Is Bitcoin money?

[Nariza]

For me yes. Bitcoin is a digital currency but It converted into cash so you can buy some things for yourself and It can use to pay your bills.

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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.

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

Bitcoin is money? Money means something (such as coins or bills) used as a way to pay for goods and services and to pay people for their work. And as long as you use bitcoin for trading and investing and withdrawing, so bitcoin might considered as money.

[Sheltor]

Money is a term used by economists for something that does three things (which I'll briefly explain in a moment):

A store of value
A medium of exchange
A unit of account

BitCoin meets all three conditions -

You can acquire some and keep them, and they'll still be worth what they used to be (in the same way that a dollar is still worth a dollar, not that it'll still buy what a dollar used to.) That is to say, it's a store of value.
You can buy things with them. Not everyone will accept them, but you're probably going to have better luck finding someone to sell you a laptop for BitCoins than you are for Zim Dollars, despite the fact that Zimbabwe has a government.
You can price things in them, and they are fungible - that's to say that your BitCoin and my BitCoin are worth the same as each other. It's not like trying to trade in, say, oil paintings - people might accept a given Rembrandt for a given Picasso, but no-one would say "you can have my Turner seascape for (any) three Picassos." This makes them a unit of account.

[haster100]

Bitcoin is bigger than money. Bitcoin became one of my investment options. And at the investment risk there should be a loss, so I use bitcoin for trading altcoyin.

[Sum24]

yes bitcoin is money, everywhere of world bitcoin used as a money. becouse it's really easy & secure  to transfer cash money. bitcoin is a peer-to-peer system, this kind of system is superb.so my opinion is bitcoin one kind of money.

Yes indeed it’s a money but it’s a digital currency and you can use it same like other currency but it’s a bit better than other currency not only you can buy things from it but it also provide a source of income for people and its demand is going high day by day as compare with any other currency so bitcoin is not only good for its use but also you can earn here and bitcoin is the only currency which can make you rich in a short time.

[pingrabazar01]

Agree with post. My personal opinion is that actually Bitcoin is intangible money but it has a acceptable power over the world.

[maikelujang]

Bitcoin is money and I think bitcoin is more upgraded than money because the bitcoin is based on supply and demand like foods so the bitcoin is keep rising because the supply is lessen because many people are investing in bitcoin so I think bitcoin is more powerful than money today.

[Gavao]

Its like gold

[ahmadakbari]

Bitcoin is money and I think bitcoin is more upgraded than money because the bitcoin is based on supply and demand like foods so the bitcoin is keep rising because the supply is lessen because many people are investing in bitcoin so I think bitcoin is more powerful than money today.

But it's not good that bitcoin price is always changing. Money's value shouldn't change. I like bitcoin as an asset but I don't call it money.

[lassemaja]

Sorry for thread jacking. I have never bought or used bitcoin. Even though many of my friends are telling me not to buy bitcoin I still feel the urge to at least buy a small amount. Maybe only spend 500usd tops. But anyway that is a question for another time. A friend of mine has some bitcoins and wants to buy clothes and shit online. I know that there are some stores like smokeshop.se and smoketower.com that accepts bitcoins as payment option but is there a way to pay online with bitcoins even if they don't have the payment option? Im basically wondering if there is som kind of third part app/website/tool that he/we can use to  pay online. Once again sorry for threadjacking!

[Good tbc]

Bitcoin is not money. Money is a legal tender that is used for the purpose of exchange and for purchase that is accepted Locally and nationally .while Bitcoin is a digital  currency of which it is not globally accepted yet, but can be used for online transaction. Why Bitcoin is not money is because as money can be spent to buy what so ever you desire from the market, bitcoin cannot be use the same way.

[MiF]

Agree with post. My personal opinion is that actually Bitcoin is intangible money but it has a acceptable power over the world.

Yes, I agree. Bitcoin is a money from the internet where you can use through paying your bills and purchase something you wanted. It is also converted into money that we can use to buy something. Bitcoin is intangible kind of money, but it has a power. It helps many more people who knows this. It can help people to secure their future lives or change their lives forever. Bitcoins price continue on increasing, so it continue on helping others.

[coinnumber]

Actually bitcoin cannot be described as money but in the other way round it plays the role of money. Nowadays bitcoin is even valuable more than Gold not to talk of the money itself. In conclusion and to my own opinion I will say bitcoin is money because it play all the role money play even more than that.

[obinine]

Bitcoin is not in physical form, but has all the functions of money, we can use it to buy things in online stores, we can use it to pay and invest in any business, and in the concept of money it doesn't matter how many peoples really use it as money

Yes bitcoin is money. The main function of the money is that can give you your dreams and fulfil your needs. Bitcoin have both qualities and also it is an asset for the future. Bitcoin is high value due to which we can make more money from it instead of other fait money.

[wazir101]

Short Answer: Yes!
Bitcoin is money for the Internet. It is a scarce digital commodity used as money by millions around the world. People buy coffee with Bitcoin at local shops. Others get paid in Bitcoin and use it to shop online. Friends use it to settle with whoever paid for dinner. Workers send Bitcoin back home to help family, regardless of where they live.

[JoseJoseJose]

For me, yes, bitcoin is money. Earning bitcoin was also an equivalent to earning money. Even though btc was an online currency, you may convert it into paper money.

[Kasabus]

Actually bitcoin cannot be described as money but in the other way round it plays the role of money. Nowadays bitcoin is even valuable more than Gold not to talk of the money itself. In conclusion and to my own opinion I will say bitcoin is money because it play all the role money play even more than that.

That's the proper definition, bitcoin is money because it's precious and it has a good value.
As long as we can use it to transact online, buy things and services then it will fall to the definition of money, it's not a regulated money
but it has a value like a money.

[kendra1107]

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?

Though digital, Bitcoin is a currency being used for payments, exchanges, and trading. Pretty much the same features as cash. So is it money? I believe it is considering these factors.

[spiritguardcharles]

Actually it could be consider as a money since it has a value and could be converted in different country's currency.Since money is originally used as a medium of exchange for goods and services with that money has no difference with bitcoin since it is usually use as a digital currency made for online trading and transactions.We could say that bitcoin is the advance way of exchanging goods and services

[overthetop2011]

In my opinion, bitcoin is real money , better than lots of currencies.