Topic: Bitcoin as a Currency (Read 904 times)

I think there will be some coin like that one day soon. I mean bitcoin should already be implemented into payment via mobile phone qr code thing but it is still a bit problemetic but somehow if we can manage to do the "pay with xcoin anywhere" deals like shops getting paid in dollars or whatever they want while you can pay with bitcoin that would really make it a currency.

People are really hungry for money right now all over the world, there are countries with horrible crisis for sure but all around the world even in the best of the countries you can imagine people are living much worse right now than how they lived 30-40 years ago (even 10 years ago).

Hence we should really start to understand that it is hard for them to accept bitcoin as a currency since it might drop in price and cause them losses and that is not something people can afford right now.

Despite the numerous innovations of Bitcoin and other cryptocurrencies, most of the governments seem to detest it. It is obvious that the government have their ulterior motive for hating crypto. It will take a while for crypto to defend itself enough in the sight of these governments in order to hit the mainstream adoption. For now, it is also good to keep regarding our Bitcoin and crypto as investment opportunity and store of value.

Yes it is a currency a digital one, but theirs a limited usage because not all countries are adopting on it. That's why it's hard it to be used as currency all over the world.

I don't think it will be enough for 5-6 years to make bitcoin a currency that is approved throughout the world. maybe only a few countries can do that, maybe the best development is just an investment tool

Actually everyone who wants to use bitcoin can ignore what the government has agreed to, for instance, forbid everything about bitcoin. Make a wallet to make transactions that use bitcoin without any supervision, or even if the government oversees the use of bitcoin, each user will look for many ways so they can use bitcoin. It's just that the problem is that everyone is reluctant to use bitcoin because in terms of volatile prices, to be used as a payment system for a volatile currency, neither the buyer nor the merchants will refuse without seeing the bitcoim price.

Now, most of the guys that spent their money to buy Bitcoin, take it as the best long-term investment. I am sure that in 5-6 years at least BTC will be also popular as the currency.

I know that at this time bitcoin is not yet a currency that is recognized by all countries, but I am sure of the development of bitcoin that will make the world recognize it someday, and that is the reason I remain here.

bitcoin have an intrestic value inside it, and i think bitcoin is still need a lack of many people that must know about bitcoin, because currency before paper money existed that are made with a deal with a bunch of people that using it as a currency, so bitcoin can being a currency if many people in this world are agree and deal with it

Bitcoin is good as a currency but the idea that its value grows with usage is limiting its potential growth because anytime a trader may just sell his/her coins for profit and thus affects the value. Maybe there is something that could be done to create a realistic value for bitcoin and not just the one that becomes very volatile. I think if this is solved the problem with using bitcoin as a currency will be no more and a usage will really increase.

Bitcoin for me was not just a currency but also a form of business that can give me  savings in the future. In short, it can be a form of investment, and use as a form of payment online whether it is a kind of online shopping, monthly bills such as electricity, phone, water and tuition fee as well in the universities who accepted bitcoin.

Bitcoin can also be used as a medium for buying and selling assets. but bitcoin is experiencing many obstacles and all people cannot accept bitcoin. especially if long-term invested bitcoin will get a lot of profits. everyone who invests all wants if bitcoin becomes the legitimate currency .

So far, unfortunately, Bitcoin is not widely used as a means of payment. It has not yet been legalized by most states, and this makes it difficult to build up the infrastructure for its use. For the time being, investors see in it mainly a speculative means of accumulating value. This is not very good for Bitcoin, or for the entire cryptocurrency.

maybe one reason is because legality and security no one can guarantee the benefits, so in other words the risk of investing with crypto currencies is very large, maybe that's what makes people believe

And right now, these both things are being observed. It is sometimes called a currency that is going to be supreme in coming years. Alongside, people are using it for payment method.

Why would we be surprised, people from this forum? We are witnessing for years how fast crypto is progressing, here that's visible from the first hand. When will crypto overtake fiat completely is impossible to say, like you two I also think that we are on good direction, and one day that will happen. We are going in good direction, technological progress never was faster than in last 10 years. That is good for crypto, and to agree about one thing world is going to be digital, and what can be better for that digital world than crypto currencies and crypto platforms, for sure not fiat.

That is not actually a very bad vision as far as I am concerned, it is the crypto space and the rate at which it is growing, I would not be surprised it taking the world by storm, but at the same time, we should still understand that government will never want to give up control no matter what and in every way they will want to make sure that fiat stays relevant. Nonetheless, as this space grows further, and people tend to realize they can have their own freedom, the more they simply discard fiat, but I do not think we are even close at all to seeing that happening any time soon.

That is a shift you should know will not last forever. The space is still young, the night is still young and there would be plenty of days coming when this space will become more matured in the long run, and the whole speculation thing, people wanting to get rich would die down and by then, being the laggard phase, there would be more people beginning to focus on usage and at least store of value from inflated fiat, the more we will get to see the currency aspect being used the more.

Well, isn't that what we all want in the long run when it comes to being used as a currency? We all know the rate at which this space is more speculative at this point, based on the fact that a lot of people get to see it more as an asset than a currency and also for the fact that there is actually no means of using it much as a currency at least for now.

However, I believe in the long run, this is something we are definitely going to get to see. The currency features are there, there would be more improvement and development in the long run, so one way or the other I believe that we will get to see it in real life usage.

Bitcoin can be use as currency but can also use as  investment or an asset. I would like to add some challenges why bitcoin is not yet accepted in our society. The main reason is all government do not support cryptocurrency and I think it is the big challenge that we need to overcome. And, I hope in the near future government will accept so the society will recognize it as currency.

Very hopeful and that is what we are all looking forward to as the main potential of bitcoin in the long run and basically, one of the main reasons why we are here. Without bitcoin being used as a currency, its value will not really come out pretty well, and for that reason we just keep seeing the market getting a lot more speculative over time.

Speculation is a normal thing for now, for the fact that the market is still very young, which I believe as time goes on, a lot of things will change in that aspect with mainstream adoption, and in that case, volatility reduces, and of course, we get to see more people seeing the need to use it than just hoard.

a shift in the original function of bitcoin because it is caused by the behavior of the owners and traders, because most owners seek the benefits of bitcoin by selling when prices go up,  and they use bitcoin unlike the function of the bitcoin currency not used for transactions and to buy goods,  so the change in the function of bitcoin is indeed influenced by market participants themselves.

Bitcoin is very useful as online currencies because we can use this anytime in online. Many countries accepting bitcoin as money online or online currency also some online stores are keep supporting this coin because they trust the good purposes that bitcoin can do especially in tradings.

I can envision something in the future, wherein fiat would be less and crypto would be more, instant payments and everything that can be seamlessly done without hassle, and the OP was able to bring out the topic in a detailed manner.

Nice details by the OP. Bitcoin is indeed a currency in all ramifications. It shares most typical characteristics of a currency, but occurs in digital forms.

It is somewhat a currency but in a digital way like you don't have to reach your hands into your pocket just to pick those filthy banknotes who's different hands who held it. But if you think you can replace banknotes with bitcoin as a currency then the discussion won't end until someone accepts both fiat and bitcoin will be use together.

Bitcoin is define as a digital currency and bitcoin have it value from the demand and also note that bitcoin does not have any physical value but only exist on mathematical computer programming code, with high value in the world exchange market bitcoin is use to make payments online and can be send without any third party involvement.

You points are not clear to me but all I get is you are right we can use fiat to get investment and we can save it to get fait again,  this is proper process and people shows good interest about crypto because of this issue, we should try to maintain this system by investing more, so the more we will buy crypto so the more price of bitcoin will rise in demand and value, even now it is being use as currency and markets are accepting it without any doubt as its famous enough.

Conflict of interests are always observed in every field. Doesn’t matter if it is bitcoin or stock or corruption or anything. But the end happens as per majority or powerful intended it to end.

may be more inclined to currency. because bitcoin was originally introduced as an online currency. but the longer the price of bitcoin continues to rise because of mass adoption makes many people interested in investing so that their money grows in bitcoin. I think that is not a problem.

Although there are some disadvantage/limitations of bitcoin but the certain thing is bitcoin can be the best investment ever and the value of fiat money will always decrease due to the inflation. That fact is explain that it is not only about how fast and how practical bitcoin is, but the main idea which is decentralized can taken into consideration.

Bitcoin is the parent of cryptocurrency worldwide. Nowadays, bitcoin is often referred to as a digital currency because it is used as an online transaction tool, people use bitcoin because of its ease, speed, and efficiency in making transactions so that bitcoin is an alternative to real money. Besides that, bitcoin is also used in the trading process where bitcoin can be sold and bought in various experts as an investment tool both long and short term.

One Bitcoin will always be one Bitcoin. When world will use it as a price tag. There will be no need to look at it's volatility derived from the other fiat currencies, like your $ have masive volatility spikes against currencies that are in hyperinflation. The same way, one gold nugget will always stay one gold nugget. People and the whole nation would do way better buy using gold coins, but it's not practical. Way too many disadvantages comes with it. Bitcoin solved that, there comes it's one of many values. Also, the speed is easy to solve, and if you have been following the fundamentals for the past few months, you will find out, that there is a huge community working day and night to improve infrastructure of blockchain, not just coding but the legal and it's technological side. Remember, this will eventually grow into financial renaissance. It's about due. It will take time before all those old hordes will lose their money because of greed and the new blood will invest and build - hence people around will start to prosper. With time....

We all are quite hopeful that one day bitcoin would become the super currency of world. This would be official currency to many countries. We could say the future is all about bitcoin. But yes, this is reality as well that when you have this currency as official one, you need to change the economical law and amend some changes. You must be sure what needs to change that will not affect your economics rather increase it.

That's what we wanted to see from bitcoin, to be used as a global currency. It was designed by Satoshi to help people transact online without any third party. But it's slowly adopted by merchants because of its volatility, which is a major drawback not just for bitcoin but from people who wanted to see it grow as a online payment method. And now it is touted as a speculative assets by many of us, but I do hope that on day we will see it being used as how it was originally designed.

As bitcoin was launched years back , it was promoted and introduce as decentralized digital cryptocurrency in which it is circulating in the digital world , as a digital currency , it has also a functions as of fiat currency, that bitcoin can be used to pay anything that accepts digital currency and at the same time will function as investments and digital assets.

Bitcoin is a heavily use online cryptocurrency. Although it is a virtual currency but still it is use more than that of real currency. Bitcoin has various benefits. Bitcoin is mostly use as a online money transaction tool. Bitcoin is good for online transactions because of its safe secure and fast transaction facility. Another thing is bitcoin is highly sustainable and because of this it is easily available and accept in many places. Because of this many people love to use it. It is a tax free currency. It use as currency exchanger and also use for many other thing.

I rather see it that we will be talking about Bitcoin mainly because of the blockchain technology behind it 5-10 years from now. Although it was initially created to be a government-independent currency, there will be better solutions in terms of online currency

Yes bitcoin is a currency called, cryptocurrency. It is also the mother coin in the cryptocurrency world and it is having value from the demands in the exchange market.

Indeed, actually it depends upon us on how we will use it whether to be a currency or an asset. In my opinion bitcoin could be classsify based our action, it could be an asset and of course it could also be a currency. But for now it is more likely and asset which can be hold for a long time since we all know what situation we have now. Perhaps, in the future bitcoin could become legal curency which can be used whenever and wherever we are.

It surely is a curreny, the whole world curreny rather. Because it was not owned by any countries, institution or organization. It was made as a curreny from the first place, it is just us people, government, nations, who's blocking it's way to its destination. We should recognize bitcoin as currency, not an asset or either commodity because it is what it is. And no comment or statement or how is it use as of today would change that fact.  

The point is not to get it to a high level of price to make money but there is a middle ground here between people who wants bitcoin to be a currency itself and people who wants bitcoin to rise in price so they can profit in fiat. Yes the reason bitcoin came out is not to put in fiat and take out more fiat, it is not intended to be an investment product that part is true but also the higher the price goes the more users we get, which means the closer we get to adoption globally.

So even though the reason bitcoin exists is not investment, if it means investors will come in and stay than I am fine with it, let the price go as high as possible because if that happens than people will flock to it and we will see increasing amount of stores that will start to accept bitcoin.

I strongly agree with your opinion, that bitcoin cannot be an official currency. If I predict that bitcoin will later become an alternative digital payment used throughout the world, it is not the official currency. So for transaction payments between regions or between countries you can use bitcoin because it applies peer to peer, while payments for local transactions use fiat money. Bitcoin is an alternative digital payment.

I don't think that bitcoin fits into the mold of either commodity currency or fiat currency.

Though bitcoin has the store of value aspect of commodity currencies or commodity backed currencies, it is really not something that you can use physically for a purpose.

Yet, just like gold, its value is derived from the fact that there is a limited supply, no one can mess with that supply, and the trust that people have within BTC as the first cryptocurrency out there. I think the best definition that one can give is simply decentralized cryptocurrency. Also unlike fiat currencies, there is no central entity that is able to manipulate the issuance of currency in the form of notes or online, which is what makes bitcoin have so much potential economically.

Why would we need a decision from the government? You know that crypto currencies are decentralized, right? This means that no one has central power over it. No one (even the government) has control over it. It is not up to the government to decide whether bitcoin should be used as an asset or currency. It is up to  the people if they want to use it as a currency or asset. Just don't forget, bitcoin was made to use it as a currency though.

Fully agree into your statement, as what I have understood to your statements, it means that Bitcoin will not be longer in currency. I mean this digital currency will not threaten people as a currency but besides they keep this a because they know that someday it is just like a gold value due to less demand in the market. For me, Bitcoin will never be a currency.

Nothing has intrinsic value and that includes bitcoin as well, just to give an example people think that gold has intrinsic value but that is not true, what happens is that gold is valuable because there is a very limited quantity of it around the world, not only that the characteristics of gold make out of it the best candidate for a world currency for thousands of years and when you add the fact that it was very difficult to get then you had in your hands something that people knew was valuable.

The same happens with bitcoin, bitcoin is valuable because it is difficult to get, there is a very limited quantity of it and people recognize that its ability to be transferred without any third party between two people makes it an incredible currency.

This same topic 'BTC as a currency or an asset' will keep surfacing every year until the governments takes final decision on it. But to say the fact, BTC lacks some basic property of what a currency should have and also if BTC should price up to $1B, this means 1sats is gonna be like $1 which may not be practical for products less than $1. I think BTC is better off as an assets rather than a currency.

At least, for countries like Japan that has been in the forefront of adoption and legalization, the usage of bitcoin has become something very paramount in the society and country at large, and there are so many other countries as well that are beginning to thread on that path

I was also reading the story of Binance and Uganda recently, and the rate at which a country that has been seriously unbanked, could be able to get a good amount of registered users in a single day. This shows that even in some of the African countries we are undermining, there is actually a huge chance for growth when it comes to the use of bitcoin and cryptocurrency.

Satoshi intended Bitcoin to be used as an alternative to fiats that would serve as a medium of exchange. Eliminating third parties, providing convenient transactions almost for free, Bitcoin has chances to be massively accepted by merchants. But the real world made adjustments, and now it’s rather used as a store of value than a payment method. I think it is normal. We will open new opportunities for Bitcoin in the future and it will benefit regardless of how we classify it. 

Hopefully in the coming years, bitcoin will go mainstream to perform its designation as currency. But, the problem as of now, for bitcoin's young age, people don't want stability on bitcoin's price, instead they want the volatility to earn profits. One way to help sove this issue, the governments should start recognizing bitcoin so that different applications and usage of bitcoin will grow steadily.

Yes bitcoin can be classified as currency as one of the virtues of why bitcoin was built in the first place, that is for payment for financial transactions. Actually, bitcoin can be used already in payment only if people would use it as payment. However, if you are a bitcoin holder, would you prefer to use bitcoin for payment knowing that its value is low? Of course not. So, at this time it is not used as intended because of the volatility issue that is why investors treat bitcoin as assets.

Of course Bitcoin is a currency, but in a different way of transactions. It is based on a digital payment method that most traditional business does not apply. Bitcoin has been deemed as the revolutionary currency which other cryptocurrency has followed and looked up to.

Hopefully in the near future bitcoin can already function as a currency wherein that time it is already legalized and accepted by the government.For now,it is more of an investment because majority of the people are making good profits from it more than what they had gained from their own salary.

I agree. We can say that instead of it being currency, it became aj investment in which people used this as an exchange amd such. But then people using cryptocurrency must look forward in seeing that bitcoin will be a currency and not just some mere market uses in trading and such.

Despite the numerous numbers of problems bitcoin face it still remains a currency and what I understand as a currency is any thing that can be use for a means of exchange for goods and services and bitcoin is being use for payments of all kinds today. Bitcoin has proven to be a currency despite the fact that it does not have any legal backing and most people use bitcoin as a payment system today so this made bitcoin to become a full currency.

Bitcoin was created as an alternative payment system to the existing payment systems, but in this state it has not been massively used yet. The states are not in a hurry to legalize cryptocurrency, and without such legalization, the infrastructure under its circulation will not be created. Therefore, bitcoin is still used mainly as a means of accumulating value, which is interesting to people because it makes a good profit.

Bitcoin as a currency will help the world to become more innovative. Those countries who have accepted bitcoin has developed their business tremendously. And now many countries looking forward to making cryptocurrency legalize. This thing gonna achieve a great achievement for the cryptocurrency.

With the restrictions you give, I do not think it qualifies as an official currency. In my opinion, it really is a great fit for a money transfer tool. It can not afford to become a formal currency.

But doesn't treating bitcoin like an asset mean deviating from its original purpose? For now it's justified by the lack of options to use it the other way, but the fact that speculators and not real users are forming the prices is leading people away from bitcoin and other cryptocurrencies, making them believe that they are like securities, but with no product backing them up. Moreover, since cryptos are mainly known and used for trading, it leads to taxation of the market, whereas if they were treated as money the taxes would not be applicable.

Yes I know, It has a chance to become it a real currency or maybe a legal currency. Your also right about it migjt be used to an illegal activities because crypto world is very broad to discuss or to study its abilities or limitation. But as of now, I know it is in the discussion on how we used it because Bitcoin has many lacks so we need to find a way full that lacks of bitcoin to recognized it.

Also, it volatility made it not a currency either.
A currency is that which is accepted and adopted generally but Bitcoin is not accepted or adopted generally uptil  now.
Bitcoin is a digital asset and not yet a currency.

Obviously, we cannot expect it to just be a currency that will be used by everyone worldwide, as some would basically be limited to its usage, but at the same time, we still have to understand the fact that this is a very new market and there would still be a lot of development to come in the long run, which I believe will bring about real life usage.

We may not be seeing that now yet, because a lot of people believe we have not reached that stage yet and by the time we do eventually, we all know the value will not be the same which is one of the reasons a lot of people would prefer hoarding as an investment tool instead now than a currency, coupled with the fact that with respect to its volatility, it is still very hard to use in the real world.

And this started in some developed countries. Those who have accepted and legalized the crypto currency, business there started integrating bitcoin in their transactions. Most of them are dealing in bitcoin and other crypto currencies as well. Like McDonalds and other few food chain outlets were storied to accept bitcoin but I doing have any conformity about it.

Well, in a way, due to its deflationary characteristics, there is no way it cannot end up still retaining being an asset even though it ends up being used as a currency in the long run, but before we will get to see bitcoin hitting that stage where it gets to be used as a currency, a lot of development would have taken place, considering the fact that by then, we possibly would have hit the level of mainstream adoption, there possibly would have been some level of less volatility with bitcoin and there would also be development that would help in ushering in bitcoin as a currency into the real world, and with all this in place, we will get to see the currency aspect being in place.

Although the origin of bitcoin is defined curency but in practice many people use it as an investment or storage method.

Bitcoin is used for exchange for something like services or in form of commodity.A decentralized currency with a great value.It can be converted the value of it into fiat or commodity needs.Also, easy to used on onlines transactions less requirements.
Bitcoin is a great help to anyone who believes.

Succumb, but in addition bitcoin is a digital asset intended to serve as a currency. The usability of this said digital currency has not yet be justified and adopted by the masses, unlike other currency like fiat etc.  This digital asset can be use to purchase goods and services online.

That's right because with Bitcoin we can make transactions easier and faster when we make online purchases and bitcoin will also not be able to be made into real world currencies such as paper currency

The price of bitcoin will be high when in a state more people will use it, the more users will keep on buying so bitcoin will rise high which is surely good for anyone, we are living in digital era so we feel good using digital currency than fiat, we can buy goods even if we are at home we can send money safely from one place to another safely in high amount so no worries now bitcoin is the best currency.

Bitcoin is clearly a coin but it is an online currency. Although there is an online currency, it has a lot more value. Bitcoin can also be used for various purposes like real currency. Bitcoin can be used as exchange value for money. Although Bitcoin can not be touched by hands. Yet Bitcoin has a currency exchange value because of its price.

in accordance with economics, if demand rises, price also rises, that is what becomes an opportunity to make a profit. for the near term, i think if BTC is recognized as an alternative means of exchange it is good enough

We would not be here in the first place if we do not believe in the long term usage of bitcoin, and imagining this scenario playing out, it makes us to put much of our focus on the long term, knowing that great stuff abound. That is some hard stuff which a lot of people who are so keen about the short term will never understand anyway, but the last time me checked; there are always two sides to every coin. I believe in the long run, for bitcoin and most of the altcoins with product, we will start getting to see them being used gradually as a payment tool.

I think aside from using it as digital currency, you can also use it as asset that will bring you a good income. As of now bitcoin already recognized as currency but not all the country. However, if we want to make it happen it will takes time to wait because there are many things that need to upgrade. But I think because of our modern era there is chance that bitcoin will become one of our legal currency.

in my opinion bitcoin is a digital currency that is becoming popular nowadays, if we use bitcoin as a transaction then security is guaranteed especially if we have bitcoin then this is our asset in the future.

In my opinion, Bitcoin is hard to become a common currency. There are too many shortcomings, such as lack of stability, low supply, are being used to accomplish some bad intentions. So that really is not qualified to become a currency. I do not appreciate people always want to make bitcoin a currency. it absolutely can not afford!

Bitcoin is a digital currency that only revolves in the internet world, unlike the case with a country's currency that is only used as payment in the real world.

I think it became a commodity way too quickly but I don't know if that's a bad thing or not. I mean it is bad that it is no longer used like a currency and the companies that tries to make debit cards of bitcoin which you can use everywhere in the world is not really getting too much attention whereas the price changes are getting too many attention everywhere.

Which means either we would have stick with the currency aspect of bitcoin and we wouldn't have this many people or we changed to a commodity and suddenly we are getting more interest into bitcoin. Do you really want to use bitcoin as a currency or do you want bitcoin to get more attention that's the question you need to ask yourself. If you want bitcoin to get bigger than you should be happy about this changes.

Currently here in my country we can used bitcoin to pay our bills or any other bills that our local wallet was tie up but it was automatically converted into fiat after sending the payment. And i think sooner some establishment will start to fully adopt the blockchain the direct received bitcoin from their customer.

Yeah, and that is basically the idea which I believe that we will get to see eventually anyway. As time goes on and as the space keeps evolving and developing, I so much believe that bitcoin will get to be used in real life as a currency when it gets to buying groceries, buying, stuffs, paying for things, and so many more which would make it become a norm for most people and then get to see it as a means by which people can even still store value at the same time. However, it is something that will only be limited to some faction of people anyway, which is why I also believe in the whole coexistence thing right from the onset.

if bitcoin is used as a payment instrument like fiat currency, I think it will have a good impact on the growth of bitcoin prices because more people will buy bitcoin to be used as an automatic payment tool that will make the price of bitcoin move up and skyrocket, but I also think that it will be difficult to realize this, since there are only a few countries that legalize the remaining bitcoin still cannot make decisions as if they don't know the presence of bitcoin

BITCOIN was made to co exist with the commodity currency and fiat currency.

To the point that the virtual currency was more convenient to use compare to the two.

Cryptocurrency (Virtual) is a modern currency that can have both characteristics of commodity and fiat which can use for trading and investments. With more of the commodity currency with no exact price and depends of the people on supply and demand and act as a alternate currency.

Like other currencies, value of cryptocurrencies comes from their supporters. There so many people around the world who trust the idea of crytocurrencies and wish to use it as a payment tool.

The volatility of bitcoin is one of the factors why it shouldn't be considered as a real life currency. Its price is derived from people who wants to buy it. Much like anyone who would like to buy some popular business shares of some sort of company out there. It will always and always going to be down and when it happens, you know it means something, for you and your dear money.

I think it is difficult for bitcoin to be a real currency, many governments of a country are afraid that bitcoin is used for aberrant transactions, such as buying and selling illegal weapons or drugs. Seeing the potential of bitcoin which is increasingly developing is not impossible that bitcoin will become a real currency someday.

Well bitcoin as a digital currency and also the mother coin in the cryptocurrency world it got it value from it demands in the exchange marketand also bitcoin is a digital currency which is use for payment on a peer to peer mode of doing transactions just like the fait paper money is also used.

Bitcoin is made as a digital currency but unfortunitely it is difficult to apply because at this time it is in less acceptance in any companies.

here bitcoin is not considered a currency, bitcoin is considered a valuable digital asset like gold because in my country bitcoin is not legalized to transact using bitcoin

I have seen other threads like this but not informational as this posted by the OP. Bitcoin is indeed considered as currency. I do believe that bitcoin has already played as a medium of exchange in the crypto market from investing ICO projects to using it as a payment for goods, products and services. The evidence? You can search for it in google of some huge company accepting bitcoin as a payment in excahnge of their products and service.

Yet, there is a little bit twist with using bitcoin for it has a different characteristics. One of it was stated above thr the value of bitcoin was decided by its contributors or those who owns bitcoin. The supply will determine its price. The higher the bitcoin supply the lower its market price and vice versa. This is just like demand and supply in economics discussed in the intermediate school.

I guess bitcoin gets its value from both investors and government interference too. 
Interference? Yes off course you read it right, because their unwanted decisions that are going on in the market they are actually making publicity of the bitcoin all over the world and thus making people aware of it. Now each user that hears it from the government whether positive or negative ways, they both come in here and join the community and helps it grow in terms of its value.

I guess bitcoin is more or less asset which can be trades, invested, and also used as mode of payment.

There is no real definition of it as long as everyone states the one.

Bitcoin is made as a digital currency but unfortunitely it is difficult to apply because at this time it is in less acceptance in any companies. Althrough there is some companies accept but is not enough, that is one challenge of bitcoin. People considered bitcoin as an investment becuase it is high in terms of value.

Bitcoin was initially created as a currency. The thing with currency is that it needs mass acceptance and that's the challenge with bitcoin. This is the reason behind bitcoin used as acommodity.

Bitcoin is one of a kind. It's so revolutionary that no theory of the conventional economic system can define it. It has both intrinsic and commodity value. It's been called currency, although being entirely digital asset, since its inception because that's the way Satosi visioned it. In the end, only Bitcoin defines itself.

Bitcoin's value is depended on its technology and its limitations mostly depend on not getting approval from the governments. If and when it is accepted globally, we will see the true potential of it.

The value of Bitcoin comes from sheer computing power. Its value increased due to its demand and the trading among the community. Here's to hoping this coin could be used for day to day use in the future.

value of bitcoin is more than currency to use in real life.

it take part to be digital gold.

even though the initial concept of bitcoin was called a currency, but now we see bitcoin more worthy of being called a commodity such as gold, silver, and others, which can be exchanged with fiat money,  USD, EURO and other currencies.

Bitcoin is called a currency because Satoshi called it a currency and intended it to be used as a currency - a medium of exchange from people or entities for goods or services rendered.

The biggest requirement for anything to be a currency is for a population or society of people to accept that the medium is in fact valid for exchange, that it should be and will be used as a currency.

The challenge we're seeing with Bitcoin is low adoption from merchants to accept it as currency. There have been great innovations to make accepting crytpocurrency easier for merchants (i.e., third party transaction clearing houses, stable coins, etc.) but we haven't seen the real effects of these new innovations yet. Currently the market is utilizing bitcoin as an asset class, an investment, a store of value rather than a medium of exchange.

I think that's fine. It's an asset class that is uncorrelated to any other investment in the world, therefore it's a good one to have in your portfolio.

Bitcoin does have intrinsic value by virtue of the computing power required to mine it.
It is a digital asset and as such functions on the blockchain and has no physical properties.

Bitcoin is often referred to as a currency. And the general name 'cryptocurrency' giving to all digital assets presents them as currencies although having a deeper meaning, hence cryptic currencies

A currency is an object generally accepted in a certain region as a means of payment. Asides the Euro which is used by different countries, each state usually has its own accepted currencies.

Where do currencies get their value?

Currencies are legal tenders stipulated by governments of each nations. And there are financial institutions, usually banks which decides the value a currency has. This could be bank notes, coins, mobile money or codes on a debit card, these can all be classified as fiat money.

There is also Commodity Money. This includes commodities like, gold, silver, diamonds, coal, salt or any commodity which has a value based in its qualities and applications.
Unlike fiat money, these has intrinsic value and are not supported or directly controlled by any financial institution which dictates it's price.

So, is bitcoin classified as fiat money or commodity money?

The above question is better asked as, is bitcoin a currency whose value is determined by what people take it to be or is it based on its intrinsic value and practical applications.
I would say it is a little of both.
Bitcoin is a decentralized protocol with no central control system or official institution which would regulate and determine it's price. Although the bitcoin core and miners pool have a certain level of influence and control on its value. But the community can equally and more effectively affect it's value through demand and supply.

Bitcoin is also a digital asset built on a technology (blockchain) it is borderless and transactions are cheap. And it's value which seems to be consolidating with time, makes it an investment option as well.

What are the limitations of bitcoin?

Bitcoin as a payment option faces a huge problems in government restrictions, adoption limitations and scalability.
With its tps being in the range of 3.3 to 7 transactions per second it can hardly compete with government controlled forms of transactions like VISA with an average of 47,000 tps.
But bitcoin was not created to compete but rather serve as an alternative to fiat currencies (and maybe commodity money also) and give users total control over their assets. Though with such a growing community there has been lots of suggestions on how to tackle the scale limitations. And many propositions this far, such as hardforks and  Segregated witness, popularly called segwit https://en.bitcoinwiki.org/wiki/Amp/Segregated_Witness
Bitcoin Cash which was launched last year increased a blocksize to 7MB. There is still yet to be a consensus to approve Segwit.