Bitcoin isn't money and that isn't bad!

[ice098]

just because you can't understand something or can use it that doesn't mean bitcoin can not be used as money or instead of fiat. over the years bitcoin usage as payment has been increasing. there are currently multiple countries that have accepted it as a legal way of payment. now you can play with words all you want (currency, store of value, money, payment system,...) in the end bitcoin can be used as money.

in any case cheeky link spam advertising your website using a controversial subject!

Even the traditional currency doesn't have these many access as bitcoin. Currency has been used as a paper carrying value. Bitcoin has been used as value store, as an investment asset similar to stocks and forex. Bitcoin as a means of payment has ease large scale transactions with much reduced fee. In other terms such a volume of transactions can't be handled by banks. No doubt, bitcoin is money and rest is upto the user.

I believe that this insight will only for now. To be honest bitcoin were not comparable even in fiat. This may not be considered as money for now because its transaction were done via online hence people were getting used to called money in terms of fiat. Let come to think of it, the fiat of each and every country were only applicable inside of their country and if someone will going to travel to other countries she/he will definitely exchange their fiat to other countries fiat, but in bitcoin if you will going to the countries where they receive bitcoin as a payment you will never had to undergo exchange your bitcoin into fiat.

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[error08]

Actually, Bitcoin is money. There are too many people who think it should have a system like fiat to call it as money. But it doesn't work like that. The meaning of money in short is  "a medium of exchange". So, a currency that is a medium of exchange can be accepted as money. 

Perhaps a "digital money". Who said we can't spend bitcoin like money does? We definitely can. The only difference fiat money and bitcoin are facing is that fiat money has physical existence while bitcoin doesn't have. If money can be used to pay bills, pizza, etc. Bitcoin can also do the same through crypto local wallets.

It was also alternative paymeny method next to fiat money.
And according to Forbes,

Apparently, money is:

-A means of exchange
-A store of wealth
-A unit of account

And bitcoin does this all characteristics, too, isn't?

We can argue what is the definition of money or currency. But we agreed that bitcoin can be used as a medium of exchange,  then it's a money. Whatever that can be used and agreed by both parties as a medium of exchange, just like bitcoin being used as a means of payment across the world or at least by people in this forum or citizens in Japan to buy goods or pay the bills. One thing that bitcoin need is more countries stated  bitcoin accepted as means of payment,  bitcoin is one step further after PayPal enable users to spend bitcoin on 26Million merchants.

[suzanne5223]

Some governments and institutions saying Bitcoin is not money is definitely another excuse for them to cause FUD and to chase way some newbies that are planning to join cryptocurrency scheme because anything thats is accepted as means of payment for goods and services is said to be money which Bitcoin have all the characteristics. Besides, company like Paypal wont have join crypto.

[k@suy]

Some governments and institutions saying Bitcoin is not money is definitely another excuse for them to cause FUD and to chase way some newbies that are planning to join cryptocurrency scheme because anything thats is accepted as means of payment for goods and services is said to be money which Bitcoin have all the characteristics. Besides, company like Paypal wont have join crypto.

Bitcoin is considered as a virtual money since it can be a mode of payment in other countries. Other countries around the globe started years ago to accept bitcoin as a means of payment most especially those countries who has a lot of bitcoin users. But in my country, bitcoin is not acceptable because only few people knows about it and most of us are not that technologically aware.

[BitcoinFX]

Bitcoin is money. Bitcoin is also currency.

I always assert that the most accurate definition of Bitcoin is Digital Commodity Money ...

- https://en.wikipedia.org/wiki/Commodity_money

"Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves (intrinsic value) as well as their value in buying goods."

Bitcoin's are made from electricity, CPU time and cryptography (math).

It's in the Bitcoin white paper ...

"Bitcoin: A Peer-to-Peer Electronic Cash System"
- https://bitcoin.org/bitcoin.pdf

Excerpt (page 4) ...

"... In our case, it is CPU time and electricity that is expended. ..."

The first Bitcoin exchange rates were calculated in exactly this way ...

Excerpt;

- http://newlibertystandard.wikifoundry.com/page/2009+Exchange+Rate

"During 2009 my exchange rate was calculated by dividing $1.00 by the average amount of electricity required to run a computer with high CPU for a year, 1331.5 kWh, multiplied by the the average residential cost of electricity in the United States for the previous year, $0.1136, divided by 12 months divided by the number of bitcoins generated by my computer over the past 30 days."

- http://newlibertystandard.wikifoundry.com/page/Exchange+Rate

Excerpt;

"The exchange rate is the average of the adjusted bitcoin production per day divided by the average production costs per day. The per day averages start with the previous day and will eventually extend back 365 days, but until then, they increase by half a day each day by taking the average of two averages. Production costs consist of the price of broadband Internet and metered electricity. The adjusted bitcoin production is the following spreadsheet calculation =if(M2>N2,((B2+F2)/2)*(1/(3-((N2/M2)*2))),((B2+F2)/2)*(3-((M2/N2)*2))) where M2 is the available balance of dollars times the exchange rate of that same day, N2 is the available balance of bitcoins, B2 is the amount of bitcoins produced the previous day and F2 is the average of the adjusted bitcoin production per day."

...

One definition of money and currency includes;

- Medium of Exchange
- A Unit of Account
- Portable
- Durable
- Divisible
- Fungible (Interchangeable)

Money has one main additional property than currency;

- Store of Value

See: "Money vs Currency - Hidden Secrets Of Money Episode 1 - Mike Maloney"
- https://youtu.be/DyV0OfU3-FU?t=259

Bitcoin does (arguably) manage to have all of the above properties.

Bitcoin as Digital Cash does struggle with one factor somewhere between Portable and Durable i.e. Tangibility ...
- https://en.wikipedia.org/wiki/Tangibility

...

Thus,

"Bitcoin: A Peer-to-Peer Electronic Cash System"

or perhaps;

"Bitcoin: A Peer-to-Peer Digital (Commodity) Money System"

not;

"Bitnote or Bitbill: A Peer-to-Peer Electronic Currency System"


Semantics!?!

,,,

Bitcoin as Cryptocurrency is perhaps somewhat a misnomer that we got stuck with ...
- https://en.wikipedia.org/wiki/Cryptocurrency

Re: Who coined the word "cryptocurrency" ...
- https://bitcointalk.org/index.php?topic=5155348.msg51503403#msg51503403

...

Understanding exactly what gives Bitcoin its 'value' often seems to escape many folks. Even so called economists!

Philomena Cunk Money "Moments of Wonder."
- https://youtu.be/Z-YKw8w-e50 *Satire*

Philomena Cunk and Barry Sh*tpeas on Money.
- https://youtu.be/cd3X6AZjVOM *Satire* *NSFW*

...

Hey! Future Bitcoiner's (both new NewWave and perhaps those recently cryogenically unfrozen?) ... remember what BitcoinFX told you ...

"You cannot trade in diminishing intangibility" - BitcoinFX

[proTECH77]

Many people still guess that bitcoin is not money because they are not see bitcoin user holding the digital money like the way they hold fiat money in the country.many country who really familiar to bitcoin, seems bitcoin as a capital which any one can use to transact.
Countries which bitcoin is well legalized see bitcoin as a currency or money which someone can use to purchase and sell what ever they want.
Bitcoin is a cash because it can be use to invest and make a good profit.

[AakZaki]

Bitcoin is money and money is used for both legitimate and illegal purposes. The current banking system has widely surpassed bitcoin in terms of use for criminal or criminal activities.
Many think bitcoin is not money, but that's wrong. Bitcoin brings new innovations that provide many advantages. Bitcoin is designed to make a big move that will make money safer and protect against financial crimes.

[Casdinyard]

In my country bitcoin is also not able to make direct payments, I mean when I want to buy something offline. But if you go online, of course bitcoin can be used for shopping and now more and more sites accept bitcoin for making payments. But I prefer to use bitcoin as an investment

More people prefer Bitcoin as an investment especially for those who are aware of the advantages of price volatility. Using it as a currency is really convenient but using it as means of investment is more beneficial. But that does not make it not a currency. It is believed that in countries wherein Bitcoin and other cryptos are accepted, it will be more used as a digital payment but I doubt that it would be but rather it is still more dominant on investment purposes. Profit makes it more of an investment. Putting huge amount into it is really risky but at this moment, it is quite encouraging knowing that its market value is in greenmarks for weeks already.

[CODE200]

Many people still guess that bitcoin is not money because they are not see bitcoin user holding the digital money like the way they hold fiat money in the country.many country who really familiar to bitcoin, seems bitcoin as a capital which any one can use to transact.
Countries which bitcoin is well legalized see bitcoin as a currency or money which someone can use to purchase and sell what ever they want.
Bitcoin is a cash because it can be use to invest and make a good profit.

It just depends on the preference of the user whether he will use it as a currency, investment or in bad deeds. Things of such cannot be dictated. Even on countries wherein it is "legal", many people would more likely prefer using it as an asset especially at times of this that the market price is continuously increasing. Some people are even avoiding to use it as a mode of payment right now because they are looking more on holding and generating profit eventually.

[Boov]

Bitcoin is money and money is used for both legitimate and illegal purposes. The current banking system has widely surpassed bitcoin in terms of use for criminal or criminal activities.
Many think bitcoin is not money, but that's wrong. Bitcoin brings new innovations that provide many advantages. Bitcoin is designed to make a big move that will make money safer and protect against financial crimes.

Definitely yes, Bitcoin is money even if it isn't in a legal way and yes a money be it digital currency or fiat were used by legal or illegal matters.  For as we know, fiat was a currency used in the economy of one country but then there are a lot of issues of misusing of fiat usually used in drugs. Bitcoin were now already known but then a lot of people who didn't know deeply about bitcoin would still doubt it.

[Shasha80]

Bitcoin is future money, which has no physical form. Because with Bitcoin we can do what paper money usually does.
But because Bitcoin has not been accepted by all countries, transactions with Bitcoin are still limited. But I believe in
the future Bitcoin can be accepted by all countries in the world. And can be an alternative payment, so for me Bitcoin
is money.

[Serious475]

Once again - Bitcoin is not a currency, as it hasn't been adopted for general use by any government. Fiat is not money strictly speaking, as it has no intrinsic value. Bitcoin is money, as it is the only virtual medium of exchange that has an intrinsic value. Once a government stops supporting fiat, then it will no longer be a medium of exchange, as it has no intrinsic value. The old Britiish currency - the Sovereign, still remains a medium of exchange because of its gold content.

The bottom line is that Bitcoin will take you through the impending fiat currency crisis, fiat bank notes or deposits won't.

Yes, bitcoin is "NOT YET" money because it is not yet adopted at all but when mass adoption occurs, it will be a money in no time and can be used as a method of payment for anything. Government will be having a lot of advantages when mass adoption occurs and the best advantage is the lessen of material waste because we don't need to create paper money and metal coins anymore. People will also having a lot of advantages like they can earn using their own money and they can transfer money to their friend wherever they are as long as they have internet connection.

[michellee]

Bitcoin is money and money is used for both legitimate and illegal purposes. The current banking system has widely surpassed bitcoin in terms of use for criminal or criminal activities.
Many think bitcoin is not money, but that's wrong. Bitcoin brings new innovations that provide many advantages. Bitcoin is designed to make a big move that will make money safer and protect against financial crimes.

Definitely yes, Bitcoin is money even if it isn't in a legal way and yes a money be it digital currency or fiat were used by legal or illegal matters.  For as we know, fiat was a currency used in the economy of one country but then there are a lot of issues of misusing of fiat usually used in drugs. Bitcoin were now already known but then a lot of people who didn't know deeply about bitcoin would still doubt it.

We agree that bitcoin is money because we can convert our bitcoin to fiat money from many countries. But we can not force people out there who don't agree to say that bitcoin is money, and we can let them see what bitcoin can do to us so that they can decide it later. One people out there see what benefit they can get from bitcoin, they will join in the bitcoin world, and even they heard that bitcoin had been used for the illegal thing, they will be okay with that. Bitcoin itself has two sides, which we can use for good things and bad things, and that will depend on how we can use bitcoin properly.

[3meek]

Probably bitcoin is not money, but it has the property of money - a medium of exchange or means of payment... However, when buying ordinary things Bitcoin is not convenient at all! For example, when buying a coffee worth 1 dollar, you need to pay a commission of several times more and wait until several days for confirmation... Agree that this is uncomfortable and stupid!

[bitgolden]

All these long story wasn’t necessary, would have been better if you just made it short so that it would have been an easy read. So, why are you going to a local pawnshop to give them Bitcoin? Who told you that it’s everybody that accepts Bitcoin,  Do you see everyone in your town walking around with gold? If Bitcoin is not accepted there, then use it elsewhere where it’s accepted.

For me, I mainly say that it’s an asset and I just use it to store wealth and also send where it’s possible, because there are some people you will work with and they will ask for Bitcoin.

[BayAreaCoins]

All these long story wasn’t necessary, would have been better if you just made it short so that it would have been an easy read. So, why are you going to a local pawnshop to give them Bitcoin?

Attempting to sell Bitcoin to literally anyone because "money" is GENERALLY accepted.

Who told you that it’s everybody that accepts Bitcoin

No one?

Do you see everyone in your town walking around with gold?

Gold isn't money either or do you want to cry that it is because your personal belief is obviously what the rest of us value in the world (LOL).

If Bitcoin is not accepted there, then use it elsewhere where it’s accepted.

The point is, bitcoin isn't generally accepted... thus it is NOT money by definition.  

It possibly could be in the future, but it absolutely is not now.

Just because 3 VC's in SF want to make money off the drug game indirectly... does NOT make something money!

Just because I make "BAC Coin" that has a ledger and could be used as "money"... does NOT make it MONEY unless it is generally used as such.

[Chris Barth]

Let's get something here. Firstly, what's money? In as much as money means hard cash in form of bank notes, iteans wealth and a lot other things too. My own definitely of money in this case is anything you can use to pay for some goods or services. Some coffee shops accept bitcoin already. Online store accept bitcoin too (all as a means of payment [MONEY]). Adding to that, it's only a matter of time as more and more parts of the world adopt and use it. How then do you not classify bitcoin as money? What more do you need to see bitcoin used for?

[MCobian]

There have been many members of this forum who have explained what money is, so I will not explain it again.
I just give a point of view about Bitcoin in my eyes, which is Bitcoin is money. I found several countries that accept
Bitcoin in its entirety, meaning Bitcoin can be used as a payment in several countries. So in my opinion as long as
there are people who make payments with Bitcoin legally, it means Bitcoin is indeed money.

[Darkelf11]

Let's get something here. Firstly, what's money? In as much as money means hard cash in form of bank notes, iteans wealth and a lot other things too. My own definitely of money in this case is anything you can use to pay for some goods or services. Some coffee shops accept bitcoin already. Online store accept bitcoin too (all as a means of payment [MONEY]). Adding to that, it's only a matter of time as more and more parts of the world adopt and use it. How then do you not classify bitcoin as money? What more do you need to see bitcoin used for?

Money can be in different forms, it can be digital or physical money like what you have said. Money whether it is digital or physical, it can be used as an item used to exchange for goods and services. In our country, bitcoin as widely known cryptocurrency is being embraced by some large companies but I haven't seen any shops that accepts cryptocurrency as payment. Bitcoin is a virtual money. It may not be directly used as a payment but you can convert it into fiat currency to buy your needs.

[witcher_sense]

The point is, bitcoin isn't generally accepted... thus it is NOT money by definition.  

The point is, you don't understand what, in the definition of money, "generally accepted" means. It doesn't mean bitcoin needs to be accepted by literally everyone in the world to be considered money. If people within any economy agree that some money has value and is able to solve the problem of the double coincidence of wants, this money will be generally accepted within this economy. Bitcoin is money because it is generally accepted within bitcoin economy. All people in bitcoin community use it in their exchanges and always ready to use it as a means of payment, a store of wealth, or even as a unit of account. It is because bitcoin is money, money generally accepted by all the participants of a given economy.

Gold isn't money either

Gold is also money because it is a generally accepted means for transactions of final settlements between central banks.