Bitcoin is no longer a currency - page 19.

deisik

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Quote from: bitbunnny on February 14, 2017, 09:43:37 AM

Quote from: FlightyPouch on February 14, 2017, 04:45:35 AM

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.

That is all true but Bitcoin is beeing used as a currency you can't say that it's not the currency. What are the real arguments for that? It's used as a payment method for goods and services too. Some countries have regulated Bitcoin as currency. Some still have some doubts whether Bitcoin is money, property or something else but by definition Bitcoin stays virtual currency. To my opinion

Money is what money does

The fact that something can be used as money doesn't mean in and of itself that it is money. This is a matter of difference in degree, rather than in kind. And even if Bitcoin was created for being used primarily as a currency (while being a payment system at that) but it is, for the most, being actually used as a financial asset today (read a vehicle for speculation), we can't consider it as money in its own right

RodeoX

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The revolution will be monetized!

Except that it was designed as a currency and is being used as a currency more than ever.

LuanX3

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Well first off, bitcoins are not currency in the first place. So we can't really argue that "it is no longer a currency" since it never was one. Bitcoins are online commodity as it is not backed up by any government or any valuable thing like gold. That is what a currency is, since bitcoins don't have those then it is not a currency.

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Quote from: FlightyPouch on February 14, 2017, 04:45:35 AM

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.

That is all true but Bitcoin is beeing used as a currency you can't say that it's not the currency. What are the real arguments for that? It's used as a payment method for goods and services too. Some countries have regulated Bitcoin as currency. Some still have some doubts whether Bitcoin is money, property or something else but by definition Bitcoin stays virtual currency. To my opinion.

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Ultimate tech stock seems very good to hear on my ears but all of bitcoin users are treating it as a digital currency even though its adoption isnt on its fullest but still we are going on that way. Bitcoin does really have a good potential that it would be supported for longer years.

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Quote from: asriloni on February 13, 2017, 08:36:56 PM

Yeah, i was realizing if the bitcoin it looks like the company's share. Although bitcoin it's like the massive currency but i like to hold them because it's like i holding the company's share. the value is always increase based on his adoption and demand.

It's not like companies share its totally a digital currency where companies use it for investments and other things that can be done with bitcoins paypal is a company this is different , Bitcoin has its own price its depends on you if you are going to hold it or you're going to sold it by your self.

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I agree with what you write, although it could be used as a medium of exchange but bitcoin is more suitable if used for investment or store of value. Its value is very volatile so it is not suitable when used as a medium of exchange, and it would be profitable if used as an investment. Perhaps it needs to be studied again if bitcoin want to use as a medium of exchange so is not a problem in the future if it is used.

hardtime

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More and more companies may be accepting bitcoin and joining other companies in growing numbers of people that do, but if you go ahead and ask random on the street if they know what bitcoin is they'll probably end up saying it's the drug currency with silk road or they just won't know anything about it. Bitcoins is one of the niche items which I've stated many times before, it's something that is going to need to go down in volatility before people consider it a safe investment.

I wouldn't say bitcoin is an investment at this point, it's an niche community with tons of followers.

DarkIT

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Well, I do not feel that bitcoin is not a currency, in fact, I feel at this time, bitcoin has become an international currency on the Internet, although not all admit it. so many people are doing transactions with bitcoin from around the world, and unconfirmation of the transaction to be proof.

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

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?

This should be expected

I remember that I also created a thread a few years ago where I claimed that if something is a good medium of exchange (payment) it won't be very good overall as a store of value (and vice versa). My main premise is that in order to be a good means of exchange currency should necessarily be inflationary, i.e. lose purchasing power over years (in certain limits, of course). Bitcoin is deflationary (given its supply being halved every 4 years), so that's what we should expect

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Quote from: umaOuma on February 14, 2017, 12:03:46 AM

Bitcoin was never a currency, most of people use bitcoin as an alternate and anonymous payment method without higher transaction fees while others used bitcoin as an investment.A currency is backed by bank or solid collateral but with bitcoin there is nothing like this.

Alternate currency, it's the right name for bitcoin at this time but it will grow become the main currency(digital). I can't call it a currency because based on bitcoin is not have a physical form. But every time the definition of the currency always changes.

upsidedown75

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Quote from: romero121 on February 13, 2017, 11:40:20 PM

Bitcoin has the same feature of the shares, but the truth is that only the circulation of bitcoin in high and low volumes make the price up and down. If its not used as a currency the circulation could have decreased. Its better to hold it as a share, commodity, but using it as a currency popularize the digital network.

I agree with you but we can still use bitcoins as a currency or maybe in brief I should say that bitcoins are a very common asset and hence everyone gladly accepts it and hence giving it a tag of a currency.

For example, suddenly there is some virtual gold online and it is started to trade everywhere online then it is not a currency yet it is a currency.

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Quote from: umaOuma on February 14, 2017, 12:03:46 AM

Bitcoin was never a currency, most of people use bitcoin as an alternate and anonymous payment method without higher transaction fees while others used bitcoin as an investment.A currency is backed by bank or solid collateral but with bitcoin there is nothing like this.

I just wanna know, if bitcoin is not a currency, and your saying its an alternate and anonymous payment. Isn't the usual things most happened the real currency we used was our country money is being used too in any mode of payment. I don't see any differences between the bitcoin and a real currency. As far as I know they are both useful in anonymous payment.

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Quote from: umaOuma on February 14, 2017, 12:03:46 AM

Bitcoin was never a currency, most of people use bitcoin as an alternate and anonymous payment method without higher transaction fees while others used bitcoin as an investment.A currency is backed by bank or solid collateral but with bitcoin there is nothing like this.

i don't agree with your definition of currency, a currency is something that can be exchange for goods and it doesn't matter if is backed by your government or not, the point of bitcoin is to have a currency without third party that can be used to purchase anything like dollars or euro

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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?

Bitcoin is both a currency and a commodity. It is a commodity since its value is dictated by the market and backed-up by the fiat currency. But at the same time it is a currency since it is a medium of exchange for cryptocurrency and at the same time you can purchase items on the social media merchants in exchange for bitcoin. There is no official definition of bitcoin but since we cannot deny its nature we should stick to this definition is both a commodity and a currency.

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Quote from: rizkyhiw on February 14, 2017, 03:10:05 AM

Quote from: umaOuma on February 14, 2017, 12:03:46 AM

Bitcoin was never a currency, most of people use bitcoin as an alternate and anonymous payment method without higher transaction fees while others used bitcoin as an investment.A currency is backed by bank or solid collateral but with bitcoin there is nothing like this.

I am afraid you were right, take a look to how much unconfirmed transaction so far?
There is really a lot of transaction stucked, imagine how many business/merchant leaving day by day because of this problem
I am sure people nowadays feel insecure when have to use a currency that worth $1,000
Then they feel more comfortable use bitcoin as investment.

Bitcoin was developed to counter the digital insecure method,it is itself is extraordinary concept from how a mathematics can be turned into a digital payment core.
Now days bitcoin is used less for effective purpose but more for illegal transaction.yup it's anonymous nature have given people to invest/hide their money so it also became an asset.

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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.

rizkyhiw

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Quote from: umaOuma on February 14, 2017, 12:03:46 AM

Bitcoin was never a currency, most of people use bitcoin as an alternate and anonymous payment method without higher transaction fees while others used bitcoin as an investment.A currency is backed by bank or solid collateral but with bitcoin there is nothing like this.

I am afraid you were right, take a look to how much unconfirmed transaction so far?
There is really a lot of transaction stucked, imagine how many business/merchant leaving day by day because of this problem
I am sure people nowadays feel insecure when have to use a currency that worth $1,000
Then they feel more comfortable use bitcoin as investment.

pooya87

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by the time that article was written (2013) price was going up like crazy and it was all a hype, and also investors (aka speculators) only trading bitcoin and not caring about much else other than how much fiat they are going to get out of their trades. and back then there so little places accepting bitcoin as payment.

but today (although things are somewhat similar) there are lots of places that you can actually spend bitcoin as currency. some huge corporations such as Valve, Microsoft, Dell,... are now accepting bitcoin and it is only a matter of time before we see it in larger places such as Amazon and eBay.

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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?

Your argument is slightly true but the issue of acceptance every week is not a determining factor that it is no longer a currency because it can happen that in a week several businesses might just adopt the currency without recourse to happen or how many adopts the previous week. Also, all over the world bitcoin is being known by at least one more person but not all are reported. And the massive inflow of acceptance will happen when government gives the go ahead and companies can come out to say, we accept this...

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