Is Bitcoin money?

[chuitahgn]

Yes I consider new money bitcoin because we can buy things using bitcoin like a real money, bitcoin has been a great help to those who have been using bitcoin. Maybe bitcoin may be our future money

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[migolmigol]

Yes it can already be considered as money because it can be used as transactions and considered as a digital currency.

[Harutooo]

yes bitcoin will be money but will end if some one hack bitcoin system

[prtty2gal2]

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]
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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?

Probably, bitcoin is the new type of money. It is more like a cryptocurrency. It can also be converted into a real kind of money. Practically, it is an online kind of money that is earned inside the bitcoin organization through the use of internet connection. By posting some thoughts and opinions in the bitcoin, people that are active users and active member can gain or earn some bitcoins. It can also became a true cash through the use of some remittance centers or banks where you can cash out all your bitcoins.

bitcoin is not real money, but we can still call it money,  because it’s  money in its  own ways, Just call it digital money. Bitcoin can be regarded as a lot of things, I even see people call it “internet money”, but I don’t think that’s correct.Lastly,  you can call it a stock (tech stock), which is the right thing.

[Michhotdog]

Bitcoin is not just money, but a new generation currency. The usual money does not allow to remain anonymous and earn on the growth of the price. Bitcoin is our bright future.

[NoNetwork]

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.

that's right, I'm as bad as bitcoin is a new currency but it's classified as a digital ungodly eye that its use is still limited yet all of them can use it.
so just enjoy this while we can

Well you've just said the meaning of decentralized currency. But about the limitation of Bitcoin it is true but we must not let it be a downside for the people in the community. In truth its just another currency but in a different platform.

[Agapelove]

I know bitcoin is money, that's why lots of community here experienced to earned bitcoin in this industry.
Bitcoin are being used for money transfer, which means it may not directly physical money but it can convert into a real cash.

[Cocobrayy]

Bitcoin as an alternative currency that can pay for goods and services like conventional currency, and Bitcoin works anywhere, anytime and by anyone. But unlike physical currencies like dollars and euros. But for myself, bitcoin is money.

[affandi]

bitcoin for me is not just money, more than that. simple, invisible, high value, and most importantly is easier for me in transacting. this is called financial freedom. while money, I must always keep it, holding it too much would endanger my life.

[xFiber]

bitcoin for me is not just money, more than that. simple, invisible, high value, and most importantly is easier for me in transacting. this is called financial freedom. while money, I must always keep it, holding it too much would endanger my life.

Bitcoin is indeed something more than money. You obviously can use it to transact value back and forth but it's mainly used as a hedge from corrupt and instable fiat currencies. Bitcoin can serve as a protection from governmental (hyper)inflation, which causes the value of a fiat currency to severely drop (Zimbabwe & germany are some key examples for this).

[sagarnyc]

Yes. Bitcoin was created in 2009 is considered the greatest form of money the world had ever seen.

Many other digital currencies have emerged, some with minor improvements. But they all share the same basic properties of the original. So now we can just say that “cryptocurrency” is the best form of money, and this includes Bitcoin.

These new currencies are in essence digital cash and digital gold. Many experts predict this new money will obsolete all other lesser forms of money which includes fiat currency.

So is Bitcoin money? Yes, it’s the best form of money ever created.

[Yaramrd]

Bitcoin is not money that we all like, but it has many advantages. Specifically the convenience to buy or pay something . It’s a digital currency which we can use it anytime and anywhere via Internet.

The main purpose of bitcoin was for trading and investment like gold but as you mentioned that it has many advantages, we can by things, pay bills and transfer it to others while in case of gold or other commodity you have to convert it to fiat first. Bitcoin is deemed as money because of its advantages and as it is now a medium of exchange so the answers is "Yes Bitcoin is Money".  

[fredo123]

Yes bitcoin is money.. Generally speaking bitcoins and money have the same characteristic, commonly used in conversion of goods and services. The difference between the two is that bitcoin widely used in digital environment it is intangible, while money is a tangible thing commonly used in outside world.

[balakang00]

Technically, anything used as medium of exchange is money. It is earned by signature campaigns and potentially will be used as medium of exchange on hotels or transportation so it is definitely a money. It is a counterpart or a substitution.

[assyla]

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?

Yes Bitcoin is also a kind of money. Although it is not tangible like Fiat money it also has a value that can be exchange in anyone, anytime and anywhere. Change happen anywhere in which money is also not definitely change but it adopt in its environment in which people use Internet everywhere so that Fiat money is just like evolve to Cryptocurrency so that it has a Bitcoin today.

[Pejoh Asu]

I think better than money, even better than gold. this is because the price or bitcoin value continues to increase, then it is time we invest our money into bitcoin because it proved very profitable.

[BitDiscussion]

I think anything you can use to trade it for another good can be money.

That is what you think and guess what, you are correct that is exactly the definition of money, money is anything that you can use to get others people products and since you can do that with bitcoin then bitcoin is money, it is as simple as that.

I don’t think so why people doubt the nature of bitcoins as a currency. They are digital currency equivalents of fiat/ paper money that you can sue to buy products etc. there is nothing different among bitcoins and traditional currency except for their modes of existence.

[Barbarian]

I believe Forbes rank Bitcoin as an asset rather than currency so in that very sense, BTC like your deduction probably isn't considered as "money" at this point of time. The Forbes top 100 richest man ranking might shift a lot if they do take currency coins into account!

I would rather look at the available uses rather than on that rank. BTC is indeed an asset but it does not mean that people holding BTC are not really spending them. Yes, most are only keeping them as treasures for the value to grow overtime but many are spending them as well. I myself spend my bitcoins for stuff such as payment for various bills.

According to some doubtful estimates satoshi holds 1 million BTC if this is true then that  means that he has 4.6 billion dollars, if I remember correctly Bill Gates has a 80 billion dollars fortune, so I think that in the next 20 years satoshi may become the richest person alive.

[Bezobraznike]

I believe Forbes rank Bitcoin as an asset rather than currency so in that very sense, BTC like your deduction probably isn't considered as "money" at this point of time. The Forbes top 100 richest man ranking might shift a lot if they do take currency coins into account!

I would rather look at the available uses rather than on that rank. BTC is indeed an asset but it does not mean that people holding BTC are not really spending them. Yes, most are only keeping them as treasures for the value to grow overtime but many are spending them as well. I myself spend my bitcoins for stuff such as payment for various bills.

According to some doubtful estimates satoshi holds 1 million BTC if this is true then that  means that he has 4.6 billion dollars, if I remember correctly Bill Gates has a 80 billion dollars fortune, so I think that in the next 20 years satoshi may become the richest person alive.

   There are many similar threads on this forum, only difference is the form. I have strong stand here, bitcoin can be money and can be investment, it can be what ever you wish to be. Forbs and
others can try to label it, but bitcoin can represent some new form that can combine some economy terms like currency or investment. Clearly is that bitcoin is used for traditional trading selling/
buying all sort of illegal/legal things, modern types of trading like trading stock markets, and bitcoin is used as investment.
   I did not know that I can trade from my computer and earn from that until I came here, like on stock market. I did not know that I can use bitcoin for buying all sorts of things, and I did not know
that I can invest in bitcoins, then invest bitcoins in some bitcoin businesses, and that is exactly what am I doing now. Is bitcoin money, yes it can be money if you wish it to be.

[Camello]

Well depends what you consider "money". If you can buy something with it then for me its as real as printed paper.