How does bitcoin become a currency? - page 11.

SirLancelot

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Quote from: Menawi12 on June 09, 2018, 03:23:46 AM

Quote from: zhangxie29152784 on March 25, 2018, 08:21:54 PM

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.

Bitcoin is like store of value and its more like gold in real world. If bitcoin used for payment, bitcoin only have 21million supply and its too little if used for payment. Some peoples using bitcoin for payment because bitcoin is cryptocurrency and can be used for payment and an assets

The Bitcoin is a currency as we can use it as payment method and using as transaction to others which is in our benefit. Its use makes it a currency and we need it for our transactions and other money related payments.

We use this fast transaction method which is frictionless and your receiver will receive the amount instantly if he is wherever on the earth. Governments are now in this to count it as an asset so they may be able to get taxes over it but it is a currency.

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Quote from: lehuong on June 11, 2018, 02:19:24 AM

For bitcoin to become a currency, bitcoin should first be recognized
The second law that is bitcoin can be printed in paper money want to get this bitcoin is needed at the transaction point to exchange as ATM card now and that is a long process.

I do agree that for bitcoin to be a currency, it needs to be recognised legalised by all of the governments but I don't get it why it needs to be printed into sheets of paper like fiat money. The nature of bitcoin is digitalisation, which is supported by blockchain technology, and this is also what differ bitcoin and cryptocurrencies from other types of currency. So if we turn bitcoin into something that we can physically take hold of, we eliminate the real meaning of bitcoin and it will become just like fiat money.

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For bitcoin to become a currency, bitcoin should first be recognized
The second law that is bitcoin can be printed in paper money want to get this bitcoin is needed at the transaction point to exchange as ATM card now and that is a long process.

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Quote from: Menawi12 on June 09, 2018, 03:23:46 AM

Quote from: zhangxie29152784 on March 25, 2018, 08:21:54 PM

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.

Bitcoin is like store of value and its more like gold in real world. If bitcoin used for payment, bitcoin only have 21million supply and its too little if used for payment. Some peoples using bitcoin for payment because bitcoin is cryptocurrency and can be used for payment and an assets

We have seen a lot of improvement in the world of the crypto currencies and that all the crypto coins especially bitcoin have started making much better reputation amongst the investors and that because of which, the demand of the crypto coins is also increasing at a significant rate.

Bitcoin will become a currency and that there are likely chances that people will start using like the way they use their normal regular currency.

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Bitcoin becomes a currency when you use bitcoin to do payments instead of the fiat money or the regular currency that we have and currently been using for day to day basis. Bitcoin is a really great cryptocurrency and back in the old days, it is the first option to make payments online in the deepweb because of its features but now since there is a lot of privacy coins, bitcoin is just serve as a store of value or an investment.

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Quote from: meatballsset on June 07, 2018, 11:53:03 AM

Bitcoin becomes a currency by its name as a coin which is circulating in the internet as also a medium of exchange and are use and accepted by people worldwide

Different people have different rays about bitcoins. Some consider them as coins and some consider them as currency. I consider them better source of earning money for medium level people. We can’t just live a healthy life over salaried job because expenses are much more than our salary. So almost everyone here wants some other source of income and bitcoins are the best.

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Quote from: panfils on June 09, 2018, 04:00:59 AM

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.

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Bitcoin can be used as method of payment but altcoins are coming out to provide a different service as well which is reducing the market for bitcoin payments. For a private and anonymous transaction they will use one of the privacy coins instead, or for games using a gaming altcoin.

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Quote from: panfils on June 09, 2018, 04:00:59 AM

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.

Bitcoin on-chain transactions are not instant but that's why we have Lightning Network which allows for instant and extremely cheap payments. It is not perfect solution, you have to know how to use it at this moment because there are not many users there. However we are on a good way to make Bitcoin more popular.

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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.

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Quote from: zhangxie29152784 on March 25, 2018, 08:21:54 PM

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.

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.

Menawi12

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Quote from: zhangxie29152784 on March 25, 2018, 08:21:54 PM

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.

Bitcoin is like store of value and its more like gold in real world. If bitcoin used for payment, bitcoin only have 21million supply and its too little if used for payment. Some peoples using bitcoin for payment because bitcoin is cryptocurrency and can be used for payment and an assets

avtonomro

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I completely agree to you but people are not understanding this. They are only after returns instead of using it as currency.

Ryanpogi

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Bitcoin is one of these currency, we can liken it to gold. It's great value when you get a bitcoin. So what we need to do is to work hard for us here ..

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I think people are using bitcoin more for day trading and investment now. If people get to understand that bitcoin is safe and very effective and likely to disrupt the technology era with blockchain technology, they will surely be enticed to accept bitcoin as a form of payment. Currently, some major companies like KFC Canada and Microsoft have accepted bitcoin for their products. More companies are likely to follow in a couple of years.

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Quote from: meatballsset on June 07, 2018, 11:53:03 AM

Bitcoin becomes a currency by its name as a coin which is circulating in the internet as also a medium of exchange and are use and accepted by people worldwide

So far, most of the people are only treating bitcoin as either an asset or a way of investing their money and that the usage of bitcoin as a currency is not that much common. However, bitcoin has a strong potential of becoming a currency and that it will soon become currency as there are places which have started accepting bitcoin and that this trend will keep on rising higher in the future.

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Quote from: komrobert on June 07, 2018, 01:40:04 PM

Bitcoin is a currency, yes, but it just started to be popular in 2017. It all just started, we need to wait for Bitcoin to become real currency in real world. It will happen when common people start perceive Bitcoin just like a dollar or euro, but better, stronger.

I agree.Bitcoin is really gaining its popularity as more years passed by.It is considered an online currency because it is just being used as a payment system in some online transactions but not totally used in the real world since it is not yet adopted unlike fiat currency that is already being used by all people in different countries.

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Quote from: Noelbetty12 on May 03, 2018, 09:56:15 AM

It is considered a currency when it was used as a form of money though in digital form. When people used it as a method to send and receive money online, when a country sees it as a valuable thing similar to fiat currency thus legalizing it, and last when it is used to by products online or offline.

I think All this leads to bitcoin business which includes mining, borrowing, bitcoin harvesting and more. Over time, everyone forgets that it is a currency and not a kind of coin in which you can hold value as we do in gold. Anyhow that is what it is now and we have to accept it.
it's weird but the main principle of bitcoin is using it as currency and mode of payment. The system should remain that way, peer to peer transactions and with security interruptions, lower transaction time (upto the minute) and no minimum limit on how much to send or receive. However, over time, the user base grew and mining operations expanded until unlimited resources and technology increased rapidly.

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Bitcoin is a currency, yes, but it just started to be popular in 2017. It all just started, we need to wait for Bitcoin to become real currency in real world. It will happen when common people start perceive Bitcoin just like a dollar or euro, but better, stronger.

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Quote from: zhangxie29152784 on March 25, 2018, 08:21:54 PM

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.

Bitcoin becomes a currency when people treat it like a currency. People treat it like a currency when it loses the volatility and maintains a stable value. The problem is nobody wants it to be a currency. They want it to be a speculative vehicle that could make them rich. That's not what a currency does. A currency has a stable value and functions as an exchange of value, it doesn't itself create value. But everyone chasing lambo dreams are expecting it to create value. That's why it will never be anything more than a speculative tool until people change their expectations of what Bitcoin is for. At this point, I have my doubts it's even possible. People don't want stability. They want it to make them rich.

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