Further to my previous post wondering if Bitcoin is digital gold, Fortaro commented that Bitcoin is "better money"... and it got me thinking, is Bitcoin actually money? Let's dive in and find out!

First things first, what even is money?

According to economists, money should serve three main functions:

1. Medium of Exchange: It should be widely accepted for goods and services.

2. Store of Value: It should hold its value over time.

3. Unit of Account: It should be a standard measure of value.

Now, let's see how Bitcoin stacks up against these criteria.

1. Medium of Exchange: Bitcoin is accepted by a few businesses worldwide, but is it as widely accepted as traditional currency? Not quite. However, I recently paid for my meal through Uber Eats using Bitcoin! How, you ask? I used Coingate, which allows to buy Uber Eats gift cards with Bitcoin. So the medium of exchange here is still the fiat currency... You can use my referral link below if you also want to buy gift cards for Uber Eats, Amazon or other stuff, the possibilities are endless:

https://dashboard.coingate.com/ref/cryptofab?destination=register

2. Store of Value: Bitcoin's value has skyrocketed since its inception, but it's also known for its volatility. Can it really be a stable store of value? The jury's still out on this one.

3. Unit of Account: While some businesses do price their goods in Bitcoin, it's not a widespread practice. So, it's not quite a standard unit of account yet.

But here's where it gets interesting. Bitcoin has some unique properties that traditional money doesn't:

a. Decentralization: No government or bank controls it.

b. Scarcity: There will only ever be 21 million Bitcoins.

c. Divisibility: Bitcoin can be divided into smaller units called Satoshis, making it highly divisible.

Now, you might be wondering, what's the difference between Money and Currency?

Simply put, currency is a form of money that's in circulation as a medium of exchange. All currencies are money, but not all money is currency. For example, gold can be money, but it's not a currency. So, where does Bitcoin fit in? It's definitely a form of money, but its use as a currency is still not as widespread as traditional fiat currencies.

So, is Bitcoin Money?

It's a controversial topic, but one thing's for sure – Bitcoin is a fascinating innovation that's challenging our traditional notions of money and currency.

What do you think? Is Bitcoin money? Let me know in the comments below! And don't forget to like, share, and follow for more content...

Disclaimer: This is not financial advice. Always do your own research.