How does bitcoin become a currency? - page 15.

Direwolve735

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Quote from: ajochems on May 05, 2018, 12:06:40 PM

It's a very big story Grin

Bitcoin is created to be act as a gold and currency. The first stage of bitcoin had achieved. The number of investors in bitcoin is greater than Gold and silver. But to achieve this place ,Bitcoin had struggle a lot.But Bitcoin is on the top of the crypto currency table from the beginning.

Yes, it's true that now bitcoin has more investors than gold. And this became one of the main reasons why bitcoin can be regarded as a currency. On its side are high price and investor interest - these factors help to push legislative regulation and stimulate the development of payment services based on crypto currency.

ClaraLuV

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Bitcoin become a currency when people started to use this medium of exchange for products and services offered. In the initial stages it was worth less than a dollar as no one was aware of the new technology only the technocrats got in the bitcoin network, in US someone got pizza in exchange of bitcoins and thats how the real worth of bitcoins started of as a currency. Many other online shopping, products and services were offered all around the world in exchange of bitcoins then more and more got into the bitcoin community making more demand for bitcoins and that caused for the soaring of bitcoins in the crypto currency market.

ajochems

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It's a very big story Grin

Bitcoin is created to be act as a gold and currency. The first stage of bitcoin had achieved. The number of investors in bitcoin is greater than Gold and silver. But to achieve this place ,Bitcoin had struggle a lot.But Bitcoin is on the top of the crypto currency table from the beginning.

Bolivar_Tony

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For bitcoin to become a currency that needs a lot of extra things, in which the interest of investors is the greatest, many think Bitcoin has become a bubble in the past and the future it will continue that. Also, there are still restrictions on Bitcoin in many countries.

jennygamilo

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you can say bitcoin money because it really is a financial source, bitcoin is a new hope for people who want to get rich because you can use it anytime and anywhere, you can also say that it is about money because so many people use it to accumulate and get big money and that's why the bit is called finances

Claudyah

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it will never happen, Moreover, although the current price is skyrocketing, Bitcoin remains perceived as an unstable digital currency to be used as a means of payment.

boled

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Bitcoin is already a currency, many merchants accept payment using bitcoin. this is enough proof that bitcoin is the digital currency. Crypto currency. Bitcoin can not be the currency of a country unless it has no currency, and recognizes and makes laws about the legality of bitcoin currency. Because bitcoin does not belong to 1 country, or a country.

chengyinoing01

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The intrinsic value of bitcoin is that it is a better currency, and that is the ultimate reason why people are willing to buy it. However, there are many variables in the realization of this value, and people's understanding of this value is also very unclear, which is the root of the price inflation and collapse.

robynmario

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Not sure about which is the goal of bitcoin. but in bitcoin there is so much difference to become a true currency for circulation in reality. Because, it is different from the characteristics and nature of the concept of currency. Supply, level of change in value. It is possible that bitcoin can self-adjust before and improve previous features. But I think it is not easy and maybe we will not wait for that.

Kakmakr

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Quote from: crazycatwoman03 on May 03, 2018, 03:17:38 AM

Quote from: Kakmakr on May 03, 2018, 02:27:24 AM

Anything can transition from being a commodity to being a currency, for example : If I manufactured toy cars and those cars were high in demand, then people would start to accept that as a payment option for their goods and services. The difference is that those toy cars are not recognized as a reserve currency, because it was not issued by a government.

Now, back to Bitcoin.. If enough people start exchanging bitcoins for other services and goods, then Bitcoin would be used as a payment/currency by a lot of people, but it will still not be a reserve currency. You have to see the difference and what has to happen for it to transition from a commodity to a mainstream currency and then later to a reserve currency, when politicians decide to re-define it as a official currency or even a reserve currency, when it replace their traditional fiat currency.

In the end, the government has the final say whether bitcoin will be a currency. We all believe that bitcoin will be put into more use in the future especially when it comes to digital transactions. Bitcoin is already considered as a good investment and in the future it will be a mainstream form of investment. Though we think like this for bitcoin, it will still have to be accepted by the government and we know how the they opposed the use of it. It is not going to be easy, bitcoin is going to face many challenges and issues before it became truly accepted.

Bitcoin is already a currency in digital form and even if it get accepted by the government, replacing fiat or paper money is still impossible because it cannot be printed.

It will be a currency, if the government want to accept it or not. If they try to shut it down, it will just go underground and people will trade with it on the Black markets/DarkNet. You cannot buy bitcoins and expect people to forget about it, once a government catch up and they decide to ban it.

Bitcoin is also borderless, so you can still use it in other Bitcoin friendly countries. ^smile^

abayan

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You answered your question already mate.
YOu've already enumerated all the reasons why bitcoin became a currency. To add up, this has been originally made to become a digital currency. It just so happened that it's value had grown bigger that why this also became an investment asset.

Noelbetty12

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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.

Name: Claudio

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It is not yet announce to be one currency but it could be treated as money as like any other currency that can just buy products and service in faster way.

Vinalians

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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.

I am good and agree in your answer and nothing to argue with. It is true that bitcoin is a currency because it can buy any thing in this world but not at all right now but the assurance is in the next few years bitcoin will be popular in most of the countries and can be use as an alternative currency.

Tigorss

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if it is getting its own regulation from the government which is already receiving bitcocin as a means of payment.

meanwords

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From the time it was created, it was already a currency. I think the real reason why it is valuable is because it is decentralized and almost an anonymous way to transact it. People love the way it was built. No middleman, no hidden charges, and no government to stop your transfer. But it's volatility makes it not feasible in everyday payment because the price has increase dramatically and the system is getting clog which makes transaction fess high sometimes.

Tapyaks72

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Quote from: BlackPanda on May 03, 2018, 03:46:38 AM

The most important way we should do is to continuously use Bitcoin. That way we can see bitcoin being one of the most legally used currencies in many places. Support from us all is very meaningful and it has a very important role in the development of digital currencies, especially Bitcoin which is now one of the pioneers of the best digital currency buffer ever in the world.

Bitcoin is known as the most precious crypto currency when it starts it started from nothing but because of decentralized and P2P transaction people and investors patronizing that's why even if it is just a virtual currencies but still it becomes more popular.

adpinbr

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I think it depends on the holder if they uses it as a currency or not.As an individual, I do use it when I want to buy something especially if the seller is also prone to bitcoins or mobile wallets.

solidrock

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

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.

Yes bitcoin is a means of payment and if no one is using it is basically worthless (as a payment method)

I just want to add that a lot of people credit a good something called intrinsic value... this is a though popularized by Marxian economics. I would love people to read a bit more Menger and the Austrian view of value as a subjective determination which also is applied on money.

With that said the bitcoin is a currency based on trust just like any other currency, a trust that is subjective. A lot of people speculate in this currency but that does not mean it is not a medium of exchange as well.

onyok

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Quote from: FrueGreads on March 26, 2018, 04:45:30 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 doesn't only have value because it can be used as a way of payment. There are a lot of things that can be used as a way of payment, and we wouldn't need bitcoin if it was just another way of payment. Bitcoin has amazing value, because of the way it makes payments possible. It's decentralized, needs no middle man, it's secure, will soon be very fast and cheep and private, because of the technological implementations that are being developed. Bitcoin has amazing value because it has the potential to revolutionize the way we will make payments in the future.

In short its major purpose is to used as a mode of payment in a less hassle, more secured and less transaction issues. To trade secured and sure to anyone even you are not meet in person. But since world has change bitcoin can use in everything.

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