Bitcoin - Asset Or Currency? - page 2.

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Quote from: glendall on June 22, 2023, 03:15:23 AM

I think bitcoin is an asset not a currency because I bought bitcoin for the purpose of making a profit from the price increase that is happening, the rest I don't think will become a currency because for me it's an impossible thing to happen, if it is a means of payment / alternative payment it might be happen

Everyone considers bitcoin as an asset, and everyone is using it for profit, not just you. But the confusing thing is that many people do not dare to face that fact. If we look at it fairly, bitcoin is treated as an asset rather than a currency. I bet there won't be too many people who want it to stabilize and become a currency, and not too many will still hold bitcoin if it turns out to be a currency without profit. I really consider bitcoin an asset, and I want it to be recognized by everyone, even though that's not what Satoshi created bitcoin for.

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Quote from: PytagoraZ on June 20, 2023, 10:01:33 AM

If bitcoins were currency, it would be complicated if bitcoins were used to buy cheap things, transaction fees would be very expensive

Bitcoin can be seen as an alternative at this time for some countries and Bitcoin is still suitable to be considered as an asset not a currency, because there are still many countries that legalize Bitcoin as commodity assets. So the perception of Bitcoin as a currency is not coheran in many countries today, most people who hold bitcoin because they realize that this asset has the ability to maintain value.

Quote from: PytagoraZ on June 20, 2023, 10:01:33 AM

I have many questions in this thread. Sorry if my argument isn't comprehensive, I don't have a deep understanding of bitcoin yet

Bitcoin is still an alternative and has not been fully used to buy goods, unless you live in El Salvador or spend something using a platform that receives payments using Bitcoin. There is nothing complicated if you want to make a payment using Bitcoin because just enter the amount then send it.

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For me, Bitcoin is an asset. It can be both, but I'm buying it to sell at a higher price in the future.

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I think bitcoin is an asset not a currency because I bought bitcoin for the purpose of making a profit from the price increase that is happening, the rest I don't think will become a currency because for me it's an impossible thing to happen, if it is a means of payment / alternative payment it might be happen

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Quote from: PytagoraZ on June 20, 2023, 10:01:33 AM

In your opinion, bitcoin is an asset or a currency?

In general, Bitcoin is a digital currency that has a purpose as a medium of exchange for transactions made online, Bitcoin users are free to make transactions with anyone without a third party regulating their circulation. Apart from that Bitcoin can also be a profitable investment instrument, you can buy Bitcoin for investment or for trading for 24 hours and no holidays.
Bitcoin has shown a lot of potential since its inception, so many people think that Bitcoin will continue to grow in the future. With the promising potential of Bitcoin, it is possible that Bitcoin will become a future medium of exchange that is used globally. So apart from being able to play a role as a currency, Bitcoin is able to attract investors to use it as an investment option.

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Quote from: irhact on June 22, 2023, 01:59:33 AM

Speak for yourself, if you don't believe that Bitcoin can become a global currency then why are you here. Are you here only for the profits you can get from trading Bitcoin with other altcoins or investing in it. What happens when that goes away or reduces because all the Bitcoin has been mined. Satoshi Nakamoto the creator of Bitcoin did so because he wanted we to have an alternative to the centralized system that's in existence that favors only the rich and well connected.

Bitcoin can be classified as both an assets and currency, in the future it'll be recognized as more of a currency contrary to how it's been seen as only an asset at the moment and that's because the government are fighting it and discouraging people from accepting it globally.

Are you considering the option where wealthy people can also have most of the Bitcoins in stock? What will happen then? Again the monopoly of money and power? After all, it turns out the concentration of such assets in one hand.
In case you haven't noticed, this process has been going on for several years now. Those people who have decent capital are actively buying up a digital asset. As a result, we will come to exactly the same alignment of affairs as today.

irhact

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Quote from: Outhue on June 21, 2023, 03:20:30 AM

Moreover, who needs Bitcoin to become a global currency? None I guess, that's why the power to kill Bitcoin is not in the hands of the government or any law, the future that awaits Bitcoin is massive value as time goes on.

Speak for yourself, if you don't believe that Bitcoin can become a global currency then why are you here. Are you here only for the profits you can get from trading Bitcoin with other altcoins or investing in it. What happens when that goes away or reduces because all the Bitcoin has been mined. Satoshi Nakamoto the creator of Bitcoin did so because he wanted we to have an alternative to the centralized system that's in existence that favors only the rich and well connected.

Bitcoin can be classified as both an assets and currency, in the future it'll be recognized as more of a currency contrary to how it's been seen as only an asset at the moment and that's because the government are fighting it and discouraging people from accepting it globally.

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Quote from: PytagoraZ on June 20, 2023, 10:01:33 AM

Currently, bitcoin has a very high price. I don't know why the bitcoin price can move so fast. Is it possible that there are brokers playing with bitcoin prices?

When starting the topic you were wondering why Bitcoin has a high price, after I read more of what you wrote on the topic, you have answered your own question on point number two.

Quote from: PytagoraZ on June 20, 2023, 10:01:33 AM

In your opinion, bitcoin is an asset or a currency?

On the one hand Bitcoin can be an asset, but on the other hand Bitcoin can also act as a currency. Do you still remember the two Pizza from Papa John, at that time Bitcoin had a role as a currency, It became the first commercial transaction using Bitcoin.
The function of Bitcoin which can be an asset as well as a currency makes it easier for you to make transactions between countries without having to issue large shipments.

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Quote from: Uruhara on June 21, 2023, 11:53:19 PM

My assumption is that in the real world Bitcoin is still considered an investment asset and also a commodity asset that can be traded. But if one day in my country Bitcoin can be used as a means of payment then from then on maybe I will consider Bitcoin as currency. But when talking about the internet world. So I also consider Bitcoin as a digital currency in the internet world. so the conclusion is that in the physical world Bitcoin is only a commodity asset but in the internet world Bitcoin is a digital currency.

Bitcoin can be considered both an asset and a currency, depending on the situation and perspective. As an asset, Bitcoin is a digital currency with some value that can be bought, sold, and held for investment purposes. It is similar to traditional assets like bonds, certificates, or real estate, with its value subject to market rise and fall. On the other hand, Bitcoin can also function as a decentralized digital currency. Bitcoin can be used as a medium of exchange for goods and services, and it has gained acceptance as a payment method in different countries as well as on online platforms. Some followers argue that Bitcoin's limited supply makes it an alternative currency that offers benefits regarding transaction fees and faster cross-border transfers. So, by definition, whether Bitcoin is considered primarily an asset or a currency depends on individual perspectives and their specific use.

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My assumption is that in the real world Bitcoin is still considered an investment asset and also a commodity asset that can be traded. But if one day in my country Bitcoin can be used as a means of payment then from then on maybe I will consider Bitcoin as currency. But when talking about the internet world. So I also consider Bitcoin as a digital currency in the internet world. so the conclusion is that in the physical world Bitcoin is only a commodity asset but in the internet world Bitcoin is a digital currency.

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Quote from: crypticj on June 21, 2023, 10:49:37 PM

I think bitcoin won't become currency simply because people don't see it as a currency and because it's too volatile almost no one will use it because of it. Why will you use bitcoin if it can't drop 5% a day and you lose money that you wanted to spend in a grocery store?

I agree that today it is more of an asset than a currency but the volatility problem, at least in theory, will be reduced as time goes by and the price and market cap continue to grow. As of today, no. To be able to buy bread, you want a stable currency.

Then, for it to become a real currency there is the problem of scalability. The blockchain cannot support billions doing Bitcoin transactions every day, and LN has its limitations as well. Then we also have Gresham's law, according to which, if several currencies coexist, people tend to spend the bad one and keep the good one. For me there is no doubt that Bitcoin will continue to coexist with fiat currencies/CBDCs/shitcoins, so I think this is also why people will use it mainly as a store of value and not as a currency.

crypticj

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I already asked people here what they think of bitcoin.

The majority belive that it's just an asset and people don't really want to use it as a currency. They just belive that if it will be accepted by companies, then the price will go up. But I don't see the connection because regular people don't use bitcoin and bitcoins don't want to spend it. So I don't think it's gonna help drive the price higher.

I think bitcoin won't become currency simply because people don't see it as a currency and because it's too volatile almost no one will use it because of it. Why will you use bitcoin if it can't drop 5% a day and you lose money that you wanted to spend in a grocery store?

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Bitcoin is an asset you can invest your money at anytime and start expecting something that will change your life for good, because it can increase higher today just to allow investors to sell to make something huge from the asset, and it can also decrease to allow investors to buy and hold for bright future. Bitcoin is a currency because you can use it to purchase goods and services in an area where it is legal tender and it is well accepted by the power the government put on ground. Country like El Salvador, they use Bitcoin as a currency to improve their economy and other things that can bring development to the people of El Salvador that they will live to remember.

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Quote from: PytagoraZ on June 20, 2023, 10:01:33 AM

In your opinion, bitcoin is an asset or a currency?

If bitcoin is an asset, it is now. Most people will hold bitcoin as an asset and take advantage of the rising price of bitcoin. If so you are still dominated by fiat

If bitcoins were currency, it would be complicated if bitcoins were used to buy cheap things, transaction fees would be very expensive

I have many questions in this thread. Sorry if my argument isn't comprehensive, I don't have a deep understanding of bitcoin yet

In my own humble opinion - and I think there is a general consensus on this one - is that Bitcoin is both a currency and an asset. I am defining an asset as anything that has some accepted value in the market so BTC is definitely falling into this category. Now, since Bitcoin can be used as a medium of exchange and is highly traded then it is also acting as a currency. There can be some technical difference subject to debates and differing standpoints but generally no one can argue that it is both currency and asset. As to transaction fees which can be higher than usual, there are now good developments on that aspect so let's join its journey towards massive adoption.

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Quote from: Stella Mese on June 21, 2023, 07:31:51 PM

I think bitcoin is a digital currency, but not everyone, the government and others agree that btc is used as a means of payment.
if in elsalvador btc can already be used as a means of payment.
(.....)

It's still difficult, there is no definite or official agreement on this matter, and discussions will probably last for some time to come.
Because we are still early and still no massive adaption that can really define what really Bitcoin is, it's like the level of acceptance of the majority, or even some governments, that don't consider Bitcoin as regulatory currency.

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I think bitcoin is a digital currency, but not everyone, the government and others agree that btc is used as a means of payment.
if in elsalvador btc can already be used as a means of payment.

as a btc investor, of course our want the price of btc to rise and of course it will benefit those who buy btc at lower prices.
I think fiat currency will be needed because we all need fiat money, because the necessities of life can be bought with fiat money.

ChiBitCTy

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People have been asking this same question over and over on here over the year and my answer is always the same, and always has been..it's both and asset and a currency. Currency of ANY kind is an asset. Anything of value , is an asset. Just like fiat currency, it's an asset and can be used to buy things ( a currency ). Bitcoin is an asset, and it can be used to buy thing ( a currency).

There's only one correct answer here and that answer is bitcoin is both an asset and currency, period.

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Quote from: PytagoraZ on June 20, 2023, 10:01:33 AM

In your opinion, bitcoin is an asset or a currency?

Bitcoin is not only an asset; it's also a currency. I know that currency has the first meaning as "something (money or other items) that is being used to facilitate transactions, and it also means the paper or physical cash." So, Bitcoin can be considered currency in the sense that it's a digital thing that is used to facilitate transactions. It is an asset because it can add extra value to your holdings with being affected by inflation. Some people picture Bitcoin as an asset, while others see it as both a currency and an asset, so I will say that you should just see it as both. What will justify the difference is what you are using it for at that moment. If you are holding it as an investor, it's an asset for you and also a currency because you can make payments with it at that moment. then, It can also only be a currency for someone who is only concerned with using it to fulfill a transaction.

Cheers 🥂, Dr.Bitcoin_Strange 👺👺

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Quote from: PytagoraZ on June 20, 2023, 10:01:33 AM

Today many people oppose the dominance of fiat. People who are against fiat will turn to crypto.

Basically Bitcoin is a digital currency and also an asset. Anyway Bitcoin isn't going to replace fiat fully. Bitcoin makes our transection decentralized, secured and anonymous. It's an alternative currency which have a lot of advantages than fiat. And we all know that Bitcoin has some limitations like we need electricity to use it and old people and kids can't use it properly.
So I am totally disagree with this line and I don't think anyone is against fiat. We should take advantages by using the features of this Digital Currency and also can make profits by holding as an asset.

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Well, in as much as satoshi designed bitcoin to be a peer to peer medium of payment, which simply means the initial plan was to make bitcoin a currency, we all can agree that bitcoin have gone far beyond being a currency, I don't know about other users here, but to me, bitcoin is more of an asset than a currency, most people who buy bitcoin today do so with a mindset of making selling it for profit when the price grows higher,, that's the character of an asset.

So like I've said, personally, bitcoin is an asset to me, rather than a currency to be spent on day to day expenditures.

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