Is Bitcoin money?

[bitbob82]

for me bitcoin is money its like a foriegn money that you can exchange it into local money, 7/11 accepts bitcoin in our country so you can buy using bitcoin.

yes there is no doubt about that bitcoin is money, in fact bitcoin can be use as for shopping online, while in some place it can also be use as in local shops for shopping without changing it in to local currency, actually in such area where the usrs of bitcoin are more there they have the facilities to use bitcoin for shopping without changing it into local currency.

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[carriebee]

Bitcoin is money for me because you can exchange it into fiat. Also even online bitcoin is indeed a money were theres some online store that accept bitcoin. Last, fast transactions when exchange into fiat.

[panganib999]

I believe that the statement: "bitcoin is new kind of money" passes the duck test.

Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.

If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.

In the point that bitcoin does have a price or value it is relatively a money. But I also agree on the point of view that some sees bitcoin as form of a new kind of money. Bitcoin does have a value and price that could use on different transaction but the way we can used bitcoin is way different compare to fiat or the paper money. Because bitcoin not like the fiat is not tangible so people or the community of bitcoin do their transaction with the power of wallet. It can be online wallet, application wallet or depends on how you are going to used your bitcoin. And as a part of the technology the price of bitcoin changes constantly following the principle of law of price and demand.

[just_Alice]

Bitcoin is money for me because you can exchange it into fiat. Also even online bitcoin is indeed a money were theres some online store that accept bitcoin. Last, fast transactions when exchange into fiat.

Transactions are not fast lately unless you pay over $1 for a transaction. And if you can exchange something into fiat doesn't prove it is money. But nevertheless I think bitcoin is money because you can buy goods with it and you can pay with it for some services.

[cotton ball]

Bitcoin is money for me because you can exchange it into fiat. Also even online bitcoin is indeed a money were theres some online store that accept bitcoin. Last, fast transactions when exchange into fiat.

Transactions are not fast lately unless you pay over $1 for a transaction. And if you can exchange something into fiat doesn't prove it is money. But nevertheless I think bitcoin is money because you can buy goods with it and you can pay with it for some services.

Bitcoin is virtual money with many users every day, I'm lucky because my country has a trading market and bitcoin exchange to simplify the process of bitcoin transactions to fiat. Pending transactions that occur due to the influence of high bitcoin prices so that users confuse between selling fast or saving it longer.

[Chip-Dale]

Bitcoin is money for me because you can exchange it into fiat. Also even online bitcoin is indeed a money were theres some online store that accept bitcoin. Last, fast transactions when exchange into fiat.

Transactions are not fast lately unless you pay over $1 for a transaction. And if you can exchange something into fiat doesn't prove it is money. But nevertheless I think bitcoin is money because you can buy goods with it and you can pay with it for some services.

Bitcoin is virtual money with many users every day, I'm lucky because my country has a trading market and bitcoin exchange to simplify the process of bitcoin transactions to fiat. Pending transactions that occur due to the influence of high bitcoin prices so that users confuse between selling fast or saving it longer.

Once someone said something about this, so that Bitcoin could have his real coin and use it for real purposes by every person. Well, what then will the difference be between Bitcoin and real money. Bitcoin is a digital currency and can even be said to be a commodity through which to earn real money.

[bettercrypto]

There is no doubt that bitcoin is money.  Countries had been recognizing it as money and some are planning to accept it as payment too.  Even though there are some countries that are shutting their doors to bitcoin, they cannot reject the fact that bitcoin is used as mode of payment on different online stores.

[wolfracer]

Of course bitcoin is money, in fact it has his own market and cryptocurrency in the flow of his value always in the moved, i dont doubt that bitcoin have a place in the near future in the wolrd economy.

[dmamigo]

There is no doubt that bitcoin is money.  Countries had been recognizing it as money and some are planning to accept it as payment too.  Even though there are some countries that are shutting their doors to bitcoin, they cannot reject the fact that bitcoin is used as mode of payment on different online stores.

Yes, though many doesn't accept Bitcoin personally and even few countries speculative against Bitcoin, still nobody cannot deny that it isn't a currency.
But beside currency it also act as an investment which confuses newbies. But the true fact is that its a currency and have brought ease in many peoples life.
Few countries are blocking and few are on hold, but I hope as more stores or service providers starts accepting Bitcoins, they will think of legalizing it.

[dothebeats]

Of course bitcoin is money, in fact it has his own market and cryptocurrency in the flow of his value always in the moved, i dont doubt that bitcoin have a place in the near future in the wolrd economy.

A staggering $29+ billion market cap asset surely would have something in the financial market in the near future. Also, did you know that Australia would be completely allowing bitcoin to co-exist with AUD as a formal currency and could be used without additional taxes (formerly they impose double taxes for bitcoins) and that is one giant step towards mass adoption and economic boom for bitcoin.

[deisik]

Of course bitcoin is money, in fact it has his own market and cryptocurrency in the flow of his value always in the moved, i dont doubt that bitcoin have a place in the near future in the wolrd economy.

A staggering $29+ billion market cap asset surely would have something in the financial market in the near future. Also, did you know that Australia would be completely allowing bitcoin to co-exist with AUD as a formal currency and could be used without additional taxes (formerly they impose double taxes for bitcoins) and that is one giant step towards mass adoption and economic boom for bitcoin

I don't think it is a giant step at all

But price will certainly rise, on hype arising on the basis of Australia "allowing bitcoin to co-exist with AUD as a formal currency". Countries that are by far more powerful economically don't have this "double taxation" since long ago (on the Bitcoin timescale), but we didn't see a lot of "mass adoption and economic boom for bitcoin" that should have followed the abolition of Bitcoin taxes there:

Bitcoin and its alternatives can now be treated in the same way as traditional money, according to the European Court of Justice

So Australia is unlikely to change anything in this regard (apart from usual hype and hysteria, of course)

[stergium]

Bitcoin is money for me because you can exchange it into fiat. Also even online bitcoin is indeed a money were theres some online store that accept bitcoin. Last, fast transactions when exchange into fiat.

to me i think we can exchange bitcoin in to fiat. but we do not feel the need, because we can use bitcoin for shopping everything without changing it in to fiat currency, because most of the big onlne shops accepting bitcoin for shopping.

[CriptoSven]

Bitcoin is money for me because you can exchange it into fiat. Also even online bitcoin is indeed a money were theres some online store that accept bitcoin. Last, fast transactions when exchange into fiat.

to me i think we can exchange bitcoin in to fiat. but we do not feel the need, because we can use bitcoin for shopping everything without changing it in to fiat currency, because most of the big onlne shops accepting bitcoin for shopping.

It seems to me a little wrong to buy any extra goods for bitcoin. Bitcoin can be purely nominally called currencies, basically this subject for investment and other ways of earning money

[concept2]

Of course bitcoin is money, in fact it has his own market and cryptocurrency in the flow of his value always in the moved, i dont doubt that bitcoin have a place in the near future in the wolrd economy.

Bitcoin has already had a good place in the economy and everyone who works with the economy knows about Bitcoin. It is playing an important role the economic system and help many people in various waays

[Winner]

Bitcoin is not money since the people within the higher class aren't using it to purchase or spend it on things that they don't really care for. Bitcoin would only get called money in a literal term if the people in the Government decide on making Bitcoin more of an electronic currency that it already is.

If I wanted to give the Government some Bitcoins they would accept it though they won't call it money right now because they know it is not the correct term for it.

[nuela]

Bitcoin money is a means of exchange into money that is officially used by the country itself so that its inhabitants can use it.

[Victorycoin]

Actually the gov's have very little say, they just don't realize it yet. Its what the people decide it is not the government.  Those govt types need to start looking for new jobs and can I suggestthey look in the Crypto sector ha ha

Don't write the governments off like they don't know what Bitcoin is. They are very well aware of what Bitcoin is and how it works, and that they and their corrupted mafia banks are completely outruled. It's not for nothing that certain countries hold a defensive/aggresive stance against Bitcoin. In case of China, they absolutely hate everything that allows people to move wealth from their country to another. Bitcoin is perfectly suitable for that job, and that's exactly why I don't believe China will ever approach Bitcoin in a friendly manner.

why chian should pose a stance agaionst this when other country in asia are not doing the opposite? i mean in japan with bitcoin you could do the same you can move your wealth outside of japan, but still the government accepted it as a currency

Uh-oh, it kinda looks you are neither from China nor Japan

I know that you are from Italy, so it is forgivable that you might not know the history. Japan and China are likely the worst enemies that nations could ever be. And thus it shouldn't be completely ruled out that Japan accepted Bitcoin as a means of payment specifically to spite China. Apart from that, I don't see a lot of reasons why countries should be helping each other when they are in fact more often than not competing between themselves (and sometimes even fighting and killing their folks)

You would hardly see China and Russia going along with the rest of the world on anyone thing and this situation is not about to change even with the case of Bitcoin. If the rest of the settle to adopt Bitcoin, you will see these two taking the opposite direction as simple as that. Meanwhile both of them already have experimented with the idea of banning Bitcoin, but reality dawned on them that Bitcoin is as free as air, you can hardly cage it or tell it where not to go.

Nevertheless, Bitcoin appeals even to governments as a store of value - one outstanding feature of money and much as many of them might not be open with, some would no doubt be stacking money in Bitcoin, to run away from inflation and prying eyes.

[TTMNewsK]

Yes.
Bitcoin is a internet money which we can use it everywhere.

[bitbob82]

I don’t like to compare Bitcoin to regular cash because Bitcoin is only a tool that could be used to get more cash in pretty much any type of situation.
Bitcoin won’t be money unless the people within the IMF decide to put the coin into their Currency list and promote it as well.

i dont agree with you, for me everything that has a value , can be converted, can be use to buy something is actually a money, we cannot see it , we cannot hold it  but still we can use it to buy our goods and pay our bills, in the online bitcoin wallet that we have been using we can pay our bills directly but it has a fee also but a little bit compared to the amount that needed to be pay.

You have made it very simple if you can pay your bills with it and can shop thing with the bitcoin then it is proved that it is money. Being acceptable as a medium of exchange for the goods and services makes me call it money. If you say that it doesn’t have a physical existence it is true it is just like the balance in your mobile.

[wxa7115]

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?

All of that is nice, but bitcoin is money, that is the way it was designed, what this means is that bitcoin is so revolutionary that it has changed the definition of what is called money and what money can do, there are not many inventions that can say they changed the people understanding about a subject.