How does bitcoin become a currency? - page 17.

Freddie Aguiluz

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Quote from: BrentMack on April 17, 2018, 03:32:56 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.

Btc is not a known currency before, ita just used by few people for them selves as a currency on their group. But now as we can see, it is used now worldwide as a digital currency.

diickydbo

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First bitcoin must be known by many people and accepted by many countries. If that happens then to make bitcoin as currency will be easy to realize.

bettercrypto

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Obviously speaking, I define currency as a tool that is used in order to exchange products or services. Currency is a measurement of value of a certain object whether in means of quantity/quality. Currency is used to transact, exchange and pay. And bitcoin is under the currency. I describe bitcoin as a form of internet banks, a digital currency where we can store, transact or etc.

nl247

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Quote from: squog on May 02, 2018, 06:27:20 AM

I think it is a means to get goods. But then again, initially to get a crypto currency you must actually buy it. So in a sencd it is backed up by real money. But as i see it, it becomes something more. It has a stock feel to it so you can trade it. I might be wrong since im new to this.

It does not necessarily have to be backed up by real money in the main sense since bitcoin itself is a currency. The only limitation presently is the level of adoption which obviously is nothing much yet and that has made the idea of it being a speculative asset more paramount.

Bitcoin is a digital currency which can allow easy P2P transactions without any third party, and as adoption keeps increasing, and people seeing it more like a currency, we can all start easily transacting, collecting bitcoin for services and so on, without having to go through exchanges if that is what you are implying.

ngano ba

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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 but only it is circulating in the digital world that is why it is called digital currency.

Fatimah Azzahra

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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.

yes I agree with your opinion, everything you say agree with my thinking.
But in the future may be bitcoin will be a medium of exchange or a means of payment that is acknowledged by the world making it easier for everyone to make the payment system when outside the country, without having to exchange currency other countries as it is now.

squog

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I think it is a means to get goods. But then again, initially to get a crypto currency you must actually buy it. So in a sencd it is backed up by real money. But as i see it, it becomes something more. It has a stock feel to it so you can trade it. I might be wrong since im new to this.

EdenHazard

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The concept of bitcoin is like money in general, but bitcoin has a virtual characteristic. In fact, if we define 'currency' it depends on one's agreement. Just not bitcoin will be valuable, but whatever the goods if many people agree that the goods are valuable then we can call it a 'currency'.

But the difference now, bitcoin we can not specialize as a currency only. With the high bitcoin value, because the bitcoin price depends on demand, bitcoin can be referred to as an asset. Ordinary currency can only be used for a payment only, although there are used as a trading tool the income difference is very less different from bitcoin.

SirLancelot

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Quote from: ahmad21 on April 28, 2018, 12:16:19 PM

Yes, Bitcoin became a currency because it can be used as a medium of exchange. It can be used for making payment to anyone in the world. This is perhaps one of the most important features of Bitcoin. People are ready to accept it as a means of payment because Bitcoin acts as a store of value and also because it is decentralized implying that it completes the transactions without involving any middle men. Currency is basically something which is widely accepted and has a store of value which bitcoin can certainly provide.

Bitcoin is a currency but a digital currency and is popular among both simple and digital currency in other worlds is an outshine currency among all the currencies in the market. For the use of payment system and transactions we use currency and the currency is said to be a currency.

Similarly, Bitcoin is a digital crypto currency and is using as payment as well as transaction system by the people all over the world due to its outputs and inputs.

Averim

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An object to become a coin (similar), to add value to it has to accomplish a few points, for example people has to believe in it and to accept it as a way of payment and secondly it has to be present in exchanges so it can be trade it world wide and i think that bitcoin accomplished that to.

niteroy

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Bitcoin has a price, many people know about it and use it to make payments, so I believe that it can be called a currency. But due to the increase in the cost of transactions, it is more suitable for the purchase of expensive items, such as real estate and for making large transactions. In this role, he surpasses any bank transfers in terms of speed and price of money transfer.

ahmad21

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Yes, Bitcoin became a currency because it can be used as a medium of exchange. It can be used for making payment to anyone in the world. This is perhaps one of the most important features of Bitcoin. People are ready to accept it as a means of payment because Bitcoin acts as a store of value and also because it is decentralized implying that it completes the transactions without involving any middle men. Currency is basically something which is widely accepted and has a store of value which bitcoin can certainly provide.

cmacwiz

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Quote from: BrentMack on April 17, 2018, 03:32:56 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.

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

mostcrack

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I see at this time that many bitcoins are used for the payment of other virtual goods with fellow users of crypto, sometimes with their own friends like buying and selling transactions using crypto, and it is very easy in all affairs, good value beneficial to all users it is also very good for the future ahead, but I better collect all my bitcoin as a long-term investment until the extraordinary price in the future, because the payment can still use the fiat by transferring.

patrickj

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Quote from: Ethan Manson on April 17, 2018, 03:39:11 PM

Gold can't be used as a currency but it still holds value. I don't think the two are mutually exclusive. Bitcoin is the first ever digitally scarce entity. I think its easy to imagine a new generation used to technology placing value on this. As for it being a currency well once the volatility stop why not

Yes, gold is a kind of treasure, it has value because people are amaze when they see the sparkling brought by it. Like bitcoin it also have that kind of treasury thing because when you hold it for long term it could be sold at high value when time comes. And some company is now producing a bitcoin model coin so that it can be treasured.

om_iyo

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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.

So that you mean if BTC less use to pay something, it just stop as an investment? Because I saw some people still feel that BTC has high risk to use as a money; it's so unstable.

Dudeperfect

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I believe that we owe the credit to the early adopters who have decided to use their Bitcoins as a payment instrument instead of just hodling. Bitcoin is a payment system at its core and we should use it in that way in the first place. Everything else is a secondary, the price will fluctuating as per the law of demand and supply but utility value will remain constant in the market. From this point, it is our responsibility to use it as a payment system instead of just speculating.

zhanyiguai261315

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The price of bitcoin fluctuates greatly, it is not suitable for payment, and there are too few merchants to accept it as a means of payment!

At present BTC does not have the property of money!

Maybe in the future the BTC will be the currency!

XinXan

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Quote from: timerland on April 17, 2018, 05:32:42 PM

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.

A lot of people ask why bitcoin has any value. The reason is the same as why gold has value. Bitcoin is able to act as a payment system, worldwide. On top of that, it is decentralized, and there is no concern of bitcoin losing value because of monetary policies. People want to use bitcoin as a currency, because of the fact that bitcoin is decentralized, and is the first crypto with the greatest amount of trust. That's where BTC's value comes from.

I don't think that what you said was necessarily true, but it's the reason why merchants accepting BTC directly is good for the stability of BTC.

Once more merchants start accepting bitcoin as is, without any sort of system where the bitcoin is converted to USD before he receives the funds, the merchants goods are essentially going to be backing the BTC's value. And when more and more merchants do this, the value of BTC will naturally stabilize. But so far, we see that btc is still quite volatile due to speculators.

Well, it can't be the same reason and people ask that because bitcoin is not a physical thing, gold is. Gold has value because it has applications, real life physical applications, it can be used for jewelry but most importantly computers, electronics and even medicine.

timerland

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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.

A lot of people ask why bitcoin has any value. The reason is the same as why gold has value. Bitcoin is able to act as a payment system, worldwide. On top of that, it is decentralized, and there is no concern of bitcoin losing value because of monetary policies. People want to use bitcoin as a currency, because of the fact that bitcoin is decentralized, and is the first crypto with the greatest amount of trust. That's where BTC's value comes from.

I don't think that what you said was necessarily true, but it's the reason why merchants accepting BTC directly is good for the stability of BTC.

Once more merchants start accepting bitcoin as is, without any sort of system where the bitcoin is converted to USD before he receives the funds, the merchants goods are essentially going to be backing the BTC's value. And when more and more merchants do this, the value of BTC will naturally stabilize. But so far, we see that btc is still quite volatile due to speculators.

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