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Is Bitcoin Money?

Is Bitcoin Money?

Since the topic comes up so often these days, in this video I finally sit down and address the topic. TLDR: No, of course not. But there's a lot of subtlety to the ...

Transcription

What's up party people? What's up party people Chris DeRose here, Community Director for the Counterparty Foundation and in today's video I, wanted to address the question, "Is Bitcoin money?" So this is something that I see a lot. I think a lot of people have some very charged views on this. It's certainly a subject matter that has been surprisingly touchy, it's been surprisingly taboo and it's probably sacred to a lot of people, this notion of whether or not bitcoin is or isn't money. And you know, there's a lot of an absurdities to the question right off the bat. Certainly, I believe at this point that Bitcoin isn't money. That's right you heard it, it isn't money.

But let me explain to you why. So the first and foremost, like this notion of money being a true or false thing, a dichotomy, is kinda silly. There's a spectrum of money. We saw money in various forms over the years, certainly we saw money take the form of beaver pelts and sea shells and cigarettes and things like that. And are those things money today? No, of course not. No one's really gonna do very much for your beaver pelts.

So the changing face of money and currency is, something that I think that a lot of people don't recognize is even a thing. So we see a lot of times that the people that ask this question, they're kinda trapped in like a little weird bubble in their head where they don't quite understand like lessons of history as it relates to money. Or like sometimes they'll say things to the degree like, "If you can't pay your taxes in bitcoin or in any proposed money, then it's not money." I think that's a chartless view of what is money. It is this notion that I think, after the year like 1930 or something, that money evolve into a form that requires that it be paying taxes in order for it to be an actual currency or money or something like that. Certainly, I think that's absurd because we know that money existed prior to 1930 and there's probably much other and better reasons even that I'm not thinking of.

But I think Bitcoin isn't money for a handful for really good reasons. First and foremost, gold isn't money. So if gold isn't money, at least in the eyes of the law, then probably bitcoin shouldn't be either. But two, I think money is a very small term, it's like like a very encapsulating term. It means a lot of things that don't apply to bitcoin. Money isn't programmable, bitcoin is programmable.

Money isn't frictionless over borders, money takes up space, on and on and on. All these things about money that probably doesn't apply to bitcoin. So in a lot of ways, I think that Bitcoin isn't money in the same way that cars aren't horses. They can be used for transportation purposes, but they do so much more. And to call a car a horse or a horse's carriage or something stupid like that is silly. And I think for the same reasons calling Bitcoin money is silly.

But even superseding all of that, we have problems in the sort of regulatory framework I think, when we call Bitcoin money that we just don't want, like why do we want this problems? So that we can tell people like our grandparents that this is money? So that they can do what? Nothing, who cares. So you look at the Michel Espinoza case that we're seeing. There's other videos on my channel that you should check out, where's he's basically being forced to answer this question for us with the state government here in Florida, is Bitcoin money. And in his case, I think that it proves that you don't want it to be called money. Look what's happening to him now. He's now going to have to deal with all these extra regulations and all this nonsense that really just doesn't do anything that helps bitcoiners at all.

So I tell people now, at this point, that bitcoin is a commodity. I think that that's a better term to use. The question's kinda silly, it's very pedantic and mostly absurd. And I think you got stuck on that is really tells more about the person and asking the question than it does anything else. Like, "Come'on dude, lighten up. Who cares?" So that's my two sense.

Bitcoin is a commodity, it's not a currency for the same reason. Amongst others that cars aren't horses. So there. Hopefully that makes some of you happy. Maybe it pisses some you off, I don't know. If you disagree, have some more comments, just list them below.

I'd love to see your opinions on the matter. There's probably some side of the debate that I haven't considered, and I really look forward to hearing what you have to offer. If you like this video, check out some of the other ones on the channel. The Michel Espinoza video's really good. If you think bitcoin's money, look where it got Michel. So check that one out and subscribe to the channel.

If you like my format and ask me any questions you have on Twitter. Derosetech is my handle and I'd love to see you guys to stick around. Later, party people.