Is Bitcoin money?

[mantra]

In my opinion, bitcoin we can equate with gold or silver in terms of trade, gold and silver in ancient times used for exchanges, can be in the mine and the price is quite fluctuative. Can also be said bitcoin as money but I think less precise, more appropriate as a commodity exchange

[densuj]

In my opinion, bitcoin we can equate with gold or silver in terms of trade, gold and silver in ancient times used for exchanges, can be in the mine and the price is quite fluctuative. Can also be said bitcoin as money but I think less precise, more appropriate as a commodity exchange

I agree with you, bitcoins is good be called gold, silver or instrument of Investment. We can trade bitcoins to fiat and other altcoins on exchangers. I don't agree if bitcoins is money at least this time because there are fees transaction must be paid by users and that is not good be used as money, money never take fees. Today bitcoins is not money especially for a little amount payment in bitcoins.

[eann014]

Bitcoin is also like money for me, because we can buy online, we can buy load, we can purchase online things so this is also money, I think online money that we can called it. Generally we earn bitcoin because we want to have our extra income or savings so it also a money.

[pushups44]

By now we can pretty much agree that bitcoin is money. The ultimate, and perhaps last, test will be how it copes with scaling issues. If bitcoin can survive a hard fork, or the debates surrounding such a fork, then it is here to stay.

[_Legendary_]

I think the bitcoin better than money and gold, this is because the value of bitcoin always go up and never down, money will decline because of inflation, gold is moving slowly so that bitcoin is more than money and gold.

[shone08]

I think the bitcoin better than money and gold, this is because the value of bitcoin always go up and never down, money will decline because of inflation, gold is moving slowly so that bitcoin is more than money and gold.

For your information on May 25, the price of bitcoin hit an all-time high of $2760 average across global exchanges. A few hours later the price took a downturn seeing a five leg drop to a low of $2221 per BTC. If you compare Bitcoin to Gold its has an advantages and also disadvantages, Bitcoin now a day is good source of income and also to invest.
That's why For me Bitcoin is money for the Internet. It is a scarce digital commodity used as money by millions around the world. Others get paid in Bitcoin and use it to shop online. Bitcoin is more than a system to store and transfer value from one person to another.

[daringdiscovered]

yes its money because basically, the function is same like a real money. bitcoin is digital money, you're cant see it but you're can use it. you're can buy anything want. they are both the same, the same function for trading.

In a way, yes, but it is not "Money" of "Fiat" at all. We are only thinking that it is a money because we could earn fiat through bitcoin by converting it to cash, but it is a virtual money, the money that we do use online, to buy stuffs, something like that. But yes, they are just the same---money but into different world. The only thing about bitcoin is you could earn a lot money from it than earning fiat.

[biter66]

Yes! Bitcoin is definitely money. We can trade it, sell it, deposit it and gain a lot of profit from holding on to Bitcoin. The very best part is that we can sell Bitcoin by converting it into cash then withdrawing to our bank accounts.

[rahmat92]

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

[dimatu]

Yes! Bitcoin is definitely money. We can trade it, sell it, deposit it and gain a lot of profit from holding on to Bitcoin. The very best part is that we can sell Bitcoin by converting it into cash then withdrawing to our bank accounts.

Your second and third sentences contradict your first, money means you are spending it directly for goods and services but what you have described is an asset which is nothing like money. I agree with all you said except the part where you say its money.

[sunsilk]

As long you can use bitcoin for transacting with other people and use it as a payment then it is money.

Money is something that we are using for exchanging goods and services and with bitcoin, we are doing the same thing.

So bitcoin is a real money to all of us.

[selline]

Bitcoin is intended to be used as money. The extent to which it differs from the various definitions of money is primarily due to its unpopularity and lack of government sanction, which in my opinion should not matter when speaking about it as "money."

based on the price of the high value of bitcoin happening for now, thus many countries developed countries are now using bitcoin as their money but not yet officially if I'm not mistaken as Japanese and they admit if bitcoin as money virtal

[Creepings]

As long you can use bitcoin for transacting with other people and use it as a payment then it is money.

Money is something that we are using for exchanging goods and services and with bitcoin, we are doing the same thing.

So bitcoin is a real money to all of us.

Bitcoin is not a money, bitcoin is a currency, a digital currency. Money and currency has different meanings but can be used as a payment maybe online or offline. Money refers to gold andsilver, in the past it is gild coins and silver shillings, pearl is also one. Currency is what we call paper money, so if we say digital currency, it is a digital paper money. So bitcoin is a money?No, it is made or printed under the command of the government, It is centralized and it is not volatile.

[jerowacik]

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

Bitcoin is now used in many countries. But its development is still hampered by regulation issued by the government, bitcoin as it is still scary because now the price movement of bitcoin has high fluctuation.

[Xester]

Bitcoin is also like money for me, because we can buy online, we can buy load, we can purchase online things so this is also money, I think online money that we can called it. Generally we earn bitcoin because we want to have our extra income or savings so it also a money.

Yes I agree with you that it is a money, it is indeed a money only that it is virtual.  It is not tangible yet you can buy things online like buying using money but without hassle.  No need to input many details like name, address, contact nos, etc.  All you need is the bitcoin unique address.  Plus just like money you can invest it, save it, or trade it.  Only the difference is its value or price.  It is not constant.

[DoublerHunter]

Bitcoin is also like money for me, because we can buy online, we can buy load, we can purchase online things so this is also money, I think online money that we can called it. Generally we earn bitcoin because we want to have our extra income or savings so it also a money.

Yes I agree with you that it is a money, it is indeed a money only that it is virtual.  It is not tangible yet you can buy things online like buying using money but without hassle.  No need to input many details like name, address, contact nos, etc.  All you need is the bitcoin unique address.  Plus just like money you can invest it, save it, or trade it.  Only the difference is its value or price.  It is not constant.

Yeah the price is the only concern in bitcoin because it is not fixed so there is a possibility for us to lose money anytime because the market is not centralized so the price is only depending on the demand in the market but it is also a good characteristic especially for the traders because we can take advantage of that to make money.

[Harlot]

yes its money because basically, the function is same like a real money. bitcoin is digital money, you're cant see it but you're can use it. you're can buy anything want. they are both the same, the same function for trading.

In a way, yes, but it is not "Money" of "Fiat" at all. We are only thinking that it is a money because we could earn fiat through bitcoin by converting it to cash, but it is a virtual money, the money that we do use online, to buy stuffs, something like that. But yes, they are just the same---money but into different world. The only thing about bitcoin is you could earn a lot money from it than earning fiat.

They are both counted as money in just one world, I don't know where you are getting your statements but I have a different view on this kind of matter. The second thing I like to point out is it is counted as money not only because we can earn it online but also we can use it directly as a payment option for both online and in-store transactions. Proving that Bitcoin itself without being converted to Fiat currency has the same functions as a paper money.

[Gens09]

Surely it is sounds like money but it is really a money bitcoin is a cryptocurrency like what we all know a digital currency where we can use to buy thing online but not in all shop today because it is not fully adopt in many countries and still in the process of adaptation in the market.

[sunsilk]

As long you can use bitcoin for transacting with other people and use it as a payment then it is money.

Money is something that we are using for exchanging goods and services and with bitcoin, we are doing the same thing.

So bitcoin is a real money to all of us.

Bitcoin is not a money, bitcoin is a currency, a digital currency. Money and currency has different meanings but can be used as a payment maybe online or offline. Money refers to gold andsilver, in the past it is gild coins and silver shillings, pearl is also one. Currency is what we call paper money, so if we say digital currency, it is a digital paper money. So bitcoin is a money?No, it is made or printed under the command of the government, It is centralized and it is not volatile.

People are changing the terms when it comes to currency or money. But if you will understand with it, currency and money is just the same.

Money is being used for buying goods and things that we need and in return for purchasing it, money is what we use.

Currency is the money used by a country, so for me it's just the same and they have no other meaning.

[gracia0023]

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?

Bitcoin is not a money. Your definition is correct and other wise it is called money when the state approve it as a real currency of a state but bitcoin is not a money it is a cryptocurrencies which use in digital payment system through blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency not a money.