Is Bitcoin money?

[daarul50]

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!

I agree if bitcoin is said to be a digital asset, why? because there are still many countries that have not acknowledged its existence so bitcoin be an asset that if collected and later all the countries admit it then we who have collected bitcoin from now only just enjoy it.

[dancingnancy]

For me bitcoin is a kind of
money because we can use
it as a payment in the internet.
Bitcoin is a online digital currency.

I do think and believe that bitcoin is a real money because we can transact with it anytime, anywhere as long as we are transacting with the people who are accepting bitcoins. And I've been using it already for paying my internet bills all of the sudden and I really liked it a lot. Because of bitcoin, my life is now easier.

Bitcoin can be considered as a valid currency once it's accepted almost everywhere if the demand for it is high then it will automatically become a common method of payment among traders and buyers. The above points are only in terms of digital transactions not in terms of real medium of exchange.

[buyinbtc]

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

What is it then if it's not money? I mean technically maybe it is not money, but it can be used as money. At least it is easier to teach newbies about bitcoin, they can easilly understand what money is.

[joebrook]

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

As long as bitcoins can be used to make purchases of products and services online, I will consider it as money as well, Bitcoin is also an investment asset because it's value is always rising making those who hold them richer just like gold.

[luigidosado]

I don't consider bitcoin as a money, but a form of currency. Though it can be used as a medium for exchange, it does not fit the definition for money. It does not have exact value where in it depends on the situation of the market. But bitcoin can be exchanged for money.

[netflixnchill]

We can say that Bitcoin is not money, that we exchange bitcoin of cash, but we all know that bitcoin functions like money does.
Bitcoin is a used for purchasing and buying stuff like what money does.

[Eroanwan]

Bitcoin is worth more than money so i think that bitcoin is better but you can't really buy anything with bitcoin so i think that it is better to make bitcoin and then convert it into usd to buy anything you want.

[zikabra]

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?

Wrong. It's not money only because your government told you so. If your government decide it is money then it will become money, right?
Speaking of platinum and other metals as money, there were times when gold and silver were used as money and someone decided to use iron and paper instead.

[danielcansil]

bitcoin is money, because we can use it for every transactions in life such as: pay taxes, buying equipments and foods. moreover bitcoin is be used for investments and trading on the cryptocurrency market that bring us the profit.

[MonaLeeTracy]

bitcoin is money, because we can use it for every transactions in life such as: pay taxes, buying equipments and foods. moreover bitcoin is be used for investments and trading on the cryptocurrency market that bring us the profit.

actually the use of bitcoin is indeed a lot, live we want to gunain how.
we are free, willing to pay tax to pay, pay installment and others also can.

[ObviousDump]

No, Bitcoin is really a forex utilized into electronic globe as repayment towards the digital or on the internet services. But you can transformed it right into a real money, using the other banks that take bitcoin as currency.

[yoseph]

No, Bitcoin is really a forex utilized into electronic globe as repayment towards the digital or on the internet services. But you can transformed it right into a real money, using the other banks that take bitcoin as currency.

Bitcoin can be put in the same category as gold because it can be used as a currency just as it is an investment asset.  In this scenario I think it's very appropriate to consider bitcoin as money.

[herecomesjohnny]

BTC is alternative money that is tax-free if people want it to be. It is base on cryptography and its main structure is based on digital programs. People who don't call it money are not yet appointed with this crypto as they need to be.

[PastEraser]

It's money.  If not, you are able to provide your bitcoin to me. 

[Madeoffire]

It's the future of currency! In 50 years everything is going to be in crypto. Even the bank slowly start to change their policies

[Trela]

No, Bitcoin is really a forex utilized into electronic globe as repayment towards the digital or on the internet services. But you can transformed it right into a real money, using the other banks that take bitcoin as currency.

Bitcoin can be put in the same category as gold because it can be used as a currency just as it is an investment asset.  In this scenario I think it's very appropriate to consider bitcoin as money.

No, Gold can not use as a currency. As far as I know, I do not remember any country accept Gold as a payment method to pay anything like FIAT. Bitcoin is also like that, it can not uses for payment normal, therefore if someone wants to use Bitcoin as a payment method like FIAT, they will break the law, unless Japan accepted Bitcoin as a payment method and currency.

[Alok_Yadav]

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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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?

In a sense, yes it is

[Nana21]

Bitcoin is crypto currency internet money which you can see only online on internet and not like thing which you can touch.

[Ris88]

Bitcoin is a digital currency where everyone does not know and bitcoin is not of any shape. and very different in comparison to real money where everyone can hold it, there may be similarities from my point of view, where everybody should really keep both. in because bitcoin and real money are equally at risk for the holder, only real money is visible, unlike bitcoin just as a digital currency.

[FaithETH]

It's money alright. It can also be a commodity if you want, but generally speaking that might confuse newcomers that you want to introduce to bitcoin. While not all major services allow payment with bitcoin it is still money and you shouldn't worry about calling it that when you're explaining it to people. PayPal might be a good indicator if you don't believe you know the correct terms to explain it. If they allow payment with is, then it is a very good example to convince people it's not a dangerous thing.