Is Bitcoin money?

[SadEmo]

Bitcoin have everything to become money and also as bonus have many helpful features and benefits that making bitcoin more than just money. Bitcoin is culture!

[Sean25pogi]

Yes,  bitcoins are money you can use them in buying goods,  investment and etc.  It has a monetary value so you can use it in all kinds of transaction

[ace4549]

Yes, the bitcoin in the cryptocurrency is a real money. In fact it has a monetary value so all things you can do to this and can be a medium in all kinds or means of transaction.
It is a wonderful money since it always grow it value even you did nothing about it.

[lani123lani]

bitcoin is a digital currency that has something in common with paper money that can buy goods, but bitcoin can not buy most goods and services with bitcoin,

[HimalaCryptoo]

I think bitcoin is digital currency and it can be said as money but not used as official currency.

[mkmittalg]

 Yes, bitcoin is money. Bitcoin is very smart money. Bitcoins don't have a value outside the context of their use as a medium of exchange.

[gabinsight]

From a few of the definitions of money, you can asually call Bitcoins money. But unlike other objects like gold or silver is acceptance is still kinda limited right now.

[Snaic]

Correctly stated that money is any object that is used to calculate as payment for goods or services. Therefore, the Crypto currency is quite suitable for this formulation of money. On the other hand, a crypto currency can not be a commodity, since it also performs, in addition to the function of a payment facility, also a function of storing value and a measure of value. These functions are not inherent in the product and are only signs of money.

[Jembut Ireng]

Yes, bitcoin is money. Bitcoin is very smart money. Bitcoins don't have a value outside the context of their use as a medium of exchange.

Can be said that bitcoin is more than money because its value continues to increase, if we have money $ 1000 and buy bitcoin then its value could reach $ 10,000 for a year, that's a fact that we must understand at this time.

[John Snow]

If we are to be precise about a definition, for something to be used as money it should hold the following properties:

Scarcity. There needs to be a finite supply so that the currency maintains its value. There will only ever be 21 million bitcoins, no person can create more bitcoins. This is a rule which is baked into the bitcoin network, and has a very high degree of security. The vast majority of the people securing the bitcoin network would have to agree on a change to the network rules for them to change, this is highly unlikely to happen given they would agree to change the fundamentals of the network.

Durability. This is an open and shut case; digital currency does not wear, tear or break. However, you can buy some physical items which have bitcoin addresses stored on them, for more information see opendime and casascius coins.

Fungibility. Is each bitcoin is the same as each other bitcoin? Bitcoin has fungibility problems because technically transactions are traceable. When you make a bitcoin transaction, the coins you spend from your wallet to another wallet have a traceable history back to the point where those coins were mined from the network. If certain services are deemed unfavorable, the history of coins moving through wallets which are associated with unfavorable services could be marked. Therefore in the future some coins could be seen as more valuable because they are clear, meaning they have not been dirtied by touching wallets of unfavorable services. At the current state of the network, bitcoin has fungibility issues, this is a problem which needs to be solved in order to make any bitcoin as valuable as any other bitcoin.

Divisibility. Each bitcoin (or BTC) is divisible down to 8 decimal places. A Millibit is 0.001 BTC, a Bit is 0.000001 BTC and a Satoshi is 0.00000001 BTC. This ensures that even on a global scale people could transact in fractions of bitcoin, if the value is to increase it is likely that casual daily spending will be in bits and milli bits. An example of this would be heading to your local cafe and purchase a coffee for 100 milli bits.

Portability. A bitcoin can be stored on your phone, tablet, computer, or even a bitcoin-specific hardware wallet. It weighs nothing and is frictionless to move around. This is much lighter than lugging around a hunk of gold, or carrying a wallet of cash. It has never before been possible to move significant amounts of value across the world within seconds for almost no cost. This could strengthen relationships in the global economy and make it easier to build global businesses.

As with any new currency, it will take time for adoption to grow. Whether bitcoin has been adopted as a currency or if it is going to be is a topic for another time.

Eight years in bitcoin is still a very young currency, each day it remains active and secure it proves that bitcoin is standing the test of time. Bank notes and credit cards were not made for the internet; cryptocurrency enables digital transactions in the digital age.

[Satish147]

Of course, BTC has characteristics of money as medium of Exchange and store of value and it have a lot of more advantages than any other money existed till now. Cash cannot be transferred internationally whereas Bitcoins can be transferred on a peer to peer basis.

[Davidbee]

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?

I think bitcoin is similar to gold. Gold is not money, but its value is recognized and can be used as money.
Now that the value of bitcoin has been recognized by some people, you can exchange bitcoin for cash by trading in bitcoins.

[Kisanaq]

Undoubtedly, I think that Bitcoin is money. Money of the future. We should not underestimate him, but it is still difficult for many to understand him.

People feel comfortable with their paper money do not care that many things can not be done with paper money, the value of paper money is always down while bitcoin value continues to rise, should the country care about this so soon legalize bitcoin.

[profitshareincome]

Yes Bitcoin is money but it is virtual money. It can't be touched with hand , even it can't lend to other by means hand but can be transferred through online. Whatever it is virtual or Real it is kind of money only.

[19spawnfeed]

It is a sort of money not the actual money because you cannot claim it when it is lost. It is only the virtual aspect of money.

Agree on this. Bitcoin is just a virtual currency, but it can use for some payment of services or things. Bitcoin also has a wallet where you can store your bitcoins. Bitcoin is not physical money compare to fiat, for me, I considered bitcoin as a money because bitcoin has a value.

Bitcoin is a digital currency and it is use for online shopping and you can everywhere use bitcoin because bitcoin is use in world wide so if you visit in any country bitcoin will helpful for you and you can buy anything from its payment,

Yes Bitcoin is money but it is virtual money. It can't be touched with hand , even it can't lend to other by means hand but can be transferred through online. Whatever it is virtual or Real it is kind of money only.

Bitcoin is a digital currency and also you can call Bitcoin as a money you can  transferred online if you wish to used it.

[Liaalif]

yes I think bitcoin is money, because if we are trading to earn profit bitcoin we can exchange it with regular money and in fact yes bitcoin is digital money that can for payment transactions

[Lovemae]

Of course. Because no one would waste their time just for nothing.

[online73]

Is Bitcoin money? - Definitely money. Money - a measure of value, capital and funds, which of the above does not apply to Bitcoin? It is not important that bitcoin, at the moment, does not officially have an official definition of money. But for anyone who is familiar with the topic of crypto currency and Blockchain, Bitcoin is more than money.

[gaurav82]

Bitcoin is kind of money.
Everything which we can convert to money is also money like:gold,shares and other assets. Bitcoin like a asset which has some value and anytime we can convert it into money.
But it has different value at different time.

[nicolesalv]

Bitcoin is a digital currency that we can convert into real money or cash that we can use to buy foods, payment of monthly bills and so on. It can also be used in a direct transaction provided that the users or both parties agreed to accept BTC as a mode of payment.

 It is not fiat or money but you can convert bitcoin into cash or money through trading exchange. Bitcoin is virtual currency or digital currency. It is not being controlled by the bank unlike money . Some other shops accept bitcoin but only few.