Topic: How does bitcoin become a currency? - page 16. (Read 2059 times)
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.
People need to do more purchases with Bitcoin, less trading. Yesterday I placed an order for Nootropics and they gave 8% additional discount if you paid with Bitcoin. It makes sense as it goes instant and no fees for the credit card company, yet too few businesses offer that option.
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.
First of all, the value of bitcoin lies in its decentralization. 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.
Also, bitcoin is already a currency, but for the majority (for me as well) it's basically a means for investments
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.
Everything has its own strategy to start and get famous,youre questing why at first bitcoin uses for something because no one ever knows about it,so satoshi needs to create some ways to popularize the coin,and i guess its normal to do so,and cant you see whats the name behind this coin?CRYPTOCURRENCY wasnt that a currency!?
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. 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.
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.
In the early days, there were indeed many game players buying props through websites using bitcoins. These game websites used this way to promote games. With the development of encrypted communities, I believe that in the future, bitcoin may have a lot of other roles in addition to the property of money, and there will be more projects using block chain technology. In the future, it is possible that bitcoin will be the basis for measuring these cooperation.
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.
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.
anything can become a currency,
people will demand for it and will have the value right?
bitcoin and cryptocurrency is just the same as FIAT before!
how can paper money be a currency too? we only have barter before they came.
Technically bitcoin is not a real currency and that is why it was called a virtual currency, it only become a currency because it is already used as a medium of exchange in monetary circulation like from BTC to USD or etc., and it can also used to purchase some goods and services because it have a digital value with corresponding different fiat currency in the whole world. people will demand for it and will have the value right?
bitcoin and cryptocurrency is just the same as FIAT before!
how can paper money be a currency too? we only have barter before they came.
more and more people use bitcoin and also more and more stores accept bitcoin I think bitcoin can already be called as money that can be replaced for real money. this is great for payment preferences
Well for it is a currency but a digital one. It gain value in the market that is very essential for trading and investment. with the acquired popularity of bitcoin it is enough to attract investor to expand its existence in the market.
anything can become a currency,
people will demand for it and will have the value right?
bitcoin and cryptocurrency is just the same as FIAT before!
how can paper money be a currency too? we only have barter before they came.
people will demand for it and will have the value right?
bitcoin and cryptocurrency is just the same as FIAT before!
how can paper money be a currency too? we only have barter before they came.
Bitcoin has value and it can be transacted to anywhere like the currency so it also can be called as currency and more precisely crypto currency.But we are not using bitcoin as a currency yet and people only think bitcoin as an investment because of its speculation.
Bitcoin is reach the all country people. It easy to use any where and exchange the bitcoin any country currency. But before buy and sell the coin check the price in the market place. Then get some ideas for the bitcoin price information. It future currency. So hold the coin long time. Wait for the price increase. If price will be increase sell the coin on time. It easy exchange Bitcoin for any country currency. But you know the process. Then exchange the bitcoin. If price will be low. Don't sell. If try to sell you get more loss. So wait and follow the bitcoin price list.
It doesn't matter whether bitcoin is a currency or not. What matters is what it solves and what it does.
But global decentralization is a real demand, and there will be a digital currency to do that, and I don't believe it's technically impossible.
But global decentralization is a real demand, and there will be a digital currency to do that, and I don't believe it's technically impossible.
Bitcoin has value and it can be transacted to anywhere like the currency so it also can be called as currency and more precisely crypto currency.But we are not using bitcoin as a currency yet and people only think bitcoin as an investment because of its speculation.
Bitcoin becomes currency when it becomes more widely adopted. The reason most think of it more like stock than an actual currency is because the adoption of its use has been limited due to it being so early in its life. As long as people believe in it, buy it and hold it, work for it or trade it, it will continue to be worth something. Furthermore, it is a revolutionary technology, that just so happens to specialize in transaction. That gives it its inherent value as currency.
Bitcoin becomes a currency the moment we use it as a payment. It is a virtual currency wherein we could have transactions online such as buying some goods through the help of internet and in return we would be able to pay for it using virtual currency which is bitcoin. Like the fiat money that we have where we could purchase items on hand we are using our physical currency, same goes with bitcoin it is a digital money that we could use online.
Bitcoin becomes a currency through its circulation in the digital world as digital currency and as medium of exchanges used and accepted by customers , the people , the investors and the different establishments through the inter connection, so bitcoin now is considered as currency but digitally.
Bitcoin is just created for the purpose of becoming a digital currency in which it will give us another option which one to be used in buying stuff and bill payments aside from having fiat money. But then, since bitcoin isn't accepted by some establishments and banned in other country, mostly people are considering it as a store of value and investment.
Yes Bitcoin having a value because people using it for transaction, it become a currency because it is used to buy something in other word Bitcoin got the value because there are demands and supply, without it Bitcoin will become worthless, Bitcoin is an unique currency
Digital cryptographic currency is the inevitable outcome of the trend of monetary development.
It is the natural evolution of the monetary system and the inevitable outcome of the global social and economic development.
A good bet is that the digital currency system is a powerful complement to the credit system, even a replacement.
It is the natural evolution of the monetary system and the inevitable outcome of the global social and economic development.
A good bet is that the digital currency system is a powerful complement to the credit system, even a replacement.
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