Topic: Bitcoin is Comodities/Currency/as Payment Methode? - page 2. (Read 387 times)

Nice. Actually, I also prefer to use bitcoin rather than Paypal or debit cards, it's easier and very safe. But unfortunately, I can't use Bitcoin optimally to buy primary and secondary needs because of the rules in my country. Even more so there are no online shops that support bitcoin payments in my country.

Bitcoin covers everything. bitcoin is an important commodity, bitcoin is a digital currency that has been widely used and bitcoin is a financial medium that can be used as an investment medium and also as a medium for financial transactions. so bitcoin has covered everything and has such a good function.

in my opinion bitcoin is a currency but we can also consider it as commodity or paymaent method
the bitcoin have different function it just depend how you will use or see it

This is completely upon the individual user perspective, because everyone doesn't have the same opinion about bitcoin as well other digital currencies. It varies between users. Earlier people had a thinking it is just a storage token that has got its usage on gambling. Now things have changed providing with multiple access. From investment, gambling source, commodity, transaction source, currency. Most of the users now expect bitcoin to go mainstream which is truly difficult.

okay I understand what you mean. The point from your statement, bitcoin is currently playing a payment method and also a digital asset. right?

thank you

I don't think so. Bitcoin transactions still take a good chunk of time due to the 1MB block-size limitation along with the extreme volatility of the market due to which difficulty keeps swerving regularly.

Once the LN protocol is fully operational, you can expect instantaneous and low cost transactions.

Why are you confused when what you described is applicable to bitcoin?


That's what you call evolution. You can either use bitcoin whatever suits you.


Don't confused yourself with fork coins, they are "alternative" coins. So I don't know why it is so hard for you to understand the underlying nature of bitcoin.

My answer will be maybe yes, maybe no
I am not an economist, I am not the person who works in the government, but I am sure that when the time is right, bitcoin will become one of the things that people are searching on.
They are willing to spend a lot of time to make more and more bitcoin because bitcoin can allow them to make money.
I am making bitcoin as a payment from the internet, and it looks like a payment system from Paypal because the method doesn't have a psychical form, but it has a value.

firstly 'bitcoin' is a buzzword for a group of unit of account (100m sats)
secondly 'bitcoin' is a buzzword for a network/protocol/ledger the units of account reside on
lets for confusions sake say
the unit of account is BTC
the protocol/ledger/network is bitcoin

bitcoin is NOT a commodity
btc is NOT a commodity
a commodity is a raw product traded to be used to create othr products
oil-> car fuel/plastic
wheat->bread, cereal
gold-> circuits,jewellery
bitcoin/btc is not a raw product that can be used to make other produce.
some people want/hope/try to classify it as a commodity. not due to true classification reasons. but just for least tax burden/greed reasons

bitcoin is NOT a currency
btc IS a currency

anything can be a currency it just needs to have more than once person agree it has value and they want to trade it.
even cigarettes are a currency in prisons
even sex is a currency between sexual partners and even prostitution
currency can literally be anything that people agree has value and want to trade it

bitcoin is not an asset
btc IS an asset
because of the signature scheme of bitcoin, it becomes easy to prove ownership/possession of btc. which makes btc a asset. yes even digitally things can be assets

bitcoin IS a payment method
btc is NOT a payment method
bitcoin the protocol/network/ledger is the way/method to pay for things using btc.
btc is the unit of account but not the WAY/method

Although it is designed as an alternative to do peer to peer transaction (payment) but it will still based on where do you live. I'll use my self as an example, I live in a country where bitcoin is not accepted as a payment method so I can use it for investment (commodities) only.

Why must it be only one? It can be all of the above.

Don't be confused all of you said is right. Bitcoin is like a digital gold. You don't touch it so it is much secure rather than gold. It is also a good investment. And if we talk about payment system. Bitcoin is a good instrument because we can use bitcoin to pay your bills,sending money or even buying loads. So if you are still confused keep on reading blogs here in bitcoin.org.

Bitcoin is more about currency and payment methods. It would be more suitable if it is considered as currency and also payment because it makes it easier for people to transact with a decentralized currency quickly and a very low fee.

As someone has said, bitcoin was designed to be a payment method. However, when it hit the market and became a trade-able assets with price peaking at almost $20k, then it became sort of commodities. So it's really up to you whether to want it to used as sound money or just simply an investment.

It would be a combination of all of this. At first BTC have to be a commodity because it need to get a higher market cap and volume to decrease the volatility and make BTC more suitable to become used as a payment method and currency. There is no way that somehow all people will start using it as apayment method when it is much worse than the existing ones.

Bitcoin basically a method of decentralisation. It's a cryprocurrency which basically using for online financial activities but now it's also allow in offline. You can also exchange bitcoin to dollar. In payment method i think bitcoin work as a currency. Now many business companies are also pay their employee with bitcoin. Bitcoin now available for pay bills, taxes, buying good etc. So i think bitcoin is work like as currency in payment method.

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.

I believe that it was created to be a currency .I prefer using Bitcoin as a payment method because it is more convenient and secure than paypal or debit card while many people buy it as a investment.

Bitcoin was actually originally created as an alternative and decentralized payment method. Unlike bank transfers which take time, it offers low cost and instantaneous transactions. As for me, bitcoin is multifunctional. It has now the role of investment asset, as traders and investors consider it a profitable investment because of its potential gains. I know that it could even go for more roles and functions in the future because it is being adopted and is continuosly developing each day.

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?

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.

Especially with the fork. it's like we are running alone and don't care about the direction of bitcoin. other fork btc has another vision, and tend to only think of the coin fork not thinking of bitcoin.

What about your opinion guys?