How does bitcoin become a currency? - page 12.

Xenoph0bia

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Quote from: BrentMack on April 17, 2018, 04:32:56 PM

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.

Currently, I believe that the coin is being used as an investment asset only. Till the coin doesn't gain acceptance throughout the financial market, it can't be used as a currency.
Also, the main objective of the coin was to bring forth a decentralised mainstream currency which is not bound to any rules and regulations and the coin will achieve that only when gains some stability. The coin at present is too volatile to be a mainstream currency. The coin has the potential to be one, but until it gets accepted worldwide and becomes stable, it will not be able to achieve its goal.

meatballsset

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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

BitcoinMarketer39

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Quote from: zhangxie29152784 on March 25, 2018, 09:21:54 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 just become a currency as the time goes on because the demand in the market keeps on increasing and investors become attracted and now even the online stores are using cryptocurrency for their own business.

coinfinger

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Quote from: yoseph on May 10, 2018, 06:37:06 PM

Quote from: Tenderino on May 10, 2018, 06:28:31 PM

As long as no country in this world will declare bitcoin as its official currency, bitcoin can not become a currency because currency means that it is in general accepted as a payment method within a country. And as you can see, until today this is nowhere the case and I can also inform you that I wait for the day when I can pay my rent with crypto currencies.

It does not take a country to declare that something is a currency before it becomes widely accepted, Bitcoin is and became a currency because people were willing to accept it as a mode of payment. One cannot deny that when the transaction fees went high it really hurt bitcoins a lot and maybe we are still experiencing the feedback.

The currency was introduced in 2009 and has evolved in a billion dollar market as crypto currencies are used for payment purpose in a country on low cost. Thus people started using it for currency exchange some buy it for selling to make huge money. Currency has taken many forms that what makes Bitcoin a currency what it does, not what it is. It’s meant to be a global currency which can be operated with out government’s instruction.

kimochidesh

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Bitcoin can still be used for the purposes you have stated as the past of Bitcoin. But as gradually as more and more people got aware about it and join this community its value started rising. This lead to the huge profits to the investors and they started mining it, trading it or holding it, etc. so Bitcoin became a store of value like Gold. But people should realize that the main purpose of Bitcoin was to ease the payment transactions.

btcprospecter

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Bitcoins value now comes from trading and is still viable as a currency aslong as people are willing to spend and receive bitcoin for transactions then by all rights it is a currency. We all suffer the same feeling when we spend bitcoin about its value going up but it is just something we have to live with the only sensible way to do it then is to replace anything spent so really we are only converting fiat to crypto to spend.

markk94

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The first requierment is for bitcoin to have such stable prices, that not become volatile anymore. When that does happend, many people would recognize this amazing bitcoin as payment system in many different merchant, country, or even become worldwide recognized payment system. For bitcoin to achieve that, kinda still long way to go, i guess.

Whosdaddy

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Quote from: Ammenz on May 09, 2018, 10:48:56 PM

BITCOIN is a dogital asset design buy its inventor,satoshi nakamoto to work as a currency.

It is a currency but it is understandable if some people do not consider it as a currency but look at it as more of an asset than a currency. I believe since we are still in the phase of early adoption, this is one of the things we are going to keep seeing.

Very few people today really transact with it to pay for goods and services but majority of people keep seeing it as an asset which has caused all the spikes we keep seeing today. In the case where we end up hitting mainstream and real life usage, I believe so many things will change.

hastang

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things evolve and BTC is no exemption! it may be created as a sort of payment and to ease the burden of paying high transaction fee. but as time runs it is now widely use as a good way of investment. it was even compare to gold even though BTC has no physical representation, only digital numbers store on the web.. but it is now following the footstep of gold that fluctuates over the fiat currency.

zarados

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initially, bitcoin was created as a protocol that can help peer to peer transactions and at very low cost. But currently, some have used bitcoin entirely in buying and selling transactions even though the fee is very high when unconfirmed transaction increases. This technology depends completely on its users, if its users leave it, bitcoin will become invaluable, but if its users continue to use it, its level can even increase to a currency.

yoseph

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Quote from: Tenderino on May 10, 2018, 06:28:31 PM

As long as no country in this world will declare bitcoin as its official currency, bitcoin can not become a currency because currency means that it is in general accepted as a payment method within a country. And as you can see, until today this is nowhere the case and I can also inform you that I wait for the day when I can pay my rent with crypto currencies.

It does not take a country to declare that something is a currency before it becomes widely accepted, Bitcoin is and became a currency because people were willing to accept it as a mode of payment. One cannot deny that when the transaction fees went high it really hurt bitcoins a lot and maybe we are still experiencing the feedback.

Tenderino

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As long as no country in this world will declare bitcoin as its official currency, bitcoin can not become a currency because currency means that it is in general accepted as a payment method within a country. And as you can see, until today this is nowhere the case and I can also inform you that I wait for the day when I can pay my rent with crypto currencies.

Bagaji

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Bitcoin become a currency because we the member of the community believe it can serve as a mode of payment for goods and services and that is how bitcoin became a currency and it will continue to be so long we value it, but anybody may have a contrary opinion to this my view anyway.

LeaderAMB

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Quote from: Inkdatar on May 06, 2018, 05:07:10 AM

Quote from: MendozaCharles on May 06, 2018, 04:28:59 AM

Bitcoin was developed in 2009 but has gone through many periods of difficulty with virtual currency, many claims that Bitcoin is in the same position today thanks to the investment of significant financial distributors. Bitcoin is one of the fastest growing platforms.

I can say bitcoin at present time is the fastest growing platforms indeed because we have notice many users has known bitcoin widely. Others define bitcoin as currency for some reasons, but time passed it has many usage. But no doubt bitcoin features is good that adopts by many people.

I think that because bitcoin develops too fast that leads to the reason why most of countries are afraid of it, especially most of governments try to reject it, even they give too many methods to ban people from using. Evidently the supply and demand of bitcoin is getting increased every single day. Inherently it’s a currency because we can use it to buy goods or services in some places but just not completely accepted worldwidely by the time. It will be more great if someday bitcoin can be accepted in most parts of world which provides us the chance to use it easily and worldwidely.

cizatext

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What ever made bitcoin as a payment method for online stuffs such as you have mentioned is the same that made bitcoin a currency, what is even a currency by the way a currency is any thing that is generally accepted as a means of payment for goods and services and that is the service bitcoin is offering us today. I don't believe bitcoin can ever lose it value because bitcoin is highly design to meet the transaction needs of the people.

justdimin

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Quote from: Pier7 on May 10, 2018, 12:32:45 AM

Bitcoin is a digital currency and it is used for online payments to selected merchants who accepts it. It works like our local currency but it has no physical form, it only works on the computer over the internet. We can purchase items from abroad by paying through bitcoin without passing through any third party for approval, it is a direct transactions to anyone and it is cheap and fast.

Yeah, but in as much as we all know that for sure, how many people today really make use of it as a currency. I know there are some who do, but I feel we have not really gotten much to that stage where we get to start seeing real life usage, but it something we are approaching gradually.

A lot of people have turned it to being an asset more than a currency and waiting for the day it would hit that huge amount and by then, I am sure we should have hit some level of mainstream adoption driven by currency usage demand, so we just have to wait for it, but for the time being, I do not see it as it becoming worthless.

Colt22

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Quote from: zhangxie29152784 on March 25, 2018, 09:21:54 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.

The actual point is that bitcoin was created as a currency for online goods to buy and sale so it was already in the minds of all of its users that it is a currency and one day they will be able to buy things with this currency so people were in the struggle to start services with this currency and one day it became happen and people started to use it as a currency for their dealings.

rudito

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Quote from: zhangxie29152784 on March 25, 2018, 09:21:54 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.

The more people use bitcoin the bitcoin value will increase, and since bitcoin has value then bitcoin will be used to transact, and with it bitcoin can be called as currency.

Piggymonster

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Bitcoin becomes currency because it is now an accepted form of payment to dozens of countries around the world. It functions like our local currency but it doesn't have any physical form. It is a digital currency that functions only with the use of computers and internet.

Pier7

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Bitcoin is a digital currency and it is used for online payments to selected merchants who accepts it. It works like our local currency but it has no physical form, it only works on the computer over the internet. We can purchase items from abroad by paying through bitcoin without passing through any third party for approval, it is a direct transactions to anyone and it is cheap and fast.

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