Topic: How does bitcoin become a currency? - page 10. (Read 2026 times)
bitcoin can be a currency because I think it's from the influence of very high demand that will make bitcoin to have a price and become very expensive. bitcoin is also very difficult to obtain.
bitcoin can be a currency because bitcoin has a demand and because bitcoin has a buyer, when bitcoin does not have a buyer then bitcoin will not likely have a sale price.
In the beginning, BTC could be used to exchange of low value of virtual items, such as buying web sites or game points, virtual items, etc., afterwards, some people in order to get these virtual items, items may be in online auction own reality for BTC, others want to buy the real goods, but no BTC at hand, and then use real money to exchange BTC, as a result, BTC begin to flow, and have a "value".
In other words, bitcoin is inherently valuable as a means of payment; If it loses its function as a means of payment, it becomes worthless.
The value of money: it exists because of payment.
In other words, bitcoin is inherently valuable as a means of payment; If it loses its function as a means of payment, it becomes worthless.
The value of money: it exists because of payment.
Well, it seems to me that is a Yes, All of money even if its digital money, virtual money, physical money and fiat is exist because people used it as payment for their goods or items , Bitcoin become currency because its used as a payment mode. It is also a currency used in the internet world as stated above it is use by the gamers to buy their item and buying in many websites. Bitcoin is also transferable and now it can exchange in many kinds of fiat. I think it become a currency because money people are using bitcoin, they also mined it, and they invest in bitcoin.
In the beginning, BTC could be used to exchange of low value of virtual items, such as buying web sites or game points, virtual items, etc., afterwards, some people in order to get these virtual items, items may be in online auction own reality for BTC, others want to buy the real goods, but no BTC at hand, and then use real money to exchange BTC, as a result, BTC begin to flow, and have a "value".
In other words, bitcoin is inherently valuable as a means of payment; If it loses its function as a means of payment, it becomes worthless.
The value of money: it exists because of payment.
In other words, bitcoin is inherently valuable as a means of payment; If it loses its function as a means of payment, it becomes worthless.
The value of money: it exists because of payment.
Bitcoin is also a currency through using new technology method which is VIRTUAL CURRENCY using COMPUTER and any GADGETS, this is not physical currency like fiat money but for making transaction it is also same as Fiat money you can pay it any time anywhere you want. Within a few minutes processing has been made that's the a good value of bitcoin. same process to fiat money but more upgraded actually.
First of all, i dont think bitcoin is a currency. It was just named "e-currency" because it is used online to pay products that is direct payment to the merchant without using any third party (in short, convenience). Something is instill in my mind that bitcoin has no real value at all, it just a representation of money. And this idea have a point. It is just very popular that people think its really have a value. So i guess the questions is kinda no answer as to my insight.
some users really love bitcoinyou know. so they make a speculate too much about bitcoin. I do not think bitcoin will be the currency that a country will uses because that must be impossible to happen but bitcoin will only become a popular payment option in some countries.
First of all, i dont think bitcoin is a currency. It was just named "e-currency" because it is used online to pay products that is direct payment to the merchant without using any third party (in short, convenience). Something is instill in my mind that bitcoin has no real value at all, it just a representation of money. And this idea have a point. It is just very popular that people think its really have a value. So i guess the questions is kinda no answer as to my insight.
some users really love bitcoinyou know. so they make a speculate too much about bitcoin. I do not think bitcoin will be the currency that a country will uses because that must be impossible to happen but bitcoin will only become a popular payment option in some countries.
maybe you mean how to convert bitcoin into conventional currency or convert bitcoin into our own currency depends us silent in which country if that is what you mean you can search in some currency exchange market and see whether your country currency exists or not if there is a means can if not mean can not.
Bitcoin was never a currency to begin with. We used is to exchange for the real money because it has value.
In the beginning, BTC could be used to exchange of low value of virtual items, such as buying web sites or game points, virtual items, etc., afterwards, some people in order to get these virtual items, items may be in online auction own reality for BTC, others want to buy the real goods, but no BTC at hand, and then use real money to exchange BTC, as a result, BTC begin to flow, and have a "value".
In other words, bitcoin is inherently valuable as a means of payment; If it loses its function as a means of payment, it becomes worthless.
The value of money: it exists because of payment.
In other words, bitcoin is inherently valuable as a means of payment; If it loses its function as a means of payment, it becomes worthless.
The value of money: it exists because of payment.
Bitcoin become currency because there are still other current popular uses types of money like DOLLAR, EURO an some other money from different country compared the value of bitcoin. So there will have comparison with the price, like Stock exchange movable price value exchanges to dollar. but if only Bitcoin operating in this world and no other comparison with other money, we could say that's only "PRICE VALUE" not currency.
In the beginning, BTC could be used to exchange of low value of virtual items, such as buying web sites or game points, virtual items, etc., afterwards, some people in order to get these virtual items, items may be in online auction own reality for BTC, others want to buy the real goods, but no BTC at hand, and then use real money to exchange BTC, as a result, BTC begin to flow, and have a "value".
In other words, bitcoin is inherently valuable as a means of payment; If it loses its function as a means of payment, it becomes worthless.
The value of money: it exists because of payment.
In other words, bitcoin is inherently valuable as a means of payment; If it loses its function as a means of payment, it becomes worthless.
The value of money: it exists because of payment.
Bitcoin become currency because there are still other current popular uses types of money like DOLLAR, EURO an some other money from different country compared the value of bitcoin. So there will have comparison with the price, like Stock exchange movable price value exchanges to dollar. but if only Bitcoin operating in this world and no other comparison with other money, we could say that's only "PRICE VALUE" not currency.
There are some limitation which stop bitcoins from being used as a currency. For instance, the transactions are not instant and it is a big limitation in my opinion.
I don't deny that there are some limitations that bitcoin is facing at the moment but from my point of view, I don't suppose that transactions speed is one of them. Maybe it's not that immediate but it's still faster and easier to make transaction with bitcoin than the traditional ways. I think that what prevents bitcoin from being entirely a currency is that many countries are still having misleading thoughts about bitcoin and some even ban it. I hope that one day the governments would change their minds and bitcoin would eventually become an international currency.The main thing preventing Bitcoin from being a currency is that nobody wants it to be a currency. All the people buying it are doing so in hopes of it making them rich, not maintaining a stable value which is the most important element a currency needs to possess to have any utility at all. People can't transact in Bitcoin easily without taking on a lot of risk of the value of the instrument rapidly depreciating. If you're a business, your profit margin can be entirely eaten away by the wild price swings, which would make it impossible to continue operating your business. Bitcoin is a very poor option as far as currencies go for this reason.
First of all, i dont think bitcoin is a currency. It was just named "e-currency" because it is used online to pay products that is direct payment to the merchant without using any third party (in short, convenience). Something is instill in my mind that bitcoin has no real value at all, it just a representation of money. And this idea have a point. It is just very popular that people think its really have a value. So i guess the questions is kinda no answer as to my insight.
I's clear that Bitcoins have no intrinsic value because it's a digital currency. But since they were introduced to the world in 2009 by unknown inventor Satoshi Nakamot ..IT has turned into a billion-dollar market and have been designated a currency by the U.S. government... this is what i know about BTC
Bitcoin is already a currency, it does not need to become one. You can buy and sell things with bitcoin and that is what a currency is for. Although now I think people use bitcoin as more of an investment than as a currency but that does not mean that bitcoin has stopped being a currency.
Bitcoin is not a real currency it is the virtual one. It is created by digitally and use by digitally. In my opinion it a currency because it doing all those things which are done with the help of real currency but in digital way. Many online merchants and business using Bitcoin as trading tool. They taking Bitcoin instead of real money from their customers. Bitcoin is also use to pay monthly rents, EMIs, water and electricity bills etc. Bitcoin is also convert to any country currency like a real currency. And like this there are some other uses of Bitcoin is present which are comparable to real money 
Bitcoin is a crypto currency, its been used by investors thru trading, and the new comer in the crypto currency market. the growing acceptance on Bitcoin as one of the top coin posted on the market, indicates that they been following,investing on Bitcoin, i am looking forward that Bitcoin will be use as a mainstream currency in the future replacing FIAT money.
Bitcoin was created as currency when it was created by satoshi nakamoto,but it had value when people starts using it continiously and all the products in the world have the value by its demand and supply.
BTC can be used to exchange the low value of virtual goods, such as buying websites or game points, virtual goods, etc., After that, some people to get these virtual goods, the goods may be in the online auction of its own reality for BTC, which others want to buy real goods, but there is no BTC in hand, and then use real money to exchange BTC, as a result, BTC starts flowing, and has a "value".
The currency of Fiat is mostly traded locally besides the universal usd. But bitcoin is outside and almost all countries, so the opportunity can not be used because payment is a fantasy or total misunderstanding about the use of cryptocurrency worldwide.
because bitcoin was accepted by many people/community to be use as a medium of transaction.
and as far as i hear from my friend long time ago they use bitcoin to buy Pizza.
and Deepweb uses bitcoin for some Transaction and
and as far as i hear from my friend long time ago they use bitcoin to buy Pizza.
and Deepweb uses bitcoin for some Transaction and
bitcoin can be a currency because bitcoin has a very high demand that makes bitcoin has a price and bitcoin can be money because bitcoin can be used to do payment when you buy something.
Yeah, I think everyone knows that bitcoin will lose its value if no one will use it - basic concept of demand and supply, which is quite not possible at the moment as a lot of people believe in it unless maybe something wild happens to bring to its downfall.
I do agree to everything you said, bitcoin was introduced to be a currency.
I do agree to everything you said, bitcoin was introduced to be a currency.
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