Bitcoin is an asset or currency. - page 8.

TomUyamot

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Quote from: YaChou on October 17, 2017, 11:52:55 AM

I hear from many sources that btc is used for trading much more than it is for goods and services; doesn't that make it an asset ??
and is that necessarily a bad thing ?? and what can we do about it as a community ??

As stated in the original Whitepaper of Bitcoin, the invention is made to be an online cash, an online money, or a virtual currency. That is the intention. And I think the first use of Bitcoin was really the time when it was used to buy some pizza. I think everyone have heard of it. A man buying a $25 pizza with 10,000 Bitcoins. However, the growth of value of Bitcoin was way too fast as imagined, resulting to people hodling Bitcoins instead of using them as payment. I can see no problem in it though.

zhanyiguai261315

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Activity: 392

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In Israel, bitcoin has been characterised as an asset by their tax authorities. And start collecting taxes!

I think in the future many countries will follow Israel, which may be a good thing, because BTC is legal, more and more countries admit it!

Sean25pogi

member

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The bitcoin is a asset because they are the foundation for a good future. they are you asset to achieve all dreams that you have which brings to become more successful and financially stable.

hibiscus

newbie

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Bitcoin is an electronic asset but it is electronically transferable to the place or currency. Many countries are accepting bitcoin to their day to day requirment .Mean time bitcoin is a good investment and the bitcoin prices are volatile in the market. Bitcoin is attracted by many people because of its different features.

juiceannabel

newbie

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if bitcoin is use for trading and make a good profit, why not ?
bitcoin is just not only use for trading, but also payment. but it is not much use as trading.

sashulya7979

member

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At the moment it is already an investment product with a limited number, which means that not everyone will be able to buy it in the near future! On this and its price grows! Decentralization makes it strong and uncontrollable!

Marco Ambrusini

full member

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Although bitcoin is created as a digital currency but because of the functionality and specialty of this bitcoin can certainly turn into the most valuable commodity so almost everyone in the world is working hard to be able to get bitcoin with their various efforts. i believe bitcoin is here to stay and in due time it will gain popularity globally

Xenoph0bia

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Quote from: Satish147 on February 10, 2018, 10:55:22 AM

Previously it was treated as currency due to low transaction fee until mid 2017 but now it is treated as store of value due to high transaction costs. Once lightening network comes then it will be used for both as currency and store of value

In my opinion,bitcoin is both an asset and a currency.Previously bitcoin was considered as an asset only because people used to buy bitcoins and hold them.But now a days people are also doing some transactions through bitcoin.People are spending on their day to day needs from bitcoin only.People are saving bitcoins and are also investing their bitcoins.It is used as a payment method.You can also trade your bitcoins in order to earn more.

Satish147

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Harmony for One and All

Previously it was treated as currency due to low transaction fee until mid 2017 but now it is treated as store of value due to high transaction costs. Once lightening network comes then it will be used for both as currency and store of value

nicolesalv

jr. member

Activity: 252

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Ethereum Limited Edition ICO

Quote from: ?? on ??

I choose bitcoin is an asset because in my country bitcoin is allowed as an asset not for the currency or the payment.

It is a digital currency but for me it can be both. Asset is for like you are for long term investment of bitcoin but it can be a currency to.me if I want to encash it right away and spend.it for my daily needs. Either of the two..we are lucky that we've been introduced in this crypto world .

chenging14

newbie

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Bitcoin is a form of digital “currency”. It is created and held electronically, on a computer. Bitcoins are not paper money like dollars, euro or yen by central banks or monetary authorities. Bitcoin is the first example of a cryptocurrency, which is produced by people and businesses all over the world using advanced computer software that solves mathematical problems.
There is a great deal of debate about whether Bitcoin is a currency. The Merriam-Webster Dictionary defines currency as:
•   Circulation as a medium of exchange
•   General use, acceptance, or prevalence
•   The quality or state of being present
•   Something (like coins, treasury notes, and banknotes) that is in circulation as a medium of exchange
•   Paper money in circulation
•   A comment article used for barter
•   A medium of verbal or intellectual expression
The official definition of currency may leave you more confused about whether Bitcoin is a currency or something else. After all, it certainly meets some of the characteristics in the definition, but not others.
In September 2015, the Commodity Futures Trading Commission (CFTC) in the United States officially designated Bitcoin as a commodity.

CNJP15171821

newbie

Activity: 57

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Maybe its both. The majority of bitcoin holders treat it as an asset whether to hold for future value increase or to traded to other coins and it is also being used due to personal needs. But basically the holder for very longtime says its an assets.

Snaic

full member

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Bitcoin was created primarily for walking as virtual digital money. This is how it should be treated. Therefore, the function as a means of payment for it should be the main one. However, it should be noted that not all money is a currency, but only those that are recognized by the states for interstate settlements. Many national money of different countries is not a currency. I hope that bitcoin will someday be the universally recognized currency of the world.

In addition, bitcoin also performs the function of storing values and measures of value, and this distinguishes it from financial assets.

babala

newbie

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Bitcoin is both an asset and a currency. Currency in a sense that it was a virtual currency where you use it for payment. Hoping in the future that it will accepted as payment in many stores even in the ordinary expense like fare in jeepneys and buses. It was an asset because it was considered as an investment where there is a chance to increase its value due to price goes up.

Opekin

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For me, bitcoin is both an asset and a currency.
Bitcoin investors and traders are growing too fast and it cannot be hid that those people are using bitcoin as their future asset and a source of profit.
On the otherhand this can be used as medium of purchase in some areas and stores. It is strongly used for convenience an profit that makes it versatile.

Epimetheus

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Quote from: echo11 on February 10, 2018, 09:48:29 AM

Both. But personally, I would say that it is 'more of an asset' even if it's also a currency. Here in our country there is a very limited options of businesses who accepts bitcoin. Few shops probably, I don't know about hotels and such. It is more of an asset because people invest in it for a return of investment and more and more if it. When you have BTC at least 1 BTC you have an asset. It's both but I personally treat it as an asset more than as a currency.

Actually bitcoin is both an asset and a currency.People hold their bitcoins for future as the prices rises day by day. People now have started using Bitcoin as a currency and they do transactions through Bitcoin.They spend their money from Bitcoin.People also hold their Bitcoin for future price rise because its value is very volatile.This is the characteristics of an asset like gold.

Dapper

sr. member

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Been using it as a currency for around 6 years. Been using it as an asset for around 4 years.

Cheesy

echo11

member

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Both. But personally, I would say that it is 'more of an asset' even if it's also a currency. Here in our country there is a very limited options of businesses who accepts bitcoin. Few shops probably, I don't know about hotels and such. It is more of an asset because people invest in it for a return of investment and more and more if it. When you have BTC at least 1 BTC you have an asset. It's both but I personally treat it as an asset more than as a currency.

jonosutio

full member

Activity: 168

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for me bitcoin is the most valuable asset we have today, because the price bitcoin is always increasing and we can use it for the future. the currency that bitcoin possesses the digital currency that now has many that hold it. even bitcoin now has a high value, so when will you have it until you realize that the bitcoin is a very good asset people talk about? if you wait for someone to talk you when it will have bitcoin.

PeRo

hero member

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Defend Bitcoin and its PoW: bitcoincleanup.com

It is made to be a cryptocurrency, so I think it goes more to being a currency rather than an asset, but it still is both. People like it as an asset because you can earn big money if you invest smart and hold it until you can get enough money as you wanted. The price will probably never be stable so it will stay being both for a long time, and there will always be more investors than users.

Topic: Bitcoin is an asset or currency. - page 8. (Read 8542 times)