Is Bitcoin money?

[zais]

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 is a consensus network that enables new payment systems and money that are entirely digital. Bitcoin is the first decentralized peer-to-peer payment network that is fully controlled by its users without central or intermediary authority. From the user's point of view, Bitcoin is similar to cash in the internet world

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[adiwibowo]

bitcoin may be the next big thing in finance, but it can be difficult for most people to understand how it works. There is a whole lot of maths and numbers involved, things which normally make a lot of people run in fear. Well, it’s one of the most complex parts of Bitcoin, but it is also the most critical to its success.
As you know, Bitcoin is a digital currency. Currencies need checks and balances, validation and verification. Normally central governments and banks are the ones who perform these tasks, making their currencies difficult to forge while also keeping track of them.

The big difference with Bitcoin is that it is decentralized. If there is no central government regulating it, then how do we know that the transactions are accurate?

How do we know that person A has sent 1 bitcoin to person B?

How do we stop person A from also sending that bitcoin to person C?

The answer is mining.

What is Bitcoin Mining? In Some Ways, Bitcoin Is Like Gold

One of the most common analogies that people use for Bitcoin is that it’s like mining gold. Just like the precious metal, there is only a limited amount (there will only ever be 21 million bitcoin) and the more that you take out, the more difficult and resource intensive it is to find. Apart from that, Bitcoin actually works quite differently and it’s actually quite genius once you can get your head around it. One of the major differences is that mining doesn’t necessarily create the bitcoin. Bitcoin is given to miners as a reward for validating the previous transactions. So how do they do it?

Bitcoin mining requires a computer and a special program. Miners will use this program and a lot of computer resources to compete with other miners in solving complicated mathematical problems. About every ten minutes, they will try to solve a block that has the latest transaction data in it, using cryptographic hash functions.

[Viscera]

Yes because Bitcoin has a value. its more than a gold.. we can exchange it to any fiat money or any currency that we have. bitcoin is a cashless virtual currency that's why it's called money

[Gaos]

Bitcoin is not money. Governments do not recognize bitcoin as money. But for users, bitcoin is both money and a payment system and a good source of income. For me, bitcoin is super-money

[cryptoid2017]

Yes, it is money, but currently the purchasing function is still quite limited. At this point of time, it is rather an investment asset and speculative instrument.

[sclmte]

Technically, bitcoin is not a money but some of it's functions is like money. Just like it's function for currency exchange. Bitcoin can be use as a medium of exchange. It can also be use as payment for salary. Bitcoin is now considered as the future money.

I think as long as bitcoin could be used to buy goods and has a rate or price in another currency. Any form of bitcoin. I would say that bitcoin is kind of money

Bitcoin is a digital money but it can be convertable to real money. I believe that It represents money because it has a value. You can use it as a payment to buy some stuff.

[Firefly Foundation]

Bitcoin is the a good way as invest, but it is some different from the money, bitcoin is not limited by any government. In other way, bitcoin as a free market in the internet.

[CaliforniaCrypto]

Technically, bitcoin is not a money but some of it's functions is like money. Just like it's function for currency exchange. Bitcoin can be use as a medium of exchange. It can also be use as payment for salary. Bitcoin is now considered as the future money.

I think as long as bitcoin could be used to buy goods and has a rate or price in another currency. Any form of bitcoin. I would say that bitcoin is kind of money

Bitcoin is a digital money but it can be convertable to real money. I believe that It represents money because it has a value. You can use it as a payment to buy some stuff.

its not really money. I have Beanie Babies from 15 years ago that have a small amount of value that I can exchange for Fiat, but that doesnt make them money. Just because Bitcoin has value doesnt make it money, itsm ore like E-gold than actual money.

[Razmirraz]

Bitcoin can serve as both money and asset. Because, bitcoin can be used instantly to shop online. However, for me who still amateur. Bitcoin just as a tool to increase income.

[GaxviiBuss]

Anything that is invested is money. Bitcoin, like gold, is money. Invest now to become rich 

[Tiktik]

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?

Ofcourse yes ! Becuade you can convert it into fiat money(realmoney) or in your currency so if you have a bitcoin  you can convert it and you can use this to buy anything so i think bitcoin is money becuase bitcoin is profitable for all people.

[Corporatocracy]

Bitcoin is money, but it's not used as much as money as it used as an asset people speculate on.

It's being sold as the future's world money, but I don't see it fulfilling that role. The ones like IOTA seem far more capable of scaling to me.

That said, being a newbie, I could be wrong here.

[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?

Bitcoin is a money. It is a type of a digital money and it can also be converted to a real money. I believe that it represents money because it has a value just like money. You can use it as a payment, to buy some needed stuff and you can also invest you bitcoins and make some high profits.

[digitalgame4life]

It is indeed a rather new kind of money nowadays, it is surely the gold valuta of the internet, what governments and corrupt people say about bitcoin doesn't matter to me and everyone interested in cryptocurrency as a whole, why should we depend on those stupid people who only want to destroy bitcoin and improvement on blockchain, no matter what some people say bitcoin will be seen as money, price rocketed today and I will hope it will rocket as long as it exists.

[Keyboard PC]

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 is a money. It is a type of a digital money and it can also be converted to a real money. I believe that it represents money because it has a value just like money. You can use it as a payment, to buy some needed stuff and you can also invest you bitcoins and make some high profits.

bitcoin has many functions such as investment tools, and trading tools. but, many people have considered bitcoin to be the currency on the internet, and even I also think like that. bitcoin like gold, but made as money.

[MS.LAWLIET]

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?

when i've read the topic my answer was YES but when i read the info and others point of views i suddenly became confused. well i changed my opinion . so bitcoin is not a money but a digital currency that can be exchanged for a money. well it almost have the same value as money maybe even higher than money but since it is not yet legalized internationally some persons and business won't view bitcoin as money.

[pushups44]

Yes, bitcoin is money, albeit a new form of money. It is digital or virtual money and operates by using blockchain technology, which is an innovation that will benefit humanity far beyond cryptocurrency applications. As long as people value it and are willing to trade goods and services for it, and meets certain criteria -- divisibility, fungibility, scarcity, which it does -- it is money.

[Ngewex Yuk]

Yes true, bitcoin is money because it can be used to buy anything we want, and I think currently bitcoin is better than money because bitcoin prices continue to rise while money remains.

[Getcoinsite]

Some considered bitcoin as currency and for me.it may not be exactly money but kind of thing. coz it was convertable into money and valued as money as well.i can send it to some people as currency and i can pay bills using bitcoin.

[adzino]

It is indeed a rather new kind of money nowadays, it is surely the gold valuta of the internet, what governments and corrupt people say about bitcoin doesn't matter to me and everyone interested in cryptocurrency as a whole, why should we depend on those stupid people who only want to destroy bitcoin and improvement on blockchain, no matter what some people say bitcoin will be seen as money, price rocketed today and I will hope it will rocket as long as it exists.

This price rocketing and dropping, that is volatility is one of the reason why people are hesitating to use this virtual crypto currency. No assurance of stability. So more risks are involved when transacting using bitcoins. Confirmation time is also another issue which is associated with fees.
And the price won't be rocketing but will go up slowly once stability is reached.