No. of Recommendations: 21
Bitcoin isn't money any more than Tyco Beanie Babies are money, Monet paintings are money, Magic the Gathering cards are money.
As it happens there is a pretty accepted definition of "money".
It's something useful as (and used as) (a) a unit of account, (b) an acceptably stable store of value, and (c) a medium of exchange.
Bitcoin is useless as a unit of account and as a stable store of value, and is extremely awkward and costly as a method of payment, so it gets a score of maybe 1/2 out of 3 for being money. I personally don't know anybody who would accept bitcoin as payment, so the 1/2 is being a bit generous.
I understand quite a few drug dealers will accept paintings as payment, at the wholesale level. MTG cards might be harder, but you never know. Geeks everywhere.
Incidentally, I did try to negotiate a hypothetical deal denominated in bitcoin once, with some die hard coin fans, but got no response.
http://www.datahelper.com/mi/search.phtml?nofool=y...Nobody is willing to use bitcoin as the medium of future payment in a contract for anything NOT a crypto asset.
Because, as mentioned above, it's useless as a stable store of value or as a unit of account, so it's not money.
I'm not saying that it has no market value, or that it's going to zero, nor even saying that it has no merit as a vehicle for price speculation. But money? no.
Jim
