Is Bitcoin money?

[Kikeeping]

For me bitcoin is commodity. Where, i can use it to make money from trading or other things. Less precise if considered as money. Because some countries deny bitcoin, which means for some country bitcoin isn't money.

[xBitHodler]

Bitcoin is money definitely. It will take some time before we will use it in our daily lifes for daily purchases. For now I use it for trading, investments and sending money to my family members who are living abroad. By doing this I can avoid paying additional fees and save some time. Mining is also a new way to earn some money, it didn't exist before Bitcoin was created.

[Granslam]

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]
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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?

Based on my research bitcoin is a decentralized and bitcoin is a digital cryptocurrency that have a value in real money so that's why many people got interest to use this becuase they know that someday they 'll get a lot of money .

[Redanim]

Bitcoin is a new generation of decentralized digital currency, created and operated only in the Internet. No one controls it, currency issuance occurs through the work of millions computers around the world, using a program to calculate mathematical algorithms. This is the essence of bitcoin.

[Mame]

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.

+1 agreed.  It's a commodity, a digital store of value.

You could say that since bitcoin can be use as an medium of exchange,I cosider bitcoin as money you can make transactions online buy things and get services and do trade as well as invest.So we can cosider it as money.

[Tenderino]

If bitcoin is money, go to your local bank and try to deposit and let us know what they have said? As I have never heard that a bank accepted bitcoin deposits, it appears to be no money in that sense.

What is it then? A digital value storage with the function of money.

[Japinat]

If bitcoin is money, go to your local bank and try to deposit and let us know what they have said? As I have never heard that a bank accepted bitcoin deposits, it appears to be no money in that sense.

What is it then? A digital value storage with the function of money.

It's not necessary to go to banks in order to use this money as even without the bank bitcoin has it's value and we all consider it as money.
This is a store of value that's why people love to hold this for long term because the value will rise overtime, it's not like paper money that when there is a bigger demand the bank can easily print paper money again, bitcoin is based on limited supply that's why the price keep rising as demand is increasing.

[btcboss71]

Bitcoin is an electronic currency. I think It is a Money making Machine. we are not able to use Bitcoin in our daily purpose.
so it is not wise to say that BTC is a money. Its need to be established more and I think it is not possible that BTC will replace the place of money.

[Gaff]

Bitcoin is an electronic currency. I think It is a Money making Machine. we are not able to use Bitcoin in our daily purpose.
so it is not wise to say that BTC is a money. Its need to be established more and I think it is not possible that BTC will replace the place of money.

Of course bitcoin is still money. A kind of crypto currency and digitized money at the same time that can be kept in wallet transaction by the use of internet. You can change it in fiat after it has been transacted to your account. After fiat, you can simply cash out and it turned into real money a physical money to be exact. So they are just the same only that it is modernized way to earn it using our technology.

[Dreamchaser21]

Bitcoin is a ditigal currency that we can use to transact online and also you can easily convert it into fiat money which we can be more convenient to you. Bitcoin is my great source of money, it is a money generator for me simply because they allow me to make big money even just working online, and this is really a great opportunity for us.

[nskendrovic]

Bitcoin is money because it is a universal ledger that keeps track of debt. This is what money is and that is what accomplishes amazingly. It's immutable decentralized consensus network is the reason.

[Best Dreams]

There are only one particular response in this thread and 1 concern to reply the question on the title.Is bitcoins use for payment for an medium of exchange?yes is the response proper for that reason bitcoins is income just like usd and other fiat currencies about the globe.

Yes there is no doubt that it’s a digital currency and it work same like other currency you can buy things and you can also pay bills and you can exchange this with other currency so bitcoin is totally currency and you can learn a lot of things here as well you can trade here also and the good thing is bitcoin is now available almost everywhere.

[pimvinken]

Bitcoin is a new cryptocurrency, has just been popular for few years because it can be used for many purposes, trading and investing but aslo can be exchanged into money for daily use, so bitcoin is very special thanks to these reasons

[SmartMesh]

If you don’t understand money, you cannot understand bitcoin. For most of us, money is the U.S. dollar, the fiat currency of the United States issued by the Federal Reserve and maintained by the commercial banking system.

[kalawang]

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 digital currrency which means you cant hold this like a fiat money but bitcoin is more amazing than fiat becuase if you have bitcoin the bitcoin is price is increasing  and then you can convert it into real money called fiat do bitcoin is money.

[Lannie25]

For me bitcoin so far cannot be consider as a money. But  as a source of money. You can exchange bitcoin to a fiat or real money but i think Bitcoin soon will become a concept of money in the future.

[yasukata]

I think that I am money. I think the reason is simple.

[Irvinn]

Bitcoin and other digital currency perform the function of money, which means that it is money. With this you can argue, but the fact remains. This issue was raised, in principle, in connection with the topic. that this is not ordinary, not physical money, as it was always before, but digital, virtual. However, the essence of this does not change. Everything that is applied as payment for a good or service and is not also a commodity should be referred to as money.

[NelfiNovita]

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

bitcoin is a new type of digital money that can be used for payment of goods or services or online payments, and can be exchanged into currency in accordance with the currency of your country.

[Coin12]

I think bitcoin has same function as money that is for payment sytem.
I am not such expert people to describe what is money itsself.
For me bitcoin is like virtual money.