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Topic: Bitcoin is Comodities/Currency/as Payment Methode? (Read 387 times)
Asset/commodity.
I can't see it ever becoming a widespread day to day currency. Lightning networks may cure the time and fee issue. They don't cure the fact that most people don't want to spend something that may be worth more in a few days. If they have an alternative that doesn't do that then that's what they'll use instead.
It does many things an awful lot better than any bank, but I don't see how that circle can be squared.
I can't see it ever becoming a widespread day to day currency. Lightning networks may cure the time and fee issue. They don't cure the fact that most people don't want to spend something that may be worth more in a few days. If they have an alternative that doesn't do that then that's what they'll use instead.
It does many things an awful lot better than any bank, but I don't see how that circle can be squared.
Yes, your perspective with me is almost the same that considers Bitcoin as an asset/commodity. Maybe because Bitcoin has a limited supply and our understanding of bitcoin is attached to the word Asset / Commodity from the start. If this perspective continues to go wrong until the end, I am worried about the purpose of bitcoin itself from the beginning of its creation. Because it is honest until now Bitcoin has not become an actual or legitimate alternative digital payment/currency that is legal in my country.
Bitcoin is indeed much better than a bank, and until now I'm grateful that many banks have done development and research on bitcoin, this could be a good sign for Bitcoin or banks can just make another version and forget about bitcoin. And Bitcoin will still be an asset.
On my personal view bitcoin can be called as comodities, currency and as payment method too but regarding bitcoin current status on my country since it was not recognized as currency or not for the payment method then bitcoin can be called as investment tool only but i believe bitcoin very potential to be such as i called above
Until now, I was still confused about Bitcoin. Will bitcoin be a commodity like gold later? or will it be a currency like a dollar? or will it become a payment method?
As of this writing, there are only 17.5M that was already mined and only 3M left to be mined. It may be true that currently bitcoin is not a commodity like gold yet as some believe (it may also be since it has still has value though fluctuating), but 10 years for now, given this fact, could you imagine how it could rise in value like gold? So 10 to 20 years from now, bitcoin would likely be a great commodity. About being a currency, yes, it is a currency, a virtual one, and being one of the cryptocuurencies, it is being used as a payment method. We know that many people prefer that 'coz it's fast and hassle-free, no need for third parties.
Great question! The core definition of bitcoin states it as a decentralized currency. However, it can be used as a commodity, currency or even investment. For now, we are only using bitcoin as a form of investment, but it can change soon with the release of the lightning network. As you said, forks can make bitcoin more versatile in the future with a new vision and approach.
Actually, it captures all of the 3 characteristics. Yes its a commodity since it can be traded in certain crypto exchange platforms.
Bitcoin is a crypto currency where it has a price value,refer to the first characteristic to determine the volatility of the prices in the trading platforms. And it can be use as a payments, there are some merchants who already accept BTC as payment to goods and services.
Bitcoin is a crypto currency where it has a price value,refer to the first characteristic to determine the volatility of the prices in the trading platforms. And it can be use as a payments, there are some merchants who already accept BTC as payment to goods and services.
Who told you that Bitcoin can't be everything that you mentioned here??
It's a currency because you can buy or sell things based on it.
It's used for transactions all around the world thus it's a payment method, without boundaries.
It is a commodity because it is still being used for changing it's value to fiat , meaning it has some value which can be exchanged for money.
It's well beyond time , a revolutionary invention unique in itself but still holding major forms of primitive investments as a property
It's a currency because you can buy or sell things based on it.
It's used for transactions all around the world thus it's a payment method, without boundaries.
It is a commodity because it is still being used for changing it's value to fiat , meaning it has some value which can be exchanged for money.
It's well beyond time , a revolutionary invention unique in itself but still holding major forms of primitive investments as a property
Bitcoin can be all of the above. It can be a commodity, It can be used as currency and also as payment method. It has always been used as currency even when the price was up high.
It was created both as currency and commodity
It was created both as currency and commodity
Honestly, before, we've tried to transact using bitcoin in small amounts with some of our friends, and the transactions that we did include exchanging needs from services to bitcoin, borrowing and lending everything went smoothly with p2p without the slightest obstacle. Finally we also feel tired because the transactions that we do can only be done secretly (unknown to people), so what we do never brings a positive impact, especially in terms of adoption.
I think bitcoin will be forever like gold if most of the government still insists on maintaining its ego to reject bitcoin as an open payment media.
Of course you will feel that way, because the government in your country has imposed a ban, especially in terms of transactions where payment is using bitcoin, but you don't need to worry, because as far as I know online shops that are starting to accept bitcoin are increasing in number.
Until now, I was still confused about Bitcoin. Will bitcoin be a commodity like gold later? or will it be a currency like a dollar? or will it become a payment method?
I think bitcoin will be forever like gold if most of the government still insists on maintaining its ego to reject bitcoin as an open payment media.
There is still a lot of confusion here, where the direction of bitcoin will go. Honestly, I consider BTC as digital gold, which means commodity, and I get a big profit from its price movements. I am more inclined to think like that than to think that BTC is the currency of even BTC as a payment method.
Of course you will feel that way, because the government in your country has imposed a ban, especially in terms of transactions where payment is using bitcoin, but you don't need to worry, because as far as I know online shops that are starting to accept bitcoin are increasing in number.
Pretty well said! Bitcoin was created merely as to be used as a means to settlement just like any other payment method. If we call it a payment method then it is deemed to become a currency. But we can't call it a commodity if we look at its basic working structure. However it has been made a commodity due to speculation and trading involvement in it. Moreover due to the limited quantity of btc the supply remains limited but demand increases creating a price surge in BTC making it look much more like a digital gold. With different types of forks people are trying to make better changes in it but so far most of them have not been useful. We need to have a direction on how we are expecting to use bitcoin that's for sure.
yep, that is a dilemma. plus a lot of fork coins which are now hit by delisting from various exchanges. This will add confusion to the general public to know bitcoin.
I will ask about this "But we can't call it a commodity if we look at basic working structures". many out there who call it like that do we have to eliminate that perception? we need a strong view on this matter because this certainly will impact on regulations that will later be applied throughout the country.
Bitcoin as a payment method is no question the right answer here because even if its a commodity or a currency by label it will still be accepted as payment in the future. Putting a label or classification for Bitcoin or any other cryptocurrency in that matter is important because the kind of tax it will receive will depend on it. Also its classification will be different on each country like what is happening now in the current different regulations we have, it only means that classification would be somehow different in each country.
I think Bitcoin in the future will be like gold, is an option of hoarding money instead of depositing savings in banks. Also, you can also see that Bitcoin has more significant potential than gold, so I think Bitcoin will replace FIAT options.
I personally used it as currency when the price was ok.
This intrigues me. What does 'ok' consist of for you? A higher price or a steadier price?
If you sit around long enough everything you buy with BTC is basically with free money. It still grinds when you know that you could pay a quarter of the BTC for it if you sit around long enough again.
All the same I'm pretty spend happy no matter what the price is doing but it's different if you earn some rather than having bought some.
Bitcoin is already complete and it values as a commodity and also as a currency, bitcoin is already said to be the digital gold and with value worth even more then that of gold in the exchange market. Bitcoin will not transform into any other thing in the future it technology is already complete
In the side of function for the first time bitcoin being created was for payment system and I thought that was an intention why Satoshi Nakamoto created it. However, we can't deny what has been happened now when bitcoin grown up and lots of people interested to having bitcoin so as make bitcoin price become volatile and we can see there is a friction function for the user who has it.
Surely, with the regulation from their government also make some of its user must determine what will do with it. To be honest, I have never used bitcoin as payment system since my government still ban it. But I have to respect what has been done by them, as a replacement they have regulated bitcoin last year and counted bitcoin as commodities.
I still hard to believe that bitcoin can be use as payment system especially in my country. Even though I still have an expect that I can use and even I call bitcoin as payment system or a currency in the future. But it depends on my government because I can't say bitcoin is a money or bitcoin can be use as payment system whilst I can't use it function.
Surely, with the regulation from their government also make some of its user must determine what will do with it. To be honest, I have never used bitcoin as payment system since my government still ban it. But I have to respect what has been done by them, as a replacement they have regulated bitcoin last year and counted bitcoin as commodities.
I still hard to believe that bitcoin can be use as payment system especially in my country. Even though I still have an expect that I can use and even I call bitcoin as payment system or a currency in the future. But it depends on my government because I can't say bitcoin is a money or bitcoin can be use as payment system whilst I can't use it function.
Asset/commodity.
I can't see it ever becoming a widespread day to day currency. Lightning networks may cure the time and fee issue. They don't cure the fact that most people don't want to spend something that may be worth more in a few days. If they have an alternative that doesn't do that then that's what they'll use instead.
It does many things an awful lot better than any bank, but I don't see how that circle can be squared.
I can't see it ever becoming a widespread day to day currency. Lightning networks may cure the time and fee issue. They don't cure the fact that most people don't want to spend something that may be worth more in a few days. If they have an alternative that doesn't do that then that's what they'll use instead.
It does many things an awful lot better than any bank, but I don't see how that circle can be squared.
For now it is mostly. I personally used it as currency when the price was ok. And i'm pretty sure that i will use it as currency in the future again. I also believe that it will be a really good candidate to be the best virtual currency in existence in this world when it matures a lot more.
But for now, i agree that it is mostly an Asset/Commodity.
For me I consider it as a currency and payment method,
While others consider it as an investment .
It always depends on your perspective everyone have a different opinion.
While others consider it as an investment .
It always depends on your perspective everyone have a different opinion.
maybe at this time bitcoin is just a commodity, i agree with you, i will consider it like digital gold
but in the future it is not impossible for bitcoin to become a legitimate currency at a very stable price, because that is the main purpose of bitcoin created
but in the future it is not impossible for bitcoin to become a legitimate currency at a very stable price, because that is the main purpose of bitcoin created
I'm still a crypto student and learning as much as it is possible for me. I think Bitcoin is a payment method i dream for and i hope it will bring lot ease for me in future.
Asset/commodity.
I can't see it ever becoming a widespread day to day currency. Lightning networks may cure the time and fee issue. They don't cure the fact that most people don't want to spend something that may be worth more in a few days. If they have an alternative that doesn't do that then that's what they'll use instead.
It does many things an awful lot better than any bank, but I don't see how that circle can be squared.
I can't see it ever becoming a widespread day to day currency. Lightning networks may cure the time and fee issue. They don't cure the fact that most people don't want to spend something that may be worth more in a few days. If they have an alternative that doesn't do that then that's what they'll use instead.
It does many things an awful lot better than any bank, but I don't see how that circle can be squared.
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