Topic: How does bitcoin become a currency? - page 18. (Read 2059 times)
Think about it like this: when you are using euros or dollars in your country and you want to buy a pair of shoes do you check for the price of eur/usd? You don't, you don't give a shit because the currency you are using has an intrinsic value. That's what bitcoin would need, that level of adoption is insanely hard to ever be achieved, right now you can't just buy a pair of shoes with bitcoin without checking the price for btc/usd. Bitcoin itself does not have intrinsic value and perhaps never will, perhaps bitcoin or any other cryptocurrency will never take over fiat, perhaps the governments will have cryptocurrencies of their own, who knows.
Its really amazing and I wonder what a creation bitcoin was as a crypto currency is. Hats off to Legend Satoshi. A virtual item gaining its maket with its project and services. The project reached the people who were really looking for the same service bitcoin offered. Then the value started growing up and demand on bitcoin currency increased. As the demand increased, the virutual item turned into a currency which was in demand and increased its values. Project and the services they offered caused bitcoin become a currency. The journey between these had lots of pains though.
You mean like fiat? that lost its value because it can be changed. Fiat currency are mostly traded locally other than usd that is universal. But bitcoin is beyond and almost all country, so the chance of it being unusable as a payment is imaginary thinking or a total misconception of the extents this cryptocurrency usage worldwide.
So before opening our concerns in public, think twice as it reflects how our brain is made of.
So before opening our concerns in public, think twice as it reflects how our brain is made of.
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
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.
You have already answered your question that you have asked in subject of thread.
The circulation of money or currency in the market determines the price of that currency.
It is a fact that with the increase in trading with currency the price also begin to increase, and price will begin to fall with the decrease in trading with that currency.
The circulation of money or currency in the market determines the price of that currency.
It is a fact that with the increase in trading with currency the price also begin to increase, and price will begin to fall with the decrease in trading with that currency.
Anything that exchanges for another monetary value, or an asset or any service happens to be a mode of transaction i.e. a currency. If it has a physical form which is paper then it is called the old conventional paper money, while if it is a cloud based mode availble online then the mode happens to be digital, or rather a digital CURRENCY.
Bitcoin being the later one, is digital money in a way. It is cryptocurrency and one of its kind. Exchanges allow it to be swaped with local and running money in most parts of the world. This way it also happens to be a currency because its exchangable to other currencies and can also operate independemtly on its own.
Bitcoin being the later one, is digital money in a way. It is cryptocurrency and one of its kind. Exchanges allow it to be swaped with local and running money in most parts of the world. This way it also happens to be a currency because its exchangable to other currencies and can also operate independemtly on its own.
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.
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 the past old era wich is agricultural era peapole don't using money they just exchanging interest like farmer want to exchange his rice to fish from fisher man
And now industrial era people use money cause they think its valuable
It's only people imagination that one thing is valuable and that's why its getting demands the more it be popular the more it values
Just like bitcoin people accept it like currency and it getting more interested in it
And now industrial era people use money cause they think its valuable
It's only people imagination that one thing is valuable and that's why its getting demands the more it be popular the more it values
Just like bitcoin people accept it like currency and it getting more interested in it
Yes it is strange but bitcoin's prime principle was to use it as currency and mode of payment. The system should have been kept the way it was, peer to peer transaction and with hassles of security, less time of transactions (upto the minute) and no minimum limit on how much to send or receive. However, over the time the user base gotten increased heavily and the mining operations expanded to unlimited resources and technology advanced a lot. All this led to business of the bitcoin which included mining, lending, harvesting bitcoin and much more. Over the time everyone forgot that it is currency and not some sort of coin where you can hold the value like we do in the gold. Anyway it is what it is right now and we have to accept that.
Were you asking a question or merely stating something as fact? I would argue that Bitcoin isn't too different from the past you have described. Satoshis still cost a fraction of a cent, so you could still use Bitcoin for reasonably small payments, especially right now that fees have basically bottomed out. It wasn't as ideal as it was then for micropayments, but is still quite viable. It's perfectly suitable for payments of every other amount too.
I agree that it has to be feasible for payments for it to have value, but some people would probably be content with it just being a store of value.
I agree that it has to be feasible for payments for it to have value, but some people would probably be content with it just being a store of value.
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.
Jump to: