Is Bitcoin money?

[Jraf95]

+1 agree that it is not money.  However, if it was a pure commodity then it would necessarily require some (even minimal) use value, beyond an exchange value.  Right now bitcoins have a 0% use-value and a 100% exchange value (eg, if they could not be exchanged for something else, they would merely be taking up space on our harddrives and are inherently useless, like random chunks of data).

Bitcoin is not money but the fact is bitcoin can have a money and can give you money, its a kind of organization that can gives us money if we used to be, bitcoin is just the group of program that link's all of us so that we can manage true net of what we've transacted  here in bitcoin

[kyanscadiel]

Agree with post. My personal opinion is that actually Bitcoin is intangible money but it has a acceptable power over the world.

Yes, I agree. Bitcoin is a money from the internet where you can use through paying your bills and purchase something you wanted. It is also converted into money that we can use to buy something. Bitcoin is intangible kind of money, but it has a power. It helps many more people who knows this. It can help people to secure their future lives or change their lives forever. Bitcoins price continue on increasing, so it continue on helping others.

Bitcoin is a scarce digital commodity used as money of many people around the world. It is use for payments when we purchase things on the online shops and we also use it to send money to our loved ones.

[Marileno]

Is gold money?

The answer to the question is the exact same answer for bitcoin. Some people believes gold is as good as money, while other's dont. The EXACT same situation exists with bitcoin.

[HackS]

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?

First of all there are real life btcs their value is even higher then digital btc, and of course I know that they are for collectors and that they are rare.
As you mentioned money is term for value for every living and unliving item except air ( for now and gulp) which means that money is not just paper (money is all around us but we don't know how to use it) and its meant for buying selling or trading (I'm kinda describing the term money ) so if you can trade that digital BTC for $ that means that it can be called money. They are trying to make something like credit cards (my humble opinion) in near future to make transactions easier or to make it world wide currency ,for as we all know about technology importance in today's world and as it highly relays on it will be a big part of the future.

[HackS]

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?

First of all there are real life btcs their value is even higher then digital btc, and of course I know that they are for collectors and that they are rare.
As you mentioned money is term for value for every living and unliving item except air ( for now and gulp) which means that money is not just paper (money is all around us but we don't know how to use it) and its meant for buying selling or trading (I'm kinda describing the term money ) so if you can trade that digital BTC for $ that means that it can be called money. They are trying to make something like credit cards (my humble opinion) in near future to make transactions easier or to make it world wide currency ,for as we all know about technology importance in today's world and as it highly relays on it will be a big part of the future.

I forgot to say you would be a good lawyer.

[Tambu]

Bitcoin is money in digital form.

[batman12345]

in my opinion bitcoin is real money like gold which bitcoin supply in limit ..

but since there was a shift in the meaning of bitcoin changed because a lot of money laundering used thether(USDT) to buy another bitcoin or ctpytocurreny

[cryptojohn9]

Anything that is being used as a medium of exchange is money. The function of money is to serve as medium of exchange, store of value, and more. Bitcoin serve that activity, thus pass the "duck" test.

[danielnamit]

Yes bitcoin is also a money, although it is just a electronic money, we can exchange it in one's currency like here in Philippines, Pesos. It is better for me to have electronic money rather than physical ones since money in electronic is not stable meaning your money may rise or it may badly goes down.

[juddtrump]

Money is primarily a medium of exchange. It enables a person to trade what he has for what he wants. Ideal money has three critical characteristics: it acts as a medium of exchange; it is an economic good; and it is a means of economic calculation.

The best approach is to let the people decide what they want to use as money. There is no need for a central bank, government control, or legal tender laws. History has shown that, when left up to the people, silver and gold tend to gravitate to the role of money for the reasons that it is scarce, durable and therefore great store of value, divisible and therefore tradable, portable, proven and has use value.

Bitcoin is a new invention, or creation, designed to address this market demand for a better medium of exchange. As a new creation, with its own use value, it becomes a new commodity.

The several features and benefits that make bitcoin a highly desired medium of exchange and a run away success are privacy, lower transaction cost, person to person payment functionality, limited supply, portable, compact, decentralised and free from centralised control.

Whether Bitcoin is a money or not depends upon the jurisdiction we are talking about. In Japan it is money because it has been given recognition as a legal tender or as a legitimate medium of exchange. In India it is not money because in India one cannot use it as a medium of exchange for goods and services. But it is being increasingly used as an investment option in various jurisdictions even where it is not being recognized as money.

[RudeeTam]

If it's based on the contextual meaning of money then yes, bitcoin is not money. But it IS money in another form. But I believe bitcoin is clearly better than money in it's own right. It's entirely relative but if I have to say one thing about this issue, then it's "Bitcoin can make money".

[Kulafu]

Basically the bitcoin is a money.
unfortunately is not widely accepted yet in the market therefore need to convert into a non virtual currency.

[bitcoinskyrocket09]

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?

Is bitcoin is money? Yes because many people are investing on it's for their future because many people like my friends are becoming rich because of bitcoin . And Bitcoin are becoming popular and have a possibility to become the new money currency

[haster100]

Bitcoin is money for me, because you can exchange it for fiat. In addition, even online bitkoyn - this is really money, which offer an online store that takes bitcoin. The last quick transactions when exchanging for fiat.

[daarul50]

Bitcoin is not money but works for money. Bitcoin is a cryptocurrency that we can use for various transactions. However, if we want to use fixed bitcoin we have to exchange the bitcoin for money except for the bitcoin transaction.

[Azurewrath]

its not money, but an asset, it not convient to use, people need to wait for a long time for confirm and also the fee is too high, besides, the price is not steable which will be hated by the market as money

[julius caesar]

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

I agree with that and in terms of medium of payment Bitcoin is a lot more better cause it pumps the chances for you to become more profitable were good. Bitcoin is money in the sense that you can be able to have profit just transfer or convert it into your local money to become cash.

[manoj kumar k]

yes bitcoin can be considered as money but it is not a hard currency it cannot be felt but it can be used for everything it is a crypto currency

[MWesterweele]

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?

First of all there are real life btcs their value is even higher then digital btc, and of course I know that they are for collectors and that they are rare.
As you mentioned money is term for value for every living and unliving item except air ( for now and gulp) which means that money is not just paper (money is all around us but we don't know how to use it) and its meant for buying selling or trading (I'm kinda describing the term money ) so if you can trade that digital BTC for $ that means that it can be called money. They are trying to make something like credit cards (my humble opinion) in near future to make transactions easier or to make it world wide currency ,for as we all know about technology importance in today's world and as it highly relays on it will be a big part of the future.

I forgot to say you would be a good lawyer.

Maybe yes interms of paying in online but not yet in paying or buying in some store, also bitcoin is much higher value than cash so it not easy to someone to use it and not convenient to pay in store or in daily expenses, maybe it become money when it exchange it in currency.

[VladG]

Doesn't matter if is money or not, we can buy what we want with them... xd