Is Bitcoin money?

[BeerPanda]

Yes Bitcoin is money, we use it to trade to something that we need.
It is a digital money, that is what we called cryptoCURRENCY, we trade using this bitcoin.

[Allan Ramanda]

bitcoin is the latest discovery in this century, which is very useful for the whole world. digital currency technology is highly trustworthy and has been proven everybody to make transactions, but bitcoin is currently illegal in my country, because bitcoin can not be controlled by the government.

[iamzill]

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?

for my country today the real money that is still enforced legitimately, maybe I think bitcoin, gold, is a place or means for investment or other words is a place to save with interest income faster and larger, but still a legitimate payment in my country still using the official currency of the government

[francesyrus]

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?

I think Bitcoin is a money in the form of crypto currency or money that is being using online. We can buy things online by using bitcoin, we can even pay bill, buy game credits and even top up load for our cellular phones' network.

[harbin55]

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 it is money instead on virtualworld which can be cash out into real paper
money

[DoublerHunter]

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 it is money instead on virtualworld which can be cash out into real paper
money

The only difference of bitcoin in some form of money is, bitcoin is a virtual money and you can just earn it online and the best thing right here, is you can earn it and cash it out in the form of fiat where you can spend it to the malls or stores that you know and buy the things that you really want because you can now afford them all. Bitcoin is also an investment and that is why i prefer bitcoin over fiat.

[me888]

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

Yes. It doesn't matter what nation-states think bitcoin is.

All we're doing is saying bitcoin as something else other than its economic reality.

Anything that can trade goods is money.

[djgtr]

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

Yes. It doesn't matter what nation-states think bitcoin is.

All we're doing is saying bitcoin as something else other than its economic reality.

Anything that can trade goods is money.

i think bitcoin is an opportunity it is not really a money it is a crytocurrency and the simple way to get more money .it is considered as money because we can convert it into money if we  need money to provide our daily needs it is also an investment because if you hold it maybe someday you can also gain profit because of its  unstable price it is really amazing.

[SonicDoom]

Technically yes, because it can be used to pay our bills and to buy something like loads, etc.

[namhung]

i think bitcoin is not money . bitcoin is simply bitcoin . money is money . money can buy bitcoin .
but bitcoin and money can buy somethings that i want to buy it .

[dreamer81]

Stop thinking of bitcoin as something similar to fiat. Bitcoin is store of value. Basically it means that if you buy 1 BTC the purchasing power of 1 BTC is the same (or more) after 1 year.

[Lord of the Lies]

it depends on your definition of money. i know some profs that don't think it's money, and economists that think it is.

[Laya Varghese]

I do not consider gold to be money.  You can't go and buy most goods and services with gold.  Gold is a commodity, dollars are money.

Bitcoin is a virtual currency.  It has more in common with paypal than it does with dollars or with gold.  I wouldn't really call it money until it is more widely accepted as payment for goods and services.

I agree with this. Even though it is not a tangible money, we can add and manage the value and deal with it. Not like gold. We can say it as a digital money.

[Sengoko]

Yes it is. Money is anything widely accepted as a store of value, it exists in many forms such as currencies and commodities like dollars or gold. And since bitcoin is widely accepted currency so it is money.

The fact is that Bitcoin should not be seen as a means of payment, but as a means to save your income and increase your savings. In this way, one can completely cut off all the attempts to compete with the son of a feat. But I think that once it has a completely different meaning. Although every person has an individual opinion regarding his attitude to Bitcoin and crypto currency completely.

I definitely agree with you in this regard. Bitcoin itself could not be considered as money.  It is only a way to increase the money that you have already earned or have saved up besides for future use. Some people despite of all these facts do claim that they find it as the source of earning and are doing well in this area of financial matters. But the thing is that everyone has his or her own point of view of bitcoins.

[darefreads]

I think they are just the same the way I buy and pay bills here in my place. but they there on advantages and disadvantages, bitcoin is so easy to use no matter you don't have money you can buy and pay online but you can't carry when you don't have internet unlike money you can carry anywhere but it can be lost or snatch

[rowingcola]

I think they are just the same the way I buy and pay bills here in my place. but they there on advantages and disadvantages, bitcoin is so easy to use no matter you don't have money you can buy and pay online but you can't carry when you don't have internet unlike money you can carry anywhere but it can be lost or snatch

I would say bitcoin is not money but it is something more like movable gold.. something that has a value to it and yet you can split it up into small little pieces to move it around the world.

[balicadragos]

In my opinion Bitcoin is money but it's not something material, like money on a card .

[christam02]

I trusted that Bitcoin is a new kind of money for our world!

[Ou ss ama]

For me is not like that actually is more than money and i see bitcoin will be the futur . it will beat all of the currency

[Bustart]

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.

I'm not agree of your opinion that bitcoin is not money. Bitcoin is money for it allow online users to processes money transactions.It is a scarce commodity used as money by millions around the world. It is a commodity money without gold and a fiat without a state. It also called money for it has its own value. Besides, there are thousands of businesses and individuals voluntarily accept bitcoin as payment and is also used  by other people to shop online.