Topic: Bitcoin is no longer a currency - page 17. (Read 15346 times)
Bitcoin isn't a currency, but there is no easy way to define it. It can be called a cryptocurrency, but that could also make people think it is a currency. Really it is several things including: 1) a store of value, 2) an investment, 3) a method of transferring money electronically, 4) a method of making purchases. I'm sure there are other features as well.
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 think bitcoin as all of those you have mentioned, not only as a digital currency, tech stock, commodity, as an investment, as savings because the value of bitcoin. Yes, bitcoin is a store of value but it is a medium of exchange too which we can buy/sell to purchase goods/bitcoin, that's what we do for years, bitcoin as an alternative payment but in some regions it has good opportunity to spend bitcoin easier than fiat money. Depend on every user opinion to consider bitcoin as they want, bitcoin remain as a better financial technology. 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?
The currency does not have such a large market yet, but I think as long as Bitcoin continues to be used for people to make payments on the internet, Bitcoin will remain a currency.
Bitcoin can be a lot of things but at its core bitcoin is money, since it has all the good things you will want out of money, its durable, fungible, it's a unit of account, and the most important it is a store of value unlike all the currencies of the world except gold and silver, that is why sometimes people think of it as a stock or commodity but it is not, bitcoin is money.
So tell me why almost every bitcoin owner hold the coins? The best and the most common practice is hoarding bitcoins and waiting for the price to grow. Do you think this is what a currency is made for?
For keeping it safe, and never use it? BTC users are AFRAID to buy goods/services because BTC most likely will be worth more in the future due to deflationary nature of bitcoin
While I agree that it may be not a very good idea overall to spend your precious bitcoins on trivial things, but there are plenty of other people who might be just happy to spend their bitcoins buying stuff online. So this is not the main reason why many folks are keeping their bitcoins. It seems that the primary reason is the lack of enough number of merchants ready to accept Bitcoin. Look, Bitcoin gambling is one of the two most widespread uses of Bitcoin (the other being trading), and many people are willing to exchange their coins for the fun of gambling. In this way, there is no reason to think that savers wouldn't turn into spenders...
If they could actually spend the coins
I am one of those that enjoy using Bitcoin buying stuff online. So I can say I agree that many holders thinks that bitcoin is a store of value, I enjoy the things that bitcoin offers as currency.
Bitcoin can be a lot of things but at its core bitcoin is money, since it has all the good things you will want out of money, its durable, fungible, it's a unit of account, and the most important it is a store of value unlike all the currencies of the world except gold and silver, that is why sometimes people think of it as a stock or commodity but it is not, bitcoin is money.
So tell me why almost every bitcoin owner hold the coins? The best and the most common practice is hoarding bitcoins and waiting for the price to grow. Do you think this is what a currency is made for?
For keeping it safe, and never use it? BTC users are AFRAID to buy goods/services because BTC most likely will be worth more in the future due to deflationary nature of bitcoin
While I agree that it may be not a very good idea overall to spend your precious bitcoins on trivial things, but there are plenty of other people who might be just happy to spend their bitcoins buying stuff online. So this is not the main reason why many folks are keeping their bitcoins. It seems that the primary reason is the lack of enough number of merchants ready to accept Bitcoin. Look, Bitcoin gambling is one of the two most widespread uses of Bitcoin (the other being trading), and many people are willing to exchange their coins for the fun of gambling. In this way, there is no reason to think that savers wouldn't turn into spenders...
If they could actually spend the coins
Bitcoin can be a lot of things but at its core bitcoin is money, since it has all the good things you will want out of money, its durable, fungible, it's a unit of account, and the most important it is a store of value unlike all the currencies of the world except gold and silver, that is why sometimes people think of it as a stock or commodity but it is not, bitcoin is money.
Yes bitcoin suits for many applications then why not we can use bitcoin as a currency. I'm not ready to accept bitcoin for an investment purposes only. Probably right now bitcoin is being used ONLY as an investment vehicle but it does not mean it will stay the same for ever. Once bitcoin prices are getting stable, people will start using it similar to fiats. But I guess it will take more time than our life times.
Bitcoin can be a lot of things but at its core bitcoin is money, since it has all the good things you will want out of money, its durable, fungible, it's a unit of account, and the most important it is a store of value unlike all the currencies of the world except gold and silver, that is why sometimes people think of it as a stock or commodity but it is not, bitcoin is money.
So tell me why almost every bitcoin owner hold the coins? The best and the most common practice is hoarding bitcoins and waiting for the price to grow. Do you think this is what a currency is made for?
For keeping it safe, and never use it? BTC users are AFRAID to buy goods/services because BTC most likely will be worth more in the future due to deflationary nature of bitcoin.
Bitcoin can be a lot of things but at its core bitcoin is money, since it has all the good things you will want out of money, its durable, fungible, it's a unit of account, and the most important it is a store of value unlike all the currencies of the world except gold and silver, that is why sometimes people think of it as a stock or commodity but it is not, bitcoin is money.
How does the bitcoin is not consider or no longer a kind of currency because that is very wrong. Bitcoin is a virtual money or known as crypto'currency' so it means that bitcoin is still a kind of currency and in terms of currency, you can use it to buy other things or that kind of thing has a value which bitcoin have. So it is wrong if we say that the bitcoin is no longer a currency
actually I agree that bitcoin is not a currency, when we talk about currency there is always a party that controlled it, but most of the people used it for currency and it is acceptable for some user as an exchange tools that makes bitcoin as a currency, and I like all of us treat bitcoin as a currency because it is really efficient to used
No, we should agree on it, bitcoin is a currency, if it is not currency, So why we use to bitcoin for payment wise, and also we covert the bitcoin into fiat currency. Do you use any other thing alternative for currency?
No off course, we use only currency whenever we buy something and anything. Bitcoin is a pure currency but its name is cyrpto.
Gold have been used to trade, used as a payment and could be converted to fiat too.
Things make people consider bitcoin as not a currency anymore is because the price/value that way too high.
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.
certainly bitcoin is not stocks, bitcoin is cryptocurrency that have prices up and down, so it can be used for investment. but bitcoin I think it could also be referred to as a currency, because you can buy something with bitcoinI think its because bitcoin's use is not specifically for investment purposes so we can't compare it to stocks. As you've said, we can use bitcoin to purchase and do online transactions and i think that is btc's main purpose. The fact that the price goes up and down makes it also good as an investment itself and i think thats the reason ehy some people compare it to stocks
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?
For me it is clear that bitcoin is a currency,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 is a cryptography currency and it is created for the anonymity of all of it's user and to decentralize.
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.
certainly bitcoin is not stocks, bitcoin is cryptocurrency that have prices up and down, so it can be used for investment. but bitcoin I think it could also be referred to as a currency, because you can buy something with bitcoin 
actually I agree that bitcoin is not a currency, when we talk about currency there is always a party that controlled it, but most of the people used it for currency and it is acceptable for some user as an exchange tools that makes bitcoin as a currency, and I like all of us treat bitcoin as a currency because it is really efficient to used
No, we should agree on it, bitcoin is a currency, if it is not currency, So why we use to bitcoin for payment wise, and also we covert the bitcoin into fiat currency. Do you use any other thing alternative for currency?
No off course, we use only currency whenever we buy something and anything. Bitcoin is a pure currency but its name is cyrpto.
Store of value or medium of exchange, for me this are technicalities. We can describe bitcoin in many ways, but bottom line is that you can gamble with bitcoins, you can do illegal stuff with bitcoins, you can buy many things with bitcoins, so for me bitcoin is currency.
Xuan87 someone control stocks too, everything in this system is controlled by someone or something. For now we have luck that bitcoin is decentralized, and I hope it will stay like that, cause only in this form and with this organization bitcoin can be real alternative for fiat currencies.
actually I agree that bitcoin is not a currency, when we talk about currency there is always a party that controlled it, but most of the people used it for currency and it is acceptable for some user as an exchange tools that makes bitcoin as a currency, and I like all of us treat bitcoin as a currency because it is really efficient to used
No, we should agree on it, bitcoin is a currency, if it is not currency, So why we use to bitcoin for payment wise, and also we covert the bitcoin into fiat currency. Do you use any other thing alternative for currency?
No off course, we use only currency whenever we buy something and anything. Bitcoin is a pure currency but its name is cyrpto.
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.
actually I agree that bitcoin is not a currency, when we talk about currency there is always a party that controlled it, but most of the people used it for currency and it is acceptable for some user as an exchange tools that makes bitcoin as a currency, and I like all of us treat bitcoin as a currency because it is really efficient to used
well that is right though other bitcoin user consider it wrong, there are some countries now that accept bitcoin as a payment and it is really there. Bitcoin has a good transactions it is really reliable and fast, though there are mysterious transactions that we dont know of. And for me it is in the user on how they will treat bitcoin, they are the user so they can use their bitcoin whenever, whatever wherever they want. 
Most users don't treat it as a currency and never have. Only an honourable few use it as perhaps the original intention. It may well start being used as a currency once it's reached saturation. Something has to be store of value first before the currency aspect kicks in for most.
The very nature of its design discourages a high velocity. Deflation and spending don't go together especially if people believe it's going to keep on rising. I spend it occasionally but if I have crappy fiat to hand then that's going first.
The very nature of its design discourages a high velocity. Deflation and spending don't go together especially if people believe it's going to keep on rising. I spend it occasionally but if I have crappy fiat to hand then that's going first.
actually I agree that bitcoin is not a currency, when we talk about currency there is always a party that controlled it, but most of the people used it for currency and it is acceptable for some user as an exchange tools that makes bitcoin as a currency, and I like all of us treat bitcoin as a currency because it is really efficient to used
well that is right though other bitcoin user consider it wrong, there are some countries now that accept bitcoin as a payment and it is really there. Bitcoin has a good transactions it is really reliable and fast, though there are mysterious transactions that we dont know of. And for me it is in the user on how they will treat bitcoin, they are the user so they can use their bitcoin whenever, whatever wherever they want. Just realize this matter after reading your post, that is a really good point. Bitcoin really is usually used in trading, also used in saving and exchanging it to real money. They are not that usable on transactions that use bitcoin as a currency or payment, yes it might be used sometimes but not all the time.
Bitcoin is moving away from any sort of currency we used to know it as and more into something like a very divisible form of gold, or something that keeps a large portion of its wealth intact. While it would have been viable to transfer a large amount of Bitcoin for something in the past as a transaction, it's looking less and less practical to do that now. Jump to: