Is Bitcoin money?

[Dimelord]

Bitcoin is a peer to peer electronic payment system.Some say it as a commodity since most of people buy it as an investment.But since we are able to buy some goods using bitcoins,we can say bitcoin as a money,digital cash,virtual currency.But at the same time,it also gives returns to its holders as an asset in long term basis.

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[staceyoh]

Yes bitcoin is a money.
You can use it as a payment
in online transactions.

[flower1024]

Bitcoin is a peer to peer electronic payment system.Some say it as a commodity since most of people buy it as an investment.But since we are able to buy some goods using bitcoins,we can say bitcoin as a money,digital cash,virtual currency.But at the same time,it also gives returns to its holders as an asset in long term basis.

It is not only just a digital currency but also a real currency because you can easily convert it into fiat currency with a small fee. So it is mainly a real currency in a different format, and very important thing is an investment. Just buy a keep it for sometime later you can surely sell it for higher prices. But for payments wise some limitation like we can't send someone without using an escrow. So to send known person I usually prefer to send money through Paypal than bitcoins.

[ufaiz50]

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?

I think bitcoin already exists in points 1 and 6. we life in the modern era where digital is considered something of value then bitcoin also exists in points 2 and 4. bitcoin users covers almost the entire world and the nature of bitcoin is more to personal so long as the transaction if both parties ( the seller and the buyer) approve bitcoin as the payment then also bitcoin in points 3 and 5

[bncbnc]

It is right, bitcoin is a digital currency, but when we convert it into dollar than no doubt bitcoin make us money. In technical point of view, most of the argues will come in this discussion. But for me, Bitcoin is bitcoin and it is introduce as a crypto currency and when we want to use it, than simply way to convert it into dollar and use it as a money.

But i think bitcoin is already money, and now we can use bitcoin directly for shopping. and we do not need to convert it in to USD or local currency. but currency the use of bitcoin is not present every where.

[dmamigo]

It is right, bitcoin is a digital currency, but when we convert it into dollar than no doubt bitcoin make us money. In technical point of view, most of the argues will come in this discussion. But for me, Bitcoin is bitcoin and it is introduce as a crypto currency and when we want to use it, than simply way to convert it into dollar and use it as a money.

But i think bitcoin is already money, and now we can use bitcoin directly for shopping. and we do not need to convert it in to USD or local currency. but currency the use of bitcoin is not present every where.

Yup, totally depends on the individual perception about BTC. One has the option to use it as money or as Investment. But the market for accepting Bitcoin for Goods/Shopping is not yet enough versatile. But it is on its way, though recently some countries deemed BTC as illegal, whereas some accepted it as legal, so this speculations is only holding the versatility of Bitcoin.

[swogerino]

As long as it has real dollars value and it can be converted to real FIAT currency I think it can be considered money. In fact is better than regular currencies cause it can be spent anywhere in the world without restrictions. Printing more money technology can never fool the bitcoin network like with the central banks that fools the people, so it is money which in fact is better than regular FIAT money.

[noictib]

As long as it has real dollars value and it can be converted to real FIAT currency I think it can be considered money. In fact is better than regular currencies cause it can be spent anywhere in the world without restrictions. Printing more money technology can never fool the bitcoin network like with the central banks that fools the people, so it is money which in fact is better than regular FIAT money.

Yeah your are right  but still the bitcoin is not money . While we are making a lot of earning through the bitcoin and also we are making a lot of opportunities to get our free time into job and that results into the profit but here the main thing that I realized that it is not the money but it is a online written data which has a better amount of value in the Fiat of the countries .
So here if you will say bitcoin is money that probably you may be right but in reality the bitcoin is like a money and can be use as money .

[Ziskinberg]

It is right, bitcoin is a digital currency, but when we convert it into dollar than no doubt bitcoin make us money. In technical point of view, most of the argues will come in this discussion. But for me, Bitcoin is bitcoin and it is introduce as a crypto currency and when we want to use it, than simply way to convert it into dollar and use it as a money.

But i think bitcoin is already money, and now we can use bitcoin directly for shopping. and we do not need to convert it in to USD or local currency. but currency the use of bitcoin is not present every where.

Yup, totally depends on the individual perception about BTC. One has the option to use it as money or as Investment. But the market for accepting Bitcoin for Goods/Shopping is not yet enough versatile. But it is on its way, though recently some countries deemed BTC as illegal, whereas some accepted it as legal, so this speculations is only holding the versatility of Bitcoin.

For me, bitcoin is not money but it is just a system where it can help to fast track transaction and to do away with the regulations of the government.
The only difference with real money is its decentralized nature, we can transact anytime we want and we all have the freedom to use it in legal or illegal activities.Some countries ban bitcoin because they simply does not have the capacity to control it but if it is fully regulated up to the extent only not to compromise our freedom, I think it will be very helpful for all of us. The system is great and if use for good purpose, there is no doubt it will be the best online currency in the future as we call it.

[KennyR]

Bitcoin is similar to money that we use for day to day needs. Only the acceptance aNd awareness about such existence of cryptocurrencies were found low. This will eventually grow as more stores and countries are into plans of regulating digital currencies.

[bravehearth0319]

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

Bingo!

Correct! as long as is being used as payment it is considered as Money, only the difference of bitcoin compare to physical money was  that so far bitcoin is not accepted as payment in the majority of the public business. But what good thing about it bitcoin was being used already in exchanges platform in bitcoin industry.

[iram3130]

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

Bingo!

Correct! as long as is being used as payment it is considered as Money, only the difference of bitcoin compare to physical money was  that so far bitcoin is not accepted as payment in the majority of the public business. But what good thing about it bitcoin was being used already in exchanges platform in bitcoin industry.

There are two sides for every coin, never forget that.
Bitcoin is money, no doubt in that but more than 50% of the people in the Bitcoin universe think it as an investment rather than money too buy things. They know that the value of Bitcoin will increase in future and it'll be helpful in their financial savings.

[virtualkeybuyer]

It is right, bitcoin is a digital currency, but when we convert it into dollar than no doubt bitcoin make us money. In technical point of view, most of the argues will come in this discussion. But for me, Bitcoin is bitcoin and it is introduce as a crypto currency and when we want to use it, than simply way to convert it into dollar and use it as a money.

You do not know about its usage that is why you are saying then it is money for you only when you convert them while for me it is fully a type of money because I can use it to buy anything from online shopping sites and can easily buy any online service like I buy with fiat.

[andrew24p]

Money I dont know, does it have value that is worth money? Yes. Personally I think what is and what isnt money is more of a legal definition than a theoretical one, but thats just my opinion.

[FasTroy]

Money I dont know, does it have value that is worth money? Yes. Personally I think what is and what isnt money is more of a legal definition than a theoretical one, but thats just my opinion.

You are right about this inquiry "Bitcoin is money?".
I think bitcoin is money in different way except one thing, I mean it's cryptocurrency not real. But there is not difference about money and bitcoin exept what i said.
All of them are used for buying and selling. By using bitcoin you can shop in the internet, also you can convert your bitcoin to fiat. so there is no problem if you use bitcoin or real money. They are same.

[blackhawkeye1912]

Yes bitcoin for me is money that I can considered,why do I said that? it is because you can use it as payment online like credit card or debit card, USD, Euro, and Yen on which all of them are electronically us as payment, in shopping online, travel tour, money transfer/sending money to others.,that's why its money for me

[BlackBaron]

Since bitcoin worth of money and can be exchange to fiat I can call bitcoin is a money
If we look at definition of what money is everything possibly can be called 'money'

[ruselbd]

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

[TIDOVEE]

+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

[BitFinnese]

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

It seems that this contradict your point

Money is any object or record that can be accepted as payments for any goods or services, while a currency is a specific generally accepted medium of exchange. In other words, currency is something physical that has intrinsic value, while money is anything that has value.Oct 22, 2011

You can also try to read this for further discussion : https://bitcointalk.org/index.php?topic=49374.0

Though Bitcoin is stated to be digital currency and though oppose the definition of currency being physical, it does fall under currency in digital form.  And Bitcoin is money because it is accepted as payment for any goods or services.  Just search the internet and we can see shops that accept Bitcoin as payment to prove that Bitcoin is accepted as payment.