Topic: Bitcoin just an asset ? - page 32. (Read 9214 times)
Yes bitcoin is just an asset so bitcoin is only a means of exchange and so far many countries have not been able to formalize bitcoin as a means of payment but the government can not prohibit the existence of bitcoin because bitcoin can be used only as a property that can be exchanged for currency We use.
In a simple description, yes. Bitcoin is considered an asset because of three things:
1) It is owned by a person and is part of his or her total net worth.
2) It has its own market value that can depreciate or appreciate.
3) It generates income.
1) It is owned by a person and is part of his or her total net worth.
2) It has its own market value that can depreciate or appreciate.
3) It generates income.
yes bitcoin can not currently process a million transactions per second but that doesn't mean it is not a currency. a currency is what you can use in exchange for goods and bitcoin can and is doing that perfectly well.
and it doesn't need to process a million transaction per second right now
in the future when it needs it, hopefully that ability is also added.
and it doesn't need to process a million transaction per second right now
in the future when it needs it, hopefully that ability is also added.
Well For now we may call it a n asset, because you can surely invest and buy as much bitcoin as we like and earn something big when the price goes up, well I think in some other countries they can surely make bitcoin their currency because they can surely use bitcoin for direct transaction and exchange for goods and stuff, but what about the other countries that doesn't have this kind of convenient and need to convert bitcoin to fiat first, but I think you can surely call bitcoin as asset and currency.
I have read in the news that that like bitcoin as virtual currencies are assets and does not have the characteristics or what it takes to be a currency that could meet our modern economic needs. It was said that it does not have the fundamental attributes. What are your thoughts about it?
Bitcoin is kinda in-between. Real assets are almost never used as a currency, you can't find any place that accepts ounces of gold as payment method or for donations, while Bitcoin can and is used for those purposes. The problem is Bitcoin is very expensive to use, if you pay $0.50-$1 in fees for every transaction and do ~100 transactions per month, that will be $70 per month for using Bitcoin. This means that most people wouldn't use it as a currency until scaling problem is solved, unless there's no alternatives. Bitcoin has it's own niche uses as a currency, when you need to send money to a country that doesn't support traditional payment systems or if you need to make private transaction.
I have read in the news that that like bitcoin as virtual currencies are assets and does not have the characteristics or what it takes to be a currency that could meet our modern economic needs. It was said that it does not have the fundamental attributes. What are your thoughts about it?
The issue with reading things in the news is that you're often relying on people on the outside peeking in and sharing their initial impression of what little they've glimpsed and understood. As such, you can't always take that impression at face value. In truth, it largely depends on how you freely choose to use it. If you simply accumulate bitcoin in the hope of selling it later at a higher price, then describing it as an asset is perfectly fitting. If, however, you're actively spending and/or receiving bitcoins in exchange for labour, goods or services, then describing it as currency is perfectly fitting. Granted, there are probably more people doing the former than the latter at the moment, though, which may be why people lean more towards asset.
Legally, however, you have to go by what the government in your locality treat it as. What you or I choose to call it has little bearing in the eyes of the law.
I have read in the news that that like bitcoin as virtual currencies are assets and does not have the characteristics or what it takes to be a currency that could meet our modern economic needs. It was said that it does not have the fundamental attributes. What are your thoughts about it?
Bitcoin is not a virtual currency as people perceive, it is pre-engineering. The evidence is that bitcoin has existed for some time and is beneficial to the user.I do not understand what is the basic attribute you get from bitcoin? Does it also contribute to a change in the economy? countries have gradually accepted the bitcoin trade. I have read in the news that that like bitcoin as virtual currencies are assets and does not have the characteristics or what it takes to be a currency that could meet our modern economic needs. It was said that it does not have the fundamental attributes. What are your thoughts about it?
I just read an article, China’s Central Bank Not Backing Bitcoin as Currency
Quote
Bitcoin does not have the fundamental attributes needed to be a currency as it is a string of code generated by complex algorithms...But I do not deny that virtual currencies have technical value and are a type of asset.
Now the complex algorithms generate a string of code, or token, bitcoin specifically. Currency is simply a token used as money in a country, these tokens include fiat currency, asset backed currency, commodity backed currency and the latest addition digital currency.
Since bitcoin is not printed like fiat, nor it has a physical use like gold, it does not mean it lacks fundamental attributes to be a currency. Right now people are using it as a speculative asset, but when more people start using it as a token of money, it would be a currency. Its potential is just not restricted to being an asset or commodity.
https://cointelegraph.com/news/chinas-central-bank-not-backing-bitcoin-as-currency
In fact, the currency is an asset with the highest liquidity, so if bitcoin becomes sufficiently liquid, it will be on par with traditional currencies.
i agree - currencies are assets with the highest liquidity, and these fund experts are still unsure about how to define and categorize crypto assets because of its novelty. they want to refer to it as "asset" because they all agree that bitcoin is something valuable yet despite it being used as a medium for purchasing goods and services, they would not refer to it as a "currency". maybe because it's in a category of its own
I read somewhere that bitcoin has been categorized as a commodity like gold, oil, silver, copper, and the like which can also be used in exchange for goods and services. i suppose referring to bitcoin as an asset is fine and is better than currency which is prone to inflation burn.
For me bitcoin is an asset and currency.
Because you can use bitcoin on a lot of
things, so for me it is like a currency.
Because you can use bitcoin on a lot of
things, so for me it is like a currency.
Its true that it is not having any characteristic of currency but it is acting like one. It is having all the characteristic of currency virtually though it is not physical. We can trade it with services and goods, we can pay with it for fiat currency too. Bitcoin once come in physical form might get full attention if being characteristic fiat currency.
I have read in the news that that like bitcoin as virtual currencies are assets and does not have the characteristics or what it takes to be a currency that could meet our modern economic needs. It was said that it does not have the fundamental attributes. What are your thoughts about it?
Well i am no expert, therefor i can not say with certain what bitcoin is. I can only say what it is to me. For me bitcoin is currency, because if you can buy some thing with it, and for me that is currency. But there are not much places where i could spend my bitcoins, so i change it to fiat. 
Presently, Yes. BTC is more of an asset right now than a currency. Lots of people buying BTC in the thought of making a fortune with the investment. It is because of the sudden rise in the price, we all know that when the price becomes stable people will transact it as a currency. Have to wait till August 1 for the outcome of Segwit.
Correct. It is also an asset for me because people are buying into it thinking of getting rich quick by investing. However, I disagree with you that bitcoin price can be stable, it will not be, its either going up and down. We don't know what will happen on Aug 1 but I'm hoping for the best.. Specially to solve the block size problem. But I don't think it will really affect the price of bitcoin being stable.
I have read in the news that that like bitcoin as virtual currencies are assets and does not have the characteristics or what it takes to be a currency that could meet our modern economic needs. It was said that it does not have the fundamental attributes. What are your thoughts about it?
what are the fundamental attributes? the only thing that bitcoin miss a bit, actually two things ops, is scaling issue which will be fixed, and the instability issued which will be solved once the scaling issue will be fixed, after that bitcoin is ready to compete with fiat money
Bitcoin is much more than asset. It very well works as a currency specially on online marketplace. If I start online business I doubt if I can take payment in any other kind of asset but in bitcoin.This qualifies bitcoin as a currency. Yeah I agree at present we can't make instant transaction with bitcoin as required in day to day life. But we would reach there too.
Presently, Yes. BTC is more of an asset right now than a currency. Lots of people buying BTC in the thought of making a fortune with the investment. It is because of the sudden rise in the price, we all know that when the price becomes stable people will transact it as a currency. Have to wait till August 1 for the outcome of Segwit.
I have read in the news that that like bitcoin as virtual currencies are assets and does not have the characteristics or what it takes to be a currency that could meet our modern economic needs. It was said that it does not have the fundamental attributes. What are your thoughts about it?
Bitcoin really has not fundamental attributes which are use to fiat currencies. But I think it is one of bitcoin's pluses and of course bitcoin is an asset, because of you can hold your founds in bitcoin and let it grow together with iy and you also may cash it out in any moment. 
For me also the status of bitcoin as a currency is controversial. How long you wait in-store transaction? And if you need to buy item in multiple shops then your shopping may take several days. How to do small purchases at such a price for the transaction?
The most important of an currency is that can be a stable store of value. So for me, bitcoin does not meet this criteria so couldn't be considered as currency. And also because of its volatility, being the price is very unstable plus the confirmation is slow making it hard to really think its a currency that can be used by common people. The day by day price swings of bitcoin do not make it a probable in place of currency, but they make it perfect as a "speculative asset". IMHO.
This news are flying all over to bring down bitcoin or just plain news?
How about you? How do you define bitcoin for yourself?
I guess that all ends there. If you have been using it as a currency and experience things that needed payment and used bitcoin as the means of it then why not. It is a currency for that person.
But for me, since I haven't been there with spending it for a thing I think about it for now as a commodity which I am invested with.
How about you? How do you define bitcoin for yourself?
I guess that all ends there. If you have been using it as a currency and experience things that needed payment and used bitcoin as the means of it then why not. It is a currency for that person.
But for me, since I haven't been there with spending it for a thing I think about it for now as a commodity which I am invested with.
I don't know,there's an online in Japan that accept Bitcoin, and there's a big food shop in Germany that open it's doors to bitcoin holders and many shops online and offline accepting Bitcoin and have bought a lot of items online with my Bitcoin,what attributes are neede more to prove that bitcoin can meet our modern needs.
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