Is Bitcoin money?

[bitcoinsocial09]

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?

Yes, bitcoin is a money and it is a type of an online crypto currency. And people should see bitcoin the same as what gold is. Because just like bitcoin, people can't really buy things with it and people still have to convert it into a real physical money. But with bitcoin you can buy some things online just like gold.

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[Khristian]

if bitcoin is.money for me is yes a kind of money that can be paid For businesses that accept bitcoin bitcoin is a big amount of money bitcoin is just like a gold almost same price is just two of it so it's a bit hard to earn so I get bitcoin i cash out it into money.p1

[condor1]

For me it's money, currency, just like dollar, euro etc. It's used to trade, the only difference is that it's not physical.

[Maricel2017]

if bitcoin is.money for me is yes a kind of money that can be paid For businesses that accept bitcoin bitcoin is a big amount of money bitcoin is just like a gold almost same price is just two of it so it's a bit hard to earn so I get bitcoin i cash out it into money.p1

Yes bitcoin sounds like money the difference is that bitcoin is a digital currency but we can convert it into real money if we want.

[nocturnalsheet]

it is not money for sure but you can change it to money 

[Dod Ong]

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?

For me, the bitcoin is money. Why? because the bitcoin helps me to earned money by posting and the money I earned in bitcoin I keep it and gave it to my family to help them in their daily expenses or daily needs. I used bitcoin not also in earning money also I used bitcoin to buy my needs like foods, shirts and my tuition. I coincide my studies and my bitcoin. I have a time in studying my lessons and I have time in posting here in bitcoin. 

[BlockMedx]

Because of its deflationary nature I think Bitcoin is actually more "money" than any currency on the planet right now.  Gold is the only worthy comparison, but because of the difficulties inherent in using/transporting/ exchanging gold it doesn't even come close

[Aming amirudin]

I think bitcoin is part of the money itself tpi in different form

[Mukulislam]

I do think and believe that bitcoin is a real money because we can transact with it anytime, anywhere as long as we are transacting with the people who are accepting bitcoins.

[Cangkeman Wae]

Bitcoin is money even I have to say that bitcoin is better than money, if the value of money keeps going down because of the price factor of the rising goods but the bitcoin just keeps going up.

[Fasdartin]

Because of its deflationary nature I think Bitcoin is actually more "money" than any currency on the planet right now.  Gold is the only worthy comparison, but because of the difficulties inherent in using/transporting/ exchanging gold it doesn't even come close

Bitcoin is money for the Internet. Bitcoin does refer to itself as money or currency issued, however, not by a government, but instead in a decentralized manner. A lot of them get paid in bitcoin and use it to shop online and bitcoin is now the best-performing currency. Also bitcoin is more than money.

[Hedz121]

yeah. bitcoin is bigbigmoney

[Hedz121]

yeah. bitcoin is bigbig money!

[kazukino1111]

Yeah it becoming to be considered as one of currency

[mhayandal]

Bitcoin is a currency, they're are unit of account, a medium of exhange and a store of value. Bitcoin almost exclusively for an economic exchange in the world of trading in the market.

[minerich]

bitcoin is an exchange of cryptographic code and exchange of asset and commodity equivalent to gold and it is future money and decentralised bank

[BlasterS]

Yes, Bitcoin is a money. Bitcoin has a high amount value. Bitcoin also considered aa a medium exchange.

[Mazda17]

I do not consider gold to be money.  You can't go and buy most goods and services with gold.  Gold is a commodity, dollars are money.

Bitcoin is a virtual currency.  It has more in common with paypal than it does with dollars or with gold.  I wouldn't really call it money until it is more widely accepted as payment for goods and services.

I agree with you that bitcoin is not money.
Bitcoin is the virtual currency. It has more in common with paypal than with dollars or with gold, therefore I as a bitcoin user will not call it money in any form.

[nhoyasim101]

its cryptocurrency its not a hard money i think but it can be if you convert into your own currency.

[BoonTech]

In my opinion Bitcoin is a decentralized digital currency