Is Bitcoin money?

[Cotton Candy]

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?

At first no bitcoins is not a money because no one knows i lt and no one is accepting it. But today bitcoins are highly accepted even the banks are accepting it in exchange to money a real currency so today i can say that bitcoins is a money because there are some stores that are accepting bitcoin as a payment. Before ypu can never see a food chain that are accepting bitcoins but today moe of them are here. Not all are accepting but still there are some.

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[Rosilito]

Eventhough it could not be defined as money, but bitcoin functions as money. Bitcoin could be use to buy luxuries, foods, clothes, house or could be even use for an exchange. Money is not always as what we see or what we touch money is a thing we use to pay out of a thing we wanted to get, so thus, bitcoin is a money too because bitcoin can be use buy things eventhough we cannot see or even touch it but it has a value like a money and functions like a money. So, bitcoin is money.

[stephenv26]

it's a cryptocurrency not an actual or physical money

[niceone]

Well bitcoin is a digital currency but i'm sure that you can consider bitcoin money bitcoin has its own worth especially now that its price really is at its peak and for me bitcoin is not just money it is much better than money it is a currency and at the same time an asset.

[rfouziha]

For sure Bitcoin is not money we have agree it. As we are seeing that we cant accept bitcoin without internet and if you want to purchase something the opposite person also need to access the internet and he should have the digital wallet to receive bitcoin also. where money has easy access any where. Bitcoin is the cryptocurrency which full of data only and not easy to use for purchase any commodity but is can be exchangeable it has a very big value and future is going to accept cryptocurnney very broadly world wide.

[jsscswan]

Bitcoin is a digital currency that functions more than ordinary money. Bitcoin has an ever-changing or unstable price, and bitcoin can be a long-term investment tool. So basically, bitcoin is more than ordinary money, like a new kind of gold whose price keeps rising.

[rameshEl]

I believe it's something like gold - more than money. It was introduced with the purpose of money but with growing trend now people start to invest in BTC and someday it may go far far beyond other investing things.

[paxaway21]

for me it's a bit of money that I think of bitcoin because I value it as much as I value my money and what I do with my bitcoin when it comes to the day I can add it to my family so it's important to bitcoin because it's up its value goes up.Bitcoin is a digital currency so i think that we should just stick to how it is called and let the value of it make people see that it is a money. And it would be better if you buy the market at bitcoin that they will pay and they will accept it. so the goverment should allow the law and allow them to comply with the law that allows bitcoin to make money.

[ohlawdy]

Bitcoin isn't money at this time , more like a store of value . It is to expensive and slow to pay for something . There are way better options out there.

[cryptobengal]

I think we should be carefull of how we reference Bitcoin, lest the goverment want to tax us , it is not money in the classic sence, it is more like a new digital asset class, I dont think we should call it MONeY, we dont want the vampiric banks and governments taxing us for something they have no right to do

[Superways]

No, Bitcoin is really a forex utilized into electronic globe as repayment towards the digital or on the internet services. But you can transformed it right into a real money, using the other banks that take bitcoin as currency.

Bitcoin can be put in the same category as gold because it can be used as a currency just as it is an investment asset.  In this scenario I think it's very appropriate to consider bitcoin as money.

No, Gold can not use as a currency. As far as I know, I do not remember any country accept Gold as a payment method to pay anything like FIAT. Bitcoin is also like that, it can not uses for payment normal, therefore if someone wants to use Bitcoin as a payment method like FIAT, they will break the law, unless Japan accepted Bitcoin as a payment method and currency.

I believe that Bitcoin is alternative money which has money properties over the real money. Bitcoin can serve as money or cash. Because by using Bitcoin you can travel, purchasing online and also you can trading on Bitcoin. So never ever it looks that Bitcoin is not as cash in your hands. Bitcoin would be legalizing in every country of the world. Anyone who is mining in Bitcoin feels need of cash or money. He is on the stage that he can sell his Bitcoin in the better price and got more money than the real money he/ she invest at that time.

[lestariptr]

Bitcoin money is a digital currency that can only transact through online can not go through offline and used to buy something when you can buy something then it will definitely be a form of money.

[kunalqwe]

bitcoin is vertual currency you can not touch it or feel it but it has so much value and yes you can use it by converting your bitcoin into real currency .

[muscipular]

of course. it's money, it's the future of money. :)don't miss the chance to gain fortune now.

[Lannie25]

Yes bitcoin is money that some country accepted it in all kinds of commercial transaction. Bitcoin is just not a money but also a biggest blessging that you have.
With the bitcoin you give them ways to earn money in just short period of time and convenience to the fullest.

[Jessica2009]

  Bitcoin is a medium of exchange which can be operated world wide without an intermediary support.Since bitcoin is used to buy things from all over the world it can be said as money.We use money to buy and sell goods so Bitcoin also is money.

[psmachado]

The main rule of the economy since the befin of humanity is that the price of a thing is what you want to pay for it. All can be money, all have value, and bitcoin is something that is growing so fast... You can buy things with bitcoin or sell it to have USD or EUR to buy things, so BTC is more than money, it is gold!

[Snub]

bitcoin is more like financial instrument, not like money.
Fiats are money. They are not virtual.
BTC is virtual, we can't say that it is money.

[Golubhargava]

bitcoin is more like financial instrument, not like money.
Fiats are money. They are not virtual.
BTC is virtual, we can't say that it is money.

It is a kind of money but it is a crypto currency

[ZaynDale]

Yes bitcoin is money if only and only it will become accepted as a mode of payment and widely used. Let us just say, we can have money from bitcoin. But we cannot use bitcoin as money. Bitcoin is an asset and dollar is money.