Is Bitcoin money?

[Best Dreams]

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.

Yes it’s a money you can use it for different things such as buying food and clothes and also I’m suing bitcoin in different restaurants and also I pay all my bills and from last one year I’m using bitcoin in my tuition fees so we need to support bitcoin because its then only currency which is playing a very great role for its users you can use it as money and also it can play a role as an asset so bitcoin is all in one and can help us anytime.

[jbautistangina]

It is considered to be a currency or asset in many countries,you cant call it money or a physical currency because bitcoin is a digital asset created to remove the fiat system or centralization of the banks and the governments,but some of the cryptocurrencies arent following what bitcoin's really intended to achieve for example XRP is a cryptocurrency that is purely centralized and being controlled by the bankers.

[heritage35]

It is considered to be a currency or asset in many countries,you cant call it money because bitcoin was created to remove the fiat system or centralization.

I believe it can be called money, since it is used as a means of exchange. Moreover, take a look at the legalization if bitcoin in UK as a means of exchange.

[daarul50]

The existence of exchange services that make bitcoin called money because with the exchange service we can enjoy bitcoin as a function of money. So, it's not everyone's saying that bitcoin is money.

[Kalatas]

For me I preferred this is like a atm or debit card. But we dont need to use for buy things without card but with security identification.

[jostorres]

I don't agree. If it is money, then the changing value should reflect the overall economic status in the real world. As we see from it, it is not true. As my standpoint, it is more like a collection. People has unbelievable enthusiasm on it which make it surge. The rapid rising and great variation make it valuable asset not good usage as money.

IMO also, bitcoin is money as well as an asset. How is this money? Because it serves the purpose of money. It is used as a medium of exchange. People can buy things by paying in bitcoin.

The only thing new is that it exists in digital form and due to this form, all the characteristics that it possesses are totally different form the paper money. Holding this digital asset has its own perks. It is also known as the future of money.

[karnwillbit]

In economic theory there is a definition of the concept - Money.
Bitcoin corresponds to all characteristics of money. We make a conclusion-bitcoin Money.

I will not agree. The money can be adjusted and according to the definition it is the basis. BTC no. We have a certain amount of BTC.

Bitcoin is money. It is just that it has a different form. Just because it exists in digital form doesn't mean it is not a currency. You see people address it as digital currency. Though Crypto coins are also known as the digital assets but that is also true in its own sense. The simplest definition of money is medium of exchange and Bitcoin is used this way so for me Bitcoin is absolutely money.

[kofibee12]

Yes bitcoin is money because is a medium of exchange, and bitcoin fufilfils that purpose.

[hafeezbaloch]

yes... if you see in reality off course bitcoin is mony... if you have bitcoin and you go to shops mall and you have a card you give card to sellers they accept  your bitcoin as mony.

[cybersofts]

Bitcoin has been classified in to few different things:

1. A peer-to-peer digital currency.
2. A digital store of value.
3. A digital commodity.

These are the very best meaning of bitcoin, so far.

[lutfi-hasan]

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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[/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 is a virtual currency developed in 2009 by someone under the pseudonym of Satoshi Nakamoto. This currency is like Rupiah or Dollar, but only available in the digital world. The concept may sound like eGold, though it is actually much different.

[catchemcrypto]

Yes. Basically it is money because you can buy things with it and it has a value that can be an alternative to fiat currency. It is a digital currency. Therefore, you dont have to carry loads of cash in bills or coins in order to buy stuff.

[thundercrystal]

Yes. Basically it is money because you can buy things with it and it has a value that can be an alternative to fiat currency. It is a digital currency. Therefore, you dont have to carry loads of cash in bills or coins in order to buy stuff.

This is true, i think, investing here involves money so basically, bitcoin is money. Like credit cards, you don't need to bring so much cash and you don't have to be afraid of being robbed or what because your money is safe here in bitcoin, a digital currency.

[kseniyu]

Of course bitcoin is a currency. Only in digital format. You can easily purchase any thing for bitcoin. Already there are shops that take bitcoin. And it can be exchanged for any currency in the world.

[Arisgado]

For me I consider bitcoin is money, although it is just a electronic money or digital form of cryptocurrencies since it has a value and could be converted in different country's currency.

[pluMmet]

For me bitcoin is money, just money is in the form of real but can be in use and make as investment, and for me money like bitcoin enough to help in life as supplement their income and facilitate in make a payment etc, with just sitting in front of computer or our smartphones

[CrypticBabe]

its like an life Insurance!

[echo11]

Bitcoin is money! I already treat bitcoin as money when I made my first cash out. I can really say it is a money because we can convert it to our fiat money, we can buy products and services as a payment method. We know it is not controlled by the government nor declared as a currency, on the other hand; btc is not illegal.

[janah]

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

I agree that bitcoin is a money and like gold but the difference is the bitcoin is a "digital" money its more high technology because nowadays too many people addicted to social medias thats why they created a money using an internet.

[mkmittalg]

Dollar is currency, not money, no money Money can be a pose and vice versa, but they are not entirely the same thing and there is no complete difference. Bitcoin, like gold, is money.