Does bitcoin need to be a currency? | Bitcointalksearch.org

Rozita

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Quote from: jostorres on August 25, 2019, 03:09:45 PM

I think the reason why many people has not really seen much of its payment function is because we still concentrate on the store of value benefit of it, so you find many people who are demanding for btc doing so keep it in their wallet till bitcoin is completely mined with the believe that by that time, bitcoin would have grown very much to yield them enough profit, which by then you will see an increase in its usage because everyone must have accumulated enough of it by then.

It takes more than 100 years till all the bitcoin are mined. that time is too late for bitcoin to become a currency which is used by all people.
I don't think there is any relation between end of mining and increase in use of bitcoin. Mass adoption and increase in use of bitcoin depend on many other factors. The most important one is how governments will treat bitcoin and how they will regulate it. No matter there are still some bitcoin to be mined or not. even if all the coins are mined it has no effect on function of bitcoin. Nothing will change. Bitcoin can be used as a global payment system today if governments allow that.

jostorres

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Quote from: iMark on August 22, 2019, 09:44:21 PM

Quote from: Reid on August 21, 2019, 05:35:15 PM

It is a currency, no doubt about that.

I guess what you are really implying to is about the usage.
Yes, that is one problem in many cases of crypto currencies also in altcoin section.
Merchants are still doubting the usage of crypto currencies specially Bitcoin.
The volatiliy is still their one of the most

Thats right, in the outer packaging of bitcoin is currency, there is no doubt about that. but we know that only a few merchants accept payments with bitcoin, even we are very difficult to find it right? so do not be surprised if many people still question the actual function of bitcoin?

I think the reason why many people has not really seen much of its payment function is because we still concentrate on the store of value benefit of it, so you find many people who are demanding for btc doing so keep it in their wallet till bitcoin is completely mined with the believe that by that time, bitcoin would have grown very much to yield them enough profit, which by then you will see an increase in its usage because everyone must have accumulated enough of it by then.

We actually have some merchants that are accepting it, I have seen a lot of them around, and I have seen some even out the payment method on their ecommerce website, so it’s with time that merchants will grow, when bitcoin is no longer servicing as store of value that much when the price becomes stable.

jake zyrus

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Bitcoin can be both an investment and a currency. Bitcoin is flexible, it just matter on how would people use it. Bitcoin can be an alternative currency, just need to be recognized by more people. But as a main currency? I doubt that since government probably wouldn't agree with it. Bitcoin could work along with the main currency in the future

jaocoincrypto18

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The most common reason of why i favor Bitcoin to be a currency is that we will have another a convenient option to be use on our direct spending. Our way of living as Crypto users will be more hassle-free if Bitcoin has lot of features on it that can be more helpful in our daily lives so Yes Bitcoin really needs to be a currency.

gangem07

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It is remain as investment in the future.But it is also a currency like mode of payment in internet transactions.Paying bills,travels and online games this is i think bitcoin will serves as a currency.And bitcoin serves as investment thru holding in thr future.

Clinton R. Riggs

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It needs to be a currency in order to be a good investment,It can be both a means of saving money.bitcoin may be in future and it will be amazing in a few years though.

dnprock

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Bitflate developer

I don't think Bitcoin can be or need to be a currency for transaction. With limited supply, it's settling into being a Store of Value. It's very good at that. I think the space needs an inflating chain that mirrors bitcoin. Money comes in contradictory duality: inflationary and deflationary. I'm currently experimenting with an inflationary chain, Bitflate. https://bitflate.org

The future I see is that people will save their money in Bitcoin SoV. Its value can fluctuate a lot. For transactions, we'd use an inflationary alternative. Why do we need two tokens/chains? I think human brain cannot comprehend two processes (saving vs. spending) together.

Hamphser

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Satoshi invented bitcoin for the sake of freedom from the government controlling your own money.

Just leave the currency thing to the government thus, i don't like bitcoin to be called as a currency in the future it doesn't fit on its name.

Bitcoin should remain as a store of value and as a payment for any services that accepts bitcoin.

BestBitcoinBuyers

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Its a store of value, a settlement layer to pay for things that a person could use as a currency

With 2nd layers and side chains rolling out over the next decade people will just use Lightning Network or Liquid for payments in future.

Different trade offs for many different payment options that work with Bitcoin, some with stablecoins, some with other solutions.

Some will be completely anonymous, some will require ID. It will be amazing in a few years though.

Reatim

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Quote from: nicecrypto on August 23, 2019, 09:20:37 AM

I think it will be better for btc to be a currency than just a store of value, what will now be its use case and how will it be able to have value if there is no use case? the reason why alot of other coins don't have value is because they have no use case, btc is already accepted in some places so it needs to keep spreading for more acceptance.

BTC is already a currency but only accepted worldwide,the proof is indeed that how many countries now are using this as legal tender and not just a virtual money.
We can foresee the future of bitcoin as the worldwide currency that’s available at any time and any cost

Quote from: ?? on ??

Bitcoin is a very multi-functional coin. Therefore, I believe that he can do anything. To be both crypto exchange and currency. I think that this will not be a problem.

It’s not bitcoin who will do anything but us,because we are the user and we are the one who’s responsible of everything that bitcoin may be in future.so just do our part and bitcoin will do the rest

samcrypto

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Bitcoin has many different uses. It can be both a means of saving money and a full currency. It is foolish to consider it only from one side.

Only the government and banks treat bitcoin as not a currency because they know its a big deal if they continue to support it. There’s always a different side opinion, and for me bitcoin is a legal currency and I’m willing to accept cryptocurrency as a receiver, i do respect the technology of bitcoin because it deserve to be the top coin.

bitbunnny

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I think that is question for regulators but also how users itself see Bitcoin. To my opinion for Bitcoin users it's more or less irrelevant if it's defined as a currency or not. I often use it as a payment method so as a currency because that suits me. And probably is the same for many other Bitcoin users.
From the point of regulation it might represent a difference in sense how it will be introduced in financial and economic system if that ever happens.

veleten

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you should understand that bitcoin doesn't really care if it treated as a currency or asset or as a store of value etc.
it is a protocol and is based on certain principles that can or can not be used in certain circumstances
BAKKT is just the first ( allegedly ) to try and take advantage of bitcoin's versatility in this regard
if bitcoin won't be a currency , it won't lose its sleep , neither would I , call it whatever you want , just use appropriately
for it to be used as a currency , more than it is used today , since we see some usage of it - many businesses are accepting payments in bitcoins
it has to be way faster transactionwise and way more widespread around the globe , the more businesses accept it , the more of a currency it becomes
as if there is any grade , like: currency , not a currency yet an so on

xamxam

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Well, for me bitcoin is already a currency in my own opinion. Because all of my source in crypto once I sold them in the exchange, automatically it will converted into bitcoin then I can covert it into fiat currency were I can support all the needs I have in my daily routine in life, and pay all of my bills monthly. Therefore it is indeed currency and I know to others they would agree with me for sure.

nicecrypto

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I think it will be better for btc to be a currency than just a store of value, what will now be its use case and how will it be able to have value if there is no use case? the reason why alot of other coins don't have value is because they have no use case, btc is already accepted in some places so it needs to keep spreading for more acceptance.

peter0425

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Quote from: phamminhtan on August 20, 2019, 02:12:34 AM

Bitcoin is an investment for me, but I still think Bitcoin is a currency used on enternet, but unfortunately, too few people know about Bitcoin.

That is no unfortunate because it’s their losses if they don’t come to learn bitcoin lol.while we are profiting and has a bright future from bitcoin but for them this isn’t a scam so it’s our benefits of being here and their losses
And one thing is Bitcoin is a currency in virtual form,if you don’t have idea that this currency was being used in Japan as currency and thy can use in any places just like what Yen has

nightxglow

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Actually it's just normal if people treated bitcoin as investment, not as currency. Because well, currency is used as a method of payment, meanwhile bitcoin is far from that. It surely can be used to pay for something, but the problem is not many places accept bitcoin. This is what kinda prevent bitcoin to act as a currency. Meanwhile bitcoin value is great, and the price is kinda volatile so it's perfect for people that want to invest, or trade. Because they can buy btc in low price, and sell it in high price. So as long as not many places accept bitcoin, or bitcoin is common enough to be used in our daily activities, and as long as the value is still great, i think people will still consider bitcoin as investment only, not as currency.

Vishnu.Reang

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Satoshi Nakamoto designed Bitcoin as a digital asset which can be used for many purposes. Being a currency or a mode of payment is one of the purposes of Bitcoin. And it had made some headway as a currency during 2012-13, before the bull run occurred. After the first bull run, users started regarding it as more of an investment asset, or as a store of value.

Rozita

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Quote from: iMark on August 22, 2019, 09:44:21 PM

Quote from: Reid on August 21, 2019, 05:35:15 PM

It is a currency, no doubt about that.

I guess what you are really implying to is about the usage.
Yes, that is one problem in many cases of crypto currencies also in altcoin section.
Merchants are still doubting the usage of crypto currencies specially Bitcoin.
The volatiliy is still their one of the most

Thats right, in the outer packaging of bitcoin is currency, there is no doubt about that. but we know that only a few merchants accept payments with bitcoin, even we are very difficult to find it right? so do not be surprised if many people still question the actual function of bitcoin?

I didn't ask about bitcoin application nor the purpose of its creation. I am aware of how bitcoin works, what are the benefits and how can people take the advantages of it. My concern was only about how bitcoin is being treated by people. My concern was considering bitcoin as an investment and being far from the main purpose of bitcoin. I also know that bitcoin is now accepted by few merchants as a payment system.

boris2470

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I think that bitcoin can be used in different ways because of its functionality. This creates an opportunity to choose a person what he likes best.

Topic: Does bitcoin need to be a currency? (Read 510 times)