Is Bitcoin Money?
Since Bitcoin is now a $400 million market, with its pricehitting new all-time highs, now might be good time to ask, is bitcoin money?
According to Aristotle, for something to be considered money, is has to fulfill four characteristics:
1) It must be durable. It can’t fade, corrode.
2) It must be portable. It has to be ‘dense’ so that you can take it with you when you travel to the market.
3) It must be divisible or, ‘fungible.’ This means that if you break it up into smaller pieces each smaller piece when you add them up will equal the value of the original piece.
4) It must have intrinsic value. This means it must have value whether or not it’s used as money per se.
Let’s look at these four characteristics and see if they apply to Bitcoin.