<p><a href="https://en.wikipedia.org/wiki/Money" rel="nofollow">Money</a> is something that is used as </p>

<ul>
<li>a medium of exchange</li>
<li>a unit of account</li>
<li>a store of value</li>
</ul>

<p>in a given socio-economic context.</p>

<p>In the <strong>context</strong> of the Bitcoin community, Bitcoin is being used as a <strong>medium of exchange</strong> (payment vehicle) and – as the existence of "hodlers" shows – as a <strong>store of value</strong>.</p>

<p>You apparently agreed with Bob that some specific amount of Bitcoin would be sufficient to repay your debt to him. Therefore, you are denominating your debt in Bitcoin, i.e. using it as a <strong>Unit of Account</strong>.</p>

<p>Under these circumstances, both Bob and you should consider "I already gave you the money, Bob!" an accurate usage of the term money.</p>

<p>In other circles, there is discussion especially about whether Bitcoin fulfills the "Unit of Account" property. Hence, others may disagree that Bitcoin is money.</p>

CC BY-SA 3.0
2015-12-04T08:24:58.467Z
2015-12-04T08:24:58.467Z
Murch
<p>For example, would it be considered right if I said "I already gave you the money, Bob!" when I gave him Bitcoin?</p>

CC BY-SA 3.0
2015-12-04T06:43:57.217Z
I don't think I understand the context of the question. You obviously *can* - are you asking whether that would be an accurate thing to say?
Nick ODell
CC BY-SA 3.0
2015-12-04T06:45:42.647Z
Yes, I am talking about would it be concidered right
Riley Potts
<terminology><money>
Is it accurate to refer to Bitcoin as "money"?
Riley Potts
# Is it accurate to refer to Bitcoin as "money"?

(Asked by: username_0 on 2015-12-04)

For example, would it be considered right if I said "I already gave you the money, Bob!" when I gave him Bitcoin?

**Tags:** terminology, money

> **Comments:**
> **username_1**: I don't think I understand the context of the question. You obviously *can* - are you asking whether that would be an accurate thing to say?  
> **username_0**: Yes, I am talking about would it be concidered right  

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## 1 answers

### Answer by username_2 on 2015-12-04. Score: 3 | Accepted answer

[Money](https://en.wikipedia.org/wiki/Money) is something that is used as

* a medium of exchange
* a unit of account
* a store of value

in a given socio-economic context.

In the **context** of the Bitcoin community, Bitcoin is being used as a **medium of exchange** (payment vehicle) and – as the existence of "hodlers" shows – as a **store of value**.

You apparently agreed with Bob that some specific amount of Bitcoin would be sufficient to repay your debt to him. Therefore, you are denominating your debt in Bitcoin, i.e. using it as a **Unit of Account**.

Under these circumstances, both Bob and you should consider "I already gave you the money, Bob!" an accurate usage of the term money.

In other circles, there is discussion especially about whether Bitcoin fulfills the "Unit of Account" property. Hence, others may disagree that Bitcoin is money.


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