Topic: Does bitcoin need to be a currency? - page 2. (Read 510 times)

The concept was to create an alternate currency for everyone controlled by no one. Bitcoins's primary job was to make life simple for a common man when he is looking to transfer fiat from one location to another over the internet. To do so Bitcoin needed a Fiat value and for this it needed investment. Without it being a currency there will not be any investment.

This means Bitcoin not only has to become a good payment system but also needs to behave as an alternative currency to surpass Fiat and create its own value. At the moment it is considered more a commodity and compared with gold. Slowly the whole concept is changing to something else. This will lead to more HODLing and less trading.

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 say this again also here. Bitcoin mainchain can not work properly as cryptocurreny.

Its too slow and too expensive. You can not pay in supermarket with Bitcoin without any company or add on. So only add on solutions make it a currency.

The future of bitcoin is bright as a mode of payment that is accepted by all people. We are in the 21st century and e-commerce is the order of the day. The best description of bitcoin has always been a digital currency that can be used to make payments online.

When the price of bitcoin rises very high, for example $ 100k, people will not think of paying using bitcoin, they prefer to save it and hope that the rise in bitcoin prices will continue. For many people, bitcoin is a long-term investment or store of value and may be a substitute for gold

a "currency" is something that you could use as a medium of exchange. meaning if you for example went to a restaurant and wanted to pay for your meal with that thing you could. so since you can not pay for launch with gold, then gold is not a currency.
in fact it has not been used as a currency for a very long time now.

Bitcoins being used as a currrency would be beneficial to the cryptocurrency in the long run but most users have come to the notion that it is always more profitable to hodl their bitcoins and wait for the next bull run where they will sell their bitcoins and  make some profits from it.

I think that it is not very important that BTC  is a currenc yfirst and asset second in short term, it is good enough that it gets more people to see it as investment first. It is a good thing that regulations allow BTC to be seen as asset and therefore invested in. In time ti will become more accepted as currency always or other coins will emerge to be payment option.

Bitcoin in the future could serve as an alternative means of currency, but as at present, it does not necessarily have to be a currency before one can use it. As a matter of fact, its usage is widely adopted.
Bitcoin been seen as a currency or as an investment, one thing is that people will always involve on what will give them returns(profit) on their investment.

Bitcoin is a digial currency. Now since we have other currencies to trade it against there came the concept of forex in the traditional markets and fiat<>crypto exchanges in the bitcoin sector. While this leads to a speculative market it does not mean that the currencies came as investments. They are all different currencies in the first place. Today the people who are trading bitcoin and making profit from doing so are getting rich from their "investment" but it did not start out for that.

Think of it as you think suits you. Everyone has their own opinion here but this is most common explanation.

Bitcoin is a currency just before it came out  but it does not mean that it should sustain this characteristics in order for him to succeed  because btc can still work perfectly even on an asset form  .  

can you picture out gold ?  Gold is not a currency but why people loves to buy and invest on gold ?  Simply because its precious or valueable same as bitcoin  . but like gold people can use it as a means of currency if ever they want to or if ever cash is not available .

Bitcoin is multifunctional and I think it would be foolish to use it only as an investment and store of value.

Wow - what an interesting range of replies, and I'd like to make some comments and venture some opinions.

There is no "the" government, the closest is probably the Anglophone empire which controls the central banks.

Fiat currencies are not created by governments, they are created by the central banks, governments just print notes based on currency they have borrowed from the banks.

Gold is increasing in use as a currency as the US dollar loses its status as a reserve currency. Because of its high value, it is used nainly at corporate and state levels, and by major crime organisations.

Gold is legal tender in a number of countries, and the UK is one of these. The Sovereign ( £1 face value ), and the Britannia ( £100 face value ). Of course the real value is probably 10 times the face value, and I suspect they maintain their status as legal tender to help the rich to avoid various taxes.

Bitcoin will continue to increase in value in my opinion, and this will remove whole Bitcoins from the reach of most peiople. However, the Satoshi has a much more manageable value, and this could well become a generally accepted unit of international currency. Even if the value of Bitcoin increases to astronomical levels, the Satoshi still has the capability of further sub-division, for example a micro Satoshi could be used with a value of one millionth of a Satoshi.

I hope they are also aware that we have a lot of altcoins particularly the stable coins which purpose is to eliminate the volatility.
We have a lot of popular stable coins in the market which liquity is high and I think that's big enough to cater the businesses that would accept bitcoin as a currency. In fact Tether has the biggest trading volume in the market now.

You cannot change it from the outside, Bitcoin is what it is, wherever you accept it (legalize it) or not (criminalize it). The State is banging its head against the wall, it will have to cede sooner than later, they cannot contain it no matter what. It was literally designed to go around such things.

So, can they block you and me from, you paying me in bitcoin, and me paying you in bitcoin? No they can't. So yes its a currency, with or without their blessing. You can see it as a store of value, because it happens to be deflationary, but it is about time a deflationary coin returned, ever since humanity abandoned precious metals as coins due to several historical reasons and other factors, usually tied with governments trying to mess with the economy and getting burnt in the process.

So separating State from Currency once and for all, is none the less what bitcoin is achieving, successfully. Welcome those States that accept it, and shame the small group scared of it, because they can't manipulate it like the always did with fiat.

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                                                                      

Well, the possibility of the emergence of Bitcoins as a new world currency becomes even more important, given that at present, China insists on using Bitcoin as a reserve. I would also like to note that Bitcoin is not controlled from a military point of view, its decentralization makes this direction irrelevant.

Cryptocurrency cannot be limited to any party, which completely excludes the imposition of any sanctions.

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.

Bitcoin has to be a currency so it will be able to retain it's demand and will continue to be valuable.
Why are people investing in bitcoin? That's the question everyone should know, and the answer is very simple, they invest because they believe that bitcoin is gonna be the best online currency in the future, and that would not happen if adoption will not grow.

Now, the next question, how did we rate the adoption of bitcoin? for me, I think the adoption rate is moving at a positive rate because more people are now aware of bitcoin, this attracts them because at the same time they can also use it an investment and a currency.

If bitcoin is to be used alone as store of value, it may never really function well and may crash along the line because it is not designed to be so, what makes bitcoin what it is now is actually the constant demand for it, and if we are to use it for investment alone, the level of constant demand will reduce, because if I feel $1000 is what I want to invest in bitcoin, that is what I will invest and waiting for increase.

If I am using it as currency, I could take that $1000 through the market several time, maybe I need to pay for an imported goods that will cost me about $100,000, I imagine how much bitcoin I will demand for at that time just from a single transaction and from a single person, so because demand is what drives bitcoin price, it needs to be used often.