Bitcoin's acceptance amongst individuals and households is spending like wild fire, because of the various advantages it poses. Now comes the question; would you rather adopt Bitcoin as a tool for spending or saving? Yes, I'm guessing you'll say you use it for both. If your usage is going to be weighed, which side would unbalance the scale? As a tool for spending, it is flexible enough to be carried irrespective of volume and large purchases can be made, just to mention a few. As a tool for saving and a store of value. The value of the saved asset has great potential to appreciate. Which would you rather do?
Bitcoin is money.
Money is a concept that represents any medium capable of fulfilling three essential functions a medium of exchange, a unit of account, and a store of value.
Money is a medium of exchange. Money allows people to trade goods and services. It is the ultimate good that every other good or service can be exchanged for. Through money, all products of human labor can be traded.
Money is a unit of account (a measure of value).Money serves as a tool for expressing the value of goods and services. Just as we measure mass in kilograms or length in meters, we measure the value of goods and services in money.
Money is a store of value. Money should preserve its value over long periods so it can be exchanged for goods and services when needed. This means money allows people to save their purchasing power for future use. When we earn money, we can store it and spend it later without being forced to immediately trade our goods or services, which might spoil or lose value over time. For example, if we sell a product or perform a service, instead of instantly exchanging it for another product, we can keep the money and use it whenever necessary without fear that its value will quickly disappear.
Money cannot function properly if it does not fulfill all three functions simultaneously. If, for example, it does not serve as a store of value, then it is merely a currency like the US dollar, euro, Nigerian naira, or Argentine pesonot true money.