Bitcoin is not a currency and this is why. - page 4.

elasticband

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Nighty Night Don't Let The Trolls Bite Nom Nom Nom

bitcoin is a method of payment or transfer, it is not a currency and probably was never intended to be.

Quote

A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution.

Search the white paper for the word currency, it's mentioned once and not when describing bitcoin.

princesocapuyo

full member

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Presale is live!

Well OP has a point I agree with. Bitcoin is not big enough to be considered a currency yet.

Also, you gotta remember it's digital. Holding a BTC is impossible, unlike a dollar or other currencies. To be a currency it first needs to be recognized as one by the masses, and most people have no idea what bitcoin is.

I still don't get why people say 2015 is gonna be bitcoin's "great year". It's still very early to say.

dsly

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Quote from: El Emperador on December 25, 2014, 03:07:36 PM

I agree with OP.
Right now Bitcoin is considered more an asset than a currency or a payment system, but remember we are at a very early stage.
With future mass adoption I think some will continue to consider BTC as a financial investment, some a currency and some a nicer payment system. Don't force the time.

Exactly,Its still a grey area what exactly it is. I still consider it as a cool technology, better than paypal , if we had a fixed price Tongue

mymenace

legendary

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Smile

bitcoin

bit = digital

coin = currency

built to be used as a currency

bitcoin = digital currency

who cares if you hold, trade, invest

it is still a currency

wow

This is like saying
I do not use my house to live in, I rent it out therefore it is not a house

people trade the us dollar and hold it, invest in it, does this mean when they do this it is not a currency

El Emperador

hero member

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Merit: 500

I agree with OP.
Right now Bitcoin is considered more an asset than a currency or a payment system, but remember we are at a very early stage.
With future mass adoption I think some will continue to consider BTC as a financial investment, some a currency and some a nicer payment system. Don't force the time.

bg002h

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I outlived my lifetime membership:)

By the same rationale, there are many former currencies that were used for a time after they ceased to meet that criteria.

newIndia

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Quote from: jabo38 on December 25, 2014, 01:21:28 PM

A sustainable loop = currency
no loop = investment/commodity

With a currency I can give a token to a man at a market selling produce. He can use it to pay school fees for his child. The school can give it to the teacher for teaching, and then the teacher can give it back to me. Then the cycle starts again.

Bitcoin isn't really like that right now. Yes, sometimes people pay for things in Bitcoins, but far more often Bitcoins are either 1. held (hodl), or 2. used as a mediator from fiat -> bitcoin -> fiat, or 3. sometimes when we are lucky fiat -> bitcoin -> purchase at one of the few places accepting bitcoin -> fiat.

There simply is no loop yet.

Someday it is possible that Bitcoin might make the jump from commodity to currency, and I do think it will happen, but I am doubtful that will happen in 2015.

Bitcoin, as a medium of exchange, has gained a value that can be traded against real world commodities.

Bitcoin, as a protocol, servers a few purpose, those have been never served before.

mailmansDOGE

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Quote from: jabo38 on December 25, 2014, 01:21:28 PM

A sustainable loop = currency
no loop = investment/commodity

With a currency I can give a token to a man at a market selling produce. He can use it to pay school fees for his child. The school can give it to the teacher for teaching, and then the teacher can give it back to me. Then the cycle starts again.

Bitcoin isn't really like that right now. Yes, sometimes people pay for things in Bitcoins, but far more often Bitcoins are either 1. held (hodl), or 2. used as a mediator from fiat -> bitcoin -> fiat, or 3. sometimes when we are lucky fiat -> bitcoin -> purchase at one of the few places accepting bitcoin -> fiat.

There simply is no loop yet.

Someday it is possible that Bitcoin might make the jump from commodity to currency, and I do think it will happen, but I am doubtful that will happen in 2015.

That's why everyone keeps on telling to people like you to stop holding it as a commodity, and start using as a currency. As the community will grow it will become more like a currency.

Today also in some exclusive cases i have seen bitcoin working as a currency. 1. I pay my friend for designing a website in bitcoin. 2- He tells about bitcoin to his other friend. 3. His other friend starts accepting bitcoin. 3- my friend pays his friend in bitcoin for buying him a drink 4- i sell marijuana and the other friend buys marijuana from me, cycle complete.

You can make any cycle like this. Don't be so closed minded, hope for the best in the future.

jabo38

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mining is so 2012-2013

A sustainable loop = currency
no loop = investment/commodity

With a currency I can give a token to a man at a market selling produce. He can use it to pay school fees for his child. The school can give it to the teacher for teaching, and then the teacher can give it back to me. Then the cycle starts again.

Bitcoin isn't really like that right now. Yes, sometimes people pay for things in Bitcoins, but far more often Bitcoins are either 1. held (hodl), or 2. used as a mediator from fiat -> bitcoin -> fiat, or 3. sometimes when we are lucky fiat -> bitcoin -> purchase at one of the few places accepting bitcoin -> fiat.

There simply is no loop yet.

Someday it is possible that Bitcoin might make the jump from commodity to currency, and I do think it will happen, but I am doubtful that will happen in 2015.

Topic: Bitcoin is not a currency and this is why. - page 4. (Read 4123 times)