Bitcoin is no longer a currency - page 8.

Trongersoll

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Quote from: bitsmichel on March 20, 2017, 02:58:29 PM

Quote from: bohr on March 20, 2017, 11:53:21 AM

Quote from: Taki on March 19, 2017, 12:20:23 PM

Quote from: Loganota on February 13, 2017, 11:04:27 PM

I agree with the matter, unfortunately. At the moment, people use Bitcoin for profit, at the moment it is not used as currency, but nothing prevents it from being used in the future. Remembering that we are still well at the beginning of the revolution, it is not possible to change everything from day to night, if it is not Bitcoin, another crypto will play this role.

I think the problem of why people don't use bitcoin as currency is in that that there are no places that would accept bitcoins directly as payment without fees that we have to pay today to cash out our bitcoins to go in a supermarket and to buy what we want.

This is without a doubt a problem, since we don’t have many places where we wan spend our coins then the use of bitcoin as a currency is limited and when we add the fees on top of that bitcoin is not very practical at the moment.

bitcoin is not currency but it is a digital wallet/digital coin. it needs conversion to use for the daily purpose. never less to say that bitcoin gives us benefits like less transaction charges, very secure, easy transferable and best way of investment.

Practically speaking it is not completely the money. however as you have mentioned above with little conversion we can use the btc. it is not completely money but it is somehow helping us to get what we want that itself is a big thing. hoping that more people start using the btc so it gets more popular.

bitsmichel

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Quote from: bohr on March 20, 2017, 11:53:21 AM

Quote from: Taki on March 19, 2017, 12:20:23 PM

Quote from: Loganota on February 13, 2017, 11:04:27 PM

I agree with the matter, unfortunately. At the moment, people use Bitcoin for profit, at the moment it is not used as currency, but nothing prevents it from being used in the future. Remembering that we are still well at the beginning of the revolution, it is not possible to change everything from day to night, if it is not Bitcoin, another crypto will play this role.

I think the problem of why people don't use bitcoin as currency is in that that there are no places that would accept bitcoins directly as payment without fees that we have to pay today to cash out our bitcoins to go in a supermarket and to buy what we want.

This is without a doubt a problem, since we don’t have many places where we wan spend our coins then the use of bitcoin as a currency is limited and when we add the fees on top of that bitcoin is not very practical at the moment.

bitcoin is not currency but it is a digital wallet/digital coin. it needs conversion to use for the daily purpose. never less to say that bitcoin gives us benefits like less transaction charges, very secure, easy transferable and best way of investment.

lionheart78

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Quote from: Taki on March 19, 2017, 12:20:23 PM

Quote from: Loganota on February 13, 2017, 11:04:27 PM

I agree with the matter, unfortunately. At the moment, people use Bitcoin for profit, at the moment it is not used as currency, but nothing prevents it from being used in the future. Remembering that we are still well at the beginning of the revolution, it is not possible to change everything from day to night, if it is not Bitcoin, another crypto will play this role.

I think the problem of why people don't use bitcoin as currency is in that that there are no places that would accept bitcoins directly as payment without fees that we have to pay today to cash out our bitcoins to go in a supermarket and to buy what we want.

There are sites that accept Bitcoin directly and some local cafe, so it is not "no places" but the limited stores that accept Bitcoin directly. I can feel you, it is also my experience that I need to convert Bitcoin to our local currency before I can go shopping. But this does not mean that Bitcoin is no longer a currency. It is just honored in my country that Bitcoin is indeed a currency that can be accepted as payment.

bohr

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Quote from: Taki on March 19, 2017, 12:20:23 PM

Quote from: Loganota on February 13, 2017, 11:04:27 PM

I agree with the matter, unfortunately. At the moment, people use Bitcoin for profit, at the moment it is not used as currency, but nothing prevents it from being used in the future. Remembering that we are still well at the beginning of the revolution, it is not possible to change everything from day to night, if it is not Bitcoin, another crypto will play this role.

I think the problem of why people don't use bitcoin as currency is in that that there are no places that would accept bitcoins directly as payment without fees that we have to pay today to cash out our bitcoins to go in a supermarket and to buy what we want.

This is without a doubt a problem, since we don’t have many places where we wan spend our coins then the use of bitcoin as a currency is limited and when we add the fees on top of that bitcoin is not very practical at the moment.

Taki

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Quote from: Loganota on February 13, 2017, 11:04:27 PM

I agree with the matter, unfortunately. At the moment, people use Bitcoin for profit, at the moment it is not used as currency, but nothing prevents it from being used in the future. Remembering that we are still well at the beginning of the revolution, it is not possible to change everything from day to night, if it is not Bitcoin, another crypto will play this role.

I think the problem of why people don't use bitcoin as currency is in that that there are no places that would accept bitcoins directly as payment without fees that we have to pay today to cash out our bitcoins to go in a supermarket and to buy what we want.

CyberKuro

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Quote from: xypos on March 17, 2017, 11:19:48 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?

Although I agree with you in most of what you said, I don't agree with you as to buy coin not being a medium of exchange.

But coin is designed to be currency, and it is traded and used like a currency. However the most important aspect of bitcoin is probably it's store of value. It's like the digital gold because production is decentralised and controlled by absolutely nobody.

It is a medium of exchange just like fiats. In fact, bitcoin is much more portable than gold itself, and more divisible as well.

There is no need to test the purity of bitcoin, as every unit is the same.

When bitcoin reach all time high, I got it why it can not state as a currency because bitcoin can't afford so many transaction and we have to pay higher fees to send it and make longer to be confirmed which consider as big disadvantages than other fiat currencies.
I agree bitcoin can be a medium of exchange, same as gold or another precious things but not as currency just like fiat money, for now.

bitsmichel

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Quote from: dearbesz1219 on March 19, 2017, 01:01:24 AM

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.

Well in that case, You better continue what are you doing now. Because I know your in the right track of keeping and holding your bitcoin actually. It maybe to some bitcoin is not a currency, but as long as we are in bitcoin world, it is still the number one digital currency online business. And time will come people in different places in the whole world will massively accept and adopt bitcoin.

Yes, doesn't matter if it is called as currency or not, but it is decentralized investment tool which you can use for yourself whenever you need. btc has more security than any other investment, it has lot of other features like : low transaction fee, easy to transfer/receive, very secure.

densuj

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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 think yes bitcoin is like stock without dividen and movement of bitcoin price is like stock,
at least analysis technical darvas box worked for me when trading bitcoin to fiat currency
bitcoin is no currency because there is bug block size of bitcoin that take high fees sending bitcoin,
so bitcoin can not be considered as currency at least for today.

grandy

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Quote from: Ziskinberg on March 19, 2017, 01:13:49 AM

Quote from: dearbesz1219 on March 19, 2017, 01:01:24 AM

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.

Well in that case, You better continue what are you doing now. Because I know your in the right track of keeping and holding your bitcoin actually. It maybe to some bitcoin is not a currency, but as long as we are in bitcoin world, it is still the number one digital currency online business. And time will come people in different places in the whole world will massively accept and adopt bitcoin.

In terms of online transaction nothing can beat bitcoins, it is widely used now and crypto currencies has a very big potential to rule in the future. The gambling industry alone is already adopting with bitcoin because it's fast and the transaction is cheap compared to the conventional ways.
Even bitcoin is not a legal currency but this payment system can be used as currency and investment at the same time.

actually not a single country has yet consider bitcoin as legal currency but they do not even consider it as illegal and that is the reason that people are using bitcoin so freely, and every one is expected that very soon their government will consider bitcoin as legal currency .

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Quote from: buharikx31 on March 18, 2017, 12:51:34 PM

It's still a currency, but right now the price was changing really fast. I think better to sell right now your coins and wait for any dumps, if you read the last news we had a lot of issues with lost bitcoins 3 billion bitcoins been wiped. Indeed, we know that anything can happend in this 2 weeks better to buy some fiat money and save them for next invest

I think so, because a lot of the news about the bitcoin hardfork has make a panic feel for every bitcoiners. And if the bitcoin chain gets split and it will give a negative impact for the bitcoin in the future. This time is not the right time to get on the bitcoin.

Ziskinberg

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Quote from: dearbesz1219 on March 19, 2017, 01:01:24 AM

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.

Well in that case, You better continue what are you doing now. Because I know your in the right track of keeping and holding your bitcoin actually. It maybe to some bitcoin is not a currency, but as long as we are in bitcoin world, it is still the number one digital currency online business. And time will come people in different places in the whole world will massively accept and adopt bitcoin.

In terms of online transaction nothing can beat bitcoins, it is widely used now and crypto currencies has a very big potential to rule in the future. The gambling industry alone is already adopting with bitcoin because it's fast and the transaction is cheap compared to the conventional ways.
Even bitcoin is not a legal currency but this payment system can be used as currency and investment at the same time.

dearbesz1219

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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.

Well in that case, You better continue what are you doing now. Because I know your in the right track of keeping and holding your bitcoin actually. It maybe to some bitcoin is not a currency, but as long as we are in bitcoin world, it is still the number one digital currency online business. And time will come people in different places in the whole world will massively accept and adopt bitcoin.

buharikx31

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It's still a currency, but right now the price was changing really fast. I think better to sell right now your coins and wait for any dumps, if you read the last news we had a lot of issues with lost bitcoins 3 billion bitcoins been wiped. Indeed, we know that anything can happend in this 2 weeks better to buy some fiat money and save them for next invest

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Quote from: xypos on March 17, 2017, 11:19:48 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?

Although I agree with you in most of what you said, I don't agree with you as to buy coin not being a medium of exchange.

But coin is designed to be currency, and it is traded and used like a currency. However the most important aspect of bitcoin is probably it's store of value. It's like the digital gold because production is decentralised and controlled by absolutely nobody

I guess you haven't taken a look at the prices recently

Personally, I don't really think that something can be considered a store of value if its value changes dozens of percentages daily. At best, it can be thought of as a highly speculative (read risky) asset but to call it a store of value seems to be an obvious overstretch. Regarding Bitcoin being used and traded as a currency, this is just another misconception. Even if real fiat like the US dollar gets traded, it basically stops being a currency and turns into yet another financial asset like bonds, derivatives and indexes

Cherylstar86

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It's no longer a currency but an investment that could take a long journey of our lives. The opportunity of this digital currency will become more stable in the future and investments really gave the best performance of btc market. Nowadays better profit awaits us like price still low and so you will have the reasons to hold it for a few days and sell the holdings you have, when price will eventually become higher again and hopefully reaching at $1500.

xypos

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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?

Although I agree with you in most of what you said, I don't agree with you as to buy coin not being a medium of exchange.

But coin is designed to be currency, and it is traded and used like a currency. However the most important aspect of bitcoin is probably it's store of value. It's like the digital gold because production is decentralised and controlled by absolutely nobody.

It is a medium of exchange just like fiats. In fact, bitcoin is much more portable than gold itself, and more divisible as well.

There is no need to test the purity of bitcoin, as every unit is the same.

Roboabhishek

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Yup we can say that Cheesy

after ready that article
However I still believe it's a virtual currency and nothing will change this fact

bohr

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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?

All of the best store of value that we have have been currencies at some point and the same applies to bitcoin, but bitcoin is way better at being a currency than gold and silver will ever be, so I disagree with the notion bitcoin is not a currency.

hulla

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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.

You said technically bitcoin is not a currency and I don't agree with you on that. You also said bitcoins amount is fixed by satoshi and cannot be changed. Listen to me, a lot of new thing is happening this days in the world of bitcoin and I guess you don't know that a mining software which does not based on
Satoshi’s original code was developed?

Kevin77

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Quote from: freedomno1 on March 13, 2017, 03:22:19 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?

I agree with the statement, Bitcoin is an asset class with development around the blockchain and acts as a general means of trading being derivatives of the main product.

Alt-coins could be considered a part of Bitcoins asset class as the base currency used to measure other assets which is why a Hard Fork is a scary prospect because there would be no base index in the period between Bitcoin-A and Bitcoin-B to base price values upon.

The Atlantic article gets into the basis of that question with what is money, Bitcoin can be worth anything without a fundamental basis although the premise The more Bitcoin is worth, the more worthless it is as a currency, as a food for thought is an interesting one.

It can be both and yet one is still greater than the other one we view Bitcoin as asset class and yet also means of trading value but that is what makes it fun and is a fundamental reason for blocksize debate.

Is it more valuable as an index towards other coins or as a means of low friction transactions the community will decide that one in due time.

I agree, people have giving up on the idea of having bitcoin as a currency and started using it as a type of investment since its price started going up with the increasing number of users and they have started treating it like gold, they buy it and they save it for a time when they think it is best to sell it.

But, it is already explained by many people that once bitcoins get stable prices, people will start using it as currency but it will take decades to happen.

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