Topic: Bitcoin is no longer a currency - page 11. (Read 15364 times)

For me, first of all, bitcoin is a commodity for which I can receive money. To date, we all know that without fiat is indispensable and if there are opportunities to sell or trade bitcoin, then this is the best choice.

Currency definition (Oxford Dictionary):
"a system of money in general use in a particular country".

Interestingly, the dictionary views money as "in the form of coins and banknotes", suggesting that it would be in physical form.  But when people mention that Bitcoin is a currency they nearly always mention that it is based online - a cryptocurrency.  Therefore in its own sense it was definitely a currency.

But rather than worrying pedantically about whether it was exactly a currency, we can just say that it was definitely intended as a means of transferring goods - one that was convenient and decentralised and the idea is very good.  Unfortunately, OP is right that in many cases, it is viewed as a stock.  But I do believe that Bitcoin can get past this hurdle.  I don't think that having a deflationary currency inherently results in hoarding because people still need to buy things in their lives.  The only issue is scalability and Bitcoin's community is principled enough to genuinely make progress because as soon as we are past this we reach a new stage in which Bitcoin can (potentially) be used in everyday life.

It can even be both an asset and a currency which, frankly, is just win-win for people who take part and encourages people to use Bitcoin.  There are so many uses because they could even buy other assets with what they already view to be an asset.

You seem to be confused a lot

First, you seem to be confusing a legitimate currency with a legal tender. Legal tender is what government has taken an obligation onto itself to accept as a means of payment for duties, taxes and debts. But that pretty much all there is to the idea of legal tender. In many jurisdictions no merchant or provider is obliged to accept what the government sets as legal tender. Essentially, it is their free choice to refuse you what you offer as payment. Further, foreign currencies are not legal tender either (unless explicitly accepted as such, e.g. in some small countries which adopted the US dollar as their national currency), but that doesn't make them somehow illegitimate or illegal. And in some countries Bitcoin is officially declared as a foreign currency (e.g. in the EU)

Even if the main reason bitcoin is used is to get profit and not because they believe in the technology it is still fine, since those persons will definitely become part of the bitcoin economy in the long term since bitcoin will keep offering chances to profit big.

you are right. whatever their decision, bitcoin will still be used as money on the internet. but, I think it will also affect the quality of bitcoin. but, when they gave a good response about bitcoin, I think the price will rise, and everyone will say that bitcoin is currency.

no , currency should be defined as a tool to pay something , to buy something and recognized by a group or an institution which bitcoin has in all of those criteria. satoshi clearly stated that bitcoin A Peer-to-Peer Electronic Cash System , which means it is a currency , you know that.

the problem now , a lot of people hold bitcoin more than those people who spend it .

It was never about the ETF or any governing agency! Bitcoin was never a currency in the first place. It was just coin that way but in reality there will be no jurisdiction in the world that would recognize Bitcoins as a legitimate currency. This is because a currency, by definition, is a tender of payment that is backed up by gold or a country. Which bitcoin is neither.

bitcoin is long time in curency, ETF aprove or disaprove bitcoin still work
but if ETF, SEC and PBOC legalcy bitcoin, bitcoin can strong and very long time curency, and bitcoin price can incraese very high

although bitcoin is a commodity and created for the purpose as an investment but the passage of time. bitcoin has many advantages so that the current can be used as currency or payment options

Bitcoin was not an ordinary currency online. It is actually an extraordinary virtual currency, I've ever seen in my entire life honestly speaking. I cannot say that bitcoin is not a currency, How can we say its not a currency if we can use it as commodity into our daily expenses, or use it as sending money to our loved ones, also even in electric bill, water bill, telephone bill, is this a type of of no longer a currency? It is alternative currency which is bitcoin in online world of payment.

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.

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.

In order to invest in real estate you need to accumulate a lot of money. This is a serious investment.
In bitcoin it is easier to invest, because you can buy only a small part of this coin

Having two incomes, and separately receiving bitcoin and fiat, it is possible to invest Fiat, and beatcoin to save. I like investing in real estate. This is a good income.

Completely agree with you , i have seen a lot of people put their marriage messages in the bitcoin blockchain.

It would become more popular in the future , depends on what you need as long as it's related to cryptograph bitcoin could be used as anything!

But people start concern about the high price and recently they see it as an opportunity to make money as investment , the function as digital money would always there exist.

I like to ask if any currency had ever been invested into before, It seems not to be property of a known currency. I stand to be corrected.

yes that is right that bitcoin can be use as currency as both options for online as well as for fiat, in some place where the users of bitcoin are more and where the shopkeepers also know about the importance of bitcoin and they know about the importance of bitcoin then people have opportunities there to use bitcoin.

i think that there is no doubt that bitcoin is a currency and it will remain as currency in future also. i think in future the use of bitcoin as currency will be more and more, because the number of shops who are accepting bitcoin is increasing too much.

There is actually a thin line in separating the two when it comes to the issue of bitcoin. If it were to be gold, I would have agreed perfectly but not for bitcoin because it equally works as a medium of exchange, at the same time as a store of value. On this forum, we have people earn bitcoin for services rendered at the same time some people prefer to buy and hold in other to make more money. At the same time, when they are ready to sell, they sell to those who will be ready to use it to pay for services and the cycle continues.

Honestly, I'm more inclined to think that these are in fact minor issues

Indeed, it would be better if transactions were faster (or still better if they were just instant) but ten minutes is still a pretty close approximation to perfection (fiat transfers are nowhere near instant either). As to me, a heavily inflating currency would still be by far inferior to a rock-solid Bitcoin even if the former were outperforming the latter in every aspect of usability. Because no matter what number you multiply by null, you will still end up with only null. Consequently, it is more important for Bitcoin to become stable than to become (more) usable. But that is a preferred choice which we basically lack, i.e. we are stuck with Bitcoin volatility and therefore this competition is a losing game, anyway (if we reverse this approach)