Is Bitcoin money?

[sugarchrisp]

I don't consider bitcoin to be money, it's more of a store of value at this point, like gold.  Not to say you couldn't use it as money, but technically it becomes bartering at that point.

[altery0518]

Yes, a true money that you can easily change to traditional money and it can be use also as payment in some establishment.

[jings009]

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. Singapore's first cashless café has officially opened its doors to pay bitcoin to their coffee.

[Saiful wae]

very good that ,, bitcoin digital currency is nilainnya but not any form, but this currency already recognized and approved in the country and state bank

[Davidniam55]

bitcon money is digital money although its form has not existed but the result we can enjoy in the real world. even now bitcoin already recognized and accepted by some countries.

[dmitriybulatov]

bitcoin is more than money, it is information, and what is our most valuable ? correct information

[MelchiZedek]

Per definition, currency is a medium of with a unit of account that is portable, durable, divisible and fungible. Money on the other hand is all of the definition of currency plus it stores value for over a long period of time. Apart from the fact that bitcoin has a bit of problem about its fungibility, it qualifies to be money than it is to be currency.

[Vidaia]

 bitcoin is money per my understanding it is definately money. bitcoin is another form of gold and gold is money. this is actualy the digital form of money, so why not say it money.

[Vidaia]

i can also say that in this ecosystem , everyone and their understanding of the currency but let not deviate from the fact that bitcoin is actually money in a digital form

[jbc081475]

Bitcoin is a digital crypto currency but for me it is an investment because we can get profit to bitcoin and altcoins.It can be a short or long investment.Many holders will go for long terms because they believe that the more they HODL the more profit they can have.Bitcoin is like an easy job that gave improve in life all of the people who know about bitcoin because it is not a money but we can also exchange it into real money.

[Neechan]

Bitcoin is the world's first cryptocurrency, a form of electronic cash. It is the first decentralized digital currency: the system was designed to work without a central bank or single administrator. But It doesn’t matter if Bitcoin is money or not. What matters is its utility, not its definition. It’s like asking whether or not emails are letters or webpages are newspapers.

[Burdogs]

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 similar to currency. It is used to pay for things electronically but it differs from currency .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.

[altcoingamer]

Bitcoin is more like digital gold than a currency.. the obvious reasons are its too volatile to be considered a currency and it doesn't scale well enough for money, but as far as a store of value from one country to another in a few confirmations it can't really be beat.. I think bitcoin will travel north of 100k over the next few years, and it buying a cup of coffee isn't needed for that sort of price action... I know a lot of people don't see it that way.. but you don't take gold bars to do everyday transactions.. nor does gold's use case justify its price... its just a store of value and the price is determined by what people are willing to pay.

[Gubre]

Bitcoin and all digital money is called currency that use to purchase something through internet or crypto to crypto and also crypto to USD. In this reason I can say that yes it is a money but a new kind that will bring new system also.

[Revofit]

bitcoin is digital money Although the shape is still not there just form and digital but the results we can enjoy in the real world like a banknote .