At present, Bitcoin is a good way to transfer money, trade and speculate on the value of money, and store money. It is not itself a money, not yet. If we want it to be a money, here’s what we need to do. First, a bit of background.
Here’s an exercise. Hold a dollar bill in your hand, or $5 or $10 or whatever, or a euro, or a £5 note. Think about what you’re holding, and think about why it has value. Hard money libertarian types often like to say things like “The Dollar has no intrinsic value,” and that’s kind of true. But let’s sharpen that statement and try to figure out where exactly whatever value fiat money has, comes from. Certainly it has some kind of value, but from where does that value stem?
http://calvinayre.com/2016/09/13/business/how-to-turn-bitcoin-into-a-bona-fide-money/
