Topic: Bitcoin is no longer a currency - page 9. (Read 15364 times)

Apart from this Bitcoin are stock, investment, worthy or not, etc., keeping in view the fact that Bitcoin is a digital currency, this is probably what distinguishes Bitcoin to another. It's about technology, a major breakthrough that makes everyone did not think that Bitcoin will be like this now. What to do with it, Bitcoin Bitcoin remains, would be made like any Bitcoin will remain like this. Bitcoin is more than what was previously people think.

Indeed, Bitcoin is not an asset which would draw in many Warren Buffett style investors

But Warren Buffett, for all his wealth, knowledge and wisdom, is certainly not the only investor out there, nor he is the only type of investor existing across the markets. While Bitcoin doesn't quite scale up to George Soros caliber, he would certainly love Bitcoin and the volatility it offers. While Buffett is more of an institutional type of investor, Soros is an outright speculator. And for the latter type of trading folk, Bitcoin is an excellent tool and its volatility attracts these dudes like shit attracts flies (or like honey attracts bees, if you are not quite happy with that comparison)

yes there is no doubt about this that bitcoin is universal digital currency that is equally use in all over the world. hope that very soon bitcoin will also be use in such area where bitcoin still not so much introduce.

Everyone wants both stability and price growth. But this is impossible. There will always be a risk. It seems to me that the Crypto currency will never be stable

That's their favorite actually especially the day traders, like me because of the volatility of bitcoin I take the opportunity to buy low and sell high even in a short period of time and that gives a good margin of profit if you can do the right timing. Whatever people think, I focus more on the long term investment and it's just a bonus for me when I earn in short term trades although it's not all the time.

Bitcoin is volatile but its movement is going up, time is only our friend if we will employ the right patience before we sell for a good profit.

volatility of bitcoin NEVER scares off any investors. it scares of average Joes who want to buy bitcoin and use it as a currency. the investors know what volatility is and how they can take advantage of it which means the love it and will invest because of this volatility.
but in the end we need stability of price if we are to move forward and see mass adoption.

While the volatility on bitcoin price may scare off those investors that prefer to take safe investments for many bitcoin offers the opportunity to earn big in a liquid market that moves extremely fast and give to them the best chances of making money fast.

I don't particularly disagree with your attitude

But you still seem to lack a proper understanding and deep insight into the matter of things, in this case into currencies and money. Personally, I would refrain from distinguishing between them here to avoid useless confusion. In other words, you describe effects without trying to delve into the causes of these effects. First of all, any currency (whether is backed up by anything or not) remains a matter of "a collective sense of what it's worth". More specifically, currency worthiness (as a currency) is defined exclusively by whether it is used as a currency or not ("money is what money does"). Gold is dear, but it basically has no monetary utility (read it is not money) because it doesn't and cannot circulate nowadays as a currency

Further, I don't agree that "a store of value is the only [function] bitcoin doesn't meet well". Not that I deny that it is factually wrong. It would be going against reality to argue to the contrary (at least, so far). What I mean to say is that Bitcoin's store of value advantage before fiat currencies gets heavily overridden and massively "run over" by external factors. Nevertheless, this built-in feature, its essence of sorts, is still showing through when we see attempts at instigating panic sell-off now and then, which still miserably fail. In other words, the kind of volatility we see today is not the volatility of some trash asset or money. It seems to be directed primarily upwards, and it is debatable whether we can call it volatility at all

Chicken and the egg argument notwithstanding, instability is an inherent characteristic of bitcoin. Bitcoin has never been stable enough for dependable commerce because it's not backed by anything but a collective sense of what it's worth. If there were no alternative currencies in the world, perhaps it would have a stable value out of necessity. It's because there actually are stable currencies that bitcoin can fluctuate, because wealth created by fluctuating value is preserved by selling out of the position. The fixed supply hasn't done anything to create a stable value, so you have to conclude that the volatility is because no one is interested in it as a currency, but a speculative vehicle from which they can profit from. Of the major functions of money, (medium of exchange, unit of account, store of value) store of value is the only one bitcoin doesn't meet well, and there's no reason to expect that it ever will. Bitcoin will always be short term in nature, because holding long term opens the holder up to the risk of wild fluctuations in the value stored within, which is the last thing anyone should want in a currency.

It was described as online currency or a payment system, it has no form to be considered as money since it has no independent value and it's only use as substitute to fiat for a faster transaction. That is how I understand bitcoin, in real definition by the law, it cannot be considered as currency since currency is money, but even so, it has a great value which very amazing for a thing that is not considered as a currency.

Just because people watch the price of bitcoin like it is a stock does not make bitcoin a stock, it just makes bitcoin a more unique currency (which is pretty much what it is). I think that everybody in here can agree with me when I say that bitcoin is indeed used as a currency, hell I'm even being paid to write this right now, and we all understand that it is meant for trading. However, I do agree with you in saying that it is indeed a good thing!

Those people that are saying that bitcoin is no longer a currency are just destroying bitcoins success and they are jealous on what bitcoin is experiencing now. Right now, we really can see on how far bitcoin is and how the people are depending their lives with it and with different transactions that we are doing with it, definitely bitcoin will always be a currency.

Bitcoin is a currency. We all know that it is define as a crypto currency, a digital money. It is already serves as a payment method to purchase products and services. Its all depend on a user on how he treats it, the way he use it. They say it is not a medium of exchange because it's a virtual form of money.

of course it is because of the deployment of bitcoin pretty good.. adoption continues to happen everywhere. so many merchants began to believe and use bitcoin for their payment options I hope this continues

I think its already been on the list of cryptocurrency here https://en.wikipedia.org/wiki/List_of_cryptocurrencies
And i think we can be still consider it as currency not a  local currency but its a global currency that we can use anytime with internet..
But if we compare this currency to other local currency they are different due to fast price fluctuate..  and this coins is anonymous and you have a freedom where you spend it..

Good thing it is already happening nowadays, if you would have the chance to read news updates, blogs and article bitcoin is already using as mode of payment in any local shops especially online. The best thing is there are real estates now accepting bitcoin to buy a house.

It is a cryptocurrency which is loved by all, but the thing about cryptocurrency when they are not really known to their place, it became an asset. An asset that will be profitable after a long time, what's more is that it is treated as an asset because of its price that just overcome gold this month.
It is not use a cryptocurrency but an asset, well that's mostly bitcoin users do.

but i think bitcoin is a currency but the only difference is that bitcoin is a online currency. and very soon we are going to use bitcoin as fiat currency in our local shops.

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 think the reason some may think bitcoin is dead as a currency strive from the fact, bitcoin cannot longer be used for small transactions since fees are getting pretty high and also because there are not many spots where we can use bitcoin as a currency instead of an investment.