[2017-11-24] Swiss Central Banker: Bitcoin Is 'More Investment Than Currency'

J. Cooper

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Quote from: richardsNY on November 24, 2017, 06:19:13 PM

Quote from: J. Cooper on November 24, 2017, 04:23:50 PM

What do you mean by per defenition? Do you think, based on the paper written by satoshi, bitcoin is just a currency?

No. What I meant is that people look at how traditional currencies behave/perform, and use that as some sort of a benchmark currency. If something aiming to be a currency (Bitcoin in this case) doesn't exactly behave/perform in the same way, it automatically means that it can't be a currency according to the people I am referring to. There is basically no room for a currency that performs differently if we have to go with these people, and that's a nonsensical form of logic IMO. Main point is that the label (e.g. currency, investment option, store of value) people try to stick to Bitcoin isn't important, the only important factor is that people have the freedom to use it how they want and whenever they want.

Freedom. That's it right there. Being able to control every single satoshi you own and moving it whenever and to whom ever you want is a great accomplishment by bitcoin for the people. That's why I think solely calling it a currency is unjust. But that's just me, people will call it and some won't but at the end of the day everything that matters for me is that the network keeps running and the blockchain keeps expanding.

bambazamba

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Fear is sparkling around the Banks and Swiss Bank is also among them, identifying it with new term “financial ecosystem”. Without any doubt, Bitcoin is mainly used as investment more than as a currency but one cannot defame it for disturbing the financial ecosystem of the country. Currently, rising transaction fess has been a prior issue for the use as a currency but in the coming day’s one can hope that this problem is eliminated. Moreover, Bitcoin is still not popular among common people that’s why probably seen as investment. In the future, when volatility in the price are decreased and popularity is gained one will definitely see Bitcoin as a currency also.

richardsNY

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Quote from: J. Cooper on November 24, 2017, 04:23:50 PM

What do you mean by per defenition? Do you think, based on the paper written by satoshi, bitcoin is just a currency?

No. What I meant is that people look at how traditional currencies behave/perform, and use that as some sort of a benchmark currency. If something aiming to be a currency (Bitcoin in this case) doesn't exactly behave/perform in the same way, it automatically means that it can't be a currency according to the people I am referring to. There is basically no room for a currency that performs differently if we have to go with these people, and that's a nonsensical form of logic IMO. Main point is that the label (e.g. currency, investment option, store of value) people try to stick to Bitcoin isn't important, the only important factor is that people have the freedom to use it how they want and whenever they want.

BitHodler

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Quote from: meer45 on November 24, 2017, 08:16:53 AM

This is my view as well. Bitcoin is note widespread enough to become a currency, also the high transaction fees prevent it from becoming a mode of daily payment.

Bitcoin is still growing, and in order for Bitcoin to gain more traction as currency, we need lightning network for sure.

It will tackle the currently higher fees, will allow more transactions to get processed per second, and will allow people to instantly transact with each other without having to wait for transactions to get confirmations.

That will make Bitcoin a more usable currency than it has ever been, but the volatility will likely always remain an obstacle. But even so, lightning network will be an essential implementation, and without it, nothing will change.

J. Cooper

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Quote from: 1Referee on November 24, 2017, 07:53:32 AM

Very short and not much information containing article, but for once a central bankster with an actual realistic and fair view. I personally have never seen Bitcoin as a currency, and will likely never do so, unless Bitcoin can offer the same level of convenience and usability as fiat does. For me it's a pure form of digital Gold allowing me store my wealth outside the reach of bank and governments, and to avoid all other side effects of this on debt based system. I am perfectly fine continuing using fiat alongside Bitcoin since this is what's giving me the best of both worlds.

I think bitcoin is a lot more than just a currency or just an investment asset. Don't get me wrong for me bitcoin is a store of value as well, I try to buy bitcoin on a monthly basis to enlarge my stake in this amazing technology that will reward me over time. But I think people are to narrow minded when it comes to defining what bitcoin actually is. It does serve as a means of payment but I feel like it's bigger than just a currency or just an investment asset.

Quote from: richardsNY on November 24, 2017, 04:15:42 PM

Quote from: ImHash on November 24, 2017, 02:11:24 PM

After how long they have come to this point of view on cryptocurrencies? Cheesy

We all know this already, Actually since the day one, There is no currency on earth to have such fluctuation in value in short time period.

Regardless of how you think about it, people still believe that Bitcoin per definition is a currency tool, and I actually like how a central bank doesn't directly talk down on Bitcoin in an attempt to discourage usage and adoption. At the end of the day, Bitcoin has a wide set of features that we all can use in various ways -- Bitcoin 'shapes' itself to whatever you need it to be. People far too often look at how traditional currencies perform/act, and for that reason by default discard Bitcoin as a currency, which is quite a short sighted way of looking at things. Bitcoin's market till this day is still far too immature, which at all times should be taken into account.

What do you mean by per defenition? Do you think, based on the paper written by satoshi, bitcoin is just a currency?

richardsNY

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Quote from: ImHash on November 24, 2017, 02:11:24 PM

After how long they have come to this point of view on cryptocurrencies? Cheesy

We all know this already, Actually since the day one, There is no currency on earth to have such fluctuation in value in short time period.

Regardless of how you think about it, people still believe that Bitcoin per definition is a currency tool, and I actually like how a central bank doesn't directly talk down on Bitcoin in an attempt to discourage usage and adoption. At the end of the day, Bitcoin has a wide set of features that we all can use in various ways -- Bitcoin 'shapes' itself to whatever you need it to be. People far too often look at how traditional currencies perform/act, and for that reason by default discard Bitcoin as a currency, which is quite a short sighted way of looking at things. Bitcoin's market till this day is still far too immature, which at all times should be taken into account.

buwaytress

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And this exactly what I was talking about when referring to all the old-world, traditional banking and finance people as new Bitcoin users. These are pure investors, as proven by the ones I know and have met. They've all "bought Bitcoin", but have never owned them, don't have their own wallets, and have never actually transacted. These are going to be the majority minority in a while, theoretically owning huge amounts of Bitcoin but against the virtual guarantees of centralised exchanges and wallets. Coinbase, Luno, these are the ones I keep hearing people "buying Bitcoin" from.

And I guess we can say whatever we want about them, they're driving the current boom, can't say we're not benefitting. Welcome, Swiss bankers!

darkangel11

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Don't let others control your BTC -> self custody

He's right as for now we have not much of an acceptance. Each fiat currency is automatically accepted in its country of origin, so there's a place where it has 100% acceptance and usually all neighboring countries have this rate quite high, like 25% or more, which means almost a fourth of the businesses will accept foreign currency and exchange it themselves without making you run around town. For instance here in Europe even though not all countries accept Euro as an official currency they have Euro ATMs and allow you to use your euro cards to pay in stores. This makes the acceptance rate very high. Bitcoin still has it extremely low, more like non existent. For now it's only an investment.

ImHash

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After how long they have come to this point of view on cryptocurrencies? Cheesy

We all know this already, Actually since the day one, There is no currency on earth to have such fluctuation in value in short time period.

MoonJeina

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Quote from: tyz on November 24, 2017, 07:25:13 AM

Swiss Central Banker: Bitcoin Is 'More Investment Than Currency'

The chairman of the Swiss National Bank (SNB) spoke out on cryptocurrencies yesterday.

Speaking at an event in Basel, Thomas Jordan, who also chairs the international Central Bank Counterfeit Deterrence Group, said that central banks are eyeing the issues of cryptocurrencies "very intensively," adding, "I would look at them more as an investment than a currency."

According to Reuters report, Jordan noted:

Quote

"It is important to say it is not question of technology, but a question of who has access to central bank money and in what form. There are up to now many unsolved questions."

https://www.coindesk.com/swiss-central-banker-bitcoin-is-more-investment-than-currency/

According to me , this might be the approach of maximum users of Bitcoin. Bitcoin is not legalized in the major parts of the world . This is quite obvious that most of us are using it in the form of assets . We all hold bitcoin , that is the same we do with the assets . Bitcoin is not extensively used as a form of exchange like fiat that is why all of us keep it save with us because keeping it is only going to make it more wanted and worthy in future .
Bitcoin is a form of "investment" which give future benefits more than any type of investment we will ever make in our lives . For the old investors who kept it for years , must be so relieved and rich by their decision of holding it and keeping it as an asset.

matuson

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Quote from: 1Referee on November 24, 2017, 07:53:32 AM

Very short and not much information containing article, but for once a central bankster with an actual realistic and fair view. I personally have never seen Bitcoin as a currency, and will likely never do so, unless Bitcoin can offer the same level of convenience and usability as fiat does. For me it's a pure form of digital Gold allowing me store my wealth outside the reach of bank and governments, and to avoid all other side effects of this on debt based system. I am perfectly fine continuing using fiat alongside Bitcoin since this is what's giving me the best of both worlds.

This approach to bitcoin continuously pushing its price up. So does the majority of users. But it seems to me that this could ruin bitcoin. It should work like currency. When the money everyone has then they appear at all. You can't keep your coins. You should periodically sell coins. Believe me if we have an economy not controlled by government even with the low price of bitcoin, we will have more revenue than from its retention.

hannahB4

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Currency is money or items use to facilitate transaction and for anything to be called money it must possess some characteristics like durability, portability, divisibility, homogeneity and general acceptability. As far as I know bitcoin is not yet a currency as far as my country is concern but if bitcoin can have all the characteristics listed above we are sure that bitcoin can now serve as currency

meer45

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This is my view as well. Bitcoin is note widespread enough to become a currency, also the high transaction fees prevent it from becoming a mode of daily payment.

1Referee

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Very short and not much information containing article, but for once a central bankster with an actual realistic and fair view. I personally have never seen Bitcoin as a currency, and will likely never do so, unless Bitcoin can offer the same level of convenience and usability as fiat does. For me it's a pure form of digital Gold allowing me store my wealth outside the reach of bank and governments, and to avoid all other side effects of this on debt based system. I am perfectly fine continuing using fiat alongside Bitcoin since this is what's giving me the best of both worlds.

tyz

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Swiss Central Banker: Bitcoin Is 'More Investment Than Currency'

The chairman of the Swiss National Bank (SNB) spoke out on cryptocurrencies yesterday.

Speaking at an event in Basel, Thomas Jordan, who also chairs the international Central Bank Counterfeit Deterrence Group, said that central banks are eyeing the issues of cryptocurrencies "very intensively," adding, "I would look at them more as an investment than a currency."

According to Reuters report, Jordan noted:

Quote

"It is important to say it is not question of technology, but a question of who has access to central bank money and in what form. There are up to now many unsolved questions."

https://www.coindesk.com/swiss-central-banker-bitcoin-is-more-investment-than-currency/

Topic: [2017-11-24] Swiss Central Banker: Bitcoin Is 'More Investment Than Currency' (Read 4423 times)