Crypto is an Asset or Currency? - page 28.

Chrisjay29

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Quote from: Tony_Nguyen on November 19, 2017, 07:44:08 AM

I believe that the initial purpose of crypto is to create a digital currency for making transactions quick and easy. However, in reality it has become an asset which everybody is buying and holding. Continuing doing like this will destroy the initial purpose of the coin?

What is your opinion?

I believe its both same
Because crypto a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.oand the asset isa digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets. ... Bitcoin, created in 2009, was the first decentralized cryptocurrency
So its same

it base on my research

alisafidel58

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Quote from: Tony_Nguyen on November 19, 2017, 07:44:08 AM

I believe that the initial purpose of crypto is to create a digital currency for making transactions quick and easy. However, in reality it has become an asset which everybody is buying and holding. Continuing doing like this will destroy the initial purpose of the coin?

What is your opinion?

You are right it has now become an asset to many people because of its volatile price, the purpose of the coin is still there as it is being used for daily by its user.

shata

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Quote from: Tony_Nguyen on November 19, 2017, 07:44:08 AM

I believe that the initial purpose of crypto is to create a digital currency for making transactions quick and easy. However, in reality it has become an asset which everybody is buying and holding. Continuing doing like this will destroy the initial purpose of the coin?

What is your opinion?

Crypto is also an asset and a Currency. It is a currency because Crypto is used to buy something that is selling inside and outside cyber world. You can also create a physical money because of this crypto by turning it into paper money via cashout. You will say that Crypto is also an asset because many people invest and gaining profits because of this crypto. Indeed, Crypto is asset and a currency.

gambitcoin53

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you can call it an asset and a currency, the terminologies does not matter, when you look at it basically it is a currency, but when you have lots of it and put in crypto wallet and hold it for a period, it resulted as an asset, it is already given that a currency is a term for the sole purpose of buying and trading, while an asset represents your total holdings and earnings resulted from a specific currency such as dollars, peso, euro and yen.

liseff3

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Including both.
A cryptocurrency is a digital asset designed to work as a medium of exchange.

Quote from: Tony_Nguyen on November 19, 2017, 07:44:08 AM

I believe that the initial purpose of crypto is to create a digital currency for making transactions quick and easy. However, in reality it has become an asset which everybody is buying and holding. Continuing doing like this will destroy the initial purpose of the coin?

What is your opinion?

What you say is true, it can be destroy the initial purpose of the coin.

mrcash02

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Bitcoin is considered an asset by many because it worth to be held on long term. If fiat were so valuable like Bitcoin and if it got more price over the years, would you consider it an asset too? Because that is what happen with Bitcoin, it's just a currency that doesn't lose price within time.

Technically Bitcoin is a currency, but people discovered the advantages of using it like an asset and if it's more profitable this way so that is what most people will do at the moment.

MintCondition

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Quote from: Tyrantt on November 21, 2017, 09:29:49 PM

Right now, bitcoin is more of an investment asset than it is a currency. Yes it is used here and there as a currency but when the huge majority is buying and holding on the long run, that's more of an asset to me.
Maybe some time in the future that will change, but as of now, it's an asset.

Since we know that its a good investment, we tend to use it more as a asset since in the future we will be gaining a lot from it. Unlike as a currency that we prefer to spend in buying stuffs.

youngagethinker

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Quote from: Tony_Nguyen on November 19, 2017, 07:44:08 AM

I believe that the initial purpose of crypto is to create a digital currency for making transactions quick and easy. However, in reality it has become an asset which everybody is buying and holding. Continuing doing like this will destroy the initial purpose of the coin?

What is your opinion?

It doesnt supposed to be that way man, if you're talking that crypto is just an asset it is because we are living in the time where cryptocurrencies are still new. So they are acquiring these early cryptos (Ethereum and BItcoin) because these might became a foundation of cryptos and might become the next reserve like gold. But we are going to the time where crypto will be the major payment than fiat. Lets be patient.

Tyrantt

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Need some spare btc for a new PC

Right now, bitcoin is more of an investment asset than it is a currency. Yes it is used here and there as a currency but when the huge majority is buying and holding on the long run, that's more of an asset to me.
Maybe some time in the future that will change, but as of now, it's an asset.

Charisse1229

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Quote from: barefield22 on November 19, 2017, 08:27:11 AM

in some contexts the terms can be used interchangeably but a crypto-asset is more suitable for tokens that represents an actual asset e.g. real estate, ownership in hardware, etc.

They can be classified as an asset or as an currency, bitcoins is made for online stuffs which doesnt aim to be a mainstream payment at all, Crypto currencies are decentralised in nature. They are more volatile than traditional currencies, and also most holder of bitcoin do really treat it as an asset because of its earning money possibility specially for long term basis.

Tony_Nguyen

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Quote from: Wexnident on November 19, 2017, 09:06:20 AM

Quote from: Tony_Nguyen on November 19, 2017, 07:44:08 AM

I believe that the initial purpose of crypto is to create a digital currency for making transactions quick and easy. However, in reality it has become an asset which everybody is buying and holding. Continuing doing like this will destroy the initial purpose of the coin?

What is your opinion?

The main fucntion of Bitcoin or idea of it is a digital currency but it just happened that the market value of Bitcoin is continuously increasing with a high rate making it a good investment or asset which value is growing as time is passing by as well as the profit. So basically and technically, Bitcoin is in between a currency and an asset.

Yes, the use is like that currently but I dont know whether it is the good direction or not. Just keep calm and make more income

))

CMvet1

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Quote from: Tony_Nguyen on November 19, 2017, 07:44:08 AM

I believe that the initial purpose of crypto is to create a digital currency for making transactions quick and easy. However, in reality it has become an asset which everybody is buying and holding. Continuing doing like this will destroy the initial purpose of the coin?

What is your opinion?

Agreed. Currently, BTC trades more like a commodity rather than a currency. What drives commodity prices? Production cost. What drive BTC price? Electricity and mining Costs? Right now the hardware producers are probably the bulk of the product sales in BTC or BCC in the world. As they hold and don't sell (look at the volumes in their BCT and BCC wallets = 10's and 100's of millions of dollars worth) supply drops, as supply drops demand goes up.

My thought is that BTC will trade like a commodity until mining hash power is not needed anymore. So wait until the very last block is mined (if the BTC devs let it get there). Then it will start trading more like a currency.

palle11

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Quote from: Getcoinsite on November 21, 2017, 06:53:39 PM

Every currency is an asset what ever it is,either physical money or virtual like crypto currencies.so storing bitcoin in wallet for payment or asset is no big deal,and who told you that crypto is created just for payment?i think you have just misinterpreted the nature of bitcoin.

I think I understand your own angle with paper money too as an asset but the point is, paper money has no growing value in itself except when it incrues an interest on it added by banks and thats not really the kind of asset that Gold can be nor bitcoin for instance or other altcoins.

Also, paper money can appreciate or add value if there is a change in government policy ,for instance devaluation but bitcoin or altcoin does not appreciate that way ,whether an individual country make a decision against it or not is inconsequential.

Tony_Nguyen

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Quote from: Tankdestroyer on November 19, 2017, 08:47:02 AM

Quote from: Tony_Nguyen on November 19, 2017, 07:44:08 AM

I believe that the initial purpose of crypto is to create a digital currency for making transactions quick and easy. However, in reality it has become an asset which everybody is buying and holding. Continuing doing like this will destroy the initial purpose of the coin?

What is your opinion?

I believe that crypto is seen as an asset rather than it's intended use, which is to be used as a currency. People buying and holding it to gain profit is a good enough reason to say that bitcoin is an asset. People use it just like how they use gold and other precious metals. The only difference is that cryptos require internet and is easier to transfer when compared to them. Even if that is the case, some people use it like how it is intended to be.

Yes, I totally agree. Then there will be many digital assets could potentially be created in the near future. Sound interesting but also unpredictable.

richlipkin

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Bitcoin has characteristics of both a currency (e.g. USD) and an asset (e.g. gold). It is unlike anything that has come before it, really. So the answer to the thread title is "yes."

Hamstead

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Quote from: Tony_Nguyen on November 19, 2017, 07:44:08 AM

I believe that the initial purpose of crypto is to create a digital currency for making transactions quick and easy. However, in reality it has become an asset which everybody is buying and holding. Continuing doing like this will destroy the initial purpose of the coin?

What is your opinion?

All assests are convertable into currency, but bitcoin is a very unique creation in which it can be made both a valuable asset and a currency. Some of us are mostly using bitcoin as an asset rather than using it for shopping and buying goods. But is some other countries in which bitcoin isn't accepted as a mode of payment, they converted it into their local currency for them to utilize their bitcoin for buying goods.

xuan87

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The first idea of Bitcoin was to to become a currency, a global anonymous currency that is efficient to used for all people, but since of the limited amount and a lot of people demanding Bitcoin, now most of us are storing it as an asset, I think it won't destroy Bitcoin to used it like that, just take Fiat example, it can be used and currency and also investment, so it is not a big deal whether people used it as investment or currency

Getcoinsite

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Every currency is an asset what ever it is,either physical money or virtual like crypto currencies.so storing bitcoin in wallet for payment or asset is no big deal,and who told you that crypto is created just for payment?i think you have just misinterpreted the nature of bitcoin.

Kelvinid

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win lambo...

Quote from: azuremoontears on November 21, 2017, 05:03:25 PM

Quote from: Tony_Nguyen on November 19, 2017, 07:44:08 AM

I believe that the initial purpose of crypto is to create a digital currency for making transactions quick and easy. However, in reality it has become an asset which everybody is buying and holding. Continuing doing like this will destroy the initial purpose of the coin?

What is your opinion?

I think its more of an asset than a currency since most people just hold and invest to it, unlike currency which we use daily.

I agree.Crypto is more of an asset to me because i'm earning and holding it for my future plans.It can also become a currency the moment we convert it to fiat through some exchange sites.But i'm treating as more of my preparation for the bright future of my family.

batang_bitcoin

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Quote from: lordquanta on November 21, 2017, 12:51:21 PM

Quote from: batang_bitcoin on November 21, 2017, 02:37:46 AM

Before bitcoin is more of currency, that's why we call it cryptocurrency right? It all started there but we are just good in using things for different purposes and bitcoin now is more considerable as an asset, as an investment and this makes everyone to invest more on it that adds the market cap. The way many thinks that bitcoin is good for buy,reserve/hold will give profit which is true and this makes it an asset.

It is still a digital crypto currency. However the valuation of this crypto is increasing day by day and that to leaps and bounds. Thus most of people in bitcoin are holding them instead of using it as currency. Consider anyone who has paid for meal worth 5 dollars in bitcoin seven year ago, would consider it as grave mistake. because at bitcoin valuation of those 5 dollars has increased to the million dollars today. Thus at this stage nobody want to spend the bitcoin as currency. There is nothing wrong in that. We all are doing that. Specially nowadays when big financial players are entering market, it is even more dangerous to spend your coins. Accept it or not but bitcoin is the most profitable investment tool available in market which still could return better profit.

I know it's still a digital currency but because of the mindset of people today are different. More often, they are seeing it as a tool of investment. New comers think that bitcoin or buying bitcoin will give them a bigger profit in the future which is right as it is a very volatile coin, prices are changing from time to time.Those past transactions are legend, it all started because of them and if it isn't because of them who started it we are not here.

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