Is Bitcoin money?

[Mumbeeptind1963]

I agree bitcoin has lots of use nowadays, as long as bitcoin is accepted and being used by many people I consider it as money. 

yes of course Bitcoin is real money for the Internet . People can buy and sell anything with Bitcoin . People buy coffee with Bitcoin at local shops. Others get paid in Bitcoin and use it to shop online.

Yes thats right. , thats my point many people are asking me why should i contonue earning it, then heres my reason to them, at first i didnt believe in bitcoin and i think that bitcoin only wanted to fool me but since my first salary everything that i know before has been already change. Bitcoin is money because it can helps me in many ways and i like it.

[beatleap]

I think Bitcoin is more valuable than money due to its limit. Other currencies are just printed off and don't have a hard limit like Bitcoin.

[Mr]

To use bitcoin as money it needs to be widely accepted by merchant, the current entry barriers and high fee is preventing it from being a day to day clearing currency. It's more like gold, it has perceived value and could be used as a value storage.

well, actually, I doubt that there is a person who uses bitcoin as a type of money and trade it with merchants. The price of bitcoin is high right now and it is insane to pay a huge fee in order to use bitcoin. Moreover, holding bitcoin will make you have more money in the future. Do not use your bitcoin in this year and the next year. Bitcoin will increase more and more and become even stronger

[Kmrherradura05]

Bitcoin is somewhat like what you can exchange
to make it a money. Like gold..you can exchange
it as a money in some shop.. Just like Bitcoin
it is also acceptable in some shop or business
to accept it if you convert it into Cash. You can remit
it. It is not really a money or a note but rather
an instrument that can be converted into cash
or can be converted as a payment on some bills.
Like Meralco,telephone bills.,restaurant bill.,tickets
online games etc.

[Bambinoe]

Well for me Bitcoin is money although not being accepted as legal tender in some countries. But presently it is used as a means of exchange for goods and services. Therefore that qualifies it as MONEY...

[dzhan]

Of course Bitcoin is money, I have no doubt about this fact. It is even better than fiat currencies in many ways. You can using Bitcoin to sell and buy things online and you can also convert it into cash anytime. So it is a real money.

[Barbarian]

I think Bitcoin is not money but it is digital payment system.But the bitcoins can changes to money.The prices also expensives and valueable eventhough it look like small amount. 1Btc cost 4641 in dollars money.

If bitcoin was just a payment system then we will need a unit to act as a currency, for example, paypal is nothing more than a payment system because they do not use their own currency they use dollars and many other international currencies, bitcoin uses its own units so bitcoin is a lot more than a payment system.

But the government sees it as a payment system because they believe the only currency are those legal currencies created by them.
If we want to see bitcoin to be regulated then we have to rely on the decision of the government and they would not allow it to be more powerful than their own currency.

It does not matter if they do not see bitcoin as a currency or if they do not want to recognize it as such, bitcoin is a currency it fits the definition, that is what it is the most important thing, it does not matter how much they are going to try to twist their logic and laws bitcoin is going to overcome all of it.

[mammoniter]

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

Bingo!

I second emotion  that any current medium of exchange is considered as money its just that were not used to something that we don't actually see or hold on to but I think bitcoins can be considered a money also. But still I'm wondering then even ideas are considered money too? Because we sometimes use it as a medium of exchange also in return for something valuable. Maybe I'll research a more concrete definition but for me bitcoin is still a money even its logo is like a currency.

[GOODNESS]

Money is a legal tender which a country uses as a means of exchange for goods and services.It is not only used in the country but must be internationally recognized and accepted, for transactions, trading and other services. Bitcoin can not be directly accepted as money due to its popularity and acceptability which is just on course in reaching out to most developed countries including Africa. Bitcoin is a digital currency that needs a process for transactions to be carried out.So since it can be used in countries that recognize bitcoin and uses it for trading and investment, to such people it is money, but in areas  where technological involvement will be involve, to such it will not be accepted as money.  

[Pumapipa]

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 really is a form of money. Thank you for the list you have provided above. From the abovementioned list, Money is considered as the most common medium of exhange.. so if we use bitcoin ay payment for services rendered or products aquired, then it is money. It is just that definitions of it nowadays are limited to paper fiat. This still needs to be updated as we are entering the digital age,

[Panchum]

Ofcourse bitcoin is money, as we know, it is a cryptocurrency or digital money. Also many people are already using bitcoin to buy things online.

[mayidid]

Of course bitcoin is money since you can buy something directly with bitcoin, and the best thing is that we can have total control on our funds and we have our own bank in the form of bitcoin wallet which is accessible to us 24/7 and our money keeps on growing even if we simply hold it for a long term. but at the end it's not actual money, it's more something you invest in which can make you earn real money.
 

[m_01]

Its a kind of soft cash

[taiwww]

Money is any generally acceptable medium of exchange between two people.
It is a way for a person to trade what he has for what he wants.
It serves as a medium of exchange and have some economic value.
In barter system goods were exchanged with goods, later on gold, silver i.e. precious metal coins were used as money.
Currency notes came in circulation from more than 150years.
After digital revolution many new modes of payments get introduced like digital money.
Bitcoin is the most latest and most advanced mode of exchange or currency.
It possess all the functions of "money". It serves as a independent, transparent and most secure medium of exchange.
Transaction time is much less due to lack of any mediator.
It has no barriers of countries so it get widely accepted within short time span.

[jake zyrus]

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.

Bitcoin is a money but you need to work for it to become money. Bitcoin gives you a chance to earn in high profitable income all you need is to campaign. Bitcoin is money gives you oppotunity to become rich.

[RenzAranez]

Personally i considered bitcoin as a money in the internet world.
bitcoin can be use on purchasing something online,
other people get paid using bitcoin.
So therefore bitcoin is money, currency, wealth, investment etc...

[kiddeon123]

yes ofcourse bitcoin is money, anything that acts as a medium of exchange can be considered as money, but unlike other medium it is based on the internet and made by complicated form of algirithms that allows safe transaction to happen.

[swordling143]

Somehow it is a kind of money, specifically an online money. To consider something as money, it needs to have the following characteristics:

1. You should be able to use it as payment in buying something.
2. It can be transacted to different money related services.
3. You can earn it, or the jobs you take pays it as compensation
4. It can be kept as savings and can be invested.

That is why I consider bitcoin as money.

[Zrs]

in my sense,bitcoin is money but in a digital form.unlike othet money, bitcoin is not touchable.but bitcoin produce mobey.you can earn a lot from bitcoin by selling it.so in that sense of view,bitcoin is money✌.

[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?

Yes, bitcoin is a money. It is a digital currency and also called as a cryptocurrency. It is used as money or a payment through online transactions and it can also be used as a payment in local stores and it can also be converted into money through remittance centers.