Is Bitcoin money?

[btcwonder1]

Bitcoin is a product that can be traded for good and services. Much the same as tulips, jewels, auto, silver, gold, orange juice, pretty much anything you can consider. But, can we think of it as money?

No, we can't. Bitcoin is a denominated commodity that is electronically tradable. It is not electronic dollars. It is more similar to digital gold or digital wheat for that matter. There are 21 million of them. Each can further be divided into 100,000,000 subsections (8 decimal places). That is 2,100,000,000,000,000 bitcoins, or 2.1 quadrillion pieces.

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[Devboy]

Bitcoin is virtual currency, and can be defined as a source of physical currencies. Bitcoin is dominated and use as a payment processor like so many fields. Using Bitcoin the currency of the internet will do so much activity not only virtual worlds, but also in our real worlds also.

[TheUltraElite]

I think its just the same as plain cash. What is the difference between an ebook and a physical book? Same here its just digital cash. Personally I think bitcoin has advantages and some disadvantages as well which makes it different but not entirely separate from and type of cash money.

However in the recent days I think the number of traders have increased thousand-fold and the trading of bitcoin and other altcoins is very rampant and they are one of the biggest drivers of the economy of the market. People want to make money from the price of bitcoin vs local currency. Hence its more of a trading commodity these days than a currency.

[BlueStackz]

I think its just the same as plain cash. What is the difference between an ebook and a physical book? Same here its just digital cash. Personally I think bitcoin has advantages and some disadvantages as well which makes it different but not entirely separate from and type of cash money.

However in the recent days I think the number of traders have increased thousand-fold and the trading of bitcoin and other altcoins is very rampant and they are one of the biggest drivers of the economy of the market. People want to make money from the price of bitcoin vs local currency. Hence its more of a trading commodity these days than a currency.

I care to disagree, actually bitcoin is not a type of money, if you think gold is money than so is bitcoin, bitcoin was supposed to be some kind of cryptocurrency that is used for payments online but that idea changed a long time ago and people stopped thinking of it that way, and you can see that in the currency price situation and the current price growth, there is no currency that has that same.

[Rajchandu]

Bitcoin is a cash or we can state another sort of cash yet the diverse thing is, it's virtual and you can just have this sort of cash in the event that you are in the web. Bitcoin is additionally an another sort of venture where you can make a great deal of benefits on the grounds that the cost is moving volatily so it is a decent sort of trademark for me

[romero121]

I think its just the same as plain cash. What is the difference between an ebook and a physical book? Same here its just digital cash. Personally I think bitcoin has advantages and some disadvantages as well which makes it different but not entirely separate from and type of cash money.

However in the recent days I think the number of traders have increased thousand-fold and the trading of bitcoin and other altcoins is very rampant and they are one of the biggest drivers of the economy of the market. People want to make money from the price of bitcoin vs local currency. Hence its more of a trading commodity these days than a currency.

I care to disagree, actually bitcoin is not a type of money, if you think gold is money than so is bitcoin, bitcoin was supposed to be some kind of cryptocurrency that is used for payments online but that idea changed a long time ago and people stopped thinking of it that way, and you can see that in the currency price situation and the current price growth, there is no currency that has that same.

That's not fair, bitcoin is a form of digital asset that have got value based on the technology growth. Gold has got the feature as an investment, but bitcoin served as an value storage token which eventually got accepted as an investment and in no time it got used as an payment source similar to fiat. Then why this cannot be considered as money.

[Xester]

+1 agree that it is not money.  However, if it was a pure commodity then it would necessarily require some (even minimal) use value, beyond an exchange value.  Right now bitcoins have a 0% use-value and a 100% exchange value (eg, if they could not be exchanged for something else, they would merely be taking up space on our harddrives and are inherently useless, like random chunks of data).

Money is a currency, not all currency is money.
Bitcoin is not money but it is a currency

.

This is a clear explanation on the difference of bitcoin and money and it is very simple and I salute you on that. Making things simpler is much understandable rather than reading a long complicated line full of technical terminology which is a pain in the head. But even though bitcoin is a currency as long as it is backed up by money it has earned a value.

[citywise2]

Yeah i may say that bitcoin is also a money, because anything using in midium of exchange and services is money.
Bitcoin is money because we use it every transactions both online and  many other place. It is a real money but not in a paper form so anything use for the good and servives is a money.

[ankit10]

In my personal opinion yes bitcoin is money,but it was not legal till government declare that bitcoin is legal, in Japan bitcoin is 100% legal and accepted as money for transaction.
As op said , "anything is money which functions perform as a medium of exchange" as I know this line was said by w.t.newlyn
📕📖📕📖

[TheUltraElite]

I think its just the same as plain cash. What is the difference between an ebook and a physical book? Same here its just digital cash. Personally I think bitcoin has advantages and some disadvantages as well which makes it different but not entirely separate from and type of cash money.

However in the recent days I think the number of traders have increased thousand-fold and the trading of bitcoin and other altcoins is very rampant and they are one of the biggest drivers of the economy of the market. People want to make money from the price of bitcoin vs local currency. Hence its more of a trading commodity these days than a currency.

I care to disagree, actually bitcoin is not a type of money, if you think gold is money than so is bitcoin, bitcoin was supposed to be some kind of cryptocurrency that is used for payments online but that idea changed a long time ago and people stopped thinking of it that way, and you can see that in the currency price situation and the current price growth, there is no currency that has that same.

I dont the get the point of argument in this. Comparing bitcoin with gold, we can say that it is an asset and gold was used as a currency at one time. Now its too much priced itself and hence used more for trading purpose. I dont think the idea has changed much, its just the same as paying cash to your grocery store and buying an article with bitcoin accepted merchants of by paying fiat cash money. Even if the price growth is huge there is no denying that trading is what bitcoin is more popular in nowadays but it is a currency, point it that many people may not think of its use as a currency anymore.

[anami57]

For me bitcoin is money. Bitcoin I can use to purchase mobile phone credit., or i exchange into a form currency.

[rickadone]

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 don’t understand what your backing up your argument with.
All the definitions you gave seem to me to suggest that it is a new form of money. Money is like you said a payment for goods that both parties can agree on.

I don’t believe it has to be universally accepted for the same reason that confederate dollars during the Civil War in the United States were still money even though the Union didn’t honor them as currency. Also, how is it a disservice?

[KesoNie]

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?

yes it is as long as we are able to buy and sell with it. it has a value also therefore, bitcoin is money and we can use it as our secondary source of income.

[poplolnman]

Bitcoin is a product that can be traded for good and services. Much the same as tulips, jewels, auto, silver, gold, orange juice, pretty much anything you can consider. But, can we think of it as money?

No, we can't. Bitcoin is a denominated commodity that is electronically tradable. It is not electronic dollars. It is more similar to digital gold or digital wheat for that matter. There are 21 million of them. Each can further be divided into 100,000,000 subsections (8 decimal places). That is 2,100,000,000,000,000 bitcoins, or 2.1 quadrillion pieces.

then can you buy a cup of coffee with a silver? you can buy t-shirt, laptop, house and almost anything with bitcoin. for me as long as it could be used to buy something then it's a money. bitcoin even more than just money, it's a revolutionary money that unusual but become popular nowadays as an investment but also a lot of people used it to shopping onlin , trade online etc.

[DoublerHunter]

Bitcoin is a product that can be traded for good and services. Much the same as tulips, jewels, auto, silver, gold, orange juice, pretty much anything you can consider. But, can we think of it as money?

No, we can't. Bitcoin is a denominated commodity that is electronically tradable. It is not electronic dollars. It is more similar to digital gold or digital wheat for that matter. There are 21 million of them. Each can further be divided into 100,000,000 subsections (8 decimal places). That is 2,100,000,000,000,000 bitcoins, or 2.1 quadrillion pieces.

then can you buy a cup of coffee with a silver? you can buy t-shirt, laptop, house and almost anything with bitcoin. for me as long as it could be used to buy something then it's a money. bitcoin even more than just money, it's a revolutionary money that unusual but become popular nowadays as an investment but also a lot of people used it to shopping onlin , trade online etc.

Yes that is one of the benefits of using bitcoin is you can use it as a secondary money and buy the things that you want online or in the real world if you like to. Bitcoin can be the future of money because the government might make a digital money to use it online and transfer remittances online and that is what bitcoin have.

[lEgEndArIUs]

Bitcoin is a cash or we can state another sort of cash yet the diverse thing is, it's virtual and you can just have this sort of cash in the event that you are in the web. Bitcoin is additionally an another sort of venture where you can make a great deal of benefits on the grounds that the cost is moving volatily so it is a decent sort of trademark for me

I agree with you, I would say that all we could use for the transactions is money including bitcoin. The problem bitcoin is not fixed value so make we must often observe the price.

[boyptc]

yes it is as long as we are able to buy and sell with it. it has a value also therefore, bitcoin is money and we can use it as our secondary source of income.

You are right and I consider bitcoin as money, it's a digital money where we can buy almost everything nowadays with it. As long the business person is willing to accept bitcoin you can actually use it as real money. Another thing is that many transactions are already happening in the bitcoin world where bitcoin is being used as money.

[muddafudda]

Beginning of 2017 has been optimistic for the cryptomoedas. A series of historic highs this year helped boost the market, which during this weekend reached almost $ 28 billion in capitalization.
The market cap of Bitcoin and the other criptomoedas (altcoins) hit a record $ 27.9 billion. The combined volumes of crypto-coins totaled $ 860 million over a 24-hour period.

[taxmanmt5]

Beginning of 2017 has been optimistic for the cryptomoedas. A series of historic highs this year helped boost the market, which during this weekend reached almost $ 28 billion in capitalization.
The market cap of Bitcoin and the other criptomoedas (altcoins) hit a record $ 27.9 billion. The combined volumes of crypto-coins totaled $ 860 million over a 24-hour period.

All these facts shows that bitcoin is becoming a real currency and soon we shall have bitcoins and altcoins for everyday usage also. The increase in he market cap for the digital currency shows the future is purely bitcoins.

[CryptoCopper]

Beginning of 2017 has been optimistic for the cryptomoedas. A series of historic highs this year helped boost the market, which during this weekend reached almost $ 28 billion in capitalization.
The market cap of Bitcoin and the other criptomoedas (altcoins) hit a record $ 27.9 billion. The combined volumes of crypto-coins totaled $ 860 million over a 24-hour period.

All these facts shows that bitcoin is becoming a real currency and soon we shall have bitcoins and altcoins for everyday usage also. The increase in he market cap for the digital currency shows the future is purely bitcoins.

This market cap is too low for competition and this is not so important at all If we take into account the traditions and how difficult it is to change them