Is Bitcoin money?

[quantumcomputing11]

When bitcoin can be traded for all these other types of fiat monies (USD, GBP, KRN, on and on) then you have to consider it money. Do you consider gold money? It has pairing with these as well. If you consider bitcoin to not

be money then you must apply the same logic for gold. If you consider gold to be money you must apply the same logic to bitcoin. It works one in the same you cant have both sides of the coin that is literally stupid as hell.

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[bettercrypto]

Bitcoin was created to be a currency peer to peer digital  currency.

Aside from that it is also created to use as mode of payment while solving the financial issue on fiat money being controlled and manipulated by finance institution.  Though I can't find any difference since Bitcoin is also manipulated by whales.  The difference is the other one has the consent of the government while Bitcoin has none.

[chicobr]

Yes, Biticoin is certaily a kinds of money. Whatever you can use for payment, it is the money

[nagatraju]

Bitcoin is not in physical form, but has all the functions of money, we can use it to buy things in online stores, we can use it to pay and invest in any business, and in the concept of money it doesn't matter how many peoples really use it as money

[VladimirsV]

Yes. Because, you can use btc for buying or selling something same like money. The different is that, the money is using in real life and bitcoin is used for online things.

[chichiah]

Bitcoin is an investment that can converted into cash. As long that you have a bitcoin you can withdrew it anytime you want. But spend your money wisely.

[crypt0heaven]

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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[/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?

If its money then governments will want to shut it down eventually, if not  it will act as digital gold then it might be fine.

[ZenaXF]

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

Bingo!

While some people call bitcoin a "currency", it is not a currency of real meaning because it is not issued by the monetary authorities and does not have the monetary properties of legal compensation and mandatory. In nature, bitcoin is a certain kind of virtual commodity, which does not have the legal status of equivalent to the currency, and cannot and should not be used as money in the market.

[mustakimulhq]

Such a nice article. I just register this forum couple of days ago. And try to understand about Bitcoin, Cryptocurrency and Blockchain. This article really help me to know about bitcoin. Thanks again.

[Dreamr]

Yes, bitcoin is a digital currency that is decentralised, fast, and acceptable worldwide.

[Walastik]

Yes, it will make money when you accumulate a lot of bitcoins. so much money so you need to wait and be patient, so you can buy everything you want, you need to collect all the bitcoins you receive. more bitcoin the more money you get.

[Kasabus]

Yes, it will make money when you accumulate a lot of bitcoins. so much money so you need to wait and be patient, so you can buy everything you want, you need to collect all the bitcoins you receive. more bitcoin the more money you get.

Definitely that is the key to grow your money, you need to understand that bitcoin has a limited supply and the demand is increasing resulting
to an increase of price. If you are an investor then you should trust bitcoin and consider it as your long term investment.

[tinystone26]

I can say that it is money I even use it in buying thing here outside even without cash I can buy things online pay like a business man with money through online and you can even use for investment to offer and make it a transaction fees.

[heureca]

Yes, bitcoin is a digital currency that is decentralised, fast, and acceptable worldwide.

On the other hand it is correct definition of BTC. However, currently BTC is investment tool like Gold but not the digital currency for buyings.

[Souldream]

I can say that it is money I even use it in buying thing here outside even without cash I can buy things online pay like a business man with money through online and you can even use for investment to offer and make it a transaction fees.

Definitely bitcoin is a money, it is a money in a sense that it is used already as a mode of payment in some online shopping, gambling or even drugs. Bitcoin is a money but through a online site which is also called digital currency or cryptocurrency. Bitcoin is a money, a digital money rather that can also be converted into fiat to be able to use by anyone in their respective countries like mine.

[Dastramus18]

Yes bitcoin is money it is online money though and you can earn it here and you can also invest in it you can just buy one through bittrex or polienex but first know everything about it before you put any money on it and believe in it.

[Twinscoin2017]

I can say that it is money I even use it in buying thing here outside even without cash I can buy things online pay like a business man with money through online and you can even use for investment to offer and make it a transaction fees.

Definitely bitcoin is a money, it is a money in a sense that it is used already as a mode of payment in some online shopping, gambling or even drugs. Bitcoin is a money but through a online site which is also called digital currency or cryptocurrency. Bitcoin is a money, a digital money rather that can also be converted into fiat to be able to use by anyone in their respective countries like mine.

Well bitcoin is not really a money because bitcoin is an investment and bitcoin is an asset of gaining money we can get more money through bitcoin because it has a verry high capability to rise every now and then.how ever we can realky convert bitcoin to money anytime and we can use it anytime anywhere that is why some people  really think that it is a money because it can be converted  to real money.

[Godric-Gryffindor]

Bitcoin is a currency, you use it as a mood of payment in some online shop,  like gold and silver you can use it to trade and exchange to fiat , Gold and silver is a currency before government or royalties introduced Fiat because of shorted of both.

[Bitcoinjheta]

Bitcoin is a currency, you use it as a mood of payment in some online shop,  like gold and silver you can use it to trade and exchange to fiat , Gold and silver is a currency before government or royalties introduced Fiat because of shorted of both.

I think bitcoin is a money in its own way because it is used as mode of payment on online transactions in selected countries and selected transactions as well. It is a digital currency which is convertible to physical money and therefore be used to whatever transactions you may wish.

[Futureblnr]

All we're doing is saying bitcoin as something else other than its economic reality.