Is Bitcoin money?

[leonora galvan]

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?

how can you say that bitcoin is money?well in my  opinion you have to learn more about bitcoin and of course earn more and more so that your bitcoin will become money.well...it is so hard now to join bitcoin but if you look forward,and have a patience in doing great you will be succeed in the future.

[Julian Page]

This is a new generation of decentralized digital currency, created and operating only on the Internet. It is not controlled by anyone, using programs to calculate mathematical algorithms. This is the essence of bitcoin.

[littlestars123]

Bitcoin is a digital form of currency which is accepted globally .As of now btc has become more popular and most of the places started accepting btc as their payment so i guess it can be considered as money even if it is digital currency and does not have stable value.

[Ramzes666]

Haha. I think in the future Bitcoin will be the money. Be optimistic about Bitcoin 

[zngit]

Btc is not money but more than money. Btc exceed the term money. It is a medium of exchange in every transactions that accept its cryptocryptocurrency exchange. This is a revolution of exchange and payments in this generation and generation to come. Nowadays btc move faster in every part of this world to be known by people.

[izzymtg]

I consider it as money because it has value, you can purchase product, services and paying it by Bitcoin. You can do trading and save just like regular money. What Bitcoin can do is what paper money already did. So they are almost the same.

[BtcBling]

Bitcoin has a trait of money so I consider it as a money. Bitcoin or other cryptocurrencies, gold and fiat all have similarities. They have a store of value, can be interchangeable or use as a medium of exchange, can be easily purchased in exchange for ordinary currency, acts as a denominator of value, and is used to conduct financial transactions. Even in the US, US courts define Bitcoin as a form of money.

[Agaton]

If you access bitcoin you can make money. Therefore we can say that bitcoin is also use as a money.

[Darklinkz]

Crypto currency is a digital money like how people use money in their credit card but through the blockchain so it is money. People argue that it is a stored value, asset or anything but people much prefer it to be money.

[pinoyden]

If you access bitcoin you can make money. Therefore we can say that bitcoin is also use as a money.

lol. just because you can make money out of it , you can then call it as a money?  bitcoin can be also called or termd as a money because it is a digital currency or a currency for short and it can also be used for buying or sending money just like what money can do. however there is no possibility that bitcoin can replace money because bitcoin does mainly work online with the need of internet and also bitcoin tends to be more confusing or complicated to use on people that does not know how to use the internet or any other technical and digital stuff.

[abhishek273b]

 :)bitcoins are just like shells or furs in ancient times - of course they are not banknotes or coins, but it's money, because they have all the functions of money

[wludka]

Bitcoin is money, its digital cash... Much better and more valuable than fiat money.

[snipetr]

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 belive bitcoin is not totally used as money, but it can be use like money.
 As per your post, bitcoin passes first definition of Webster's online dictionary as medium of exchange, yes it is also right that it is not common and still not legalised all over the world, but still in some part it is used and accepted as medium of exchange.
Bitcoin doesn't have physical appearance but it is having uniqueness. It is open to all but having control of owner itself.
Now a dyas bitcoin is not used as money but by adapting some changes it can be used as money.

[Jhun030383]

Bitcoins and other cryptocurrencies are the new trend of money of the modern time. It helps people in a better way of transactions... i love bitcoins!

[removebeforeflight]

Agree. Bitcoin is actually the current and future money, this is a digital currency and we call this as cryptocurrency. The new technology of blockchain is used here which is an advanced technology no one have used this so far on any field. The hash power used for conversion, transaction and trading is also amazing thing for bitcoin.

[webdevmastery]

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.

Bitcoin is not a money because it is a cryptocurrency. The only reason why we are striving to earn bitcoins is to exchange it to fiat. We all want to get rich and because of that, We keep on investing on bitcoins because we all know that the value will keep on increasing as the time goes by.

[daxkie]

Practically speaking yes it is a money because if you will have a bitcoin you can exchange anything or you can convert it to your county currency and its known as digital currency.

[iyamoxjhian]

Yes! Because bitcoin is a digital currency. In fact, in some online shops or websites, bitcoin is accepted as a mode of payment. Even in converting it to your own currency, it will be accepted. Although, only few people knows and understands how important is bitcoin and how very hepful it is in income generation.

[megalith07]

Indeed I unquestionably concur that BTC is cash since we utilize BTC to purchase the stuff that we need and we needed generally and at times a few people utilize BTC to pay their bills on their home. Be that as it may, I normally utilized BTC to buy in my amusement. BTC is a genuine cash since we utilize it to buy something on the off chance that we can't utilize it to buy then it isn't a cash.

[zwtnkpknbd]

Practically speaking yes it is a money because if you will have a bitcoin you can exchange anything or you can convert it to your county currency and its known as digital currency.

Yes, you are right However, some regions and countries still do not allow the circulation of bitcoin. But with the trend I believe that bitcoin can be gradually accepted by people.