Bitcoin failed as a currency - page 16.

forbesmining

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Quote from: brawdias on April 23, 2018, 06:30:57 PM

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?

I think that failing is an under process like past perfect tense, but it is not that right, bitcoin is failing but not failed, it is still have the opportunity to become it one day sooner or later. We just need to do whatever it is needed in order to make that time closer.

Zelezinskyi

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It's too early to say that bitcoin has failed like a currency, it is not just for investment and a speculative asset. Some institutions in some countries already use bitcoin as payment.

hardip567

newbie

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We can buy another coin from bitcoine, there is no problem in it, but how any government will accept it as currency and how it will take the transaction fee, this is the reason

osmo

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bitcoin is not used as a currency because many countries still have not legalized bitcoin, especially in Asian countries, only some countries have legalized bitcoin like Japan and South Korea, so people use bitcoin more as their investment, but if more countries legalize it bitcoin will be used as a substitute for cash payment, bitcoin is easier and more practical than money

Ashong Salonga

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Quote from: brawdias on April 23, 2018, 06:30:57 PM

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?

I dont think that bitcoin failed as a currency because now there are some restaurants and schools are accepting bitcoin as a payment and as a believer of bitcoin it has a big chance to be used as currency in the future maybe it will just take for more than 10 years before it can happen.

bcidui21sks21

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Bitcoin is cryptocurrency, only the Bitcoin value converted into currency when the exchange occurs.

Pan Troglodytes

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Quote from: Tiblets Yohannes on August 08, 2018, 09:44:52 PM

To something that is considered 'currency' it must obey the prerequisites, such as the government accepting it and making it as a standard payment all over the world, . Backed up with something like gold, and it must be determined by our bank.

I don't see a connection here. What you call prerequisites is just a set of unfounded assumptions that governments and bankers want you to believe.

The definition of a medium of exchange requires that it is divisible, widely accepted, easily movable and some other properties listed on https://en.wikipedia.org/wiki/Medium_of_exchange . All of them are possessed by Bitcoin. Unfortunately, high transaction fees kill Bitcoin as a medium of exchange.

Nahid Alom

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I think not bitcoin is so volatile that it is not suitable for use as currency and means of payment. and most people prefer to use fiat money for payment instruments. and also all countries in the world already have their country's national currency. so I think for the next few years bitcoin will remain an investment tool.😊

gaurav82

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We can not reach to any result about Bitcoin. Bitcoin is growing and some countries are supporting it. If we say that it has fail. Then it will be result taking in hurry. We should give more time to bitcoin.

Bosx1ne

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Quote from: brawdias on April 23, 2018, 06:30:57 PM

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?

Who said bitcoin failed? Try to observe the chart for you to find out how strong is the bitcoin. The price of the bitcoin is becoming more valuable as time passing by. The demand is also rapidly increasing.

Jinatfatm

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As Bitcoin fails to “die” it will become stronger. The tipping point will be once people stop viewing it as a highly speculative investment and instead see it as a threat to their existing assets.

zubrr51

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The fall of Bitcoin is due to the current situation in the market, when sellers try to dampen the weak buyers.

Kentkent

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I assume it takes an extended process and not immediately as a way to make bitcoin as a foreign money, a lot of predictions that say bitcoin will turns into worldwide foreign money and many nations will be legal the bitcoin.

ArifNewaz

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I don't know if the world is ready for Bitcoin yet, or if Bitcoin will be the standard 20 years from now, but cryptocurrencies are here to stay. After the hype fades and the bubble bursts, something will remain

ys fs

newbie

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not fail guys, but because bitcoin is still in the process of being a currency, and as we see if bitcoin becomes a currency there will be opposition from the world bank, therefore bitcoin is still not a currency, because of so many obstacles... Sad

Rianbook

newbie

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Nobody knows the future, bitcoin can increase its value so many users choose to make it as an asset that is stored in the long term will be more profitable. Bitcoin is difficult to use as a currency because the government doesn't legalize bitcoin, maybe if the government legalizes bitcoin then bitcoin can become a currency.

PhilipCornel01

newbie

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There are a a lot of you of bitcoin it is a good source of investment, it is a good source of job and some day it will also become the currency just need time.

paparexon0414

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Bitcoin is still have more things to do in the future. Yes, its an investments but as innovation do its way, it is used as a form of payment. Why call bitcoin an "e-currency"? Because people consider it a currency that they use in their online transactions. I also use bitcoin in reloading my phone and for paying my bills. So you can consider it as a investments and a currency. In our new era of blockchain, anything can happen. So lets just go to this hype.

Roberttran

member

Activity: 280

Merit: 10

The current bitcoin is not really stable and hard to become a currency. Bitcoin can be a type of digital asset. digital gold. People can buy storage and investment. But that does not mean that bitcoin has failed. Hopefully in the future bitcoin will stabilize prices and will be the next currency in the future

coinpool_de

sr. member

Activity: 504

Merit: 250

For me, this doesn’t mean that it failed. I mean, today btc seems more effective as an investment method but in future we can use it as a currency. I think the market needs time. Why you hurry this much? Let’s wait and see what will happen about bitcoin in future.

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