Crypto is an Asset or Currency? - page 31.

nguli

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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?

digital currencies like bitcoins can be used as assets and currency depending on what bitcoin we make, I make bitcoin as an asset and a place of my savings for the future.

nskendrovic

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Crypto is both. Well, bitcoin is anyways. Because BTC is sound money and it's store of value is the best that exists one can use it as an asset. But it can also be used as a currency. However, it is not at the payment network level it should be to service the whole world, but it's getting there. Rough consensus is a process and it takes time to review code, give peer feedback, etc

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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?

In my thoughts it is no different at all. Crypto is currency and that made it an asset to br used in transactions. Digital currency does a huge part in the new business through internet, thus ussing cryptocurrency as asset defines it even further to develop the so called digital investment or cashless investments.

leonair

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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?

That is really the plan for bitcoin and I am still seeing that it is on that track, reason why people are buying and holding it right now is because it doesn't that much use yet. You can't use bitcoin as a currency right now rather an investment. Once more businesses accepts bitcoin as a mode of payment then you can expect that it will be used as a currency by that time.

shark69

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I think cryto is a digital currency that can be used as an asset for the future.
it would be difficult to mention that the crypto is an asset or currency, which is clear crypto will change one's future

yugyug

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Long before when bitcoin was not that popular or in-demand as today it is considered as currency but overtime, producing bitcoin cryptocurrency is not an easy task and it requires more cost of electricity to make 1 bitcoin and its difficulty rate is getting higher each time more bitcoin was produce to prevent oversupply.
Today, as the supply of bitcoin are limited and the demand is getting higher so as its value, so we will consider it as an asset to hold the bitcoin and looking forward for a higher value in the next few more years to come. As i see today, Japan are among the country who considered bitcoin as currency that's why the demand and it price soaring very high unlike 3 years ago where bitcoin was very affordable to buy like a 200-300 USD value per bitcoin.

Pettuh4

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Quote from: audrey12 on November 20, 2017, 10:39:23 AM

A currency is considered to be an asset of an entity and crypto is both an asset and a currency it is considered to be a current asset if was use to pay expenses and purchase goods, non-current if was use for long term investment. This is just an accounting concept it will be base on the liquidity of crypto. So far many people consider bitcoin as a long term investment they kept for their future.

Its both an asset (commodity) and a currency because the Futures Association in the united states has listed it as both a comodity and a currency that is why it shows semblance of both and it depends what and how you want to use and the kind of benefit you will derive from it.

audrey12

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A currency is considered to be an asset of an entity and crypto is both an asset and a currency it is considered to be a current asset if was use to pay expenses and purchase goods, non-current if was use for long term investment. This is just an accounting concept it will be base on the liquidity of crypto. So far many people consider bitcoin as a long term investment they kept for their future.

Shendy23

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It is both. An Asset and a currency. It is an Asset if you will invest on it. How? You just hold your crypto and nit to exchange it in any other crypto or other fiat. It is a currency because you can trade using it. It is use for exchange or payment. Thats why its a currency.

mia khalifa

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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?

for many potential future assets that are potentially profitable but just like digital currencies like bitcoins that can be more profitable.

WorldBitICO

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It can be used both as a currency and asset.

gesdan

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right now i know that some people makes bitcoin as the asset, usually they use bitcoin for trading or do some business on it, but i hope that in the future bitcoin is used for currencies in offline store or any online merchant so we can use it all day

Two4D

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Right now it is still considered as an asset. Since most jurisdictions describes currency as something that is backed up by a state or is backed up by commodity such as gold or silver. Since bitcoins are decentralized and is not backed up by any commodity then that means it can not be classified as currency. Though I think it is an asset.

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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 that ut deoends on the location of a user. If bitcoin and other cryptocurrency is legal to a certain country, Bitcoin will be used as a currency. But if not, it will be more of an asset to be kept for a long period of tine, since the value of Bitcoin is continuously increasing and it will be a good source of profit.

Kimliyo0107

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A "cryptocurrency" means the native currency of a blockchain which is open and publicly accessible and derives its value from its status as a new type of money that anyone in the world can receive, send, and earn through participation in the blockchain. An "asset" is a token which is issued onto a blockchain, and generally represents something which does not derive its value directly from the chain.

fredo123

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Cryptocurrency pertains both chatacteristics, when it comes to currency, we can simply used our btc to exchange some sort of goods or products, you may even used bitcoin to shop online at your very convenient time.
As an asset. Some people who also used their btc for future purposes, they usually hold their btc for long period of time because it will generates profit. Since bitcoin is constantly increasing as the time passed by About 50% or exceeding. Its like gold which constantly surge its value time to time.

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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?

for me, crypto is an asset and a digital currency. I called crypto is an asset because I am holding many coins for a long term investment and I don't want to sell if the price is not increase high. I called crypto is a digital currency because sometimes I used crypto to pay something or to buying something so for me it is like a money in real life. and because crypto is a digital currency, I think for now crypto is only use in internet but in future, crypto can be transform into real life so we can use crypto as payment.

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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 quite right on the aspect of bitcoin being or intended to be a currency (digital indeed) and also now being used as a store of value.

However, I don't quite agree on the aspect or thinking of its new found use and importance (as asset) destroying it , rather it would give the currency more role to play in modern society, thereby overtaking gold which has more-or-less been over used.

Hence, as we know; anything that has being given more role , increases in importance as it will be highly sourced for.

Further to this, if we notice that during the time of fork, bitcoin gains value because users and investors don't release the fraction they hold which means it appreciates more.

Thus, whichever way we look at it from, being used as store of value or asset would not destroy it.

ahkiatt

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Quote from: VitKoyn on November 19, 2017, 10:33:31 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 would say cryptos are both asset and currency at the same time. Cryptocurrencies especially Bitcoin, primary concept is to be a decentralized digital currency to be used as payment method for buying goods online without the help of any authorities and banks, cryptocurrencies are also an asset where people can invest and use it for trading on exchanges to make profit from it. But I think investors and regulators view cryptocurrencies more as an assets than actual currencies because the value of cryptocurrencies are highly volatile to be considered as currency.

Exactly this. But I think it is important for investors to note that not all cryptocurrencies are created equal. There are a lot of money grabs going on out there and it is important that everyone does their own research before buying into anything.

Rohitha

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Money is a measure of value. Currency is a mechanism of exchange of value (or money). When currency is stored to accumulate wealth (money), it represents an asset as well. Crypto currency, like most other currencies, is practically used as both a currency and a value store (asset).

Currency that is prone to inflation is not a good asset as its value reduces over time. In Bitcoin's case, as it has had a history of appreciating value against traditional fiat currencies, it is currently considered a good asset. But this can change in the future.

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