Here Commodity Money means a commodity used as a medium of exchange, such as gold in monetary circulation. Tradability or scarcity alone does not establish an object’s monetary use.
Mises distinguishes a commodity used as money from tokens or claims valued differently. A gold object may be jewellery, material inventory or money; its chemical composition alone does not decide which role it currently performs. [Mises — Commodity Money, Credit Money, and Fiat Money]
Menger explains why someone accepts a more saleable good without wanting to consume it: it facilitates a later exchange. His argument describes how acceptability can spread, not evidence of an identical sequence in every society. [Menger — The Nature and Origin of Money]
The expression intrinsic value can suggest a constant price hidden in the material. Mises criticises this idea. The possibility of using gold in jewellery does not establish how much bread someone will offer for it or how its valuation will change. [Mises — Commodity Money, Credit Money, and Fiat Money]
Our arithmetic example: a piece weighing 10 g with fineness 900/1000 contains 9 g of pure metal. The calculation verifies neither authenticity nor selling price. LBMA distinguishes weighing, assay and fineness marking; this small example is not a Good Delivery bar specification. [LBMA — Good Delivery Rules: Technical Specifications]
The Bank of England describes circulating receipts and notes redeemable in gold. Their holder relies on the issuer fulfilling a claim. Even with full backing, distinguish the physical commodity from a claim to delivery and the conditions for redemption. [Bank of England — Money in the modern economy: an introduction (2014)]
Commodity money and the gold standard are not interchangeable terms. The latter includes rules for the monetary unit and convertibility. The Bank of England dates the end of its notes’ gold convertibility to 1931; this is neither a universal date for all countries nor the end of gold’s use. [Bank of England — Money in the modern economy: an introduction (2014)]
A commodity basis does not freeze supply or demand. Changes in mining and available quantities can affect monetary conditions; demand to hold money and the supply of other goods also change. Scarcity alone does not imply price stability. [Bank of England — Money in the modern economy: an introduction (2014)]
The Bitcoin Whitepaper describes digital transfers and Proof of Work, not a claim to metal redemption. A scarcity analogy does not demonstrate nonmonetary material use. State the definition when calling BTC Commodity Money; mining costs alone do not settle the classification. [Nakamoto — Bitcoin: A Peer-to-Peer Electronic Cash System] [Mises — Commodity Money, Credit Money, and Fiat Money]
For the clearest picture, read this entry together with Regression Theorem, Bitcoin, Fiat money, Medium of exchange, Fiduciary Media. The reverse links also lead from Fiat money, Denationalisation of Money, Free Banking, Carl Menger.