Is Cryptocurrency Money?

Cryptocurrencies, such as Bitcoin, Ethereum or Ripple, are discussed as a new form of money. Typically, money fulfills three core functions: 1) medium of exchange, 2) store of value, and 3) unit of account. To examine whether individuals consider cryptocurrencies as money, we conduct three studies. Study 1 (N=57) provides valid and reliable measurement items for the three core functions of money. Study 2 (N=95) shows that the general perception...