Is Bitcoin money?

[machinationus]

Bitcoin gets to be money when it gets converted to fiat money otherwise it will still be a virtual currency. It gets the real value when it gets converted, by this way we can say that bitcoin is money when it is spent or used in any other website that accepts bitcoin as payment processor.

[maminelly]

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.

+1 agreed.  It's a commodity, a digital store of value.

yes i think bitcoin is become money if you converted...

[Marry Finch]

Bitcoin is uniquely digital money, as they perform the function of a measure of value and the function of a means of payment. The fact that some indicate only certain forms that can have money and among them there is no money on digital media, this is fixable. When the notion of money was written, no one knew what digital money could be, so they are not included in the list of exemplary forms that can have money in existence. Simply over time, in this exemplary list of forms of money, digital money will be added and this will end the problem.

[vhns222]

its more than money as in our time money is just a paper ,but Bitcoin is somthing new and not only Bitcoin but cryptocoin ,blockchain somthing like internet it will change world.

[TomUyamot]

its more than money as in our time money is just a paper ,but Bitcoin is somthing new and not only Bitcoin but cryptocoin ,blockchain somthing like internet it will change world.

The point is that our fiat money and Bitcoin have similarities and differences. Similarities in the sense that both are being used to buy stuff. Similar again in the sense that both have really no intrinsic value. The value of both our fiat paper bills and Bitcoin is only assigned to them by the agreement amongst people and the government and the supporters and community. The differences include the fact that fiat is centralized and in physical form while Bitcoin is peer-to-peer and decentralized.

[boksoon]

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?

Bitcoin is a kind of money but it is under processed, fiat money is directly to pay something gold also is needed to convert into fiat money but if bitcoin become primary use of all country this is what I've in first line "bitcoin under process" now it will be going to pay directly like fiat money

[Adiba14]

Bitcoin money is a tool that is not much different from other paper currencies that distinguish only how to use in exchange where the exchange bitcoin digitally, and paper currency exchange directly physical. So bitcoin currency is a medium of exchange for getting things digitally.

[cizatext]

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?

I totally agrees with all the dictionaries definition of money given above, but what I don't agrees with is your conclusion that bitcoin is not money due to the fact that bitcoin purchases all the features that are listed in the dictionaries above. Bitcoin is use as a medium of exchange of goods and services, and bitcoin is also a store of value. The only feature bitcoin is lacking for now is the legal tender and with time bitcoin is going to be accepted as a legal tender.

[syntac]

I disagree with you stating that bitcoin is not money, it is clear that bitcoin is a digital currency that has the same functionality as money in general. But bitcoin has a more sustainable function of money, I mean that in addition to bitcoin can be used for transactions, it can also be used as a profitable long-term investment.

[pukwengkweng]

Bitcoin is a tool that you can get money, It is a worldwide payment system.
Bitcoin is money for the Internet. It is a scarce digital commodity used as money by millions around the world. People buy coffee with Bitcoin at local shops. Others get paid in Bitcoin and use it to shop online. Friends use it to settle with whoever paid for dinner. Workers send Bitcoin back home to help family, regardless of where they live.

[jangangilaya]

Yes bitcoin is money, it is the best of cryptocurrencies has to offer, knowing.ypu can exchange bitcoin in your country's money and still will give you more bitcoin is definitely the money, that everyone wants to havd it is also a valuable asset for the owner.

[ekateriinae]

bitcoin was a money itself.. bitcoin was has use for buy and sell.so basically it is a money.

[MD Milon]

Bitcoin is a digital currency.it's a virtual currency.by using Bitcoin ,people got benefited.Bitcoin is a asset .invest it ,people earn money.also it's value is high.

[AlexW333]

of course It is

[ViciousWarlock29]

Bitcoin is a digital currency. Although it doesn't have any physical representation it is considered as money in the virtual world. We can do a lot of things online using bitcoin. To answer your question, yes its a money for the online world.

[MAJICOIN]

Yes bitcoin is the form of money and it is very popular money we can use it for several purposes like for buying and selling we can use this money. If we need something to import simply we can pay in this money and with in a couple of days we can receive that things. Bitcoin is the real money and like other currencies we can invest in this currency to make some profit over it. The value of this currency is more than other currencies in the world and it is mostly used for online transactions.

[cryptogideon19]

I agree with that, salute for this thread. And Reading this my sort of knowledge about bitcoin was extend a little bit and need to more know about btc thanks for wonderful sharing about this.

[abutingting]

It can serves on how money does on people so Bitcoin for me is indeed money.

[Galih_Al karim]

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.

yes I also agree with you, because it is still virtual so a bit difficult to interact there may be some online stores that have been using this digital / virtual money, maybe .. I also do not know for sure there is a use or No, we will see the good news of bitcoin.

[Best Dreams]

its more than money as in our time money is just a paper ,but Bitcoin is somthing new and not only Bitcoin but cryptocoin ,blockchain somthing like internet it will change world.

Yes bitcoin is a money you can buy a lot of things from bitcoin such as food,clothes and other things you can also  pay your bills and now I’m going to pay my tuition fee as well but there is one more good quality in bitcoin if it’s also an asset you can keep it save and then can use it for your future it will help you so bitcoin is actually money and as well as asset so it up to you how you want to use it because bitcoin is the only hope to make money fast.