things. But the cool factor is Bitcoin cant be touch, feel, see, etc. It is not a true object but rather it is discover and develop for us to have an easier transactions and buy things easily in online.

[colvis]

Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Bitcoin can be used to make most of our online transactions between individuals, bitcoin is not money but is a commodity.

[hangar18]

What if I can’t fully wrap my brain around cryptocurrencies like bitcoin and ether?

Yes bitcoin is money which exist virtually in your digital wallets. People are using bitcoins for sale/purchase of products online from all over the world. Traders use this money for making huge profits in the digital world while investors invest maximum in this crypto currency for long term benefits.

No one put all its funds into Bitcoin, therefore the Bitcoin and cryptocurrency market do not have definition maximum as your said . Maybe, only crazy boy put all his funds into an asset still unknown value and unstable, even it can be disappear in someday.

[PepperaOnIt]

Bitcoin is money because you can use this to buy a things you want using internet, but you cant touch bitcoin like fiat but it has also a high value.

[Sweeet]

Is bitcoin money, Yes. The only things bitcoin has is, Value, and technology value. The value itself is worth a lot of money Bitcoin is a limited currency which will only go up from being limited from that fact alone. I think it is more and more accepted every single day and eventually it will be used as a currency to buy everyday things. As for the technology value I think it is priceless, while I know very little about blockchain from the uses already being used I believe that it could be used in a lot of everyday things and even banking making everything we do faster. I think the creation of bitcoin has much more value in its technology then in itself, although I do believe Bitcoin is money.

[Lorilikes]

Well I've bitcoin  wasn't money when the thread started it is for sure now!
I love when topics like this keep coming back, indefinitely.

Bitcoin is currency, and the most influential digital concept of our generation on top of that.

[Liza Soberano]

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?

Bitcoin can be money soon but if you look entirely at the features of bitcoin,  bitcoin is money already because it makes money from simple posting upto joining some other things like signature campaign

[kimpena]

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

Yeah right. Bitcoin is money,  we use this to buy things,  pay bills, and as an exchange for service rendered, just like money. We use money for an exchange of something either a thing or a service rendered. We use bitcoin the way we use money, that's why we consider bitcoin as money.

[djmixen]

For me, i think bitcoin is a kind of money. Because the quality of what money have is also in the bitcoin like for example bitcoin can pay our bill and buy load or pay order online. which we can do also in our local money. But the difference of money and bitcoin is the first you can hold it any time you want and instant use it without internet connection, unlike in bitcoin it is a digital currency and it depends if you want to make it money.

[dhas]

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

For me, BTC can be consider as a money. Like what you say "Anything that is being used as a medium of exchange is money"  that' definitely correct.  As we all know in the signiture campaign we are paid through Bitcoin. And that coin can be converted into our money. Aside from bitcoin can also be saved for the future.

[Djalal7310]

I think bitcoin is money.
Because bitcoin has properties like money that is widely accepted as a store of value and we can buy something with payment using bitcoin