Is Bitcoin money?

[rxone]

Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.

[Mikwik]

I feel anything that can u used for exchange is money.
It may be gold, since, bitcoin etc.
It's all about profit motive.

[Babylon]

Yes, Bitcoin is a money. Bitcoin has a high amount value. Bitcoin also considered aa a medium exchange.

That is why bitcoin can be considered as money because it acts like it.  Any thing that money can do can be done by bitcoin.  Only that bitcoin can be used only online and is not yet accepted worldwide and not that popular.  But if we look at it, bitcoin equates to money.

[coinholic]

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 believe it is. It is being used in trading and payment for goods and services. Anything that is used as a medium for exchange and has monetary value can be considered  as money.

[Gladz29]

I believe that the statement: "bitcoin is new kind of money" passes the duck test.

Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.

If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.

[luigidosado]

In some ways, we can say that a bitcoin is a money or maybe we can say that bitcoin is a new form of money. Its like the digital currency of the whole world. It serves as a medium of exchange from different parts of the world. You can buy or pay anything on the internet using this. Bitcoin can also be a source of money.

[Mizan007]

I think bitcioin is just way for income . its not money just crypocurrency . Bitcoin is our modern online currency and it is still money even though it's no longer currency

[BlasterS]

Yes definitely Bitcoin is money, Bitcoin has a high value. Bitcoin is a new kind of money for those who only understand what is bitcoin.

[YayProto]

It's not money. It's something in what millions is believe.

[tengek37]

Review of its function as a medium of exchange.
I think Bitcoin can be interpreted as money.
 

[zhopas]

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 me, bitcoin is a kind of money because it is where we can use to buy things. Bitcoin can help each of people to earn. Bitcoin is a new kind of money where they can called virtual currency or crypto currency.

[RavenHood]

In the currency world, bitcoin is money or in the online world, bitcoin is also considered as money.  Because you can buy the things that you want and need by bitcoin, if the online markets accept bitcoin as a payment. Now many companies are accepting bitcoin and exchanging your bitcoin into real money.

[Crafts12]

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.

Yes bitcoin is money because it is a virtual currency and currency means money. It can also be used now in buying things that you want but only for those shop who accept bitcoin as a payment. I consider bitcoin as a money because I can convert it into fiat whenever I want so that I can easily used it. It was serves as a medium of exchange and it has a value like what we have in our fiat currency but for now bitcoin was just in the virtual world.

[Sidas_Crew669]

bitcoin is not money but asset like gold. not worth if use bitcoin for buy a things.
buy bitcoin invest bitcoin why buy money for money if bitcoin is money?

But gold is money as well, maybe people do not use it like that anymore but that is not important gold was used as money for a lot longer than any fiat currency and if people do not adopt bitcoin then it is very likely that gold makes a huge comeback when the fiat system collapses.

Gold is not money, it is an asset and you can convert it to money. Money is FIAT, Gold has value but you can not call it is money. Money can use to payment but we can not use Gold to that. Therefore, you need to know the difference between FIAT and asset.

yes gold is an asset that is now starting to decline demand because of the bitcoin
and gold must be exchanged with money first so it can be used in terms of purchase transactions

I agree with you gold is an asset but bitcoin is money too and i think this is more money to us that in real life money because some people almost made this their daily job and are earning a lot from it.

exactly once, if you already understand and understand about the bitcoin main step then is to be done is an investment. For if you could do a good investment with great returns then you can get in a long time. But keep in mind before doing the analysis then you should also know and understand about the disadvantages and the advantages that you can get, but one thing you must do is to always update or analysis about the growth of the bitcoin.
 

[AndriyPilipyak]

its better-bcc is digital asset)

[rommil]

I don't think that bitcoin is real money. It worth a lot and have some different structure inside of it. We dont name platinum as money, right?

[rube08]

Bitcoin is a digital asset as of right now with speculation that it would eventually be used in everyday transactions in exchange for goods and services.  Just think if bitcoin eventually replaces fiat cash with only 21 million in circulation, just think what the value of 1 bitcoin could be!

[Lukas Tarantas]

I think next year most countries will make bitkoyn a full-fledged means of payment.

[fishbonez11]

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 think bitcoin will pass as money with Webster's first definition. Though it is not "most common" yet, it functions as a medium of exchamge already. Maybe it can also pass the second and sixth definition of bitcoin as wealth. You can call bitcoin as a commodity if you like, because I don't actually understand the reason for all of this play of words for bitcoin. I suggest if we can all use the definition of bitcoin itself for uniformity? Here is what Wikipedia says about it:

Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, as the system works without a central repository or single administrator.

[Tasleem Raza]

Yes, It is a kind of money because we can buy product and we can exchange from other currencies.
It is not like banknotes but it is a worldwide digital currency.