Topic: Bitcoin is NOT a currency debate! - page 3. (Read 6199 times)
of course it is.. how can you even say this?
I like what andreas antonopoulous says when he is comfronted with the "bitcoin is not a currency" argument, he simply says: "I've been living on Bitcoin for 2 years, not using anything else but Bitcoin. No amount of PhDs and research will prove to me that Bitcoin isn't a currency."
well bitcoin is global and will be everywhere soo you should just convert your btc when you change country since prices are diferent and they have a coin ,looks eurozone ,they made it work... one coin for several countries why cant bitcoin become the coin worlwide ?soo lets say i would pay 0,1btc buying a ball in europe at chine the same ball would cost just 0,02 btc thats what i mean,not a fiat to convert....
Bitcoin is can be commodity and can be a currency too, it's depends on you used it, you look at the value of btc to fiat exchange, and you see bitcoin as commodity which only can exchange to fiat only, you need see is widely, now a lot merchant or company accept bitcoin as payment processor, it's prove if bitcoin can be a currency.
Yes bitcoin can be a commodity but no for currency. not all the thing that can be as a payment must be a currency..let say a cheque or travelers cheque can be a payment but it is not a currency but it have a value of money and same as bitcoin we can use it as a payment but it is not a currency but it have a value of money
I would give a name this kind of currency as the secondary (less important than the fiat currency (primary currency)) so it is a currency but like a secondhand
But the fact is secondhand currency is more valuable and effective as compared to the primary currency. Like if you are travelling abroad you cannot carry fiat after a certain extent, but bitcoin can, as no one would be aware as it is safe in your digital wallet and no one can access it.
Well to exchange the money is the same i think like the bitcoin and like the fiat.
If you want cash then it is the same.
The good thing would be If Google would implement bitcoin as a payment method to Google Wallet
Bitcoin is can be commodity and can be a currency too, it's depends on you used it, you look at the value of btc to fiat exchange, and you see bitcoin as commodity which only can exchange to fiat only, you need see is widely, now a lot merchant or company accept bitcoin as payment processor, it's prove if bitcoin can be a currency.
Yes bitcoin can be a commodity but no for currency. not all the thing that can be as a payment must be a currency..let say a cheque or travelers cheque can be a payment but it is not a currency but it have a value of money and same as bitcoin we can use it as a payment but it is not a currency but it have a value of money
I would give a name this kind of currency as the secondary (less important than the fiat currency (primary currency)) so it is a currency but like a secondhand
But the fact is secondhand currency is more valuable and effective as compared to the primary currency. Like if you are travelling abroad you cannot carry fiat after a certain extent, but bitcoin can, as no one would be aware as it is safe in your digital wallet and no one can access it.
By this analogy, you can carry as much cash as you want, provided they don't find it on you, just like Bitcoins
More seriously, your Bitcoin wallet is more like a "personal bank without countries or borders", so its probably a different category than cash. (Cautiously saying...) like PayPal, where I don't doubt border controls ask how much you have on your PP account.
Bitcoin is can be commodity and can be a currency too, it's depends on you used it, you look at the value of btc to fiat exchange, and you see bitcoin as commodity which only can exchange to fiat only, you need see is widely, now a lot merchant or company accept bitcoin as payment processor, it's prove if bitcoin can be a currency.
Yes bitcoin can be a commodity but no for currency. not all the thing that can be as a payment must be a currency..let say a cheque or travelers cheque can be a payment but it is not a currency but it have a value of money and same as bitcoin we can use it as a payment but it is not a currency but it have a value of money
I would give a name this kind of currency as the secondary (less important than the fiat currency (primary currency)) so it is a currency but like a secondhand
But the fact is secondhand currency is more valuable and effective as compared to the primary currency. Like if you are travelling abroad you cannot carry fiat after a certain extent, but bitcoin can, as no one would be aware as it is safe in your digital wallet and no one can access it.
Bitcoin is can be commodity and can be a currency too, it's depends on you used it, you look at the value of btc to fiat exchange, and you see bitcoin as commodity which only can exchange to fiat only, you need see is widely, now a lot merchant or company accept bitcoin as payment processor, it's prove if bitcoin can be a currency.
Yes bitcoin can be a commodity but no for currency. not all the thing that can be as a payment must be a currency..let say a cheque or travelers cheque can be a payment but it is not a currency but it have a value of money and same as bitcoin we can use it as a payment but it is not a currency but it have a value of money
I would give a name this kind of currency as the secondary (less important than the fiat currency (primary currency)) so it is a currency but like a secondhand
Visa is not a regulated business. Why should bitcoin be?
I see where you come from but visa is way more regulated than bitcoins. The state can see into every transaction and it's owner can be requested. The current problems, most regulators have with bitcoins, are the anonymity and the insecurity of funds. I think visa doesn't pose these risks because there are rules.
I'm not so sure if i like bitcoin being regulated. I admit i lost much to scams though. Guess one has to see each suggestion that comes on the table.
It's a commodity when I hold ...and a coin when I spend
at least for me
at least for me
BTC exists and its used as currency. Therefore it is a currency. The only limitation of Bitcoin is that it is limited to those places that accept it as currency.
Yeah if we are getting something in return by paying in bitcoins than it is a currency. We cannot say that it is a global currency as fiat. But for me its a currency as I can purchase online by using bitcoins. And yes when everyone starts accepting it, it will make a difference.
well fiat isn't only one currency, comparing bitcoin to numerous fiat isn't fair, fiat is the worst thign as a global currency, you need to exchange every time you go abroad in a ntion that do not use what you have, the only true global currency will be bitcoin and nothing else
bitcoin is already a global currency for shopping online, we have with numerous services that can buy anything for you for bitcoin and numerous site that accept it directly, the problem only persist in phisical shops
BTC exists and its used as currency. Therefore it is a currency. The only limitation of Bitcoin is that it is limited to those places that accept it as currency.
Yeah if we are getting something in return by paying in bitcoins than it is a currency. We cannot say that it is a global currency as fiat. But for me its a currency as I can purchase online by using bitcoins. And yes when everyone starts accepting it, it will make a difference.
on the next years i guess we need more 5 years atleast to achieve all places and be and bitcoin becomes an option to buy ,on that time it would became global .
Yeah things will change in next 5 years for sure and we want it to happen as soon as possible. And yes it is a currency at present too as we are shopping with it,converting it to fiat that means it is a currency if you are getting a fiat in return.
BTC exists and its used as currency. Therefore it is a currency. The only limitation of Bitcoin is that it is limited to those places that accept it as currency.
Yeah if we are getting something in return by paying in bitcoins than it is a currency. We cannot say that it is a global currency as fiat. But for me its a currency as I can purchase online by using bitcoins. And yes when everyone starts accepting it, it will make a difference.
on the next years i guess we need more 5 years atleast to achieve all places and be and bitcoin becomes an option to buy ,on that time it would became global .
BTC exists and its used as currency. Therefore it is a currency. The only limitation of Bitcoin is that it is limited to those places that accept it as currency.
Yeah if we are getting something in return by paying in bitcoins than it is a currency. We cannot say that it is a global currency as fiat. But for me its a currency as I can purchase online by using bitcoins. And yes when everyone starts accepting it, it will make a difference.
BTC exists and its used as currency. Therefore it is a currency. The only limitation of Bitcoin is that it is limited to those places that accept it as currency.
Bitcoin goes beyond the traditional definition of currency.
Its a bit like PayPal, where you can transmit a set monetary value across the internet from one recipient to another. It is an encrypted blockchain system that transmits net worth, so technically not a currency, in the legal tender aspect sense of the word. But at the same time it does have value like a commodity, like gold with its value set by an exchange rate.
Maybe we need to redefine currency instead of debating whether bitcoin is a currency.
Its a bit like PayPal, where you can transmit a set monetary value across the internet from one recipient to another. It is an encrypted blockchain system that transmits net worth, so technically not a currency, in the legal tender aspect sense of the word. But at the same time it does have value like a commodity, like gold with its value set by an exchange rate.
Maybe we need to redefine currency instead of debating whether bitcoin is a currency.
This is basically true.
currently bitcoin is backed up with fiat ,most of the things are reflected into usd or eur those two currencies make several people think before invest ,but the bitcoin earn and loose interest daily and we use those currencys to reflect it soo bitcoin is already an almost currency,only need mass adoption to become another currency
I don't know when all this would happen
It happens every day. Any time is when.
As far as bitcoin is concerned, Bitcoin is just a payment system rather than saying it as a currency.
When you pay someone with bitcoins, what currency are you using to pay them?
Payment systems like Paypal, Visa, traveler's checks, these payment systems all require a currency which exists outside of the payment system.
So if Bitcoin is just a method to transmit money, where is the money? What money are you transmitting?
Yes this is a problem currently You don't look at the value of an item in Bitcoins, but in € or $ and you convert it to bitcoins. So what you said is true.
However, it is possible that eventually bitcoin becomes so stable that BTC can be used directly as a measure of value without converting. Just as an example, signature campaigns on this forum are paying a set fee in BTC without much regards to the variations in Bitcoin price. Hence I don't really care how much is 1 BTC worth, I get my coins. A larger scale of such adoption would allow to truly think of Bitcoin as a currency. Until that, it is -as you said- an exchange medium.
So we have to wait until people spend and receive bitcoins on their own value, without using a variable exchange rate in terms of another currency? And when that happens, it will be a currency?
And you say people are already getting paid, on this forum, in bitcoins, at a set rate independent of any other currency?
And, as you said, there is no such thing as "converting" bitcoins into another currency. When you spend bitcoins, you are spending bitcoins. You are buying goods and services for money, and the only money you're giving is bitcoins. So it must be a currency, since you can spend it like currency.
I don't know when all this would happen, I doubt anyone does.
However, regarding the price set in Bitcoin. Another example is the Donator and VIP ranks on this forum. You need to donate 10 and 50 BTC to get this rank, independent of the BTC/USD price. So if 1 BTC=1 $, then you can get VIP with 50$ but if 1BTC=500$ then you need 25'000$. These prices were kept in Bitcoin and are not changed to reflect any fiat currency. This in some way also promotes that "50 BTC = 50BTC".
As far as bitcoin is concerned, Bitcoin is just a payment system rather than saying it as a currency.
When you pay someone with bitcoins, what currency are you using to pay them?
Payment systems like Paypal, Visa, traveler's checks, these payment systems all require a currency which exists outside of the payment system.
So if Bitcoin is just a method to transmit money, where is the money? What money are you transmitting?
Yes this is a problem currently You don't look at the value of an item in Bitcoins, but in € or $ and you convert it to bitcoins. So what you said is true.
However, it is possible that eventually bitcoin becomes so stable that BTC can be used directly as a measure of value without converting. Just as an example, signature campaigns on this forum are paying a set fee in BTC without much regards to the variations in Bitcoin price. Hence I don't really care how much is 1 BTC worth, I get my coins. A larger scale of such adoption would allow to truly think of Bitcoin as a currency. Until that, it is -as you said- an exchange medium.
So we have to wait until people spend and receive bitcoins on their own value, without using a variable exchange rate in terms of another currency? And when that happens, it will be a currency?
And you say people are already getting paid, on this forum, in bitcoins, at a set rate independent of any other currency?
And, as you said, there is no such thing as "converting" bitcoins into another currency. When you spend bitcoins, you are spending bitcoins. You are buying goods and services for money, and the only money you're giving is bitcoins. So it must be a currency, since you can spend it like currency.
As far as bitcoin is concerned, Bitcoin is just a payment system rather than saying it as a currency.
When you pay someone with bitcoins, what currency are you using to pay them?
Payment systems like Paypal, Visa, traveler's checks, these payment systems all require a currency which exists outside of the payment system.
So if Bitcoin is just a method to transmit money, where is the money? What money are you transmitting?
Yes this is a problem currently You don't look at the value of an item in Bitcoins, but in € or $ and you convert it to bitcoins. So what you said is true.
However, it is possible that eventually bitcoin becomes so stable that BTC can be used directly as a measure of value without converting. Just as an example, signature campaigns on this forum are paying a set fee in BTC without much regards to the variations in Bitcoin price. Hence I don't really care how much is 1 BTC worth, I get my coins. A larger scale of such adoption would allow to truly think of Bitcoin as a currency. Until that, it is -as you said- an exchange medium.
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