How does bitcoin become a currency? - page 5.

Allura74

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Quote from: tonyvo2017 on August 04, 2018, 06:13:07 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 needs a strong push to invest in it to make it more stable. It gives the credibility of ensuring that users use it as a commodity trading tool because they know it is worth it and that value is widely acknowledged. From there they will use it more in transactions, paying the fees. Thus bitcoin will be considered as a currency.

Yes, bitcoin can be use to buy some commodities directly from bitcoin wallet or through converted into local money and with that reason the bitcoin is considered as an electronic money even though its not theoritically a real currency but it has a digital value that have corresponding equivalent to US dollar and I think its deserving to be called a currency.

vokokawev658

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Although Bitcoin may be considered an asset, but Bitcoin does not have the basic characteristics necessary to become a currency that can meet the needs of modern economic development. This takes a very long time.

tonyvo2017

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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.

Bitcoin needs a strong push to invest in it to make it more stable. It gives the credibility of ensuring that users use it as a commodity trading tool because they know it is worth it and that value is widely acknowledged. From there they will use it more in transactions, paying the fees. Thus bitcoin will be considered as a currency.

Totodecaan120

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Link Bitcoin prices to gold at a fixed rate. This requires a consensus within the Bitcoin community, as well as the need for a donor willing to create a physical gold market according to the agreed value in Bitcoin.
This gold-backed Bitcoin can become a reserve currency

Fantastic33

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Bitcoin is more of an asset, but it is also considered a currency in an electronic form. You can use it yo purchase goods in services. Some shops in other country already accept btc as a mode of payment, but most people convert it to fiat especially when its price has a high equivalent value on fiat then use it to purchase anything they want.

brightMan

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Quote from: dreamHeaven on August 01, 2018, 06:00:34 AM

Quote from: Polkadott on July 26, 2018, 02:26:55 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 in my opinion is not as currency but bitcoin is more as a promising investment than gold, besides bitcoin can also be converted to local currency. and after that bitcoin can be used for transactions to buy our needs. So my conclusion is bitcoin can be labeled as currency but indirectly

For now, people are taking this bitcoin as a great opportunity to invest their money and that bitcoin is helping them in having a huge profit too but this does not mean that bitcoin cannot be a currency as it has all the characteristics of becoming a currency and that things will get in favour of the bitcoin in future as the governments are planning to legalize these currencies.

Cryptocurrencies are known as digital currency which can do more for you more than the work you do with fiat currency. It gained more strength and potential with the passage of time from its beginning till this time it has proven itself. Bitcoin and other crypto coins provide us as benefited sources through which we can make huge profit and also we use it as payment mode so it is more than currency for us with better value.

hannahboy

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Quote from: ejandjm18 on August 01, 2018, 08:40:15 AM

Well, I consider Bitcoin will become currency in time i used bitcoin to online payment and other online transactions. We can also convert bitcoin to a currency of our country. Therefore, bitcoin can be currency but it is indirect not like the transaction we used in our current currency.

To me bitcoin is from the very beginning created as a currency and from where beginning people are using it for online shopping, now even in some places like Brazil and Japan people even use bitcoin for shopping in their offline shops, because they have declared bitcoin as a legal currency and therefore their offline shops are also accepting bitcoin for shopping there.

hawkins

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Quote from: ucingucingan on August 02, 2018, 09:54:21 AM

I prefer and agree if bitcoin does not become my currency prefer it as an investment commodity like gold / silver but in digital form, and I think if bitcoin remains an investment commodity it will be very good for economic development in all countries because it will not exist FIAT currency is replaced by bitcoin

of course because bitcoin has a high price and requires many people to make cryptocurrency a payment tool on the internet. well, btc has a new symbol, so many say that money on the internet is bitcoin. but, you are right, nowadays bitcoin is very much used as an investment tool because of its high price.

SirLancelot

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Quote from: kingkonjac on August 01, 2018, 09:21:55 AM

for now as far as I can see it is used rather as an asset. To become a currency the most important thing first of all is the price stability, with those volatile prices the usage as a form of payment is very hard.

Well I would say that among many properties of a currency, liquidity and general acceptability are the two properties that are counted a lot. Since Bitcoin has a high liquidity and it had been accepted by many countries and companies and shopping malls around the world, it means it is widely acceptable and these properties of Bitcoin makes it a currency.

The fact that Bitcoin has been accepted by many countries is like saying it has been given a legal trend by those governments. It is used both as asset and as a currency.

Linhkej

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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.

To become a currency, Bitcoin needs an investment boost. It should be used in the
Big deal to become more reputable and known, of course, is legitimate deals. As a result, bitcoin may appear in everyday purchases in a variety of forms. When it was so widely used, it became a currency.

stellgod

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Quote from: ladner on July 31, 2018, 02:39:48 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.

I think that bitcoin can only become a commodity for exchanging between USD and altcoin and not be able to monetize, you can see that the amount of bitcoin in the world is very limited and if inflation happens we can not Any more bitcoin will be printed and this will gradually lead to social sluggishness and can not develop.

Bitcoin is a currency but for now, it is the advanced form of the currency which is known as the crypto currency or digital currency. The ones who are having this currency in their wallets can use it but still, the usage of the bitcoin is not that much common like that of the regular currencies. It has to take the legal permission from the government and that it should be acceptable at all the places to grade it as a currency.

Xenoph0bia

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Quote from: BartS on August 01, 2018, 02:42:53 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.

You are close but that is not exactly right, why gold was the most widely used form of money through the world? Because it has the best characteristics to become a currency, bitcoin was designed specifically to be an even better form of money than gold and that is why since the beginning it had some value, but bitcoin is also a network and the bigger the network the bigger the value of it, this is why the price of bitcoin keeps increasing despite the fact that bitcoin is not widely used as a currency.

For this bitcoin should be accepted all over the world.Transactions should be done by bitcoin internationally.Bitcoin should be known to each and every person on the earth.Bitcoin should come under the central banks and should become stable as it is very volatile and decentralised.Bitcoin is spreading its roots in the market slowly and is doing well as it is gaining a lot of users and investors day by day but still it has to go a long way in order to become a currency.

stasiulman

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bitcoin will continue to occupy more solid positions as a supranational 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 cryptocurrency. Bitcoin ia able to turn become a full currency, depends on when it starts accepting retail and how widely national laws will allow to implement it.
But for now, I think, bitcoin more tech then currency.

ucingucingan

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I prefer and agree if bitcoin does not become my currency prefer it as an investment commodity like gold / silver but in digital form, and I think if bitcoin remains an investment commodity it will be very good for economic development in all countries because it will not exist FIAT currency is replaced by bitcoin

Sama517

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Bitcoin is a currency because it can perform every normal function of a currency like the fiats. It can be used as a medium of exchange for goods and services.

Cangkeman Wae

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Of course this is a difficult thing, to become a currency or international currencies, of course there are many things that must be resolved, complaints from hundreds of thousands of users who are transacting and unconfirmed to be things that cannot be denied anymore.

pokang13

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Before ,bitcoin does not have value, but when it was introduced by Satoshi Nakamoto, it turned into a billion-dollar market.What it does that makes aot a currency not what it is.

KocaEfe

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I am convinced that bitcoin can not be a currency, it should be attributed to crypto assets, which can be compared to an asset of gold or silver. Bitcoin is an asset that is also mined by machine as gold. Bitcoin cannot be a payment for bread or milk. Bitcoin is an asset that helps to save and multiply money.

concept2

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Bitcoin has become a currency thanks to our support. With our us, bitcoin can barely be known by the people. We are the ones who use bitcoin as a currency which attract other people to the boat. And year after year, bitcoin has turned itself into a kind of currency.

BartS

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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.

You are close but that is not exactly right, why gold was the most widely used form of money through the world? Because it has the best characteristics to become a currency, bitcoin was designed specifically to be an even better form of money than gold and that is why since the beginning it had some value, but bitcoin is also a network and the bigger the network the bigger the value of it, this is why the price of bitcoin keeps increasing despite the fact that bitcoin is not widely used as a currency.

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