How does bitcoin become a currency? - page 9.

jaysabi

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Quote from: yesuidanggan on June 16, 2018, 04:14:50 AM

Three basic features of money:

Value scale: the price of bitcoin fluctuates greatly and is not appropriate

Payment: too few businesses accept bitcoin

Store value means: the broad masses do not have enough recognition

Therefore, at this stage, bitcoin is not suitable for use as money.

Recognition is not what store of value means. It has to do with stability of price and being able to have the confidence that it will be the same or very roughly the same years from now as it was when you bought it. Without the stable store of value, it's useless as a currency because it allows for no economic confidence in savings and no ability to plan long term because you don't know what the value of your wealth is going to be. Constantly appreciating value is as much of an economic problem as a constantly depreciating value because it discourages economic activity (spending) which results in lower overall economic activity and a poorer overall economy.

Dmitry.Vastov

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Stability is very important for a currency to have a strong economy.
Bitcoin however is very volatile. For it to become a currency, it will have to gain some stability in the coming time. Also, as the coin is banned in some countries, the coin has to gain complete acceptance in the financial market to head towards being a mainstream currency.

AK47-

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With the inclusion of lightening network, the way for Bitcoin becoming a currency have become more easy. With more lightening nodes, we will see a significant drop in fees and a decrease in tx time. This will help in smooth tx with low fees and hence, merchants can easily accept Bitcoin as a means of payment. Moreover, with a such low fees, Bitcoin saves a lot in remittance fees and is a fastest way for country to country transactions. Many people argue that Bitcoin doesn't have any intrinsic value and is a bubble, but so does fiat. Bitcoin can gain utility as a currency and will be adopted by many in future.

sangungaji

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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 think bitcoin not only has value because bitcoin can also be used as a payment method. Bitcoin will be the currency if bitcoin is more stable.

LuciferEveningStar

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Quote from: denisaardelean on June 16, 2018, 08:01:35 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.

You can see that with the great utility and utility of bitcoin, bitcoin is being recognized by many countries as a currency and for legal circulation. There are also countries that are indirectly recognizing the laws of electronic money and bitcoin, suggesting that a society is progressing and developing.

yes you are right, cryptocurrency has been recognized because most of the people are interested on investing in it and the price grow even more so large companies like amazon became interested on cryptocurrency and started to accept bitcoins on their own online store which leads bitcoin to become a normal digital currency.

denisaardelean

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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 can see that with the great utility and utility of bitcoin, bitcoin is being recognized by many countries as a currency and for legal circulation. There are also countries that are indirectly recognizing the laws of electronic money and bitcoin, suggesting that a society is progressing and developing.

fishball

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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.

Way back thousands of years ago, like Spanish era, barter trade is a common thing everytime there is new galleon or trading ship. And bitcoin was originally created like what you have stated. But now, bitcoin becomes popular when it is being used as currency as payment in cryptoworld.

BurakTurk

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bitcoin can be a currency because bitcoin has a very high demand that makes bitcoin has a price and bitcoin can be money because bitcoin can be used to do payment when you buy something.

Bakemat

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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 become a currency because there are different people who are using it for their online transactions like amazon is allowing cryptocurrency to be used in order to buy products in their store and that is when cryptocurrency started to become a normal currency like fiat.

liuziwenfree

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The price of BTC is still not stable enough. The main role of currency is the value scale. This is the main reason why BTC is difficult to become a currency!
Moreover, there are too few BTC merchants, and BTC has a small distribution area!

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Quote from: Dudeperfect on April 18, 2018, 09:47:47 AM

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.

I think bitcoin become a currency because of the people behind its success, and it is the most used currency in this forum and even in the market.

yesuidanggan

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Three basic features of money:

Value scale: the price of bitcoin fluctuates greatly and is not appropriate

Payment: too few businesses accept bitcoin

Store value means: the broad masses do not have enough recognition

Therefore, at this stage, bitcoin is not suitable for use as money.

Maddinson100

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Quote from: gussupri on June 11, 2018, 11:13:05 PM

Quote from: boksoon on June 11, 2018, 09:54:00 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.

Bitcoin become currency because there are still other current popular uses types of money like DOLLAR, EURO an some other money from different country compared the value of bitcoin. So there will have comparison with the price, like Stock exchange movable price value exchanges to dollar. but if only Bitcoin operating in this world and no other comparison with other money, we could say that's only "PRICE VALUE" not currency.

i never think that bitcoin can be as currency.it complicated and there will much prevention action from goverment about it.but it more rasional if accepted as global payment system like paypal or visa.

If we say this thing that bitcoin is the advanced form and the modern form of the currency, then this will not be wrong as bitcoin is just like any other regular currency but having some different characteristics. Most of the people are still treating bitcoin as a mode of investment and the reason behind it is that it helps them in having more earning and that the government has still not declare it as a legal currency.

super5star

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Quote from: BelieveInBTC on June 09, 2018, 04:22:33 AM

Quote from: panfils on June 09, 2018, 04:00:59 AM

There are some limitation which stop bitcoins from being used as a currency. For instance, the transactions are not instant and it is a big limitation in my opinion.

Bitcoin on-chain transactions are not instant but that's why we have Lightning Network which allows for instant and extremely cheap payments. It is not perfect solution, you have to know how to use it at this moment because there are not many users there. However we are on a good way to make Bitcoin more popular.

Bitcoin is an easy way of sending money around the world within seconds while the banking system is not frictionless like the Bitcoin as here you click the button and there the amount is received. Banking has holidays and some technical problems some times while internet is always active and we can transact through it in Bitcoins which is necessary and we use it as a currency.

cdoyle14

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Get cash wallet into real money without connecting to the government of any country is impossible. Maybe in the future you can buy some goods without touching county taxes. But it is unbelievable

inspirone1

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It is reality in this period of time for crypto to be used of every part in people's life, technologies of exchange go on every day

panovnu

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It will not become a currency if the current situation continues. Big players need to understand the depth of this problem.

XCANA

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Bitcoin became a crypto currency because we the people in the crypto community attached value to Bitcoin and that how it become an accepted crypto currency worldwide in recent time. Although many people are still yet to believe in Bitcoin and crypto currency in general.

doomloop

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Quote from: 5ensei on June 09, 2018, 04:31:54 AM

Bitcoin can be used as method of payment but altcoins are coming out to provide a different service as well which is reducing the market for bitcoin payments. For a private and anonymous transaction they will use one of the privacy coins instead, or for games using a gaming altcoin.

The arrival of Bitcoin market a chaos in the market and the coin and the technology was greatly criticized in the start but as it expanded despite the hurdles, it was accepted and people started to study and know about the services the technology is offering. Also A lot of people started investing in the technology and this lead to the general acceptability of the technology as well. In this way Bitcoin became a currency.

RasicaOla12

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For bitcoin to become a currency, at least bitcoin will be well received and accepted for trading, for example, if you want to buy vegetables in the market, then the store must accept the bitcoin transaction so new bitcoin become currency

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