"Money" is the widely accepted medium of exchange. In other words, it is the commodity or token used to price all (or nearly all) other goods and services that are exchanged. No cryptocurrency today qualifies as money: Cryptos are bought and sold *with* money. Nothing that I know of is priced in cryptocurrencies. Cryptos' exchange values are too volatile against economic goods to be used as money. People should realize that if cryptos - say, Bitcoin - will someday be used as money, this doesn't mean you have to own Bitcoin now. Wait till it is adopted, then benefit if it is a superior form of money. Otherwise, you are speculating. Last point: No money can be effective in an advanced economy unless the government agrees to enforce contracts denominated in that money. If the government refuses to enforce contracts that use Bitcoin or accept tax payments in Bitcoin, it will have very limited use as a medium of exchange. It's nice to think a spontaneous, "free market" currency could end-run government in the same way Uber got around the taxi company regulators, but the universality of money makes this a doubtful prospect.
"Money" is the widely accepted medium of exchange. In other words, it is the commodity or token used to price all (or nearly all) other goods and services that are exchanged. No cryptocurrency today qualifies as money: Cryptos are bought and sold *with* money. Nothing that I know of is priced in cryptocurrencies. Cryptos' exchange values are too volatile against economic goods to be used as money. People should realize that if cryptos - say, Bitcoin - will someday be used as money, this doesn't mean you have to own Bitcoin now. Wait till it is adopted, then benefit if it is a superior form of money. Otherwise, you are speculating. Last point: No money can be effective in an advanced economy unless the government agrees to enforce contracts denominated in that money. If the government refuses to enforce contracts that use Bitcoin or accept tax payments in Bitcoin, it will have very limited use as a medium of exchange. It's nice to think a spontaneous, "free market" currency could end-run government in the same way Uber got around the taxi company regulators, but the universality of money makes this a doubtful prospect.