Substitute Bitcoin in this text with foreign currency and will get semantically identical text. There are major currencies like dollar, euro, yuan, Swiss franc, but there are a lot more currencies that most people here don't even know the names of. For example, can you tell me the name of the national currency of Peru without looking into Wikipedia? But I could just as well claim that the Peruvian currency is not money anywhere beyond Peru since it is not considered a "standard medium of exchange" anywhere outside of this country. And so what?
And who is actually not fully grasping what money is?
facebook credits are facebooks currency.. but facebook credits are not money
the thing with money is that it has to be the main/major used medium of exchange by the populous that give it value, fully and direct knowing its value of labour vs goods without reliance on another currency to give it value.
bitcoin is not measured directly between labour and goods.
bitcoin is not mainstream
emphasis:
bitcoin is bartered rather than actually used as a stable value to measure the difference between labour and goods
until bitcoin can actually be utilised the way it should have been to have a direct connection to cost of living, its not a medium of exchange between labour and goods without having to rely on a more mainstream currency to then attribute value.
bitcoin has become too reliant on fiat to give it value. rather than forming its own 'cost of living measure'
once we stop caring about bitcoins fiat value and start thinking 0.01btc is an hours labour and 0.002 is a loaf of bread and not caring about national fiat currencies as the
measure.. THEN bitcoin is money..
but until that point its not money..
put it this way, in peru people can know X peruvian sol's is an hours labour. X peruvian sol's is a loaf of bread.
however if peru had to value a sol in dollars to then work out labour and value a sol in dollars to work out a loaf of bread. then the sol loses its status.
yes bitcoin is a currency
yes bitcoin is an asset with a value (derrived by the dollar)
but until bitcoin is mainstream, until bitcoin has its own cost of living understanding by those that use it.. its not money
the strange thing is. not being money can actually have its advantage in some ways.
but also not attaining mainstream/direct labour/goods valuation disadvantage too.