Post
Topic
Board Bitcoin Discussion
Re: Is Bitcoin money?
by
killerfrost
on 03/09/2017, 16:15:04 UTC
I believe that the statement: "bitcoin is new kind of money" passes the duck test.

Bitcoins function as money (they're a unit of account, a medium of exchange, and a store of value), and if PayPal started allowing Bitcoin transactions tomorrow I'm certain they'd treat them as Just Another Currency.

If you like, call it a commodity, but I think all you'll accomplish is confusing potential users who might think they'll end up getting pork-bellies delivered to their porch if they don't get rid of their bitcoins.

Yes, Bitcoin is a new virtual currency, however it is not a commodity because it is not real. On the other hand, maybe Paypal will not accept Bitcoin but just see it as a competitor because Bitcoin may overtake Paypal in the near future as Bitcoin is more and more popular.