Bitcoin is no longer a currency - page 10.

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Quote from: DoublerHunter on March 12, 2017, 05:51:00 AM

I doubt that bitcoin is not a currency because if bitcoin is not currency then why we are able to spend our bitcoins in doing transactions or using it as an exchange for a particular item. Bitcoin is a currency and also investment/asset at the same time and there is no doubt that we considered it as a currency because it has a value and we can use it to do a lot of things including buying items online and even offline.

Bitcoins is virtually a currency but all the guys that introduced me to bitcoins always call it asset. They always say that bitcoins is virtual gold that's price changes often when the market demand more.
But there are 25+ sites that I myself know who accept bitcoins as payment and there are big ones too like skrill and neteller !

thunderbitz2717

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All around the world bitcoin is not yet known in the other country so far. Still majority of the nations now are not familiar with bitcoin, only in the country who accepted so much bitcoin. Most of the people in the whole world bitcoin was not a currency like a real money, but in some few countries like Australia, Japan, China, Europe and Russia bitcoin is a kind of currency. So meaning, this will depend on the understanding of indivduals.

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Quote from: deisik on March 13, 2017, 12:46:03 AM

Quote from: jaysabi on March 12, 2017, 06:38:22 PM

Quote from: HabBear on February 13, 2017, 05:25:09 PM

https://www.theatlantic.com/business/archive/2013/04/bitcoin-is-no-longer-a-currency/274859/

An article from The Atlantic magazine - from 2013, way back in 2013 - declaring that bitcoin is not a currency, but "the ultimate tech stock"!

The four years since the article was written has proven that bitcoin is akin to an Amazon or Facebook (stock, not company), and much less "Pets.com". That's a good thing.

I have to agree with them. Every week that passes without a new company in any local metropolitan area deciding to accept bitcoin as currency is a two weeks further away from bitcoin actually being adopted, mainstream, as a currency.

Bitcoin is an investment. A stock or an asset class/commodity can be debated, although it doesn't much matter. Bitcoin is a store of value not a medium of exchange.

What do you think?

Agree with this completely. Bitcoin doesn't satisfy the definition of a currency, and the part that is most lacking is a stable store of value. It's too volatile, which makes it fantastic for gamblers and speculators to trade in and out of it, but terrible for conducting commerce or using to store wealth, which are necessary for a currency to provide. I can get on board with calling it an investment, but it's clearly a speculative and high risk investment. Based on its characteristics, it cannot be more than that

These are not Bitcoin inherent characteristics or features, by any means

Bitcoin is volatile precisely because it is not used in commerce, though this is sort of a vicious circle here. That is, Bitcoin is not used as a real currency because it is too volatile but it is too volatile because it is not used as a currency. Nonetheless, I still have to add that I don't agree that the most important feature of a currency (which Bitcoin allegedly lacks) is being a stable store of value. But let's assume that you are right (i.e. being a stable store of value is an important if not outright most important characteristic of a currency). In this very case, Bitcoin has everything in it to become such a store of value since its issuance is rigidly fixed, predetermined as well as known in advance to virtually everyone who cares, and there cannot possibly be more than 21M coins in the end. As you can easily conclude, volatility is not inherent to Bitcoin and thus it is necessarily caused by external factors which can change over time

Like what I said Bitcoin cannot be considered as a stock it is not run by a company who has a CEO and Board of Directors. It is even funny to be naming it as the ultimate Tech Stock because it not even near the prices of Apple and Microsoft. What I am trying to say Bitcoin can be respected as a kind of currency but not a kind of stock.

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Quote from: jaysabi on March 12, 2017, 06:38:22 PM

Quote from: HabBear on February 13, 2017, 05:25:09 PM

https://www.theatlantic.com/business/archive/2013/04/bitcoin-is-no-longer-a-currency/274859/

An article from The Atlantic magazine - from 2013, way back in 2013 - declaring that bitcoin is not a currency, but "the ultimate tech stock"!

The four years since the article was written has proven that bitcoin is akin to an Amazon or Facebook (stock, not company), and much less "Pets.com". That's a good thing.

I have to agree with them. Every week that passes without a new company in any local metropolitan area deciding to accept bitcoin as currency is a two weeks further away from bitcoin actually being adopted, mainstream, as a currency.

Bitcoin is an investment. A stock or an asset class/commodity can be debated, although it doesn't much matter. Bitcoin is a store of value not a medium of exchange.

What do you think?

Agree with this completely. Bitcoin doesn't satisfy the definition of a currency, and the part that is most lacking is a stable store of value. It's too volatile, which makes it fantastic for gamblers and speculators to trade in and out of it, but terrible for conducting commerce or using to store wealth, which are necessary for a currency to provide. I can get on board with calling it an investment, but it's clearly a speculative and high risk investment. Based on its characteristics, it cannot be more than that

These are not Bitcoin inherent characteristics or features, by any means

Bitcoin is volatile precisely because it is not used in commerce, though this is sort of a vicious circle here. That is, Bitcoin is not used as a real currency because it is too volatile but it is too volatile because it is not used as a currency. Nonetheless, I still have to add that I don't agree that the most important feature of a currency (which Bitcoin allegedly lacks) is being a stable store of value. But let's assume that you are right (i.e. being a stable store of value is an important if not outright most important characteristic of a currency). In this very case, Bitcoin has everything in it to become such a store of value since its issuance is rigidly fixed, predetermined as well as known in advance to virtually everyone who cares, and there cannot possibly be more than 21M coins in the end. As you can easily conclude, volatility is not inherent to Bitcoin and thus it is necessarily caused by external factors which can change over time

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Quote from: crairezx20 on March 12, 2017, 06:49:23 PM

Quote from: coinplus on March 12, 2017, 05:58:58 PM

Quote from: hulla on March 11, 2017, 10:56:54 PM

I disagree with what Mathew O'brien said because bitcoin is a currency not a tech stock and this kind of a thing will happen just because bitcoin is not centralize or control by any government agency or organization. I guess this is the reason why the Texas law firm said no government should impede anyone of having bitcoin. If bitcoin is not a currency why would New Hampshire state house passed House Bill 436 which exempts bitcoin from costly money transmitter regulations?

Technically mate bitcoins is not a currency because a currency would be something that can be generated more and more on demand while bitcoins amount is fixed by satoshi and cannot be changed, bitcoins is rather more of an asset that is traded based on the demand and need of the market.

I think yeah its not a currency but it is a crypto currency they are different breed of currency.. bitcoin is a crypto currency which is you use anonymously unlike a real currency that you can use it with your real info or personal information here in online. .
Well i think its not a problem since bitcoin right now we can use it as currency since many website are accepting bitcoin as payment or exchange it into money.

In our own definition it's an online currency and it will be the most popular currency in the future. Bitcoin is very progressive as it's again rising coming from a big dump in the past few days. With this, it will continue to increase because we make it possible to happen.

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Quote from: coinplus on March 12, 2017, 05:58:58 PM

Quote from: hulla on March 11, 2017, 10:56:54 PM

I disagree with what Mathew O'brien said because bitcoin is a currency not a tech stock and this kind of a thing will happen just because bitcoin is not centralize or control by any government agency or organization. I guess this is the reason why the Texas law firm said no government should impede anyone of having bitcoin. If bitcoin is not a currency why would New Hampshire state house passed House Bill 436 which exempts bitcoin from costly money transmitter regulations?

Technically mate bitcoins is not a currency because a currency would be something that can be generated more and more on demand while bitcoins amount is fixed by satoshi and cannot be changed, bitcoins is rather more of an asset that is traded based on the demand and need of the market.

I think yeah its not a currency but it is a crypto currency they are different breed of currency.. bitcoin is a crypto currency which is you use anonymously unlike a real currency that you can use it with your real info or personal information here in online. .
Well i think its not a problem since bitcoin right now we can use it as currency since many website are accepting bitcoin as payment or exchange it into money.

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Quote from: HabBear on February 13, 2017, 05:25:09 PM

https://www.theatlantic.com/business/archive/2013/04/bitcoin-is-no-longer-a-currency/274859/

An article from The Atlantic magazine - from 2013, way back in 2013 - declaring that bitcoin is not a currency, but "the ultimate tech stock"!

The four years since the article was written has proven that bitcoin is akin to an Amazon or Facebook (stock, not company), and much less "Pets.com". That's a good thing.

I have to agree with them. Every week that passes without a new company in any local metropolitan area deciding to accept bitcoin as currency is a two weeks further away from bitcoin actually being adopted, mainstream, as a currency.

Bitcoin is an investment. A stock or an asset class/commodity can be debated, although it doesn't much matter. Bitcoin is a store of value not a medium of exchange.

What do you think?

Agree with this completely. Bitcoin doesn't satisfy the definition of a currency, and the part that is most lacking is a stable store of value. It's too volatile, which makes it fantastic for gamblers and speculators to trade in and out of it, but terrible for conducting commerce or using to store wealth, which are necessary for a currency to provide. I can get on board with calling it an investment, but it's clearly a speculative and high risk investment. Based on its characteristics, it cannot be more than that.

coinplus

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Quote from: hulla on March 11, 2017, 10:56:54 PM

I disagree with what Mathew O'brien said because bitcoin is a currency not a tech stock and this kind of a thing will happen just because bitcoin is not centralize or control by any government agency or organization. I guess this is the reason why the Texas law firm said no government should impede anyone of having bitcoin. If bitcoin is not a currency why would New Hampshire state house passed House Bill 436 which exempts bitcoin from costly money transmitter regulations?

Technically mate bitcoins is not a currency because a currency would be something that can be generated more and more on demand while bitcoins amount is fixed by satoshi and cannot be changed, bitcoins is rather more of an asset that is traded based on the demand and need of the market.

Master1781

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I don't consider Bitcoin as a stock. For many reasons one good reason is that BItcoin is not a company, a company that pays dividends and rights. Also to be a stock you need to be publicly listed in Bitcoin's case it had created a new kind of exchange revolving cryptocurrencies and does not revolve around stock companies. Don't mix Bitcoin as a stock.

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Quote from: HabBear on February 13, 2017, 05:25:09 PM

https://www.theatlantic.com/business/archive/2013/04/bitcoin-is-no-longer-a-currency/274859/

An article from The Atlantic magazine - from 2013, way back in 2013 - declaring that bitcoin is not a currency, but "the ultimate tech stock"!

The four years since the article was written has proven that bitcoin is akin to an Amazon or Facebook (stock, not company), and much less "Pets.com". That's a good thing.

I have to agree with them. Every week that passes without a new company in any local metropolitan area deciding to accept bitcoin as currency is a two weeks further away from bitcoin actually being adopted, mainstream, as a currency.

Bitcoin is an investment. A stock or an asset class/commodity can be debated, although it doesn't much matter. Bitcoin is a store of value not a medium of exchange.

What do you think?

It never been a currency, bitcoin is like an investent where people do to get some income, and currency means a money people spend for every day use, and bitcoin can only be a currency if technologies are good enough to transfer bitcoin without any hussle, so the transaction will have no problem no more.

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Quote from: Investforprofit on March 12, 2017, 04:50:09 PM

I think that bitcoin is currency I mean cryptocurrency not only currency what means that bitcoin price is fast changing what is good for investing in bitcoin so I dont think that we can call bitcoin investment when cryptocurrency=investment.

It seems to me that the rapid change in prices can only scare off investors in bitcoin. Such jumps is dangerous. The price may increase and an equally fast fall.

Investforprofit

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I think that bitcoin is currency I mean cryptocurrency not only currency what means that bitcoin price is fast changing what is good for investing in bitcoin so I dont think that we can call bitcoin investment when cryptocurrency=investment.

HaXX0R1337

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Quote from: DoublerHunter on March 12, 2017, 05:51:00 AM

I doubt that bitcoin is not a currency because if bitcoin is not currency then why we are able to spend our bitcoins in doing transactions or using it as an exchange for a particular item. Bitcoin is a currency and also investment/asset at the same time and there is no doubt that we considered it as a currency because it has a value and we can use it to do a lot of things including buying items online and even offline.

I am able to transact my asset in bonds if i want to and with the digital asset you are able to do it convincingly and that is the biggest difference and i would consider bitcoin to be a investment as well as an asset,any can set up a value if there are more buyers and the buyer has to shell out their money to purchase the coin

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Quote from: Pettuh4 on March 08, 2017, 03:41:37 PM

I beg to differ because Bitcoin dies everything a fiat currency does and more. The blockchain technology behind Bitcoin facilitates payments even better and globally from the comfort of your home with all the privacy you crave. I don't see where it's no longer a currency? Is it because it has traits of a commodity?

You are right and there is indeed a proper system made to accept bitcoins as payment : Bitpay

Another reason why I consider bitcoins as a currency is because it's transparent, can be tracked, can be kept in a wallet and how can someone deny that bitcoins is not a currency ? I mean any valid argument regarding this statement ?

DoublerHunter

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I doubt that bitcoin is not a currency because if bitcoin is not currency then why we are able to spend our bitcoins in doing transactions or using it as an exchange for a particular item. Bitcoin is a currency and also investment/asset at the same time and there is no doubt that we considered it as a currency because it has a value and we can use it to do a lot of things including buying items online and even offline.

hulla

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I disagree with what Mathew O'brien said because bitcoin is a currency not a tech stock and this kind of a thing will happen just because bitcoin is not centralize or control by any government agency or organization. I guess this is the reason why the Texas law firm said no government should impede anyone of having bitcoin. If bitcoin is not a currency why would New Hampshire state house passed House Bill 436 which exempts bitcoin from costly money transmitter regulations?

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Quote from: tabas on March 08, 2017, 05:48:22 PM

Quote from: bettercrypto on March 07, 2017, 06:18:28 PM

Quote from: tabas on March 07, 2017, 06:11:09 PM

Quote from: bcmine on March 07, 2017, 09:35:15 AM

bitcoin is a cryptographic code in a database with timestamped entries. the function for bitcoins is changing and will change. you can use it for short datastorage, as a currency, as an asset, as an smartcontract etc. it depend on the eco system development what is going to be possible ...

Just say that bitcoin is a crypto currency. And I do believe that bitcoin will always be a currency for all of us who keep on using it. Because the transactions are happening everyday and we can see that there's a delay of confirmation. It means that many people are transacting everyday and uses bitcoin as a currency.

Indeed Bitcoin will never be called a cryptoCURRENCY if it is not a currency. Funny how people push their agenda eventthough it is out of the context. Though Bitcoin can function as store of value but the main reason why it is created is to be a currency that is uncontrolled by the government or any financial institution.

Exactly and it's not just sometime that will be used by us if we don't believe that it's a good way to transact and buy goods online. There are merchants all over the world that is making it as a currency that's why many of us treats it as a currency for real. I don't know why there are people who really doesn't think that it isn't a currency.

Agree, Bitcoin is a currency because it has a value and in the first launch of bitcoin it was called as crypto curreny so bitcoin is a currency. Some article says that bitcoin is the future money and I think all of us is know that it has a possibility so from the word itself the bitcoin is a curreny. Somehow some people think that bitcoin is not a currency, I don't think that is even possible there are just creating a new agenda where they can have some credibility with that, new theory. but the definition itself is given to the bitcoin so nobody can change it.

Rahar02

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Quote from: HabBear on February 13, 2017, 05:25:09 PM

https://www.theatlantic.com/business/archive/2013/04/bitcoin-is-no-longer-a-currency/274859/

An article from The Atlantic magazine - from 2013, way back in 2013 - declaring that bitcoin is not a currency, but "the ultimate tech stock"!

The four years since the article was written has proven that bitcoin is akin to an Amazon or Facebook (stock, not company), and much less "Pets.com". That's a good thing.

I have to agree with them. Every week that passes without a new company in any local metropolitan area deciding to accept bitcoin as currency is a two weeks further away from bitcoin actually being adopted, mainstream, as a currency.

Bitcoin is an investment. A stock or an asset class/commodity can be debated, although it doesn't much matter. Bitcoin is a store of value not a medium of exchange.

What do you think?

I realized it when the price increase to ATH and the problem seems not so good. It's about block size, high fees and long time to get confirmed, how could bitcoin could be a currency if it has those problem?
Yes, I think it just for investment/commodity as long as this problem cannot be solved yet.

tabas

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Quote from: bettercrypto on March 07, 2017, 06:18:28 PM

Quote from: tabas on March 07, 2017, 06:11:09 PM

Quote from: bcmine on March 07, 2017, 09:35:15 AM

bitcoin is a cryptographic code in a database with timestamped entries. the function for bitcoins is changing and will change. you can use it for short datastorage, as a currency, as an asset, as an smartcontract etc. it depend on the eco system development what is going to be possible ...

Just say that bitcoin is a crypto currency. And I do believe that bitcoin will always be a currency for all of us who keep on using it. Because the transactions are happening everyday and we can see that there's a delay of confirmation. It means that many people are transacting everyday and uses bitcoin as a currency.

Indeed Bitcoin will never be called a cryptoCURRENCY if it is not a currency. Funny how people push their agenda eventthough it is out of the context. Though Bitcoin can function as store of value but the main reason why it is created is to be a currency that is uncontrolled by the government or any financial institution.

Exactly and it's not just sometime that will be used by us if we don't believe that it's a good way to transact and buy goods online. There are merchants all over the world that is making it as a currency that's why many of us treats it as a currency for real. I don't know why there are people who really doesn't think that it isn't a currency.

Pettuh4

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I beg to differ because Bitcoin dies everything a fiat currency does and more. The blockchain technology behind Bitcoin facilitates payments even better and globally from the comfort of your home with all the privacy you crave. I don't see where it's no longer a currency? Is it because it has traits of a commodity?

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