Is Bitcoin money?

[canah17]

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?

Well we have our own definition about bitcoin or what we call it but i believe that bitcoin really is money, why? because money is to spend and to earn also bitcoin we earn bitcoin so that we can buy stuff what we need and you can convert bitcoin into real money so bitcoin is money and also bitcoin has the biggest value like money and i know you can sell bitcoin but you can't sell money but they are the same they got value and you use it to buy stuff and to have money so bitcoin is money

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[Soul Reaper]

Yes ,
There is no doubt that bitcoins are a form of currency,
But usually now many companies and trading giants are not accepting it as a form a payment.
But still there are many platforms where you can pay via bitcoins for goods and services,
Also there are many platforms where even you can exchange your bitcoins for Fiat.
Hence , there is no doubt not that bitcoin is a form of money or not.
It is definitely a form a online money which by certain processes you can convert to bank balance, cash etc.

[FasTroy]

Bitcoin is kind of electronic money but all i know its money that you can bought things that you want and Bitcoin are rarely use in any transaction.Bitcoin is money and i considered it.

I agree with you, Bitcoin is a cryptocurrency which you can buy with it in the internet, so It's considered a money, but It's not enough, Bitcoin is more big than what you said, There is more a good thing that bitcoin offer to the community.
-Anonymous transaction (Untracked transactions)
-Low transactions fees (In some wallets, transaction done without fees)
Etc..

[carlerha]

Bitcoin is kind of electronic money but all i know its money that you can bought things that you want and Bitcoin are rarely use in any transaction.Bitcoin is money and i considered it.

I agree with you, Bitcoin is a cryptocurrency which you can buy with it in the internet, so It's considered a money, but It's not enough, Bitcoin is more big than what you said, There is more a good thing that bitcoin offer to the community.
-Anonymous transaction (Untracked transactions)
-Low transactions fees (In some wallets, transaction done without fees)
Etc..

but infact bitcoin can also be use as currency in offline shops. although bitcoin is the world number one crypto currency and it will be use for both purposes, it can be use as online payment system, as well as it can also be use in our local shops for shopping using bitcoin.

[cryp24x]

Bitcoin is kind of electronic money but all i know its money that you can bought things that you want and Bitcoin are rarely use in any transaction.Bitcoin is money and i considered it.

I agree with you, Bitcoin is a cryptocurrency which you can buy with it in the internet, so It's considered a money, but It's not enough, Bitcoin is more big than what you said, There is more a good thing that bitcoin offer to the community.
-Anonymous transaction (Untracked transactions)
-Low transactions fees (In some wallets, transaction done without fees)
Etc..

but infact bitcoin can also be use as currency in offline shops. although bitcoin is the world number one crypto currency and it will be use for both purposes, it can be use as online payment system, as well as it can also be use in our local shops for shopping using bitcoin.

It can be used in local shops but it is not advisable, with the long confirmation sometimes a delay, and the store waiting for 1 confirmation before he finalized the transaction.  that is nuts LOL.  I bet the store would shutdown soon, since its customer accomodation is limited to the time of confirmation of Bitcoin transaction.

[THEmoro]

i think bitcoin its not a money ..its like a store of value with a ponzi style in price .. a blockchain user's ponzi

[mrcash02]

Bitcoin is kind of electronic money but all i know its money that you can bought things that you want and Bitcoin are rarely use in any transaction.Bitcoin is money and i considered it.

I agree with you, Bitcoin is a cryptocurrency which you can buy with it in the internet, so It's considered a money, but It's not enough, Bitcoin is more big than what you said, There is more a good thing that bitcoin offer to the community.
-Anonymous transaction (Untracked transactions)
-Low transactions fees (In some wallets, transaction done without fees)
Etc..

but infact bitcoin can also be use as currency in offline shops. although bitcoin is the world number one crypto currency and it will be use for both purposes, it can be use as online payment system, as well as it can also be use in our local shops for shopping using bitcoin.

It can be used in local shops but it is not advisable, with the long confirmation sometimes a delay, and the store waiting for 1 confirmation before he finalized the transaction.  that is nuts LOL.  I bet the store would shutdown soon, since its customer accomodation is limited to the time of confirmation of Bitcoin transaction.

On our currently situation the only solution for this would be the store set a minimum amount of fee to pay per transaction. They can use that site which shows the fee price you need to pay to finish the transaction in 10, 30, 60... minutes. This way they would have sure the transaction would be confirmed soon and the customer could take the stuff he bought and go away.

[RedX]

Bitcoin is money for sure. It has many advantages that we all like. Specifically the convenience to buy or pay something. Its the counterpart of our fiat money. The fiat money is the physical money whille bitcoin is the digital money.

[mace15]

Bitcoin is money, when we have bitcoin in our wallet its easy to cashout using bank or remittance. Bitcoin is easy to ise that we could buy some stuffs through online. Its a digital currency were we can use it anytime.

[Mikellev]

Bitcoin is money, when we have bitcoin in our wallet its easy to cashout using bank or remittance. Bitcoin is easy to ise that we could buy some stuffs through online. Its a digital currency were we can use it anytime.

Yes it has completely changed the way of online transaction as we no longer required to pay the huge transaction fee to the money exchange services and now we can transfer money to our friends and family members at any point of world within minutes also bitcoin has made multiple millionaire and i am sure if we save enough bitcoins for future we will be a millionaire as well.

[Pattart]

bitcoin is cryptocurrency which has a price and rate in almost all currencies of the world and you can use bitcoin to buy stuff, I think it has been proven that bitcoin is money

[pinkpanther03]

Not only is the bitcoin money, but it is the future of the money.

That's the common thing where most people don't understand why or how bitcoin will become a future of money. Even there is already  proof that bitcoin was being used in online payment, shopping online, and money transfer. still they are blinded unto it, anyway I don't care what people may say about me in bitcoin the important is every week I can encash money because of bitcoin.

[romero121]

bitcoin is cryptocurrency which has a price and rate in almost all currencies of the world and you can use bitcoin to buy stuff, I think it has been proven that bitcoin is money

Each has different perspective about bitcoin. Some consider is a potential investment, some prefer it as a store of value for tax evasion. Few consider it a easy access source for gambling and illegal trades. So on the whole it has got several access, one among that is the usage as money.

[Natalim]

bitcoin is cryptocurrency which has a price and rate in almost all currencies of the world and you can use bitcoin to buy stuff, I think it has been proven that bitcoin is money

Not that way, bitcoin has no value without money or fiat therefore it's not money. It is only a tool we can use to make a faster transaction online, a payment system is more appropriate way to call it. Normally money is subject to inflation but bitcoin is not, the longer it is use and in demand the value of bitcoin increases.

[Trongersoll]

bitcoin is cryptocurrency which has a price and rate in almost all currencies of the world and you can use bitcoin to buy stuff, I think it has been proven that bitcoin is money

Yes bitcoin is money for me as well because as you have mentioned we can use bitcoin for online shopping though it is not accepted by the retailers but still you will find many bitcoin ATM in western countries and also you can book your flight tickets using bitcoin and bitcoin can do everything which other currency is capable of doing hence bitcoin is personal money for me which is not taxable by corrupt government.

[teilwalL05]

Why does Bitcoin can't become a medium of currency? even if some countries are using it for a direct transaction for the goods and converting bitcoin with other fiat, the value of bitcoin was very great right now and investors are investing their fiat in the exchange rate of bitcoin I think that is a must known factor why bitcoin is indeed a currency!

[Betwrong]

Until Bitcoin is accepted by any store where you live you can't call it money IMO. However we shouldn't forget about the fact that Bitcoin can be easily exchanged for any local currency so technically it's just one step from being a "money".

I don't know about other countries, but where I live Bitcoin is like US Dollar, it's neither accepted in stores, in restaurants, nor by people on markets, but you can easily exchange US Dollar for our local currency.

[fuckitall]

Well,

The truth is that there is nothing like bitcoin what only exist is records. You can't point at something saying that this is bitcoin....it's not a particular file or folder that has your money but...a large no. of records, containing info regarding each and every transaction i.e.
1. from where the bitcoin originally came to your account... when you were processing the transaction
2. amount you want to send
3. the recipient BTC address

That's what the bitcoin is

[Rajadurai]

Yeah bit coin is money  .It is digital currency.

[Blackdeath]

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

You have a point, bitcoin is kind of money that can be use for online expenses. As long as bitcoin has value you can tell that it is money in the world of technology. I also can say that bitcoin is money because it can be used in any kind of transaction.