Topic: Is Bitcoin money? - page 92. (Read 112173 times)

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?

well bitcoin has both the properties the money and the currency both according to me if you take the functions of the bitcoin then it not going to be said as money but if we look at the worth and the use of the bitcoin then bitcoin is money for me and if we look at the present value of the bitcoin and the multi properties of the bitcoin it is being use as a payment and as transaction money we can do all the things with bitcoin that we do with money.

Well, at the very least, if it isn't money you can easily convert them to money. They are a very liquid asset. But it is true that not many regular people would accept them as a payment.

Therefore since it is a virtual currency, bitcoin is money.

And it is not just a money, there's a lot of use for bitcoin. Trading , investment, asset or name it that I didn't mentioned.

It is an exchange instrument, therefore it is also money.

Bitcoin is a virtual currency. i think, when it is accepted more widely as payment for goods and services. then,we should call bitcoin  as money.

Bitcoin is a virtual currency. i think, when it is accepted more widely as payment for goods and services. then,we should call bitcoin  as money.

I think anything you can use to trade it for another good can be money.