Is Bitcoin money?

[Emerge]

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.

[Rajat97]

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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[/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 type of virtual currency which u can't see just have it with you. Bitcoin is on the verge of replacing the physical currency and its growth is for sure.

[xBitHodler]

Bitcoin can give a huge opportunity to make a fortune. Of course, it isn't that easy. People who invested in it between 2009 and 2011 are already rich and they are probably observing what is happening right now. Even if you invest small amount of money, you will earn thanks to hardforks which happen time to time and increasing Bitcoin value.

[maxlimux]

Bitcoin is a trading object for me.

[cryptonews90]

Yes it's. Bitcoin will be the currency of the future because
Bitcoin is best currency in the world

[50ouncebrew]

Bitcoin is absolutely money because it is a store of value, a medium of exchange, and a unit of account. Once BTC is accepted onto a global market then you won't be asking if it is lol.

[Faruque312]

Bitcoin is a digital online currency & Bitcoin is regulated by no nation or bank. So we want to say that this is a online money. In reality it can be hand-operated in the same way, it is also traded through online.

[sweetpeaches]

YES. lol

[ohlawdy]

For sure it is money , when you can exchange it for goods it is pretty much money.

[Ranly123]

I diffenately aggree that bitcoin is money since it is named a currency. Literaly money is used to buy, or trade products, in case on bitcoin people can be traded to fiat currency in order to trade in real product, so basicaly in my point of view, yes it is money.

[Defenestration]

Yep, bitcoin sounds money to me.

[Avity]

I would argue that Bitcoin is money and quote your statement and definition where currency is 'a store of value'.  Bitcoin is a store of value because the people have deemed Bitcoin as being valuable.  Obviously the technology that allows bitcoin to exist is the main reason why it has value.  The technology essentially allows you to be your own bank as well as anyone else holding bitcoin and facilities transactions instantly person to person, no middle man with security involved.  

However back to the main point.  Bitcoin is money because people believe it has value.  Most things have a certain value and most things have been a form of currency at one point or another.  It wide use makes it have a higher value than other forms of currency.

Personally I am very happy bitcoin is around.  thank you Satoshi and all the other crypto genesises out there who made this possible.  I wholeheartedly believe this will change the world for the better.  People power. pow pow

[nguyenngocson]

i bitcoin is not money , because bitcoin isnot really in life . money is really in life .i think bitcoin is money . bitcoin is simply bitcoin

[Rojectime]

No, Bitcoin is a currency employed into electronic entire world as payment to the electronic or online services. But you can converted it into a genuine income, using the other banks that acknowledge bitcoin as forex.

[ocid]

what I know of bitcoin is the intangible digital currency but has the same value as the world dollar. On the other hand bitcoin only as a means of exchange or property that can be used with always connected using the internet network. Over time digital bitcoin currency can be used as a very promising investment assets just like gold is widely used as an investment.

[wilson_bitbybit]

The whitepaper says peer-to-peer electronic cash. So yes, Bitcoin is money, a new kind of money.

[winterland]

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.

The truth is that you cannot touch much of the fiat either, most of the fiat is just like bitcoin a bunch of numbers on a screen, so to me bitcoin is a natural step in a direction we are already going, to move all our transactions online, I have heard that Sweden wants to do this already.

[kotajikikox]

bitcoin as new digital cryptocurrency you can use it to exchange into fiat money, bitcoin as currency are fast movement to increasing with high pirce value in the marketcap and bitcoin is easy to use in the online payment transaction i think for bitcoin and money are the same function use for exchange into goods.

[Maricel2017]

No, Bitcoin is a currency employed into electronic entire world as payment to the electronic or online services. But you can converted it into a genuine income, using the other banks that acknowledge bitcoin as forex.

Bitcoin is not money but it can be change into money. If you. Bitcoin is a digital currency it can be used payment for online services but if you want it is converted into cash..

[DenGreen910]

It is right, bitcoin is a digital currency, but when we convert it into dollar than no doubt bitcoin make us money.